coincodex.com
Key takeaways:
- Cronos will introduce the necessary tools to port apps between different blockchains and provide access to a 10+ million Crypto.com user base.
- Cronos is the Ethereum Virtual Machine (EVM) compatible chain running in parallel to Crypto.org Chain.
- Crypto.org Chain is a fast, completely decentralized, open-source public chain with extremely low fees.
In an effort to drastically scale up the decentralized finance (DeFi) ecosystem, Cronos is introducing software tools to quickly port apps from Ethereum and other EVM-compatible chains. Cronos Chain will provide interested DeFi projects a massive boost, by providing funding of up to $1 million per project, via the CRO EVM Fund, and access to a 10+ million Crypto.com user base.
How does Cronos work?
One of the companies’ priorities when launching Cronos was making sure that porting apps and smart contracts from EVM-compatible blockchains and the Ethereum platform was as easy of a process as possible. This is why Ethermint was chosen to power Cronos. Ethermint is a scalable and interoperable Ethereum, built on Proof-of-Stake (PoS) with fast-finality using the Cosmos SDK. The Crypto.org Chain programmers have been collaborating with Ethermint’s Tharsis team, sharing their input and even contributing to the original code.
“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.” - Kris Marszalek, Co-founder and CEO of Crypto.com
Interaction between blockchains is achieved through the use of Inter-blockchain Communication Protocol (IBC). The interoperability and bridging to the Crypto.org Chain are managed by the IBC, which also allows the ability to exchange and use information with all other IBC-enabled chains.
Crypto.org Chain’s native token CRO will be used as a Cronos settlement currency.