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AXELAR Delivering The Next Iteration of Blockchain Connection
2022 is gearing up to be a big year with a few crypto trends emerging that are heavily reliant on the ability to easily and effectively transfer wealth from one blockchain to another. Traditionally investors or consumers of blockchain technology would need to use a centralised exchange to transfer one asset to another often in the form of selling and purchasing another token. This method not only centralises profit making to exchanges through fees but quite often incur tax burdens on users.
As blockchain continues to develop we are seeing the emergence of art, games and memes come into effect which don't necessarily incur the same regulations and quite often can be used on other protocols and even online games. So selling an item to buy it back on another protocol is not best case scenario for many.
AXELAR the Cross-Chain Solution
For the past 12 months AXELAR has been building a new iteration to cross-chain technology which can seamlessly and effortlessly link blockchains together and enable easy to build dApps on any network. Launching in February 2022 AXELAR will release its mainnet that will enable cross-chain connection with Terra, Ethereum, Cosmos, Moonbeam, Fantom and Avalanche with more to be added in the future source .
Also planned for the release is AXELAR will invite developers to build directly on their mainnet which will enable developers to select the blockchain that best suites their project needs. No complex coding will be required and dApps will be developed and launched via AXELAR's unique API and Software Development Kit (SDK) source. AXELAR will also enable seamless transfer of network tokens without the need to wrap or bridge tokens utilising their special purpose built API.
How Does it Work?
AXELAR has quite a few moving parts to it and is utilising a number of developments to drive it's interoperability that will deliver a high end service for consumers.
Cross-Chain Gateway Protocol (CGP)
CGP will enable blockchains to connect to each other by signing up to CGP which does require node operators to be utilising the correct software to enable the transition. Once signed up to CGP AXELAR will act as a layer 2 protocol and enable the signing of blocks. The benefit of blockchains operating CGP software means that regardless of what source code each blockchain is built on they will be able to seamlessly connect with each other through AXELAR.
Cross-Chain Transfer Protocol (CTP)
CTP sits atop of CGP and acts as an API for developers to build their dApps on and for transactions to be called. CTP will also enable consumers to connect their wallet to any protocol on any chain that has signed up to AXELAR. This iteration will mean that all you will need is one wallet, multiple chains and the cryptosphere is yours!
You can get a deeper dive of information and workings of AXELAR and the source of this information here.
WEB3 Evolution
2022 is providing WEB3 with some mighty advancements and inclusions that will support mainstream adoption of WEB3 services and technology. AXELAR further builds on and enhances current APIs into an easy to use expansion of current technology that will further advance the capabilities and possibilities of WEB3 Technology.
So far from what is currently available AXELAR's development team have really brought in a new era of interoperability and I am looking forward to seeing what AXELAR builds throughout 2022.
From The Team
I reached out to the team and spoke to RoK and Sigmund to ask them a few questions about the project and how AXELAR is different to what we currently have. AXELAR is a complete change to the system with current blockchains focusing on interoperability within their own ecosystems and consensus rules which achieve interoperability through point to point bridging services. whereas AXELAR revolutionises the industry by being a Plug and Play service regardless of consensus or software stacks.
The problem AXELAR solves is the ability for Decentralised Finance investors to unlock liquidity by seamlessly switching from project to project without having to worry about blockages or complex transfers often through exchanges.
There is further information available in the AXELAR FAQ section for readers wanting to know more.
I asked the team what information they thought would be important for our readers to know and they referred me to AXELAR's latest community call which covers a large part of development and future direction which you can see here:
You can get in touch with the project here:
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