fbpx

Cronos, Crypto.org EVM chain, Testnet is Now Live

Crypto.org 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 Ethereum 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.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

    You can always unsubscribe with just 1 click.

    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

    Rate This Article
    In order to improve, we give you the opportunity to rate DailyCoin content
    Author

    Read the most recent crypto press releases on DailyCoin to know all the latest project news from fintech and blockchain businesses. Disclaimer: This article is a press release and was not written by DailyCoin. We always aim to have the highest editorial and fact-checking standards, so if you encounter any content related issues, please contact us at [email protected]