The Cronos testnet, the new Crypto.org EVM chain that runs in parallel with Crypto.org Chain, is now live.
The Crypto.org EVM Chain testnet, according to reports, officially went live today – July 20, 2021. Cronos is well-known for its focus on ensuring scalability in the decentralized finance (DeFi) space. To achieve this, it provides developers with the opportunity to seamlessly port dApps from Ethereum and other EVM-compatible blockchains. Interestingly, it does this with funding from Particle B’s $100 million EVM fund. Notably, dApps will also have access to Crypto.com’s over 10 million strong user base.
Cronos | Ethermint | IBC Protocol
The EVM chain was built using Ethermint, a popular app and smart contracts porting platform. Cronos will also make use of Crypto.org’s native cryptocurrency known as CRO. Its Inter Blockchain Communications protocol (IBC) also links Cronos to the Crypto.org Chain. Therefore, facilitating interoperability with Crypto.org Chain as well as other IBC-compatible chains like Cosmos Hub.
Speaking on the testnet launch announcement, the co-founder and CEO of Crypto.com, Kris Marszalek, disclosed that Crypto.com supports Cronos and its idea. Adding that the decentralized fin-tech company will continue to “[…] provide full support for developers building on Cronos: technical, funding, marketing.” In essence, providing them with everything to bring to life their innovative ideas.
Marszalek also added that he is “[…] confident we will see an explosion of activity on Cronos.”
More on Cronos
Cronos makes use of the Proof-of-Authority (PoA) consensus mechanism. As compared to both the Proof-of-Stake (PoS) and Proof-of-Work (PoW) consensus, the PoA consensus is both better streamlined and scalable. Currently, there are over 20 validators supporting the EVM chain. Also, the entire Cronos team has been receiving top-notch support from its community members.
Both the Ethermint team (Tharsis) and Crypto.org Chain engineers have been working hand-in-hand on the Cronos testnet. Interested persons are invited to review the latest version here. The new Cronos testnet is entirely open-source.
At the time of publication, CRO token was trading at $0.102118, with a market cap of $2,578,998,066 and a 24-hour trading volume of $45,199,230. The token price is also down by 4.1% in the last 24 hours.
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