invezz.com
The Cronos mainnet beta has officially launched on November 8. Cronos will now be the first Cosmos EVM chain for DeFi, NFTs and Metaverse with this development.
This new project also aims to enable developers to interact easily with the Crypto.com app and the Cronos network. It will also bring DApps to the Crypto.com ecosystem.
Cronos mainnet beta
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According to a press release shared with Invezz, the Cronos mainnet beta has been under development for several months. The purpose of this project is to bring scalability to the DeFi sector and the decentralized application ecosystem.
Cronos mainnet beta will come with major benefits such as “low costs, high throughput, fast finality, and built-in interoperability.” The project is working to bring decentralized applications to over 10 million users on the Crypto.com network.
The press release also notes that,
Leveraging Cosmos SDK, Cronos has built-in interoperability from day one. Its Inter-Blockchain Communications (IBC) protocol enables interoperability and bridging to the Crypto.org Chain and other IBC-enabled chains (e.g. Cosmos Hub). Cronos is uniquely positioned linking the Cosmos ecosystem and EVM ecosystem.
Under this project, the Cronos platform will be powered by the CRO token, which will support on-chain transactions. Network fees will be paid in CRO, and as the Cronos ecosystem grows, so will the token’s utility. The token will also enjoy immense use cases from both the Crypto.org chain and Crypto.com platforms.
Still working on further developments
In the press release, the firm noted that it would continue working with its strategic partners to grow and optimize the network’s infrastructure. It is also working on other initiatives aimed at achieving a full mainnet launch.
One of the things that the platform is working towards is bridging more Cosmos-based Chain tokens to Cronos using UBC. The platform is also working on the roll-out of the Gravity Bridge, a solution to bring Ethereum-based chain assets to Cronos.
“There are many exciting features to be included in the coming versions. Based on the feedback on the community, the Cronos development team will continue to improve and optimize the blockchain,” the document added.