Cronos has announced the launch of its beta mainnet to enable better interoperability between the Cosmos and Ethereum Virtual Machine (EVM) ecosystems.
The launch will enable developers to quickly and inexpensively port decentralized Ethereum applications (dApps) and smart contracts and EMC-compliant chains into the Cronos network thanks to the integration of the Inter-Blockchain Communications (IBC) protocol. This will give access to Crypto.com’s 10 million customers.
Cronos is built on top of the Cosmos blockchain and is supported by Ethermint, a consensus mechanism used to demonstrate authority, and works alongside the Crypto.org chain.
Epic day 1 at @cronos_chain
✅ Mainnet start
✅ https://t.co/pFc4PzqqHR App integrated
✅ https://t.co/pFc4PzqqHR Exchange integrated
✅ Integrated DeFi Wallet
✅ Cronos Bridge live
✅ First CRC20 assets created
✅ #CRO ATH
Big thanks to the whole #CRO Community
– Kris | Crypto.com (@Kris_HK) November 8, 2021
In the days leading up to its launch, the Cronos team posted a blog post on Medium to explain the complicated process of linking assets between chains, for example from the Crypto.com ecosystem to Cronos or linking the native token CRO. -Platform of the CRO with the chain from Crypto.org to the chain Cronos via IBC.
Cronos announced its Testnet service in July this year and has reportedly enabled 1.5 million transactions from more than 600,000 wallet addresses since then. At this moment, Crypto.com CEO and Co-Founder Kris Marszalek said he anticipates an “explosion in activity at Cronos” and is committed to driving developer project success from inception to implementation.
That funding was demonstrated with the launch of a $ 100 million grant fund by blockchain accelerator Particle B, which is also set to provide $ 1 million to hundreds of projects implementing their applications on the Crypto.org chain.
Since its inception, The Cronos ecosystem has attracted more than twenty validators, including Bison Trails, several prominent decentralized oracles such as Chainlink and Band Protocol, Metamask Wallets, and Crypto.com, and partnerships with DeFi, NFT, and gaming platforms and projects.
Cronos’ roadmap for Q1 and Q2 2022 outlines the intention to launch the mainnet version of Gravity Bridge as well as to integrate additional IBC channels and the IBC token whitelist.