- w h a t | is | a n | A X E L A R | a n d | w h y | i s | i t | o n | C O S M O S .
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w h a t | is | a n | A X E L A R | a n d | w h y | i s | i t | o n | C O S M O S .
Axelar is a multi-bridge communication center for interaction and client technology creation.
The product is designed in such a way that integration into other ecosystems is quick and easy. There is no longer a need to spend years of engineering work to simply connect to an ecosystem, much less make this connection secure and decentralized.
Axelar helps to solve a huge number of problems observed today and is a set of communication tools that will be available to developers. Such as: threshold signatures, multi-signature accounts, various types of read-write oracles, simplified connection of one ecosystem to another in few commands, the ability to deploy a token, and much more.
The Axelar idea required the creation of various consensus mechanisms, various final processing devices and other technical solutions.
Why AXELAR on COSMOS?
The fact is that not all ecosystems have all the features listed below, and some are available to a few, and only the COSMOS network can support the full range of features and innovations that are so necessary now.
- Blockchain generation: 3rd gen
The third generation of cryptocurrencies and blockchain is aimed at solving the problems of the first two generations.
- Consensus mechanism: BPoS (Bonded Proof of Stake)
Bonded Proof of Stake is one of the varieties of PoS in which it is still possible to limit the number of validators, but delegation is not mandatory. This process is non-custodial (does not require the transfer of assets and trust), all token holders receive the right to vote on amendments to the protocol. The reason why the method is called “linked” is that if the rules are violated, there is a failure in security and uptime continuity, a penalty is imposed on both the validator and those who transferred their stakes to him.
- Consensus energy consumption: very low energy consumption to achieve consensus.
Block time: block creation time is 7 seconds.
Transactions per block/second: 10 000 per chain/1420 per second.
Transaction fee: 0.0$ in chain (not to be confused with commission for withdrawing from exchanges).
Level of decentralization: high level with support for various decentralized features: dApps, DEX, Defi.
On-chain governance: a system for managing and implementing changes to cryptocurrency blockchains. With this type of governance, the rules for making changes are encoded into the blockchain protocol. Developers propose changes by updating the code, and each node votes to accept or reject the proposed change.
Human readable address (HRA): A replacement for the long, complex character strings used by most blockchains to identify people and their receiving addresses.
Digital identity management: Manage and store digital identities more securely by providing a unified, interoperable, and tamper-resistant infrastructure with key benefits for enterprises, users, and management systems. *101% security of personal data.
Data oracle: a service that connects smart contracts to the outside world, serves to feed information from the world, and vice versa.
Data privacy: complete privacy.
Distributed cloud storage и Distributed cloud computing.
Interoperability: IBC (inter blockchain communication). System interoperability with completely open interfaces to interact and function with other products or systems without any restrictions on access and implementation.
Inter chain communication: support for n- protocols.
Scalability options: horizontal and vertical unlimited scalability zones.
Chain security model: network sovereignty.
Automatic slashing: A mechanism built into the blockchain protocol to prevent validator misbehavior.
Chain connection to Hub/Relayer: permissionless connection.
All this, with the help of application layer protocol APIs, makes it easier for applications to access the distribution and make it possible to interact with each other, interact with ecosystems and simplify it to the minimum limit. And simplicity is the most important factor to reach the MASS ADOPTION stage.
- Date of publication:
- Sat, 01/15/2022 - 01:12
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