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Crypto.com, a leading global fintech exchange, recently announced the launch of version 1.0 of its blockchain, Cronos (CRO) Chain, which has already been available since late 2021 in beta version.
CRO is announcing the Galileo update, the most important so far and one that is leading to growing speculation that Crypto.com may no longer be affected by the negative effects generated by the FTX collapse, continuing to stand out for its activity in the markets.
In any case, the update implements integration with the Ethereum network, ensuring speed and efficiency for users, who will be able to securely sign smart contracts.
What the update of Cronos (CRO) Chain, Crypto.com’s blockchain, consists of
As anticipated, the Cronos Chain recently came out of beta, with CRO announcing its new update. This is named Galileo and is important news in the crypto sector as, as of today, the Cronos blockchain (CRO) is updated to version 1.0.
The Cronos Chain is Crypto.com’s second blockchain, launched in late 2021 to enable DApp and DeFi development in solidity language, with full EVM-compatibility. With the endorsement of one of the most widely used exchanges in the world, it has always boasted a strong user community.
However, from a technical point of view, the chain has always been in beta, initial launch version but not yet perfect. Moreover, since its launch it has already seen a major update, dated May 2022, which brought it to version 0.7.
In any case, the purpose of the new blockchain has always been to expand Crypto.com‘s offerings even further. The goal is to provide a complete service: a user using Crypto.com should have everything they need without having to leave the ecosystem.
Cronos is a chain built on Cosmos and is compatible with the EVM (Ethereum Virtual Machine). But, the real innovation lies in the fact that Cronos is the first blockchain that has managed to connect Cosmos to Ethereum.
This entails a number of advantageous extra operations: for example, the transition of dApps present on Ethereum directly to Cronos.
In fact, thanks to EVM support, it is possible to develop smart contracts easily and securely, which is why Cronos Chain has grown really quickly, raising a huge amount of capital in about two months.
All the news about Cronos (CRO) Chain from Crypto.com
The Cronos Chain blockchain has many innovative features and strengths, let’s look at some of them. First of all, since it is built on Cosmos, Cronos supports IBC (Inter Blockchain Communication). IBC allows Cronos Chain to move tokens from one chain to another, in very little time and with very little effort.
In addition, the chain is connected with MetaMask, one of the most popular wallets in the world. And it is precisely the compatibility with EVM that makes MetaMask also accessible from Cronos Chain.
Furthermore, Cronos Chain’s consensus mechanism is Proof of Stake (PoS), more precisely a version of it: the Proof of Authority, and it is important because PoA has the ability to improve performance in speed and transactions while keeping security at a very good level.
What’s more, since its inception Cronos Chain has been working on great projects. In fact, the blockchain has many different DeFi platforms, including many coming directly from the Ethereum world. For example, VVS Finance, the DeFi platform that, until recently, held as much as two-thirds of Cronos Chain’s total liquidity.
Then, the other prestige blockchain protocols are: PhotonSwap, Empire Dex, KryptoDex, Swaap and many more. So, Cronos Chain is a long-standing future-focused blockchain that recently took another step forward: the Galileo upgrade.
Everything there is to know about the Galileo update
As anticipated, Galileo, the Cronos Chain update, has resulted in the chain moving out of the launch version. And, the code name of the new update to Crypto.com’s exchange chain is precisely Galileo.
Updates like the one proposed by Crypto.com are generally technical in origin. In fact, Galileo has already been implemented in the testnet, thus one of the best technical updates.
Basically, the improvements that users and developers can expect from Cronos 1.0 are, first and foremost, the prioritization of Mempool to further scale the TPS.
Then, optimized node storage: 30% less storage for full nodes and generalized reduction of node startup time by 5 % and other node performance improvements.
In addition, there are new Cosmos features to pave the way for greater EVM/Cosmos interoperability (IBC incentive, IBC token transfer memo field).
Positive effect for Crypto.com’s crypto CRO after Cronos Chain news
After the news about Cronos Chain, Crypto.com’s crypto CRO is on a strong upswing. In fact, the Galileo update will result in various movements on the value of the native CRO token, the demand for which directly depends on the use of the chain.
As always, the more developers work in the chain, the more users use it, the greater the number of decentralized apps and the higher the value of the native CRO token. However, the impact on price, especially in the short term, is unpredictable, as it is primarily driven by speculation.
But the announcement has indeed given CRO a way to have a nice pump in the short run, even though the real effects of Galileo will be seen with the course of time and in the long run. In any case, although 2022 was a difficult year for Crypto.com, mainly because of the collapse of FTX, 2023 could be the breakthrough year.
In fact, already in the first weeks of January 2023, Crypto.com’s token has shown a strong upward trend, at times even being a few points above the market average. So, it appears that CRO is starting a positive trend. All that remains is to watch to see if Crypto.com’s promises of recovery will be true.