What is Axelar? How does it work and using it?

Axelar Network is an advanced blockchain platform that aims to create secure connections and information integration between different chains on Web3.

So what is special about Axelar Network? Let’s explore Axelar Network in detail with AZCoin through the article below!

What is Axelar Network?

Axelar Network is a blockchain that provides a solution to increase secure communication between blockchains in developing markets such as Web3. The project’s infrastructure system allows dApp users to interact with any asset or application on any blockchain with just one click.

To put it simply, Axelar Network can be seen as a blockchain that connects and links blockchains together, facilitating cross-platform interaction on Web3. This network is secured using Proof of Stake, messages are routed and translated using permissionless protocols.

Axelar Network includes a decentralized network of validators, secure gateway contracts, uniform translation, routing architecture, and a suite of software development kits (SDKs) and application programming interfaces (APIs) to facilitate interoperability between blockchains.

This allows developers to build on the best platform for their use case and have access to users, assets, and applications across different ecosystems. Instead of having to build individual bridges between each pair of tokens, they can rely on Axelar’s network architecture to provide a unified codebase and governance structure.

Axelar aims to develop the foundational framework necessary for speeding up the acceptance of Web3. To reach this objective, Axelar plans to:

• Simplify blockchain development that can connect and communicate with other blockchains.
• Provides the ability to combine decentralized applications (dApps) for developers.
• Allows users to interact seamlessly with applications across multiple ecosystems.

Axelar SDKs are a diverse set of tools that make it easy for developers to create Web3 applications. Thanks to these tools and application programming interfaces (APIs), developers can conveniently write and deploy dApps across all ecosystems connected to Axelar.

This means that connecting between blockchains and creating API requests becomes simpler, which is also important because it creates a seamless application development experience.Web3similar to Web2 developers, where the network deployment process and specific ecosystem deployment permissions are abstracted to help developers work more efficiently and conveniently.

How Axelar Network Works

The Axelar network consists of 3 main components in 2 layers with different functions.

Decentralized Network: First, the network is supported by a set of validators responsible for maintaining the network and executing transactions. The validators operate a cross-chain gateway protocol.

They are responsible for performing read and write operations on gateway smart contracts deployed on connected peripheral chains, by participating in voting and validating events on those chains.

Gateway smart contract: The second component is gateways – smart contracts that provide a bridge between the Axelar Network and the Layer 1 blockchain.

Validators oversee gateways to track incoming transactions and subsequently assess their validity. After achieving consensus, they record the information into the destination chain’s gateway to carry out the cross-chain transaction. The combination of validators and gateways constitutes the fundamental infrastructure layer.

Developer Tools: Sitting on top of the validators and gateways are APIs and SDKs (libraries and tools that allow developers to easily access the Axelar network). This is the application development layer that developers will use to combine any two chains in a single hop, adding global compatibility to their blockchain and applications.

With Axelar, they can lock, unlock, and transfer assets between any two addresses on any two chain platforms, perform cross-chain application activations, and handle cross-chain requests in a general way.

What’s special about Axelar Network?

Axelar virtual machine

Axelar virtual machine is a virtual machine provided by Axelar that supports interoperability by turning it into a programmable platform. This allows developers to build their decentralized applications directly on Axelar via smart contracts, instead of having to build and manage them on multiple blockchains.

The Axelar virtual machine introduces two new offerings: the Interchain Amplifier and the Interchain Maestro. While the Interchain Amplifier enables easy and seamless connectivity across Axelar and its supported blockchains, the Interchain Maestro allows developers to deploy and manage their decentralized applications across all interconnected blockchains.

General Message Passing

General Message Passing (GMP) is a feature that allows the network to extend beyond the capabilities of traditional bridges, allowing applications to send and receive any payload across the cross-chain. This includes calls, data, wrapped assets,…

Logic like function calls allows applications to deliver a one-click user experience across blockchains. GMP is capable of securely synchronizing state across different ecosystems, supporting complex combinations of functions placed on multiple blockchains.

GMP not only connects blockchains, but also leverages the potential of a composable and interoperable Web3 ecosystem, bringing the possibility of a “Web3 Super App” that can create network effects that cannot exist on the traditional Internet, thanks to the next generation network effects of decentralized applications.

Hub and spoke architecture

Axelar’s architecture is built using a hub and spoke architectural model. With Axelar acting as a central hub, individual blockchains (nodes) connect to Axelar instead of connecting directly to each other, facilitating a one-to-many connection.

This allows Axelar tokens like axlUSDC and axlETH to move freely between connected blockchains.

Bridges and cross-chains use a pairwise or pairwise connection model, where all tokens that want to move back and forth must reroute through their native blockchains before each move.

Axelar’s hub and spoken architecture is also a security feature: Problems that occur on one chain can be controlled. If an asset loses value on Chain A, the hub and spoken network can isolate the problem to Chain A.

AXL Token Details

Technical parameters

Token Name: Axelar Token

Ticker: AXL

Blockchain: Ethereum

Contract: 0x467719ad09025fcc6cf6f8311755809d45a5e5f3

Type: ERC-20

Uses: Governance, Utility

Total Supply: 1,000,000,000 AXL

AXL Token Allocation

• Company – Core Team: 17%
• Company – Operations: 12.5%
• Backers – Seed: 13.4%
• Backers – Series A: 12.64%
• Backers – Series B: 3.5%
• Community Sale: 5%
• Community Programs: 30.96%
• Insurance Fund: 5%

Other initiatives aiming for similar objectives are Cosmos (ATOM), Polkadot (DOT), and Chainlink (LINK), which can be traded at the best crypto exchanges 2024 that we showcase.

Uses of AXL token

AXL is a token used to pay transaction fees and other costs incurred when using the Axelar Network.

AXL token holders have the ability to stake and exercise governance rights over change proposals, such as adjusting parameters or upgrading the Axelar Network protocol.

The AXL token plays an important role in driving the Proof of Stake consensus mechanism to protect the security of the network and validate transactions on the chain. Specifically, validators will be rewarded with AXL as an incentive to continue to ensure the security of the network. These incentives can affect the total supply of the token.

AXL is also used to reward individuals or groups that contribute to the development of the Axelar ecosystem and community.

Axelar Network Project Development Team

Sergey Gorbunov is the creator of Axelar Network. He possesses extensive knowledge of cryptography and distributed systems, having previously worked at prominent organizations like MIT, Google, and Consensys. Additionally, he is among the initial founding members of Algorand.

Sergey Gorbunov is a passionate advocate of blockchain technology. He believes that the future of Web3 is a world where users can interact with applications and assets on different blockchains without friction. Axelar Network is his attempt to make this vision a reality.

Investors and advisors

Investing in Axelar Network has attracted the interest of some of the leading investment funds in the blockchain industry. Among them, 2 prominent funds are Dragonfly and Polychain Capital.

Summary

Through the above article, we have provided you with an overview of the Axelar Network project. This is a project similar to the LayerZero (Message Protocol) model, focusing on building infrastructure so that dApps and Web3 applications can interact and support each other easily.

According to the indemnity page, AZCoin will not be responsible for any financial decisions you make. We wish you success and hope you benefit from this profitable market.