Cronos, Crypto.org’s EVM Chain, Mainnet Launches on October 19

2021-10-11 01:58:00 · 3935 views · 5 min read

Instantly port dapps from Ethereum and EVM-compatible chains.

 

While Cronos currently is running a testnet version now, it will launch its mainnet on October 19. The Ethereum Virtual Machine (EVM) compatible Cronos mainnet will allow developers to instantly port dapps from Ethereum and EVM-compatible chains. The latest testnet upgrade was announced on September 27, which introduced CRO bridge as a fully functional bridge connecting Cronos and Crypto.org Chain, and Gravity bridge connecting Cronos and Ethereum. The testnet also provided better developer experience via improved EVM debug-trace logging.

Dapps can instantly be ported to Cronos from any Ethereum and EVM-compatible chains, with support from the $100 million CRO EVM fund and exposure to the Crypto.org community including Crypto.com’s worldwide user base of over 10 million. With low fee, fast finality, low latency and built-in interoperability with Cosmos Inter-Blockchain Communication Protocol (IBC), Cronos is poised to be the DeFi innovation hub for the multi-chain ecosystems and communities. Additionally, the Cronos Hackathon is currently taking place from September 24 to November 24. Developers from around the world are welcomed to submit blockchain projects built on Cronos. For more information and to apply, click here.

 

Cronos is an EVM chain that is running in parallel to the Crypto.org Chain. Which powers the Crypto.com app and centralised exchange. It is designed to scale and bring the decentralised finance (DeFi) ecosystem to mainstream. The platform is powered by Ethermint, which allows quick porting of applications and smart contracts from Ethereum and EVM-compatible chains, while enjoying the flexibility and interoperability that Cosmos SDK and Tendermint Core bring.

Cronos’ base currency will be CRO, which is the native token of the Crypto.org chain. A token that is currently inside the top 50 cryptocurrencies ranked by market capitalisation. CRO already has several use cases inside the Crypto.com applications. With well over 100,000 active account holders, 2 million blocks processed, and 3.8 million transactions completed, it’s a healthy ecosystem to enter.

Perhaps more importantly, Cronos can process more transactions per minute than Ethereum and most L1 & L2 alternatives, making it faster, cheaper, and greener to execute smart contracts. A benefit seen this year as networks outside Ethereum flourished in the DeFi sector. The environment can provide a good foundation for dapps, and dapp developers looking to offer their users fast transactions with fair costs.

 

Battle-hardened

Cronos is integrating with Band Protocol’s oracle solution to provide external data for the dapps on Cronos. This is a two-way integration in which Band Protocol includes the Cronos price feed as one of their data sources, whilst Cronos integrates price feeds from Band Protocol. Band Protocol oracles have been battle-tested by time and are currently securing over $8 billion in total value. Band Protocol, like Cronos, built its blockchain on the Cosmos SDK which will be able to relay data across different blockchains, including those built on the Cosmos SDK. This could enable a seamless transition for DeFi, and other dapps built on Cronos using price feeds from Band Protocol to function if they are to migrate.

 

Build on Cronos

Cronos wants to offer developers three ingredients: an easy-to-use platform to launch their projects, access to a growing, global user base, and up to $1 million in funding per project from Particle B. Cronos launched its testnet on July 20 this year, and the mainnet will launch on October 19. They are still onboarding dapp developers. Projects can instantly port their dapp from any Ethereum and EVM-compatible chains with support from the fund.

 

Recently, the platform announced its first hackathon. An open call to all ​​developers and cyber security experts to battle it out for a $500,000 prize pool courtesy of Particle B. The hackathon features 5 core tracks for exploration: DeFi, NFTs, GameFi, Web 3, and the Metaverse. To get more information and register for the hackathon, click here.

 

Introducing Cassini — the Cronos Incentivised Testnet

Cassini, the Cronos Incentivised Testnet, is a competition aimed at stress testing Cronos in a practical, real-world setting before the mainnet launch on October 19. Winning participants will share a prize pool of USD 300,000 in CRO rewards.

The competition is open to the general public, in particular dapp users and developers. Participants can choose to be a Tester or a Builder. Testers will be responsible for performing a series of tasks to interact with the network. Builders will be deploying their own dapps on the network and attract Testers to use their contracts, plus the same responsibilities as Testers.

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