coincodex.com
Key highlights:
- Cronos is launching its mainnet beta
- Cronos is an EVM-compatible blockchain platform built with the Cosmos SDK
- The native asset of Cronos is CRO
Cronos mainnet beta goes live
Cronos, a blockchain platform that runs in parallel to the Crypto.org Chain, is launching its mainnet beta.
Cronos is built using the Cosmos SDK, and is compatible with the Ethereum Virtual Machine (EVM). In this way, building on the Cronos platform is easily accessible to developers who already have experience with Ethereum. Using the Cosmos SDK, on the other hand, opens up a lot more options for Cronos to interoperate with other blockchains through the Inter-Blockchain Communications (IBC) protocol.
The Cronos platform is poised to offer a more scalable platform for blockchain-based apps by using a Proof-of-Authority consensus mechanism. While such a consensus model is more centralized than permissionless blockchain platforms like Bitcoin and Ethereum, it should provide a low-cost and fast alternative for users that are currently priced out from decentralized applications due to high transaction fees.
The native asset of Cronos is CRO, which is also the native asset of the Crypto.org Chain. CRO has been a strong performer in the market recently, and gained renewed momentum after it was recently listed on leading cryptocurrency exchange Coinbase. Crypto.com recently also launched a marketing campaign featuring Hollywood star Matt Damon, which has brought further attention to the company and CRO. The token is currently the third-best cryptocurrency top 100 performer in the last 7 days after gaining a whopping 82%.
Token bridges and partnerships
Users are able to bridge tokens between the Crypto.org Chain and Cronos already at the launch of the mainnet beta. In the coming months, the Cronos project plans to add support for bridging with other Cosmos-based blockchains. The team is also working on the Cronos Gravity Bridge, which will enable bridging tokens from Ethereum to Cronos.
In addition to a dedicated bridge, users will also be able to get their tokens to the Cronos platform through the Crypto.com mobile app and exchange, as Crypto.com says it will support Cronos as a withdrawal option for certain tokens.
Even though the Cronos mainnet beta is just going live, the project has already secured partnerships with notable infrastructure and service providers in the blockchain industry. For example, Cronos is supported by blockchain infrastructure firm Bison Trails, and the platform will also be supported by decentralized oracle network Chainlink.
To boost development on the Cronos platform, blockchain accelerator Particle B announced a $100 million ecosystem grant program for Cronos projects. A Cronos hackathon with a prize pool of $500,000 is also currently running, and will conclude on November 24.