What is Cronos?
Cronos is an EVM-compatible chain. It is developed by the cryptocurrency exchange Crypto.com and based on the Cosmos IBC protocol. Cronos aims to provide developers with the ability to migrate DApps from Ethereum and other EVM-compatible chains to the Crypto.com ecosystem, allowing 10,000,000+ users in its ecosystem to smoothly experience DeFi, NFT and other applications.
How Cronos works
Cronos is based on Proof of Authority and selects a group of validators to validate transactions and blocks based on the real identities and personal reputation of network participants. That is different from the consensus mechanism of Bitcoin and Ethereum. Validators of the Cronos network must be real-life trusted entities.
In addition, Cronos can interoperate and bridge with the Crypto.org chain developed by Crypto.com through the Inter-Chain Communication Protocol (IBC).
- EVM Compatibility
- Interoperability (Support IBC Protocol)
- Proof of Authority
- Open Source
Click "Ethereum" at the top and select "Cronos" on the pop-up page to switch to the Cronos wallet for transferring and receiving money, as well as exploring its ecosystem.
Detailed tutorial: How to use Cronos on imToken?
Learn More about Cronos
In 2016, Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo founded the company Monaco and later rebranded as Crypto.com after buying the domain name owned by a cryptography researcher and professor Matt Blaze.
With the vision of "Cryptocurrency in Every Wallet™", Crypto.com developed the Crypto.org chain based on the Cosmos SDK to promote the popularization of cryptocurrency and blockchain technology. Crypto.org adopts the Tendermint consensus mechanism, which has fast transaction speed and low transaction fees, but it does not support smart contract functions and has weak scalability.
To this end, Crypto.com has developed an EVM-compatible chain, Cronos, so developers can quickly migrate DApps from Ethereum and other EVM-compatible chains to the Crypto.com ecosystem.
Cronos and Crypto.org are both public chains developed by Crypto.com based on the Cosmos system, which can communicate across chains. The relationship between Cronos and Crypto.org is similar to the relationship between BNB Smart Chain and BNB Beacon Chain.
Ethereum Virtual Machine (EVM) is a virtual CPU for Ethereum to execute codes of smart contracts. EVM-compatibility means creating an EVM-like code execution environment that makes it easy for Ethereum developers to migrate smart contracts to an EVM-compatible chain without having to write the code from scratch again.
POA (Proof of Authority) is a consensus mechanism proposed by Gavin Wood, co-founder and former CTO of Ethereum in 2017. This mechanism selects a group of validators to validate transactions and blocks based on the real identities and personal reputation of network participants. Validators work hard to maintain network security in order to maintain their reputation.
Blockchains using the PoA consensus mechanism are protected by validators with trusted entities. The blockchains developed based on this mechanism include the Ethereum testnet Kovan and the sidechain PoA Network.
The Inter Blockchain Communication Protocol (IBC) is an interoperability protocol for data transmission and verification between blockchains.
The architecture of IBC can be divided into two layers: the transport layer and the application layer.
- Transport layer: Provides the infrastructure to establish secure connections between blockchains and validate data packets transmitted across chains
- Application layer: Defines how the data packets should be processed and supports the development of cross-chain applications, such as token transfer, atomic swap, oracle data transmission, etc.
CRO Basic Information
- Basic settlement token of Cronos
- Native token of the Crypto.org chain
- Issuance time: 2018.12.15
- Total and circulating supply: https://coinmarketcap.com/currencies/cronos
CRO Block Explorer
CRO block explorer is an open source web tool that stays synchronous with the Cronos network and allows you to view information about blocks, transactions, addresses on Cronos.
- Cronos official website: https://cronos.org
- Cronos introduction: https://cronos.org/docs/chain-details/introduction.html
- Cronos whitepaper: https://crypto.com/images/crypto_com_whitepaper .pdf