In November 2021, Crypto.org in a bid to upgrade its blockchain and inculcate open-source, SDK-based EVM compatible properties, launched the Cronos mainnet beta.
SDKs and EVMs
The role of the EVM (Ethereum Virtual Machine) is to deploy several extra functionalities to the Blockchain to ensure users face limited issues on the distributed ledger.
This gives EVMs the ability to run on many different types of operating systems and hardware, making them the perfect engine for a decentralized ecosystem.
An EVM acts like a global processor or computer that lends its accumulated computing power to developers. The developers, in turn, use this resource to create smart contracts and decentralized apps or dApps.
SDKs provide a comprehensive collection of tools that enable software developers to build software applications faster and in a more standardized way.
SDK stands for software development kit. Also known as a devkit and include the building blocks, debuggers, and often, a framework or group of code libraries such as a set of routines specific to an operating system (OS).
Typically, SDKs include resources such as:
- Code samples
- Code libraries
- Testing and analytics tools
- Documentation and
The Cosmos SDK is said to be the world’s most used framework for building blockchains.
It provides an open-source, secure, customizable, scalable, interoperable tool kit with proof of stake modules and is optimized to enable users to build custom blockchain applications with three easy steps that involve: Writing your custom blockchain, Launching it, and connecting to their blockchains on the go.
Cronos is the EVM compatible chain running in parallel to the Crypto.org Chain.
It is the first Ethereum-compatible blockchain network built on Cosmos SDK technology.
Cronos is powered by Ethermint (a Cosmos SDK library for running scalable and interoperable EVM chains) which allows rapid porting of apps & smart contracts from Ethereum and EVM-compatible chains. Cronos’ base settlement currency is $CRO, the native currency of the Crypto.org Chain.
Its Inter Blockchain Communications (IBC) protocol enables interoperability and bridging to the Crypto.org Chain.
EVM Compatibility: Built on Ethermint, Cronos supports rapid porting of apps and smart contracts from Ethereum and other EVM-compatible chains. If you are a builder on other EVM-compatible chains, you can seamlessly port your app over to Cronos
Instant Finality: Built on top of the Tendermint core, with instant finality being the most important property of the Tendermint consensus algorithm. Transactions happening on Cronos are finalized almost as soon as a block is created.
Scalable and Affordable: Cronos can process more transactions per minute than most base layer blockchains, making it faster, cheaper, and greener to execute smart contracts.
Inter Blockchain Communications (IBC) Interoperability: Cronos being IBC-enabled allows for interoperability and seamless bridging to other IBC-enabled Cosmos based chains (e.g., Crypto.org Chain, Cosmos Hub, Osmosis, Terra, etc.)
Access to Broader Crypto.com Ecosystem: Cronos provides access to a massive retail user base within the Crypto.com ecosystem. This allows projects to target both DeFi natives and DeFi newcomers from the broader Crypto.com ecosystem.
Armed with these features, The Cronos ecosystem has grown fast and vast. Projects have been built that support functionalities such as: decentralized exchange, Gaming, NFT, Lending, Yield Optimization, etc. Here is a picture overview:
Extract from Cronos ecosystem’s published snapshot of projects which went live in Nov.2021. (Not an exhaustive list)
The top Five DApps on the Cronos Chain Ecosystem
Despite various reviews and opinions about the best DApps on Cronos chain based on volume, user experience, DApp utility, total value locked (TVL) and overall performance; Here is a conclusive list of the top five (5) according to DAppRadar.
Cronos Ecosystem Vision
Both Cronos and Cosmos share similar values and a vision to make it easy for developers to build blockchains and break the barriers between blockchains by allowing them to transact with each other. The end goal is to create an internet of Blockchains, a network able to communicate with each other in a decentralized way.
Designed to be a public good that helps drive the mass adoption of blockchain technology, Not only has Cronos facilitated interoperability with other IBC-enabled chains (like Cosmos Hub and Terra) in a decentralized way, but its inception has also massively grown the blockchain-verse as intended, also launching the Cronos Ecosystem Grant to support early-stage on Cronos by bootstrapping initial product development and providing technical support.
Cronos Ecosystem Program Grant Benefits
The benefits are enormous as Cronos warmly welcomes talented individuals and teams from all over the world, using its unique foundational position to align incentives together with new builders and teams and helping their projects grow together with the broader ecosystem.
As a product studio working toward global financial inclusion powered by blockchains, Pontem Network shares in the dream of a decentralized world.
About Pontem Network
Pontem is a product studio working toward global financial inclusion powered by blockchains. We are partnered with Aptos to build foundational dApps, development tools, AMMs, and more. The Move IntelliJ IDE is just the beginning.
Pontem offers a head start to developers looking to design projects for a Diem-powered metaverse.