Thread by @cosmoscoffeeDFI

Axelar is a Decentralized Multichain bridge that has been discussed as being a pivotal bridge for the #Cosmos.

*Sips Coffee*

On that note, we though you #Cosmonauts deserved a TLDR Thread to get acquainted. ☕️

$ATOM $OSMO

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Axelar Goals:

☕️Plug and Play: Simple Bridging

☕️Cross Chain Routing: Become more like the traditional internet.

☕️Upgradeability Support: Seamless upgrades across Blockchains

☕️Uniform Language: One language for basic needs

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☕️Decentralization: The Network and Protocol must be Decentralized

☕️Safety: Being a Bridge safety is a #1 Priority

☕️High Liveness: Must be able to support application load

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The bridges function in a way that (almost) all validators must collectively authorize any cross-chain request.

Designing a network where anyone can participate to secure these bridges requires meeting the following technical requirements:

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☕️Open Membership: Any user should be able to become a validator

☕️Updates to membership: When a validator leaves the system honestly, their key needs to be revoked appropriately.

☕️Incentives and slashing. Malicious validators will be addressed

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☕️Consensus: Multiple consensus points

☕️Key-Management: Keys need to be rotated and/or split between online and offline parts, etc.

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How:

Axelar blockchain follows a Delegated Proof-of-Stake (DPoS) model similar to Cosmos Hub.

The Axelar base layer is aware of the state of external blockchains at any point in time, creating the “incoming bridges” from other blockchains.

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“Altogether, one can view the Axelar network as a decentralized crosschain read/write oracle.”

☕️ Cross-Chain Gateway Protocol (CGP)

CGP is used to connect multiple blockchain ecosystems and is responsible for routing across them.

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Blockchains do not need to “speak any custom language”, their platform developers do not need to make any custom changes on their chains, and their chains can be plugged into the global network easily.

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☕️Cross-Chain Transfer Protocol (CTP)

With this CTP developers can connect their dapps on any chain to perform cross-chain requests.

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Advantages:

☕️For blockchain platform builders: Easily plug-in blockchains to all other blockchain ecosystems.

☕️For dapps builders: App builders can host their dapps anywhere.

☕️For users: Users can interact with all applications directly from their wallets.

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Safety:

☕️Max. Safety: Axelar sets the safety threshold to 90%, meaning that almost all validator will need to collude to withdraw any funds that are locked by its network or forge state proofs

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☕️Max. Decentralization: Since the network uses threshold signature schemes, the number of validators is unlimited.

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☕️Robust Fall-back Mechanisms: To address any potential stall of the Axelar network itself, each threshold bridge Axelar validators collectively control has an “emergency unlock key”. This can be split across many sources.

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☕️Maximum Decentralization of Fall-Back Mechanisms: a secondary recovery set of users that are only “called on duty” if Axelar network stalls and cannot recover.

☕️Shared Governance: Collectively, the users can vote on which chain should be supported.

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In conclusion, Axelar is a Decentralized Blockchain bridge that is able to potentially connect to any Blockchain. It also retains the ability to grow into the future with built in mechanisms to incorporate Blockchain development.

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☕️Find Axelar here: @axelarcore

☕️Website: axelar.network

☕️Whitepaper: axelar.network/wp-content/upl…

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If you found this thread helpful stop by TheCosmosCoffeehouse.com for more #IBC updates and information, including #AIRDROPS, #DEFI, #CHARTS and more.

Share the first tweet of this thread to help inform the community.

#MugsNotRugs

18/18

*UPDATE*

There will be a token $AXL as of this tweet little information is available.

ICO info here,
icodrops.com/axelar/