Crypto.com introduces the new testnet of Cronos, the Crypto.org EVM chain, today on 20 July 2021.
What is Cronos? Instant DApp Portability with EVM Support
Cronos is the EVM chain running in parallel to the Crypto.org Chain. It aims to massively scale the DeFi ecosystem, by providing developers with the ability to rapidly port apps from and EVM-compatible chains, with funding from Particle B’s $100m EVM fund and access to the 10M+ user base of the Crypto.com ecosystem.
Cronos on Ethermint
Cronos is powered by Ethermint, which allows rapid porting of apps & smart contracts from Ethereum and EVM-compatible chains. Cronos base settlement currency will be CRO, the native currency of the Crypto.org Chain.
The Inter Blockchain Communications (IBC) protocol enables interoperability and bridging to the Crypto.org Chain – a fully decentralised, open-source, energy efficient public chain with high speed and extremely low fees. It also allows interoperating with other IBC-enabled chains (e.g., Cosmos Hub).
Kris Marszalek, Co-founder and CEO of Crypto.com said: “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.”
Cronos runs on Proof of Authority (POA), a more streamlined and scalable consensus mechanism. Cronos team has received massive support from the community and industry partners with already 20+ validators committed to support Cronos.
The Cronos testnet is open source. The Crypto.org Chain engineers have been working closely with the Ethermint’s core team (Tharsis) contributing to the same codebase on Github. You can find our latest release version here. We welcome the community to review and provide suggestions to strengthen Cronos.
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