In Brief:
- Cronos announced the launch of its mainnet beta in collaboration with Crypto.com
- The launch of the mainnet marks the beginning of the Cosmos EVM chain.
- Cronos Mainnet Beta can run smart contract codes submitted by users.
Cronos has announced the launch of its mainnet beta, with Crypto.com assisting the venture.
According to the blog post, this new digital asset project enables developers to connect selected tokens from the Crypto.com App and Exchange by using the Cronos network.
The Cronos ecosystem has collaborated with several other crucial players in the digital asset industry. Along with Crypto.com, the assistance also came from Chainlink, Metamask, Alchemy, Covalent, and others.
The announcement states that the Cronos bridge is a completely decentralized protocol that uses the IBC and Gravity modules from the Cosmos SDK. It allows transfers between the CryptoOrg and Cronos chains.
The mainnet beta launch signals the first Cosmos EVM chain, linking the network with connectivity to Ethereum-based digital assets, opening the door to a plethora of opportunities in NFTs, DeFi protocols, and metaverse tokens.
Cronos Mainnet Beta, which is compatible with the Ethereum Virtual Machine, can execute user-submitted smart contract codes. It allows developers to migrate smart contracts from Ethereum and other EVM-compatible chains to the Cronos platform.
The mainnet beta release is going to allow developers to instantly port apps onto EVM-compatible chains, with functionality to be extended to Cosmos’ entire 10 million user base at full release.
In August, Crypto.com also permitted withdrawals of USDC. The users can withdraw the stablecoin and receive U.S. dollars at a one-to-one ratio straight to their bank account.
