The Crypto.com chain's test network enabling projects built on Ethereum to move into the ecosystem from Ethereum Virtual Machine compatible chains is now available.
In Tuesday's announcement, Crypto.com said it has launched a test chain for its Ethereum Virtual Machine, or EVM, network, called Cronos, running alongside the Crypto.org chain. The chain aims to provide developers with the ability to move projects from Ethereum- and EVM-compatible chains into the Crypto.org ecosystem, giving users greater access to DeFi features such as smart contracts.
"We intend to provide full support to developers using Cronos: technical, financial, marketing - everything you need to bring your idea to life," said Crypto.com CEO and co-founder Kris Marszalek. "Combined with the easy portability of Dapps, I'm sure we'll see an explosion of activity on Cronos."
Crypto.org's native CRO token will be used for billing on Cronos. The token currently ranks 30th among all cryptocurrencies on CoinMarketCap at the time of publication, with a market capitalization of more than $2.5 billion. The company said developers can take advantage of its Particle B startup gas pedal, which will provide $100 million in capital to projects contributing to Crypto.org's blockchain.
Running on a consensus proof-of-authority algorithm , Cronos is powered by Ethermint, a proof-of-stake chain interoperable with Ethereum and EVM-compatible chains. Testnet is open source.