Crypto.com’s new EVM sidechain for Crypto.org, Cronos, is live in testnet mode. The sidechain aims to provide dApp developers with several valuable features and funding from its $100 million EVM fund.
New EVM Sidechain Will Offer Full Support To Developers
Crypto.com, one of the largest global cryptocurrency platforms, endeavors to accelerate the widespread adoption and acceptance of cryptocurrency. The platform has now introduced the new testnet for Cronos, the Ethereum Virtual Machine (EVM) sidechain of Crypto.org, to advance this mission.
The Crypto.org chain is Crypto.com’s open-source, permissionless public blockchain infrastructure. The platform provides high-grade security and instantaneous transactions with minimal fees through its deployment of state-of-the-art blockchain technology. The newly launched Cronos sidechain runs parallel to the Crypto.org chain, enabling developers to quickly port smart contracts and dApps from Ethereum and other EVM-compatible chains.
With Cronos, now live on testnet, Crypto.com aims to scale the ‘Chain DeFi’ ecosystem by empowering dApp developers with the infrastructure and accompanying funding from Particle B’s $100 million CRO EVM fund. In addition, Crypto.com will also offer developers direct access to its global base of over 10 million users.
Crypto.com Co-founder and CEO Kris Marszalek notes, “We are going to provide full support for developers building on Cronos: technical, funding, marketing— everything you need to turn your idea into reality. Combined with easy dApp portability, I’m confident we will see an explosion of activity on Cronos.”
The open-source testnet for Cronos has been developed by the Crypto.org Chain team in conjunction with the core team behind Ethermint. The latter contributes to the same Github codebase written using the Go programming language. Through CRO, Crypto.org’s native currency, and the Inter Blockchain Communications (IBC) protocol, Cronos enables interoperability and serves as the bridge for the Crypto.org chain and other IBC-enabled chains such as the Cosmos Hub.
Cronos uses the Proof of Authority (PoA) consensus mechanism, which provides high performance, fast transactions, and fault tolerance. Unlike the energy-intensive Proof-of-Work (PoW) protocol, the PoA protocol is far more sustainable. With the rising concerns related to blockchain’s increasing effect on the ecosystem, Cronos establishes itself as a suitable platform for dApps seeking to lower their respective carbon footprints.
As an open-source chain, Cronos will further strengthen its infrastructure based on community support, reviews, and suggestions.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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