Cronos has announced the launch of its mainnet beta to enable better interoperability between the Cosmos and Ethereum Virtual Machine (EVM) ecosystems.
The release will allow developers to move decentralized applications and smart contracts from Ethereum and EMV compliant chains to the Cronos network at low cost and high speed as the protocol integration is done by Inter-Blockchain Communications (IBC). This will make Crypto.com’s 10 million customer base accessible.
Cronos is built on top of the Cosmos blockchain and operated by Ethermint – a consensus mechanism to prove authority – and operates 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 entire #CRO community
– Kris | Crypto.com (@Kris_HK) November 8, 2021
In the days leading up to the launch, the Cronos team published a Medium blog post explaining the complicated process of bridging assets across chains – e.g. chain via IBC to the Cronos chain.
Cronos announced its Testnet service in July this year and has reportedly enabled 1.5 million transactions from over 600,000 wallet addresses since then. Kris Marszalek, CEO and co-founder of Crypto.com, said at the time that he expected an “explosion of activity on Cronos” and pledged to drive the success of developer projects from inception to deployment.
That endorsement was demonstrated by the launch of a $ 100 million grant fund by the Particle B blockchain accelerator, which is also set to distribute $ 1 million to 100 projects that are deploying their applications on the Crypto.org chain.
Related: Crypto .com is the No. 1 app on the Google Play Store in the USA
Since its inception, the Cronos ecosystem has attracted over 20 validators, including Bison Trails, a number of prominent decentralized oracles including Chainlink and Band Protocol, wallets MetaMask and Crypto.com, and partnerships with decentralized financial, non-fungible token and gaming platforms and projects.
The Cronos roadmap for Q1 and Q2 of 2022 outlines the intention to launch the mainnet version of Gravity Bridge as well as to integrate additional IBC channels and IBC token whitelists.