Key Takeaways:
- The Cronos blockchain is capable of interoperating with both Ethereum and Cosmos.
- It aims to massively scale the Web3 community, supporting DeFi, gaming, NFTs, and the Metaverse.
- Cronos boasts low-cost transactions, energy efficiency, and seamless access to the Crypto.com ecosystem, amongst other unique benefits.
- The network is developed by Cronos Labs, a partner with Crypto.com.
The Cronos blockchain interoperates with both the Ethereum and Cosmos ecosystems, supporting decentralised finance (DeFi), non-fungible tokens (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.
EVM Compatability
Cronos is powered by Ethermint, which allows for the rapid porting of apps and smart contracts from Ethereum and Ethereum Virtual Machine (EVM)-compatible chains.
Built with the Inter-Blockchain Communication Protocol (IBC) 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, Osmosis, Injective) in a decentralised way.
Advantages of the Cronos Blockchain
Ethereum + Cosmos Interoperability
This EVM is built for interoperability and offers low cost (less than US$1 per transaction), high throughput (supporting 50 million transactions per day), and fast finality (same as the block time, or five to six seconds).
Scalability
The Tendermint consensus mechanism processes more transactions per minute than most public blockchains, making it faster, cheaper, and greener to execute smart contracts.
Interoperability
The IBC Protocol 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
The portable Web3 app code connects with libraries and standards from (and to) any EVM chain. Developers can easily deploy decentralised apps (dapps) on Cronos with familiar tools.
Gateway to the Crypto.com Ecosystem
Crypto.com’s ecosystem includes a suite of products that serves over 80 million users and is a leader in regulatory compliance and security certifications.
How Is the Cronos Blockchain Different From Other EVM Blockchains?
Cronos is one of the few chains that exists at the intersection of Ethereum and Cosmos
Cronos is an EVM chain built on the Cosmos SDK, an open-source blockchain framework powered by the Tendermint consensus engine that allows the chain to enjoy the benefit of both ecosystems.
Cronos boasts fast finality and low-cost transactions
Cosmos SDK allows for instant finality, where transactions are confirmed in a few seconds and at a lower cost compared to Ethereum.
Cronos embraces multichain interoperability
Users can enjoy seamless digital asset transfers within the Cosmos ecosystem and across other Layer-1 and Layer-2 EVM chains through the IBC Protocol.
Cronos has IBC capabilities
The IBC Protocol allows Cronos to communicate with other Cosmos-based chains that are IBC-enabled (e.g., Cosmos Hub, Osmosis, Injective), 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 has a low carbon footprint
Cronos is 90% more energy efficient than Proof of Work (PoW) blockchains.
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 towards 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 is seamlessly integrated with Cronos
As a partner with Cronos Labs, the developer of the Cronos chain, Crypto.com has built a number of products on Cronos and enables seamless access to projects on the chain.
Crypto.com’s suite of products, such as the Crypto.com App, Crypto.com Exchange, and DeFi Wallet, are currently supporting Cronos. Users can seamlessly bridge assets from the App and Exchange to Cronos wallet addresses.
Additionally, check the Cronos website for more details or the Cronos blog for all the latest updates.
Due Diligence and Do Your Own Research
All examples listed in this article are for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsem*nt, or offer by Crypto.com to invest, buy, or sell any coins, tokens, or other crypto assets. Returns on the buying and selling of crypto assets may be subject to tax, including capital gains tax, in your jurisdiction.
Past performance is not a guarantee or predictor of future performance. The value of crypto assets can increase or decrease, and you could lose all or a substantial amount of your purchase price. When assessing a crypto asset, it’s essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility.
