Cronos Chain comes out of beta version, CRO has just announced its new update, a big news in the crypto world. It’s called Galileo and it’s really important, as of today the Cronos blockchain (CRO) is updated to version 1.0.
News: Cronos (CRO) Chain and the big impact in the crypto world
During late 2021, Crypto.com launched its flagship blockchain, Cronos Chain. This is the second blockchain created by the Crypto.com exchange. In fact, Crypto.com, the blockchain created with the task of decentralizing the entire cryptocurrency exchange ecosystem, has already been active since March 2021.
The end of the year saw the launch of Cronos Chain, the new blockchain with the aim of expanding Crypto.com’s offerings even further. The goal is precisely to provide a full service: if a user uses Crypto.com, they should find everything they want without leaving the ecosystem.
Cronos is a chain built on Cosmos and is compatible with the EVM (Ethereum Virtual Machine). The innovation lies in the fact that Cronos is the first blockchain that has managed to connect Cosmos to Ethereum. This involves many operations, such as passing DApps present on Ethereum directly to Cronos.
With EVM support, it is possible to develop smart contracts easily and securely. For this reason, Cronos Chain has grown in very minimal time, raising a huge amount of capital in about two months.
The blockchain has many innovative features and strengths. Being built on Cosmos, Cronos supports IBC (Inter Blockchain Communication). IBC allows Cronos Chain to move tokens from one chain to another, in very little time and effort.
The chain is also connected with MetaMask, one of the most popular wallets in the world. Compatibility with EVM makes MetaMask accessible from Cronos Chain as well.
Cronos Chain’s consensus mechanism is Proof of Stake (PoS), to be more specific, a version of it: Proof of Authority. PoA improves performance in speed and transactions while keeping security at a very good level.
Cronos Chain has been working on great projects since the beginning. The blockchain has many different DeFi platforms, including several coming directly from the Ethereum world. To name but a few, one cannot fail to mention VVS Finance, the DeFi platform, which until recently held as much as ⅔ of Cronos Chain’s total liquidity. A DeFi protocol, where it is possible to do coin swaps and stake the VVS token.
Other famous protocols in the blockchain are PhotonSwap, Empire Dex, KryptoDex, Swaap and many more.
Cronos Chain is a future-focused blockchain and recently announced Galileo, its latest update, which took the chain from beta version to version 1.0.
Galileo, the Cronos Chain update
Although we were talking until now about a chain that was still in beta version, the functionalities of Cronos Chain were almost perfect. This new update brought the chain out of the launch version.
The first Cronos update was in May 2022, which brought it to version 0.7, still a beta version. The code name of the new update to the Crypto.com exchange chain is Galileo.
When it comes to updates of this kind, it is understood that these are updates of technical origin. In fact, Galileo is an update that has primarily technical features. Crypto.com has not taken the time to explain the improvements, but Galileo has already been implemented in the testnet, so the improvements are recognizable.
In brief, the improvements that users and developers can expect from Cronos 1.0:
- Prioritization of Mempool to further scale the TPS;
- Optimized node storage: 30% less storage for full nodes;
- Generalized reduction of node startup time by 50% and other node performance improvements;
- New Cosmos features to pave the way for greater EVM/Cosmos interoperability (IBC incentive, IBC token transfer memo field).
The CRO crypto of Crypto.com is on a strong upswing following the news
The update certainly brings good news to Crypto.com, it is without any doubt, a step towards the future. After Galileo, the chain will become even more stable, optimized, efficient and secure.
Consequently, this will result in various movements on the value of the native CRO token, the demand for which directly depends on the use of the chain. In fact, the more developers work in the chain, the more users use it, the greater the number of decentralized Apps and the greater the value of the native CRO token.
The announcement gave CRO a way to have a nice pump in the short term. However, the real effects of Galileo will be seen over the course of time, in the long run.
What should we expect from CRO and Crypto.com?
Although 2022 was a bad year for Cronos (CRO), which saw its value drop by more than 90%, 2023 seems to be off to a better start. In fact, in these first weeks of the new year, Crypto.com’s native token is showing strong upward momentum, even finding itself a few points above the market average.
Cronos (CRO) was one of those who suffered the backlash from the two triggers of the 2022 crisis: the collapse of Terra Luna and the implosion of FTX. In particular, the collapse of Sam Bankman Fried’s company led Crypto.com to solvency problems.
But now, even after the announcement of Galileo, the new update that will bring Cronos Chain out of beta, things are changing. CRO seems to be starting a positive trend. No doubt this is great news for the future of Cronos (CRO), but also for the entire Crypto.com ecosystem.
The year 2023 seems to be a stage for new updates, new partnerships, and new interest from the blockchain and cryptocurrency world.
The predictions for the future are very hopeful, for so many companies that have suffered the collapse of FTX, incurring various consequences, it now seems they are beginning to see the light at the end of the tunnel.