atato Supports Cronos Chain
Table of Contents
Cronos Chain (CRO): Everything You Need to Know
Cronos chain has been on a mission to scale the DeFi, GameFi, and crypto adoption in general with projects such as the Cronos Accelerator Program in partnership with Amazon Web Services (AWS). Cronos is built for interoperability, low-cost transactions, high throughput, fast finality, and features versatile payment solutions designed to serve web3 users.
Powered by Tendermint consensus technology, Cronos Chain supports rapid porting of apps & smart contracts from Ethereum and other EVM-compatible chains, processing more transactions per minute than Ethereum, and enabling faster and cheaper smart contract execution.
Its native token CRO is a CRC-20 token (Cronos token standard) that grants users access to benefits in the crypto.com ecosystem. These include lower trading costs and the possibility to purchase a crypto.com Visa Card with various bonuses. The token price in the last month has been relatively stable, trading between $0.050 to $ 0.052.
In this article, we’ll explore the background and technology underlying CRO, with a focus on several prominent use cases of the Cronos Chain. Furthermore, we’ll describe how atato’s Bring Your Own Chain (BYOC) functionality now makes it easier for customers to manage their assets through its partnership with EVM-compatible chains like CRO.
CRO’s Inception
Monaco→Crypto.com→Cronos Chain
In 2016, Kris Marszalek founded Monaco to create bank cards that can be topped up with cryptocurrencies like Ethereum. Then in 2018 Monaco rebranded as crypto.com. The next project launched by crypto.com was its blockchain, Cronos Chain, in 2021. Since then, Cronos has made spectacular progress and spawned a huge blockchain ecosystem. In 2022, the chain continued its Walk to Olympus by setting records in various important metrics, like total value locked (TVL), the total number of transactions, and new users in the ecosystem. This tremendous feat was spurred by its association with Cosmos and EVM-compatible chains.
Cronos is an EVM-compatible chain built on the Cosmos SDK, allowing it to operate at the intersection of the Cosmos and Ethereum ecosystems, thereby benefiting from both. Cronos Chain mainnet beta employs a proof-of-authority (PoA) consensus protocol. The team carefully considered strategies to expand and identified their niche with the purchase of crypto.com domain. Because of its name and the ability to buy and sell cryptos like CRO, it has become a true hub for the steady stream of users.
Cronos Chain’s Technology
Cronos blockchain is built on innovative technology to provide a secure and versatile blockchain environment. At the core of its ecosystem are four major technologies:
- Cronos leverages the Ethereum Virtual Machine (EVM), allowing for easy smart contract transfer from Ethereum and other EVM-compatible chains.Cronos’ interoperability is crucial as it helps developers to migrate their work from current EVM-based systems quickly.
- The Cronos blockchain relies on two critical components to secure its security and modularity: Tendermint and the Cosmos SDK. These fundamental technologies create a solid and reliable consensus protocol and a flexible framework for blockchain development. To further enhance interoperability, Cronos utilizes the Inter-Blockchain Communication (IBC) protocol which helps it to communicate with other Cosmos SDK-based blockchains that support IBC. The cross-chain communication offers possibilities such as asset transfers and cross-chain execution, transforming Cronos into a dynamic and integrated blockchain platform.
- Cronos implements a Proof-of-Authority (PoA) consensus, which relies on Tendermint’s Proof-of-Stake (PoS) basis, to guarantee security. To safeguard the network’s integrity, Cronos uses the expertise of a group of validators.
These frameworks constitute the backbone of the Cronos Chain, providing a secure, adaptive, and interoperable blockchain environment. This makes Cronos an appealing platform for developers and consumers looking for a dependable blockchain solution.
CRO’s Prominent Use Cases
Amazon Web Services: CRO joined AWS Activate to assist startups businesses in their cloud-based computing services. Early-stage web3 projects can also benefit from this collaboration by scaling and growing their business through the Cronos Accelerator Program, including access to AWS’s resources and Cronos Labs’ technical expertise in blockchain development.
Ubisoft: Earlier in July, Cronos teamed up with Ubisoft to advance blockchain technology and use cases in gaming. Ubisoft’s global teams create and develop a deep and diverse portfolio of games featuring brands such as Assassin’s Creed® and For Honor®.
Certik, Bitquery Inc., and Airfoil: The initial Cronos Partners for Mentorship saw strategic partners such as CertiK, a leading provider of smart contract auditing and advanced security tools; Bitquery, which provides comprehensive blockchain data insights through APIs and explorer tools; and Airfoil Studio, a leading platform for web3 designs.Â
Integration with Chainalysis: Cronos Chain and on-metrics data providers Chainanalysis partnered in 2022 to enable institutions, digital asset exchanges, and cryptocurrency funds to track CRC-20 token transactions. This means users can leverage Chainalysis to continuously track whale activity on CRC-20 tokens and identify high-risk transactions.
Cronos Chain’s Support from Atato
Atato’s MPC-based wallet solution fully supports Cronos Chain, letting institutions, projects, and individuals securely store, manage, and trade with digital assets and cryptocurrency funds on Cronos Chain within the atato solution. Users can also safely store and secure any cronos-based token from within atato. Our drive to boost supported assets aligns with our aim of providing an all-encompassing digital asset management solution. As the crypto market grows and new tokens emerge, atato strives to support users with unprecedented digital asset custody at a few clicks of a button.
Cronos on atato Custody
Cronos Chain on atato custody enjoys innovation and trust in a world where security and user empowerment are key, redefining the possibilities of digital asset management. At atato, digital asset security is our trade, and to that end, we unveil our cutting-edge custody solution, an MPC-based wallet, for web3 businesses.
Taking a pioneering step towards empowering users, atato introduces the Bring Your Own Chain (BYOC) feature for Cronos Chain. Users may connect any EVM-compatible network and ERC-20 token into atato custody with ease. This feature removes the limits frequently associated with custodians by providing a simple approach for adding public or private networks with just a few clicks. Furthermore, with the Bring Your Own Token (BYOT) functionality, users can easily include their custom tokens into their private networks, simplifying deposits, withdrawals, and smart contract transactions.
Conclusion
Cronos Chain on atato custody represents innovation and trust in the ever-changing world of digital asset management. Atato’s support adds to Cronos Chain’s strength by introducing a game-changing MPC-based wallet solution. The partnership reinvents the possibility of managing digital assets with a relentless focus on security and user empowerment, paving the way for a more secure and accessible crypto ecosystem.
