Home News Crypto.com supports Cronos cross-bridge mainnet beta launch

Crypto.com supports Cronos cross-bridge mainnet beta launch

272
0

Cronos has announced the introduction of its mainnet beta in order to help the Cosmos and Ethereum Virtual Machine (EVM) ecosystems communicate more effectively.

Because of the Inter-Blockchain Communications (IBC) protocol integration, developers will be able to quickly and cheaply move decentralised apps and smart contracts from Ethereum and EMV-compatible chains to the Cronos network. Crypto.com‘s 10-million-strong user base will be able to use this service.

Cronos is a cryptocurrency that runs alongside the Crypto.org Chain and is based on the Cosmos blockchain and powered by Ethermint, a proof-of-authority consensus mechanism.

“Explosion of activity”

The Cronos team issued a medium blog post a few days before the launch to discuss the complicated process of linking assets cross-chain. From Crypto.com’s ecosystem to Cronos, for example. Alternatively, using IBC, bridging the platform’s native token, CRO, from the Crypto.org chain to the Cronos chain.

Cronos’ testnet service was introduced in July of this year. Since then, it is said to have processed 1.5 million transactions from over 600,000 wallet addresses. Kris Marszalek, CEO and co-founder of Crypto.com, predicted an “explosion of activity on Cronos” at the time. In addition, the company has pledged to support developers’ projects from conception to implementation.

The creation of a $100 million grant fund by blockchain accelerator Particle B, which will distribute $1 million to 100 companies using the Crypto.org Chain, demonstrates this advocacy.

Since its inception, its ecosystem has attracted over 20 validators. Including Bison Trails, a number of well-known decentralised oracles, such as Chainlink and Band Protocol. As well as wallets MetaMask and Crypto.com, and partnerships with decentralised finance, nonfungible token, and gaming platforms and projects.

Cronos’ strategy for Q1 and Q2 2022 highlights plans to build the mainnet version of Gravity Bridge. As well as add more IBC channels and whitelist IBC tokens.

Previous articleMatter Labs raises $50M to build EVM-compatible ZK-Rollups
Next articleUAE-based Phoenix Technology Consultants ordered miners worth $650M