Cronos, Crypto.org EVM Chain, Testnet Launches Today

Key takeaways:

  • Cronos will introduce the necessary tools to port apps between different blockchains and provide access to a 10+ million Crypto.com user base.
  • Cronos is the Ethereum Virtual Machine (EVM) compatible chain running in parallel to Crypto.org Chain.
  • Crypto.org Chain is a fast, completely decentralized, open-source public chain with extremely low fees.

In an effort to drastically scale up the decentralized finance (DeFi) ecosystem, Cronos is introducing software tools to quickly port apps from Ethereum and other EVM-compatible chains. Cronos Chain will provide interested DeFi projects a massive boost, by providing funding of up to $1 million per project, via the CRO EVM Fund, and access to a 10+ million Crypto.com user base.

How does Cronos work?

One of the companies’ priorities when launching Cronos was making sure that porting apps and smart contracts from EVM-compatible blockchains and the Ethereum platform was as easy of a process as possible. This is why Ethermint was chosen to power Cronos. Ethermint is a scalable and interoperable Ethereum, built on Proof-of-Stake (PoS) with fast-finality using the Cosmos SDK. The Crypto.org Chain programmers have been collaborating with Ethermint’s Tharsis team, sharing their input and even contributing to the original code.

“We are going to provide full support for developers building on Cronos: technical, funding, marketing— everything you need to turn your idea into reality. Combined with easy dapp portability, I’m confident we will see an explosion of activity on Cronos.” – Kris Marszalek, Co-founder and CEO of Crypto.com

Interaction between blockchains is achieved through the use of Inter-blockchain Communication Protocol (IBC). The interoperability and bridging to the Crypto.org Chain are managed by the IBC, which also allows the ability to exchange and use information with all other IBC-enabled chains.

Crypto.org Chain’s native token CRO will be used as a Cronos settlement currency.

Related Articles

Crypto Lender Celsius Admits Losses in $120M BadgerDAO Hack

Crypto lender Celsius Network confirmed the company has lost money from the latest decentralized finance (DeFi) hack on BadgerDAO, a lending platform that offers...

Decentralized Governance: On Quadratic Payments

Quadratic voting, funding and attention purchase are buzzwords that have been gaining popularity over the last few years. The ultimate effect of these...

FEI up +2.50%, BTC -16.31%, Tether is The Coin of The Day – Daily Market Update for Dec 04, 2021 | CoinCodex

Key highlights:The total cryptocurrency market cap decreased from $ 2.68T to $ 2.26T in the past 24 hours, representing a -15.63% changeThe Bitcoin price at press...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Articles

Crypto Lender Celsius Admits Losses in $120M BadgerDAO Hack

Crypto lender Celsius Network confirmed the company has lost money from the latest decentralized finance (DeFi) hack on BadgerDAO, a lending platform that offers...

Decentralized Governance: On Quadratic Payments

Quadratic voting, funding and attention purchase are buzzwords that have been gaining popularity over the last few years. The ultimate effect of these...

FEI up +2.50%, BTC -16.31%, Tether is The Coin of The Day – Daily Market Update for Dec 04, 2021 | CoinCodex

Key highlights:The total cryptocurrency market cap decreased from $ 2.68T to $ 2.26T in the past 24 hours, representing a -15.63% changeThe Bitcoin price at press...

GXS Token Skyrocketed 800% In Just Two Trading Days; know Why

The GXS coin showed a sudden surge in its price where it gained more than 800% in just two trading days. This price jump...

CoinDesk 20 Update: ATOM, ICP and SOL Are In; AAVE, GRT and UNI Are Out

Cosmos’ Atom, Solana’s native currency and Internet Computer (formerly Dfinity) all entered the CoinDesk 20 in this quarter’s reconstitution, in a shift where Web...