Crypto.com Introduces “Cronos” – its New Ethereum Virtual Machine Chain Testnet – Crypto.com introduces its new testnet Cronos. However, Cronos is the Crypto.org Ethereum Virtual Machine or EVM chain, on July 20, 2021.
Cronos runs in parallel to the Crypto.org Chain. Moreover, it is developed to massively scale the decentralized finance (DeFi) environment. More so, it offers the application developers to quickly port applications from Ethereum and EVM-compatible chains. Notably, with funding from Particle B’s $100 million EVM fund. In addition, access to the over 10 million user base of the Crypto.com ecosystem.
Added to this, Cronos is based in Ethermint which enables rapid porting of applications and smart contracts from ETH and EVM-compatible chains. Notably, Cronos base settlement currency is CRO which is the native cryptocurrency of the Crypto.org Chain, the announcement added.
Furthermore, the release mentions that the Inter Blockchain Communications (IBC) protocol enables interoperability and connecting to the Crypto.org Chain. Moreover, Crypto.org is a fully decentralised, open-source, energy-efficient public chain with high speed and extremely low fees. It also enables interoperating with other IBC-related chains.
Co-founder and CEO of Crypto.com Kris Marszalek 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) is explained as being a more streamlined and scalable blockchain or distributed ledger tech (DLT) consensus mechanism. However, the Cronos team has reportedly got massive support from the community and industry partners with presently more than validators that have committed to support Cronos.
All-in-all, the Cronos testnet is open-source, the Crypto.org Chain software engineers work cooperatively with Ethermint’s core team (Tharsis) contributing to the similar codebase on Github.