Cronos Chain 101
Cronos is the EVM chain side-chain running in parallel to the Crypto.com Chain. It plans to scale the DeFi Ecosystem by funding new projects or port existing projects from EVM compatible chains.
It is powered by Ethermint. The gas fees will be in the form of Crypto.org currency i.e. CRO.
The idea behind Cronos is mainly to address Ethereum and its problems like high gas fees, slower transaction times which is not developer friendly at all. So, basically Cronos will allow easy porting of apps from Ethereum network onto Cronos. You might find other network like Binance Smart Chain(BSC) but it is kind of centralized and the goal of Cronos is to be decentralized.
Why Cronos ?
The company has been creating a number of products to make cryptocurrency more accessible to consumers and business. The plan is to run a broad range of decentralized financial services. The new chain provides a platform to run code and enable interoperability across different blockchain.
It is basically competing with other layer-2 solutions like Polygon and Solana.
Problems we see in web3
Ethereum is the most commonly used blockchain to built dApps but the scalability issues prevents developers from building on ETH Network. Due to which, most apps have found to be slow(longer transaction time) and expensive(high gas fee). Sometimes, you end up paying more gas fees then the amount you are transacting.
Interoperability — most blockchains are designed to run on single platform. This means the dApp of one blockchain cannot take the advantage or features of other blockchain nor can they interact with the users. A developer has to commit to built on one particular blockchain network.
How Cronos solves it
- Tendermint Core — it is a consensus engine. it does off chain processing which enables it to work faster and process more transactions.
- Cosmos SDK & IBC — Cronos uses IBC for communication of blockchains. the ability to transfer token to another blockchain, send messages and exchange information seamlessly is possible now and Cosmos SDK enables all features of ETH used in Cronos chain while development.
- Proof of Authority— a hybrid of PoW and PoS to address their drawbacks. Validators stake tokens to become a node. Rewards are in form of POA Network Tokens.
Socials
Telegram — https://t.me/Cronosworld
Twitter — https://twitter.com/Cronos_World
Medium — https://cronosworld.medium.com/
