Cryptocurrency Interoperability Project Axelar Introduces Expansion Plan Proposal For Enhanced Decentralization

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This article has been republished with permission from Binance News.

According to The BlockBeats: In recent developments in the cryptocurrency scene, Axelar, an innovative interoperability project, has proposed an extensive plan to increase its scalability and sustain a robust, decentralized technological underpinning.

According to a governance interface note on October 15, the proposal encompasses strategies in the short, medium, and long term to bolster the project. The short-term plan focuses on modifying the network’s inflation parameters while simultaneously introducing a Gas burning mechanism. This novel method aims to counterbalance inflation, and ensure further decentralization of the network, thereby enhancing its strength.

 

In the medium term, Axelar aims to facilitate connections within virtual machine smart contracts. Concurrently, it plans to substitute inflation rewards with a distinct reward pool allocated to each new chain. This strategy is set to augment its reach and channel more benefits to its users.

For the long term, Axelar’s plan proposes more extensive utilization of lightweight client connections, wherever applicable. This strategy serves its goal of maintaining a strong, decentralized network in response to the changing dynamics of the blockchain ecosystem.
 



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