Axelar is a blockchain gateway that allows seamless integration between blockchains, enabling the next generation of decentralized applications.
Blockchain technology has become one of the most talked-about technologies today. Especially when blockchain technology allows us to work and earn more money without boundaries, the arrival of Axelar was a welcome addition. Imagine everything is seamless, and you can trade or make the exchange in the different platforms as you like. How great is that be! And because Axelar is designed to solve operational challenges, the ability to work on the blockchain becomes limitless. In addition, it’s compatible with a variety of blockchain systems. As the number of platforms continues to grow, Axelar’s arrival has become a significant benefit to both users and developers.
Axelar will make blockchain cross-platform communication seamless and more flexible. The universal interoperability of Axelar platform uses a decentralized network, a set of protocols, and APIs to link all blockchains together. Whether you’re interested in blockchain technology or trade crypto and NFTs, you’ve definitely heard about the ‘Axelar’ project. However, others may believe that a project with a futuristic name like Axelar has an idea that is too complicated for non-technical individuals. On the other hand, you may readily comprehend how Axelar works even if you are not IT knowledgeable or technically adept. We’ll introduce you to the Axelar world and provide a basic explanation of the concepts and benefits that regular users like you and me who are non-technical can easily understand.
What is Axelar, and how can you benefit from it? (Simple explanation)
Axelar was founded in 2020 and raised $25 million in funding in June 2021. Sergey Gorbunov and Georgios, two young and brilliant Ivy league alumni from MIT founded the company. They have strong educational background and experience in blockchain, technology, and computer science. Currently, they are at the head of the operation table and have an impressive portfolio.
Sergey Gorbunov, an expert in blockchain technologies, is Axelar’s co-founder. He has profound knowledge of blockchain and cryptocurrencies. Gorbunov, an adjunct professor at the University of Waterloo in Canada with a doctorate from MIT, has an impressive track record.
Georgios Vlachos earned a bachelor’s and master’s degree from MIT, majoring in Mathematics and Computer. He also won a gold medal at the International Math Olympiad, a world-class mathematics competition.
With the high-profile team, you won’t be surprised why the Axelar system is exceptionally significant. Although, all the team members and the design are super technical. Don’t be worried that it’ll be too difficult for you to understand. We’ll go over the basic stuff and provide an explanation of each essential element for you to digest better. Let’s say, if you think about Axelar, I want you to think of a translation machine that can quickly help you listen, speak
, and understand multiple languages. Even if you have never learned a foreign language, you can still talk with the foreigner fluently without the barrier. It’s the same concept that Axelar will help you and make your life easier and better. You can try to apply similar ideas to the Axelar system. It will act as a bridge between several blockchain platforms without worrying about the difference in each system. Therefore, you can trade whatever you like on the blockchain easier than before. (Only in the case that Axelar and the platform agree to team up and work together)
In the same way as Axelar, it features decentralized protocols, and APIs are specifically designed to overcome cross-platform communication constraints. As we all know, there are numerous blockchain platforms on earth like Ethereum, Terra, Polkadot, Monero, Celo, and many more. Each platform has its own design, functionality, and ecosystem. It would have been ideal if these systems could have been seamlessly connected. Axelar will do its part to join them so they can communicate easily.
Axelar and Polygon (Ethereum scaling network) recently collaborated on integration to improve the system. As a result, the Polygon will allow users to leverage the assets of the external blockchain network and grow liquidity across ecosystems without boundaries.
As previously stated, the Axelar project focuses on the interconnectedness and flexibility of platforms with diverse ecosystems. Therefore, it is highly beneficial to blockchain technology developers. The project aims to build a decentralized stack to address relevant challenges. The frequently faced barriers include a programming language, transaction format, and consensus rules that affect heterogeneous blockchain connectivity. Axelar also supports the usage of Smart Contracts to connect to multiple applications and platforms via decentralized network and protocol stacks.
Axelar: A Quick Overview of Axelar structure, protocols, and fundamental APIs that power the system
Suppose you’re not a programmer or developer. In that case, you might wonder why protocols and APIs are crucial in system development and why they’re required for the blockchain. To begin with, the protocol is similar to a standard specification that aids in the definition of various permissions. It enables separate systems to chat and comprehend each other, even if their different structures. Protocols mainly provide the guidelines
and rules that each platform uses to communicate and transfer data packets to one another. For example, people basic ground rules of interaction before talking to each other are body gestures, smiling, eye contact, and handshake. Computers are no exception. For APIs (Application Programming Interfaces), it’s simply similar to language or facial expressions that we use daily to express our thoughts.
APIs are critical in developing today’s software applications as it’s basically a “medium” between various separated software applications. It also allows the application to communicate and collaborate with each other. It’s analogous to a ‘common business language’ like English, which is utilized in enterprises worldwide. They can converse with one another seamlessly and surely will boost productivity. The Axelar project consists of two significant protocols as of following:
- Cross-Chain Gateway Protocol (CGP)
CGP is in charge of cross-chain routing and delivery across independent blockchains. It may use different consensus protocols and rules, heterogeneous tech stacks, and even blockchains without Smart Contracts. However, it is easily connected without regard for constraints. This involves the process of moving data between networks. As a result, it is ideal for developers’ work because it can function without altering the original programming language. Moreover, the work could link fluidly across platforms, regardless of the formats or technology used.
- Cross-chain Transfer Protocol (CTP)
The cross-chain transfer protocol (CTP) can make things easier for developers. The developer can now create software applications that interact freely with assets and apps on other blockchains. CTP protocol is similar to the Internet’s application-level protocols, File Transfer and Hypertext Transfer Protocols. It’s a protocol stack that floats on top of the CGP routing protocol at the application level.
The developers can connect their dapps to any chain to make cross-chain queries. The CTP protocol allows users to communicate with apps on any chain using simple API calls similar to HTTP requests. This protocol will enable programs to be composable across blockchain ecosystems. On the other hand, users can utilize the CTP protocol to engage with apps on any chain using simple API calls similar to HTTP requests. This protocol allows programs to be composable across blockchain ecosystems.
Axelar’s Benefits for Blockchain Users
We already know that Axelar is focused on making it easier for developers to work on the blockchain network. However, you may be wondering how Axelar can benefit general users such as traders like us. What benefits will Axelar provide to us?
- Trade better and easier than before
Axelar will enable users to use previously unavailable functions such as liquidity and cross-chain communication through various applications. Therefore, it will contribute to improved performance and a better user experience. Similarly to the convenience of using digital wallets, it’s essential for those traders or investors in the crypto trading market. As a result, Axelar arrival will boost the efficiency of this part. Traders will use their digital wallets to seamlessly make purchases across multiple platforms without worrying about limitations.
- Communication borderless
With Axelar, it is possible to communicate between different platforms and programming languages using Axelar’s protocol system. Users can make calls or chat more conveniently over HTTP/HTTPS. We can also seamlessly communicate with various service providers using our preferred web browsers.
- Convenience accompanied by security.
Axelar’s incorporation in the blockchain will not only facilitate trading and cross-platforming. Axelar is also very secure because it has a robust infrastructure. Most importantly, Axelar has established a safety threshold of 90%, allowing for close monitoring of various types of transactions.
- Supports a wide range of transactions
Axelar operates on the principle of Maximum Decentralization. As a result, the system can smoothly support various types of transactions on the blockchain network in multiple formats. For example, Axelar supports a high volume of transactions and a wide range of sophisticated fee-based blockchain multi-signatures.