How Cronos Chain is Revolutionizing the Blockchain Industry in 2022
It is no longer news that the blockchain industry is gaining traction and to define the boundary of its impacts today will be to have a shift in it tomorrow. However, there is also an exponential expansion in the achievements of Cronos World. Leveraging on Cronos Chain solutions, Cronos World is revamping the blockchain ecosystem and the indicators are obvious for the year 2022.
At the moment, there is an avalanche of blockchain innovations that are unable to scale as a result of poorly-conceived blockchain networks as well as acceleration support. But Cronos World for instance, seeks to get promising blockchain projects off-the-ground and allow them access to the best resources from Cronos team. Cronos World is also the world’s premier platform that implements a native governance token ($CROWN Token) which members can transact, trade, stake and earn within Cronos World. More importantly, holders can use the token to pay for varieties of products and can also trade it against fiat currencies or other altcoins via online exchanges.
In full disclosure, the three standpoints below hints on how Cronos Chain is revolutionizing the blockchain industry in 2022.
Interoperability solutions: Cronos Chain incorporates the Inter Blockchain Communications (IBC) protocol which enables the movement of tokens across various chains. It aids interoperability among blockchains and promotes safe as well as secured communication between different chains. It can support any smart contract or DApp running on Ethereum and helps to make blockchain transactions faster and cheaper.
EVM Compatibility: Cronos — EVM compatibility supports swift porting of smart contracts and apps from EVM-compatible chains including Ethereum. It remains the number one Cosmos EVM chain for Meterverse, DeFi, and NFTs, unlike other blockchains.
Open Source: Cronos community has the opportunity to review and provide suggestions that will strengthen Cronos chain. Unlike different blockchains with restricted opportunities for growth, Cronos chain is scalable and uses Proof of Authority consensus. Several other blockchains use a mix of Proof of Work (PoW) and Proof of Stake (PoS) which are often associated with issues like ‘long range attacks and sometimes, nothing at stake’.
Conclusively, cronos chain is revolutionizing the blockchain industry through the solution it proffers to the existing limitations in the blockchain industry. As many DApps prefer a cheaper and faster platform to swap to, Cronos chain remains the best scalable blockchain for developers. It is worth-noting that in Q1 and Q2 of 2022 also Cronos World plans to launch its version of Mainnet Gravity Bridge integrating additional IBC channels and token whitelist.
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