General Message Passing and Axelar Network
About Axelar Network
Axelar is an overlay network that tightly connects blockchain ecosystems, applications, assets, users, all of which are essential for Web3 interoperability.
Axelar is a decentralized network of validators, secure gateway contracts, unified translation, routing architecture, as well as a set of software development kits (SDKs) and more application programming interfaces (APIs).
For developers, this gives them the freedom to use the platform in their own way, with access to users, assets, and applications across any ecosystem.
Instead of pairwise bridges, developers can rely on a network architecture that provides the codebase and control structure.
Axelar consists of three components at two functional levels: decentralized network, gateway smart contracts, developer tools.
General Message Passing
Not too long ago, Axelar expanded on functional comfort at the Avalanche Summit hackathon in Barcelona. Axelar Consolidated message passed through the local development environment. Web3 designers now use General Message Passing to invoke cross-network applications that do not require permissions. And this means that their evaluation is not censored by oracles, relays or validators.
General Message Passing is a generic feature that is built on a set of permissionless Axelar network validators that provide routing, translation, as well as security for cross-chain contract calls through the decentralized network.
What does it give dApp? For a dApp, this is the ability to call a function in any chain for another chain, but provided that both chains are connected to the Axelar network.
General Message Passing paves the way for the Web3 Super App.
Using cross-chain dApps
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1. NFT and DeFi: loan-credit wallet; Ethereum NFTs can be used as collateral in on-chain DeFi applications that are compatible with IBC or EVM.
2. Universal AMM: pooling the liquidity of any user, in any asset, on any chain.
3. Cross-chain synthetic: call data from dApps in other chains to index derivatives in the chain.
4. Open games: an asset anywhere turns into currency or credentials.
Interaction options
The Axelar Network has expanded the definition of secure interconnection.
1. Centralized exchanges
For users, this makes it possible to exchange assets from one blockchain for assets of another blockchain, and the centralized exchange stores both assets and continues to work and maintain the relationship between them.
2. Interoperability hubs
The ecosystems of Cosmos and Polkadot have contributed to the development of specialized interoperable blockchains.
3. Pairwise multisigs
Multi-signatures are needed because of the demand for interoperability. Multisigs are two-way smart contracts that enable bridges and store liquidity between networks.
Conclusion
We can talk endlessly about the huge possibilities of General Message Passing, but we should not forget about their huge benefits for Web3, dapps and ecosystems.
Posted by Olga7#3035
