Axelar -this is a new unique project to unite different ecosystems
Today I will tell you about a new project that is launching its main network soon. Its main task is to combine several ecosystem blockchains for the convenience of their use.
A technological solution has been found that allows combining different blockchains, expanding the functionality and applicability of smart contracts and, most importantly, making them understandable to ordinary people.
Get away from consensus
There is a particularly increased interest in blockchain technology today. Government and financial structures in many developed countries are trying to try it on for themselves. And the more they try on, the more flaws they find in it. One of the key constraints in its applicability to real life is that there is no single blockchain platform. There are many different blockchains, and they are usually sharpened for some kind of Bitcoin coin, Ether or some other. This situation is very similar to what was in computer networks in the pre-Internet era. Then, in order to forward a file from one network to another, it was necessary to know through which “gateways” to send. The Internet has become that single platform for disparate computer networks. Now the role of gateways is performed by crypto exchanges. But this solves only one of the tasks — the exchange of cryptocurrencies, and it does not help in any way to solve problems related to the economy or public administration. The choice of any one blockchain forces you to interact only with those who work on the same blockchain platform.
Another significant problem in existing blockchains, be it Bitcoin or Ether, is their bandwidth, transaction processing speed. In the same Ethereum blockchain, there is no transition to processing a new transaction until the calculated block is copied on all calculators, and there are about ten thousand of them in the Ethereum network today, and in this case everything rests on the banal bandwidth of the Internet channel.
“Smart” and understandable
Another technology that big bets are placed on the use of in real life is smart contracts. The situation with smart contracts is the same as with blockchain. Firstly, they are tied to a particular blockchain, and therefore have technological limitations on processing speed. Secondly, they are not very “smart” — they are too primitive, they allow for the most part to perform only cryptocurrency operations and only with a coin tied to this blockchain. And thirdly, they are completely incomprehensible to the common man.
If until today everything related to the crypto industry, blockchain, was solved with tools that are understandable and convenient for computers, now in order to integrate everything that has been accumulated into real life and use it effectively, it is necessary to change the approach — so that it is understandable and convenient for people.
It will save us from all these problems . It will be able to combine universally and securely several autonomous blockchain ecosystems, providing a critical infrastructure for Web3. Thus, this is an advanced project that will allow the entire cryptocurrency to develop in the future. Should
Follow the social networks of the project:
Discord — https://discord.gg/aRZ3Ra6f7D