Cronos is the first blockchain network that interoperates with both the Ethereum and Cosmos ecosystems, supporting DeFi, NFTs, and the metaverse. It aims to massively scale the Web3 user community by providing builders with the ability to instantly port apps and crypto assets from other chains with low cost, high throughput, and fast finality.
Cronos is powered by Ethermint, which allows for the rapid porting of apps and smart contracts from Ethereum and EVM-compatible chains. Cronos’s base settlement currency is CRO, the native token of its parallel blockchain, the Crypto.org Chain.
Built with IBC protocol from day one, Cronos allows for interoperability and bridging to the Crypto.org Chain: a fully decentralised, open-source, and energy efficient public chain with high speed and low fees. It also facilitates interoperability with other IBC-enabled chains (e.g., Cosmos Hub, Terra) in a decentralised way.
Ethereum + Cosmos
An EVM that’s built for interoperability and offers low cost (less than 1 USD per transaction), high throughput (supporting 50 million transactions per day), and fast finality (same as the block time, or 5-6 seconds).
Scalable
Tendermint can process more transactions per minute than most public blockchains, making it faster, cheaper, and greener to execute smart contracts.
Interoperable
IBC is a protocol that allows blockchains to talk to each other; it can transfer value, interchange assets and services, and connect without running into the scaling issues inherent in some of the largest blockchains today.
Easy Deployment
A portable Web3 app code with libraries and standards from/to any EVM chain. Developers can easily deploy dapps on Cronos with familiar tools.
Crypto.com Ecosystem
A suite of products that serve over 50 million users.
Cronos is one of the few chains that exist at the intersection of Ethereum and Cosmos
It is an EVM chain built on the Cosmos SDK, allowing the chain to enjoy the benefit of both ecosystems.
Cronos boasts fast finality and low-cost transactions
Cosmos SDK is an open-source blockchain framework, powered by the tendermint consensus engine. This allows for instant finality, where transactions can be confirmed in a few seconds and at a very low cost compared to Ethereum.
Cronos embraces multichain interoperability
Users can enjoy seamless digital asset transfers across other Layer-1 and Layer-2 EVM chains and within the Cosmos ecosystem through IBC.
Cronos has IBC capabilities
IBC allows Cronos to communicate with other Cosmos-based chains that are IBC-enabled (e.g. Cosmos Hub, Osmosis, Terra, Injective, etc.), allowing for easy asset transfers across them. This further expands the utility of Cronos-native assets to other ecosystems and enables Cronos to support native tokens from IBC-enabled chains.
Cronos is energy efficient and has a low carbon footprint
Cronos is 90% more energy efficient than proof-of-work blockchains.
Asset transfers are seamless between Cronos and the Crypto.org Chain using Cronos Bridge
Users can transfer CRO from the Crypto.org Chain to Cronos using the Cronos Decentralised Bridge, which utilises IBC. As both chains develop, a greater variety of assets will be transferable across them.
Cronos and the Crypto.org Chain support the execution of different smart contracts and languages
Compared to the Crypto.org Chain, Cronos is EVM compatible and supports solidity smart contract execution. The Crypto.org Chain will be implementing CosmWasm smart contract execution in the future, targeting Go and Rust developers. Cronos is more targeted toward developers who have prior experience in building on Ethereum or other EVM chains, and want to build DApps on Cronos using Solidity.
The Crypto.com ecosystem’s suite of products are seamlessly integrated with Cronos
New DeFi users can easily on-ramp from Crypto.com to Cronos. Cronos and Crypto.com are independent entities, but Crypto.com offers support and resources to the Cronos ecosystem. Crypto.com’s suite of products, such as the App, Exchange, and DeFi Wallet, are currently supporting Cronos. Users can seamlessly bridge assets from the Crypto.com App and Exchange over to Cronos, and DeFi Wallet will soon support many more assets that are available on Cronos as well.
What is the future of Cronos?
In the last AMA, the Cronos Team shared its next milestones:
- Introducing a Cronos roadmap that embraces multi-chain interoperability, as well as further expanding the IBC bridge to more Cosmos blockchains and supporting more Cosmos-based assets.
- Welcoming new users to Cronos, including those who have never heard of DeFi and Web3 before.
- Accelerating the adoption of cryptocurrency, and onboarding new DeFi, gaming, and metaverse projects.
Sources:
- Official Website of Cronos
- Cronos AMA Series | Ep. 1 Recap: Cronos Chain Team
