What is Axelar Network? Full information about the project and token AXL

• Overview of the Axelar Network project
• What is Axelar Network?
• Basic Features of Axelar Network
• Main features of Axelar Network
• Tools of the Axelar Network project
• Axelar Network project founding team
• Axelar Network project advisors and investors
• Development plan of the Axelar Network project
• Tokens of the Axelar Network project
• What is AXL Token?
• Allocation and payment schedule of AXL . tokens
• Functions of the AXL . token
• The economy of Axelar Network
• Where can AXL tokens be bought and sold?
• The potential of the Axelar Network project in the future
• summary

Overview of the Axelar Network project

What is Axelar Network?

Axelar Network is a decentralized network that provides users with tools to meet the needs of cross-chain connection between developers and application builders in a convenient, easy and fast way. In particular, Axelar is designed with a complete set of solutions that optimize the breaking of barriers in the process of multi-chain connection. Specifically, Axelar's solution suite includes: General protocol package, support toolkit and API - application programming interfaces.

Currently, the Axelar Network project is being operated by validators – a decentralized network of validators. So anyone can join and use and build on Axelar Network.

The Axelar network has a number of outstanding strengths:

• For blockchain platform builders: Parties participating in Axelar network building blockchain platforms can connect blockchain chains with each other easily. Users only need to register an account to set up and connect to other blockchain networks.
• For developers of decentralized applications: Axelar Network allows developers to run their applications anywhere. Thereby, application developers can manipulate the lock, unlock or transfer assets easily. At the same time, they can also communicate with other applications on any chain thanks to the CTP programming interface, or Crosschain Transfer Protocol. 

Basic Features of Axelar Network

The Axelar blockchain currently operates on a consensus protocol model (DPoS) similar to the Cosmos Hub network. Users will be randomly selected as validators with stake binding to participate in the consensus protocol and maintain the best quality for operational services.

Thanks to the Axelar network, the communication protocol between blockchains becomes as simple as using the familiar HTTP/HTTPS protocols in the browser. It allows platform developers to plug their blockchain directly onto other networks. At the same time, application developers also have the right to set up a simple access process with their own API programming interface to access global liquidity or for information exchange purposes on the Internet. entire ecosystem.

Currently, the Axelar network is being focused on developing connectivity and interoperability between blockchain networks. Polk adot is one of the combinations that many people are interested in, supporting the transfer of assets from external blockchains into Moonbeam and using them in decentralized applications. Applications running on the Moonbeam network can work on Ethereum, Terra and other chains thanks to the Axelar gateway.

The compatibility between Moonbeam and Ethereum allows developers to take advantage of the convenience and speed of the Polkadot ecosystem. Both Moonbeam and Axelar are building breakthrough solutions that break all limits and unlock the potential to link liquidity across networks.

Main features of Axelar Network

The Axelar Network platform has several key features as follows:

• Enabling blockchain ecosystems and communicating applications easily: With a system of verification nodes operating under the byzatine consensus protocol, Axelar allows anyone participating in the network to Use it to connect blockchain networks and applications together in the safest, most secure and convenient way.
• Process requests between blockchains through Axelar's decentralized governance: With a network of many major protocols and one of them is CGP (Cross-Connection Gateway), users can easily participate join new chains without constraints or consensus rules.
• Commonly managed by the Threshold cryptographic algorithm: The Threshold cryptographic algorithm requires that every transaction made, once through the portal, must have consensus from all validators. In addition, this cryptographic function encrypts the consensus of validating nodes as a side transaction to provide a unique signature and verification for the main transaction. As a result, it is possible to split transactions, increase processing speed and reduce costs, but still ensure the security and safety of the system.

Tools of the Axelar Network project

Axelar Network provides a set of tools including: System protocols and API programming interfaces. Among them, protocols include:

Cross-chain Gateway Protocol (CGP) – Multi-chain protocol converter: Similar to the Border Gateway protocol, it is used to automatically connect multiple blockchain ecosystems together. At the same time, CGP is also responsible for routing on these blockchain ecosystems. Blockchain networks can plug directly into the global network without the development team having to change, redesign, or reconfigure their network.

Cross-chain Transfer Protocol (CTP) – Multi-chain Transfer Protocol: Similar to File Transfer or Hypertext Transfer Protocol data transfer applications, this protocol allows developers to connect their Dapps to any any chain to conduct multi-transfer transactions. Through CTP, developers can lock-unlock or transfer assets between two different addresses on any blockchain network. At the same time, developers can also activate applications in one thread from another thread.

Axelar Network project founding team

The Axelar Network project has a development team that is the founders of Algorand and associates. In total, the entire team has 18 members, including some key members such as:

• Georgios Vlachos: He is the co-founder of Axelar, former head of computing at Algorand, and consensus designer and developer. He won a gold medal at the International Mathematical Olympiad. 
• Sergey Gorbunov: You are the co-founder of Axelar, former head of cryptography at Algorand, and platform designer and developer. He is also the co-author of many cryptographic protocols and standards.

Axelar Network project advisors and investors

The Axelar Network project has raised an additional $25 million in a Series A funding round. Currently, the round is being led by Polychain Capital LLC investors Olaf Carlson-Wee. Besides, Axelar Network is also invested by other investors such as Dragonfly Capital, Galaxy Digital, North Island Ventures and Robot Ventures.

Development plan of the Axelar Network project

Regarding the development plan, the Axelar Network project is planned in 5 phases:

• Phase 1: Finalize the white paper, seed financing round and design ideas
• Phase 2: Launching test 1, the idea of ​​​​integration with Bitcoin and Ethereum
• Phase 3: Interactive testing, EVM chain support, IBC compatibility setup
• Phase 4: Launching decentralized asset applications on Axlear, application connecting Axelar solution, overview of cross-chain requirements
• Phase 5: A system of applications and solutions built around Axelar Network, supporting the whole system and developers building any blockchain network through Axelar

Tokens of the Axelar Network project

What is AXL Token?

AXL is a token of the Axelar Network project, some basic information of the AXL token is as follows:

• Ticker: AXL
• Blockchain Network: Ethereum (ERC-20)
• Total Supply: 1,000,000,000 AXL

Allocation and payment schedule of AXL . tokens

Functions of the AXL . token

• AXL is used to pay transaction fees and any other fees incurred when using the Axelar network.
• AXL holders can stake and exercise administrative rights on proposals, such as parameter changes or Axelar Network protocol upgrades.
• The AXL token is used in incentives to support the Proof-of-Stake consensus mechanism that secures the network and validates transactions on-chain. In it, validators will receive an AXL reward to incentivize them to continue to secure the network. These incentive rewards can increase the total token supply.
• AXL is used to reward ecosystem builders and community contributors. 

The economy of Axelar Network

AXL aims to create a Tokenomics model that supports Axelar Network in achieving the following results:

• Security: A consistent incentive model with staking rewards for those validating and operating secure nodes.
• Decentralized: AXL is distributed among multiple holders who will authorize a decentralized validation pool and contribute to governance decisions.
• Stay Alive: Tokenomics is designed to incentivize the maintenance of all critical processes on the Axelar Network (e.g. block validation).
• Ecosystem Growth: AXL encourages DApp builders to use Axelar's API for cross-chain development. 

Where can AXL tokens be bought and sold?

Axelar will open AXL token sale on CoinList on March 9, 2022. Investors can register to participate in the AXL token sale event from March 3, 2022 to March 7, 2022 and see more information about this event in the article "Axelar Token (AXL) is opened official sale on CoinList ”.

The potential of the Axelar Network project in the future

With the ability to connect independent blockchain chains such as Bitcoin and Ethereum, and can also connect multi-chain gateways such as Cosmos and Polkadot, Axelar Network allows developers to have a common, unified platform and API programming interface can be used in any network.

Solving one of the prominent problems of the blockchain ecosystem, the interoperability of the Axelar Network makes this project stand out and receive a lot of attention. At the same time, with a decentralized space that ensures security and can be unified for multi-chain communication and information transmission, Axelar Network is expected to become one of the important links in the formation of Metaverse universe of blockchain ecosystem.

summary

The solution that Axelar brings to the blockchain ecosystem has been and will continue to be a matter of great interest now and in the future. With a strong and experienced team, Axelar can become a project of great stature, helping to solve many problems, especially those related to cross-platform communication, giving blockchain ecosystem participants more optimal and secure usage experiences.

Interested readers and want to learn more information about the project can see more at: 

Website | Project Information | Twitter | Discord | Telegram | LinkedIn | Youtube | Community

• Hot: Token of Axelar (AXL) is officially opened for sale on CoinList on March 9, 2022
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