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Cronos is powered by Ethermint, a proof-of-stake chain that is interoperable with Ethereum and EVM-compatible chains and runs on a proof-of-authority consensus method.
The Crypto.com chain testnet is now operational, allowing Ethereum-based applications to migrate to its ecosystem from chains that are compatible with the Ethereum Virtual Machine.
In a Tuesday announcement, Crypto.com said it had launched the testnet for its Ethereum Virtual Machine, or EVM, chain called Cronos, running in parallel to the Crypto.org chain. The chain is aimed at providing developers the ability to move projects from Ethereum and EVM-compatible chains to the Crypto.org ecosystem, giving users greater access to DeFi features like smart contracts.
“We are going to provide full support for developers building on Cronos: technical, funding, marketing — everything you need to turn your idea into reality,” said Crypto.com CEO and co-founder Kris Marszalek. “Combined with easy dapp portability, I’m confident we will see an explosion of activity on Cronos.”
Crypto.org’s native token CRO will be used for settlements on Cronos. The token is currently ranked 30th out of all cryptocurrencies on CoinMarketCap at the time of publication, with a market capitalization of more than $2.5 billion. The company reported developers could benefit from startup accelerator Particle B providing $100 million in capital to projects contributing to the Crypto.org blockchain.
Cronos is powered by Ethermint, a proof-of-stake chain that is interoperable with Ethereum and EVM-compatible chains and runs on a proof-of-authority consensus method. The testnet is a free and open source project.
Crypto.com claims to have a user base of more than 10 million people after going live on the Crypto.org blockchain mainnet in March. To increase the scope of its bitcoin credit card, the project has established a nonfungible token platform and joined the Visa network this year.