Introduction
Along with the explosion of crypto market, "adoption" is the term that has been emphasized many times when a blockchain team starts to build their dApp. Many developers has abandoned their project because of inevitable barriers when building in this industry such as difficult to interact between different blockchains. Need to know that blockchain just appeared for roughly 11 years and tooling is quite limited. Understanding this, Axelar is built to give a perfect solution for not only blockchain platform builders, dApps builders but also end users.
Problems that make blockchain is not really popular
Slow transaction problem
Bitcoin is seen as currency of the future with the potential to make peer-to-peer transactions processed quickly and at low cost in comparison with traditional money transaction.
However, Bitcoin transaction is confirmed very slowly. The reason is that each transaction after execution and confirmation by the miner has to wait for 6 new blocks to be created after it for the transaction to actually be confirmed on that blockchain. This takes several hours. Obviously, the speed of this process is too slow for Bitcoin to really become a means of paying for goods and services. The same situation happens on another popular cryptocurrency which is Ethereum due to old network infrastructure.
It takes time to implement
Blockchain technology may be appropriate for some sectors, but widespread implementation will be a time-consuming process, especially for industries that have their own ways and regulations.
Some industries such as legal and medical are just beginning to change from paper records to digital records and in some cases still keep paper copies as backups. The problems here is developers in these industries usually take Ethereum network as their first choice, hence, they need to spend a lot of time to build everything (their infrastructure) from scratch.
So, how can we help to improve productivity in the blockchain industry to bring mass adoption coming faster? The answer is "Cross-chain communication", and the best out there now should be Axelar Network
What is Axelar Network?
First of all, let's find out what is Axelar about. According to Axelar's website, Axelar's vision is to "Empower dApp builders and blockchain ecosystems and unlock cross-chain communication". In simpler word, Axelar is a scalable cross-chain communication platform that can help different blockchains or dApps are mutually interconnected without any constraints. This is especially important at this current context as most of dApps are being built on Ethereum that is old, slow and expensive.
Why will Axelar play a vital role in blockchchain development?
As we are all known, DeFi summer that happened last year led to a surge in gas fee on Ethereum. This not only made inconvenient experience for current users but also stop mass adoption of blockchain from new users. It is illogical for a new users to spend about 30 - 100 US Dollars for a single transaction on chain, not mentioned about token swap which may cause above 150 US Dollars for a swap. This is one of the reason why DeFi stepped into its own "winter season". As mentioned above, Axelar will be a perfect solution and helps dApps avoid the congestion or high transaction fee of its based blockchain (i.e. Ethereum), thus, making blockchain technology more popular to the crowd.
Axelar's solution
Axelar network consists of APIs, tools and network which can serve wide variety of audiences like blockchain builders, dApp builders and end users. More clearly, blockchain developers can now use Axelar's API to build their apps or transfer their assets on any chains they want to interact with. As a result, blockchain industry will have more good quality dApps to use and users are also benefit from this. Moreover, users also have many other choice when they can experience all applications in the ecosystem from their non-custodial wallet thanks to cross-chain communication technology of Axelar.
In order to achieve these amazing things, Axelar uses a byzantine consensus rule that works in Cross-Chain Gateway Protocol (CGP). This gateway is the main responsible component to route and help cross-chain request to transfer smoothly before confirming it between different blockchain without any problems. Technically, consensus on CGP not only helps to confirm request on other chains but it also decides incentives for validators who participate in the network or even change the role of participants and the key.
Cross-chain interoperability is a headache problem for many blockchain developers throughout the years. The appearance of Axelar with solid technology and a dedicated team is a perfect solution to solve this problem completely. Axelar will surely have a very bright future with a good foundation and interesting idea that will be sustainable for a long-term.
For more information, please refer to:
Website: https://axelar.network/
Twitter: https://twitter.com/axelarcore
Telegram: https://t.me/axelarcommunity
Medium: https://medium.com/axelar
Linkedin: https://www.linkedin.com/company/axelarnetwork/
Youtube: https://www.youtube.com/channel/UCf8GFg58fdp1iZwLAOV1Tgg
Forum: https://community.axelar.network/