ALL YOU NEED TO KNOW ABOUT CRONOS

By Lauren On Mar 17, 2022 Last updated Mar 17, 2022

Operating through both ether and cosmos environments Cronos is an evolving blockchain network that is supporting NFTs (Non-fungible tokens), metaverse and DeFi. The fundamental principle behind this technology is to accelerate the web3 customer community via builders, port apps, and crypto assets with low cost and faster processing power. Visit at official site

Crypto provides its native token, or base settlement currency of its parallel blockchain – CRO and is driven by ethermint. The currency allows rapid porting of smart contracts and apps from ethereum as well as EVM-compatible chains. The long-term goal of the network is to provide integration and a connection to the crypto.org chain, working to provide a more decentralised, energy-efficient, open-source shared chain with affordable expenses and higher processing-transaction speed. The blockchain network is built with IBC protocol and functions with other IBC-enabled chains such as cosmos hub, and terra too, in a decentralised manner.

CRONOS is a platform that encourages individuals and institutions to trade cryptocurrencies in a secured, transparent, and decentralised manner. This is the only place where you can arrange the workflow of your trades on one single interface while having access to relevant market data such as pricing, volumes, order book etc. The blockchain network helps to exchange, monitor and store cryptocurrency points of agreement. It gives possibilities for investors and businesses to quickly create their currency, build powerful applications and offer them to the general public.

CRONOS VALUE PROPOSITION

Interoperable – The IBC protocol permits blockchain networks to communicate, disseminate value, swap services and digital assets, and even connect without getting involved in scaling issues which can be seen in major blockchain networks today.

Scalable– Cronos works via tender mint, and tender mint is popular for its fast transactions, making the network cheaper, faster, and easier to function in smart contracts.

Easy deployment– With the help of standard tools, developers can utilise decentralised applications on Cronos as the portable web3app codes with numerous libraries and standards to EVM-based chains.

Ethereum + cosmos– The innovative technology was built to provide low-cost transactions, high throughput (50 million transactions per day_, and fast finality.

WHAT MAKES CRONOS DIFFERENT FROM ANY OTHER EVM BLOCKCHAINS?

IBC – Cronos process under IBC, which has the ability to communicate with other IBC-based chains and allow easy transfer of assets. Through this, the utility of Cronos-native assets expands to other ecosystems, widening the presence of the token.

The blockchain-based network is 90% more energy efficient than any other blockchain and even has a lower carbon footprint.

Cronos provides multi-chain interoperability, where one can enjoy seamless transfer of assets across EVM chain layers within the cosmos ecosystem.

The EVM-based chain exists between the intersection of ethereum and cosmos, allowing it to take advantage of both the ecosystem.

One of the most significant benefits of the Cronos network chain is its ability to process transactions fast but at a much more subordinate cost when compared to other good blockchain networks. The cosmos SDK works under an open-source blockchain framework and is powered by a tendermint engine, aiming towards instant finality and a hassle-free experience for developers.

CRONOS AND ITS FUTURE OBJECTIVES

Based on a recent interview, the Cronos team mentioned and shared their future goals, aiming towards a better position in the crypto market. These were –

Developing a roadmap to welcome the multi-chain interoperability and accumulation of IBC to more networks, widening the concept of cosmos-based assets.

To welcome new developers and users to the chain, who have not studied or heard about web3 or decentralised finance before.

Working on revving the spread and adoption of cryptocurrency, as well as introducing them to DeFi, metaverse project, gaming and other major crypto concepts.

SUMMARY:

The mass adoption and well-established position of bitcoin cryptocurrency have certainly resulted in the widespread adoption of the bitcoin era and major cryptocurrency concepts, one of them being Cronos itself. An EVM-enabled blockchain network that works to provide developers with a platform where they can transfer the digital asset in a shorter period of time, and that with a lower cost. Noteworthy operations and segments such as multiple-chain interoperability, ethereum and cosmos based intersection and utilisation of lesser carbon footprint make the creation more acceptable, and worthy of the competitive global market.