What is Cronos (Crypto.com)? Cronos . Highlights Overview

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2021-08-06 02:12:26

Today’s article will introduce everyone to what Cronos is and some information to know about this ecosystem.

What is Cronos CRO (crypto.com)?

Cronos is an open-source and decentralized public blockchain of Crypto.com, built on top of the Cosmos SDK. A simple comparison so that everyone can easily imagine what Cronos is:

Cronos is a Blockchain compatible with the Ethereum Virtual Machine (EVM) and acts as a sidechain with Crypto.com Chain, by the above design, Cronos allows the migration of applications and smart contracts from Ethereum and EVM Compatible to Cronos. quickly and easily.

Cronos’ goal is to empower and scale decentralized applications for the Crypto.com ecosystem, focusing on use cases like NFT, DeFi, and payments.

Highlights of Cronos

I will present some highlights of Cronos:

  • EVM Compatible: Cronos is a blockchain that works by consensus Proof of Stake (PoS) is built on Cosmos SDK compatible with EVM, it allows for relatively high scalability & customization. With EVM compatibility, developers can build the same way they do on Ethereum and benefit from the same tools and applications.
  • Cronos uses CRO as the native token of Blockchain: Cronos does not use a new token, but always uses the native currency of Crypto.org which is CRO coin. This greatly enhances the application range of CRO.
  • High interoperability: The Inter Blockchain Communications (IBC) protocol allows Cronos interoperability and connectivity with the Crypto.org chain and other IBC-enabled chains (e.g. Cosmos Hub).
  • The support of CEX is ranked 4th in terms of market capitalization (according to statistics of ). Coinecko): Crypto.com Founded in 2016, today it serves more than 10 million customers, several Crypto.com products: Crypto.com Visa Card, Crypto.com exchange, DeFi Crypto.com wallet , the platform to collect and trade NFTs.
  • CRO EVM Fund worth $100M: Projects developed on Cronos are supported by the CRO EVM Fund worth $100M million, the amount of funding for any project can be up to $1M.

New updates on Cronos

  • May 10, 2021: Established a $100M fund dedicated to supporting projects built on the EVM Cronos chain.
  • July 20, 2021: Cronos, Crypto.org EVM chain, Testnet Launch.

Cronos does not use a new token, but always uses the native currency of Crypto.org, which is CRO coin, some use cases of CRO in Cronos such as used to pay transaction fees, pay for goods and services, and participate in DeFi on DeFi. Cronos ecosystem,…

  • July 28, 2021: Cronos integrates Chainlink Price Feeds to provide Oracle for DeFi protocols and other protocols on Cronos.

Cronos testnet is mainly for developers, not for general users, in the framework of today’s article, I will guide everyone to customize RPC on Metamask to send, receive and interact with Cronos testnet.

First of all, we need to connect MetaMask . wallet with the Cronos testnet:

Tap the my account button in the top right corner, under “Setting” , choose “Network“, in page “Networks”, click “Add Network“:

Enter the network name, for example, “Cronos Testnet” and fill in the following information;

  • RPC: https://cronos-testnet.crypto.org:8545/
  • Chain ID: 338
  • Symbol: CRO
  • Block explorer: https://cronos-explorer.crypto.org/

Then visit https://cronos.crypto.org/faucet to get CRO testnet tokens and interact with Cronos testnet. After the confirmation time, the test token will be transferred to your wallet.

Closing thought

Cronos is in the early days of development, but through the amount of $100M that the project committed to develop the ecosystem on Cronos, we can feel the seriousness of this project.

Hope the above article has explained & helped you understand what Cronos is and the points to grasp about this Chain. If you have any questions or comments, please comment below and join the group CHK Insights Chat to discuss, exchange with admins and many other members!

Don’t forget to follow CHK Insights News for the fastest updates on all the news and highlights about Cronos and many other Crypto projects!

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#Cronos #Cryptocom #Cronos #Highlights #Overview

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