HomeNewscoinquora.comCrypto.com Introduces its New Ethereum Virtual Machine Chain Testnet

Crypto.com Introduces its New Ethereum Virtual Machine Chain Testnet

- Advertisement -


  • Crypto.com introduces its new testnet Cronos.
  • Cronos runs in parallel to the Crypto.org Chain.
  • Offers the app developers to quickly port apps from ETH and EVM-compatible chains.

Crypto.com introduces its new testnet Cronos. However, Cronos is the Crypto.org Ethereum Virtual Machine or EVM chain, on July 20, 2021.

Cronos runs in parallel to the Crypto.org Chain. Moreover, it is developed to massively scale the decentralized finance (DeFi) environment. More so, it offers the application developers to quickly port applications from Ethereum and EVM-compatible chains. Notably, with funding from Particle B’s $100 million EVM fund. In addition, access to the over 10 million user base of the Crypto.com ecosystem.

Added to this, Cronos is based in Ethermint which enables rapid porting of applications and smart contracts from ETH and EVM-compatible chains. Notably, Cronos base settlement currency is CRO which is the native cryptocurrency of the Crypto.org Chain, the announcement added.

Furthermore, the release mentions that the Inter Blockchain Communications (IBC) protocol enables interoperability and connecting to the Crypto.org Chain. Moreover, Crypto.org is a fully decentralised, open-source, energy-efficient public chain with high speed and extremely low fees. It also enables interoperating with other IBC-related chains.

Co-founder and CEO of Crypto.com Kris Marszalek said,

“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.”

Cronos runs on Proof of Authority (POA) is explained as being a more streamlined and scalable blockchain or distributed ledger tech (DLT) consensus mechanism. However, the Cronos team has reportedly got massive support from the community and industry partners with presently more than validators that have committed to support Cronos.

All-in-all, the Cronos testnet is open-source, the Crypto.org Chain software engineers work cooperatively with Ethermint’s core team (Tharsis) contributing to the similar codebase on Github.



Source link

- Advertisement -
profile logo 500x500
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,486FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 42,820.00
ethereum
Ethereum (ETH) $ 2,916.78
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 514.88
litecoin
Litecoin (LTC) $ 152.82
eos
EOS (EOS) $ 4.03
okb
OKB (OKB) $ 13.09
tezos
Tezos (XTZ) $ 7.14
leo-token
LEO Token (LEO) $ 2.90
cardano
Cardano (ADA) $ 2.40
monero
Monero (XMR) $ 238.53
stellar
Stellar (XLM) $ 0.280179
chainlink
Chainlink (LINK) $ 23.23
huobi-token
Huobi Token (HT) $ 9.20
tron
TRON (TRX) $ 0.091175
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 165.70
neo
NEO (NEO) $ 39.24
iota
IOTA (MIOTA) $ 1.23
nem
NEM (XEM) $ 0.148745
zcash
Zcash (ZEC) $ 110.21
maker
Maker (MKR) $ 2,278.10
paxos-standard
Pax Dollar (USDP) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 47.63
vechain
VeChain (VET) $ 0.0917
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 51.97
kucoin-shares
KuCoin Token (KCS) $ 10.59
waves
Waves (WAVES) $ 24.37