Is it possible to put a lot of protocols, functions, terms, processes, personalities and the huge work of the development team in one word? After reading the white paper of Axelar Networkt, I wanted to solve this problem in one picture. Axelar provides a decentralized network, protocols, tools, and APIs that allow simple cross-chain communication. To date, Axelar Network has partnerships with blockchains Avalanche, Terra, Moonbeam, Polygon, Cosmos. The team plans to conclude other partnerships with other protocols. The mainnet was launched on January 11, 2022.
Validators collectively run a byzantine consensus protocol and run the protocols facilitating cross-chain requests. The network is optimized for high safety and liveness requirements unique for cross-chain requests. Axelar network also includes a protocol suite and APIs. The core protocols are:
Cross-Chain Gateway Protocol (BGP) allows developers of their platforms not to make any custom changes to their chains, and their chains can be easily connected to the global network.
Cross-Chain Transfer Protocol (CTP) allows developers to connect their dapps to any chain to perform cross-chain requests. Users can use the CTP protocol to interact with applications in any chain using simple API calls.
Axelar network offers the following advantages:
For builders of blockchain platforms: the ability to easily connect their blockchains to all other blockchain ecosystems. To connect to the network in the chain, you only need to set up a threshold account.
For dapps builders: App builders can host their apps apps anywhere and interact with apps in any other chain via the API CTP.
For Users: Users can interact with all applications in the ecosystem directly from their wallets.
Over the next few years applications and assets will be built on top of many blockchain ecosystems. The Axelar Network can be used to connect these blockchains to a single level of cross-chain communication. This layer provides routing and application layer protocols that meet the requirements of both platform developers and application builders. Application builders can use the best platforms for their needs and use a simple protocol and API to access global cross-chain liquidity, users and connect with others chains.
Back to the picture. And what is the most important word? Answer: Axelar!