Axelar delivers secure cross-chain communication for Web3.
Axelar is a developer of a decentralized interoperability software designed to help connect blockchain ecosystems, applications, and users. The software is powered by Byzantine consensus, cryptography, and mechanism design protocols that allow applications to live on different blockchains to communicate across different blockchains.
The Axelar Network consists of a protocol suite, tools, and APIs to increase interoperability between blockchains. The company was founded in 2020 in Waterloo, Ontario by Sergey Gorbunov and Georgios Vlachos.
Axelar Network is a solution for cross-chain communication that works to meet the needs of both platform developers and application builders, without the need for integration and instead delivered through a simple protocol and API for global liquidity and communication. The network consists of a decentralized network that bridges blockchain ecosystems to make it easy for applications to perform cross-chain requests.
A component of the network is the underlying decentralized protocols. The network uses validators to maintain and run the Axelar Network nodes that are responsible for securing Axelar’s blockchain. These validators are elected through a delegation process by the users, and validators receive the voting power pro-rata according to the stake delegated to them. These validators are then required to reach consensus on the state of multiple blockchains the platform is connected to, and are responsible for maintaining and running the cross-chain routing and transfer protocols.
The network follows a delegated proof-of-stake (DPoS) model to elect validators who must bond their stake to participate in the consensus and maintain high-quality service. This is intended to allow for the maintenance of large decentralized validator sets and robust incentives to guarantee validators maintain bridges and share cryptographic threshold schemes.