Why is it that the Axelar Network project is widely regarded as revolutionizing the future of Blockchain and speeding up the transition to Web 3.0? Today, Cryptonaut invites everyone to go on an adventure.
What is the Axelar Network Project?
Axelar Network is a Delegated Proof of Stake (DPoS) blockchain that helps to connect each platform’s ecosystem (Ethereum, Cardano, Terra, Cosmos Avalanche, and so on) to solve the communication problem between platforms that use different languages today using two types of Core Protocols: CGP (Cross-Chain Gateway Protocol) and CTP (Cross-Chain Transfer Protocol).
So what are CGP and CTP?
The CGP (Cross-Chain Gateway Protocol) protocol connects and routes each blockchain ecosystem. For example, if we want to transfer assets from Ethereum to Cardano, CGP will assist us in establishing this interconnection.
CTP (Cross-Chain Transfer Protocol) is a protocol that handles file and hypertext transfers (transactions of assets that we transfer back and forth, or instructions from Developer to lock or unlock address, etc.)
For an example, When traveling from country A to country B, CGP will select the itinerary and even apply for a visa. The vehicle will be looked after by CTP. In this example, country A represents Blockchain A, country B represents Blockchain B, and ours represents Assets or Transactions, or something along those lines.
Before coming to this Solution Model, there were several models for resolving intercommunication difficulties. But is that the final solution for us, and in what form? Let’s see.
1. System that is centralized
Is it obvious that if you want to exchange AVAX for ETH, you go to Binance and it’s done? True, but don’t forget that this centralized system necessitates trust. Isn’t it true that if we put money in, our money will be protected, and that the Decentralized System was created to solve this problem? As a result, this path may be useful. But that doesn’t really answer the question, does it?
2. Hubs for interoperability
Cosmos and Polkadot, as you may know, were also built to overcome ecosystem connectivity issues. That’s correct, but unlike the Axelar network, it only communicates in the same language as their primary Hub. It can’t be communicated or connected if it’s in a language that isn’t supported.
3. Bridge in Pairs
Wrapped assets, such as WETH, are now ubiquitous. It’s a different option that’s pretty practical. However, just in the user’s corner, such as ours. Because in order for a wrapped asset to be created, developers must write a new smart contract to support it. If the blockchain, whether Ethereum (for example) or end-side, has to be upgraded, so does the smart contract for this wrapped asset.
Consider using this strategy as a solution in the future. Let’s imagine there are 100 Wrapped Assets on 100 Platforms, which equals about 10,000 Wrapped Asset Smart Contracts. Upgrade at once. Everything is messed up. This means there will very certainly be scaling concerns.
As a result of all of this, the Axelar Network emerged as a new solution paradigm. It’s not only user-friendly, but it’s also friendly with both Blockchain Platform Builder and Dapp Builder because the developer doesn’t have to do anything but plug in and everything is taken care of according to the project’s plug and play idea. Friends, give it a shot. Consider how quickly this may be the highway that leads the world to Web 3.0.
For individuals who want to learn more about the Axelar Network and how it operates. What are some of the issues that might arise? And the manner in which the team prepares to tackle the challenge. The Whitepaper, which can be accessed at the URL below, contains technical information.
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