Tuesday, March 21, 2023

Crypto.com supports Cronos cross-bridge mainnet beta launch


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Cronos has introduced the launch of its mainnet beta in a bid to facilitate larger interoperability between the Cosmos and Ethereum Digital Machine (EVM) ecosystems.

The discharge will allow builders to port decentralized functions and good contracts from Ethereum and EMV-compatible chains to the Cronos community at a low value and quick velocity as a result of its Inter-Blockchain Communications (IBC) protocol integration. It will supply accessibility to Crypto.com’s 10-million-strong buyer base.

Constructed upon the Cosmos blockchain and powered by Ethermint — a proof-of-authority consensus mechanism — Cronos operates adjoining to the Crypto.org Chain.

Within the days previous to the launch, the Cronos group revealed a Medium weblog post to elucidate the intricate strategy of bridging property cross-chain — e.g., from Crypto.com’s ecosystem to Cronos or bridging the platform’s native token, CRO, from Crypto.org’s chain to the Cronos chain by way of IBC.

Cronos announced its testnet service in July this year and has reportedly since facilitated 1.5 million transactions from over 600,000 pockets addresses. On the time, Crypto.com CEO and co-founder Kris Marszalek stated he expects an “explosion of exercise on Cronos,” in addition to pledging to foster the success of builders’ initiatives from inception to deployment.

This advocacy was demonstrated by the launch of a $100-million grant fund by blockchain accelerator Particle B, designed to equally allocate $1 million to 100 initiatives deploying their functions on the Crypto.org Chain.

Associated: Crypto​.com is the #1 app in the Google Play Store in the US

Since its launch, the Cronos ecosystem has attracted over 20 validators, together with Bison Trails, quite a lot of distinguished decentralized oracles, together with Chainlink and Band Protocol, wallets MetaMask and Crypto.com, in addition to partnerships with decentralized finance, nonfungible token and gaming platforms and initiatives.

The Cronos roadmap going into Q1 and Q2 of 2022 outlines intentions to launch the mainnet model of Gravity Bridge, in addition to combine extra IBC channels and IBC tokens whitelist.