The new digital asset project enables developers to connect selected tokens from the CryptoCom App and Exchange by using the Cronos network.
Cronos Mainnet Beta aims to bring decentralized applications to the CryptoCom ecosystem’s customer base.
The project, according to a press release shared with ULTCOIN365, was launched today (November 8th) and is the first Cosmos EVM chain for DeFi, NFTs, and Metaverse.
Cronos Mainnet’s Specifications
Cronos Mainnet Beta, which is compatible with the Ethereum Virtual Machine, can execute user-submitted smart contract codes. It allows developers to migrate smart contracts from Ethereum and other EVM-compatible chains to the Cronos platform.
Cronos’ token standard is CRC-20. Users can use it to bridge selected tokens from the CryptoCom App and Exchange to the Cronos network when depositing and withdrawing, as well as from the CryptoOrg chain to the Cronos network via the IBC channel.
The Cronos bridge, according to the document, is a fully decentralized protocol that uses the IBC and Gravity modules from the Cosmos SDK. It allows transfers between the CryptoOrg and Cronos chains.
Aside from CryptoCom, the Cronos ecosystem has collaborated with a number of key players in the digital asset industry, including Chainlink, Metamask, Alchemy, Covalent, and others, with more to be announced at a later date.
Particle B, a blockchain accelerator, has announced the CRO EVM Fund to help support the new infrastructure. It will provide up to $1 million per project to at least 100 protocols that have committed to developing Cronos applications, tools, and infrastructure.
In addition, the Cronos bug bounty program will be launched soon. It will aim to improve the ecosystem’s on-chain security and will have a maximum bounty of up to USD 1,337,133.7, sponsored once again by Particle B.
It should be noted that the first Cronos Hackathon is already underway. It will run until November 24th, and during that time, it will encourage developers to spread their ideas and early-stage projects throughout the Cronos ecosystem.
What Happens Next?
The project’s team has pledged to continue working on further network infrastructure optimization and a full mainnet launch. One of the main goals of being a part of the Cosmos community is to connect more Cosmos-based Chain tokens to Cronos via IBC.
Another significant step is the development of an improved Gravity Bridge and its potential deployment on the mainnet. Gravity Bridge is, at its core, a bridge solution that connects Ethereum-based chain assets to the Cronos network.
Following that, the team will allegedly listen to community feedback and improve the project’s blockchain infrastructure in response to customer requests.