Cronos has introduced a layer 2 community for the Ethereum blockchain in collaboration with Matter Labs, Crypto.com, Fulcrom, VVS, and Veno.
Cronos Labs, the title behind the Cronos blockchain, and a accomplice to Crypto.com, has introduced a brand new layer 2 platform constructed for the Ethereum community. Cronos Labs has now joined a rising record of providers engaged on bettering Ethereum’s scalability by constructing and launching off-chain networks. The platform is initially obtainable as a public testnet.
📖 Closing the 12 months with a brand new #CROFam chapter: Introducing the Cronos zkEVM Chain Testnet, constructed on @zksync‘s ZK Stack Know-how
🤝 An thrilling alternative for Cronos dapps to experiment with ZK layer 2 know-how, be part of us on this journey!
👉🏻 Dive in: https://t.co/KvlWeY5Lyk pic.twitter.com/SUl4Y6UpvS
— Cronos (@cronos_chain) December 14, 2023
Cronos Launches Layer 2 Testnet for Scalability
In a Thursday blog post, Cronos stated launching the Cronos zkEVM Chain testnet is a “significant milestone” in direction of reaching its purpose of mainstream adoption along with scalability. The launch is in collaboration with Matter Labs and makes use of its zkSync know-how. Cronos additionally notes that constructing the platform concerned engineering groups from Crypto.com, Veno Finance, Fulcrom Finance, and VVS Finance. Based on Cronos Labs, the brand new chain is the first-ever public testnet that makes use of ZKStack.
Transactions on the testnet are processed utilizing TCRO, a testnet model of Cronos’ native $CRO cryptocurrency. Nonetheless, zkSync’s native account abstraction, which is accessible on the bottom protocol degree, helps charge fee in different cryptocurrencies.
Matter Labs Senior Vice President of Enterprise and Operations Marco Cora defined that launching ZK Stack “opened up the door” for builders to make use of hyperchains to construct on the Ethereum community. Cora states that the know-how helps anybody with their initiatives, whether or not its a general-purpose chain or a specialised Rollup. The Matter Labs exec then expressed pleasure at Cronos launching a hyperchain, bringing extra consideration to the adoption of hyperchains.
Cronos Metrics and Options
Based on Cronos Labs Managing Director Ken Timsit, the brand new testnet chain is a good alternative for the startup and its companions. It helps all events correctly experiment with zk layer 2 know-how to arrange for progress in 2024. Timsit, means that Cronos’ present metrics already places the platform in the most effective place for this. The Cronos exec stated:
“The Cronos ecosystem already includes a top 10 blockchain by Total Value Locked, a top 5 Cosmos network by staked amount, a top 30 cryptocurrency, and a major EVM-compatible app ecosystem with more than 500 projects. More remains to be done in order to prepare for the next wave of Web3 adoption.”
As a part of its options touted by Cronos Labs, the zkEVM testnet makes use of the Boojum STARK-based zk (zero-knowledge) proof system, which permits processes to run effectively with as little as 16 GB of RAM on a GPU. As well as, Cronos says the chain “boasts amongst the lowest fees” of all layer 2 rollups. However, the startup plans to optimize prices additional someday quickly.
$100 Million Accelerator Program
Cronos has repeatedly invested in new initiatives, not too long ago launching its third accelerator program in September. Specializing in startups engaged on initiatives utilizing blockchain know-how and artificial intelligence (AI), Cronos Labs is pumping $100 million into this system.
Lasting 12 weeks, this system will supply top-notch assets and assist, along with monetary assist. This system is extremely aggressive, with a number of startups competing for cash, along with entry and assist with innovation and mentorship. Tech giants signed as much as help members embody Amazon Net Companies (AWS) and Google Cloud. As well as, Certik and PeckShield are additionally on board as blockchain safety companions.
Cronos rebranded from “Crypto.org Coin” to mirror its decentralized nature and push into the adoption and utilization of Web3. Powered by Ethermint, the Cronos blockchain promotes interoperability between Ethereum and Cosmos. Inside three months of launch, Cronos recorded spectacular progress, with over 350,000 distinctive pockets addresses. In the identical interval, the platform additionally supported greater than 120 decentralized utility (dApp) builders.
