It's never a dull moment when it comes to the continuous evolution of our cross-chain infrastructure at HYVE. As some of our long-standing HYVERs might recall, we ushered in last year with the successful integration of notable blockchains like Avalanche, Polygon, and Fantom. This move notably paved the way for a considerably diminished the impact of gas fees on our platform. Today, we are brimming with excitement as we roll out the red carpet for our sixth blockchain integration: Cronos. Heralded as a pivotal game-changer in the web3 arena, Cronos stands out with its robust scalability and seamless interaction with other chains making it a strong contender against Solana, Polkadot, Aptos, and even Ethereum. Cronos has made its mark in various sectors, including Decentralized Finance (DeFi), gaming, and non-fungible tokens (NFTs), while also offering developers lower transaction costs, faster transaction speeds, and increased interoperability. Eager to find out what Cronos is? To quench your curiosity, head over to our latest article for an in-depth look at what this heralds for our platform. But before that, do not forget to join HYVE and enter our crypto revolution where we strive to make blockchain adoption come faster!
At its core, Cronos is a decentralized, open-source, and energy-efficient public blockchain. It's not just any blockchain; its primary strength lies in its rapid processing capabilities combined with minimal transaction fees. Designed meticulously to foster the creator economy, Cronos envisions a future where Web3 applications, encompassing sectors like DeFi and GameFi, become the bedrock of an inclusive metaverse. But what truly sets Cronos apart? It's the ambition to usher in the next billion Web3 users, ensuring they not only experience but also deeply understand the profound promise of self-custody of their digital assets. ￼
One of the standout features of Cronos is its compatibility with the Ethereum Virtual Machine (EVM). Powered by Ethermint and constructed with the Cosmos SDK, it brings the dynamic Inter-Blockchain Communication (IBC) protocol to the limelight. This compatibility ensures a seamless bridge for users to bring in cryptocurrencies from varied landscapes, such as Ethereum and Cosmos, into Cronos. They can then effortlessly utilize, trade, or even invest these in innovative smart contract-based protocols.
With this, developers gain the unparalleled advantage of porting apps and smart contracts from Ethereum and other EVM-compatible chains swiftly.
Who was Cronos in the Greek mythology? What were his powers?
In terms of performance metrics, Cronos is unmatched. We're talking about a blockchain that offers high transaction throughput - ranging from hundreds to potentially thousands of transactions every second. The transaction finality is remarkably brisk, clocking in at around 5-6 seconds. And the cherry on top? The transaction fees are astonishingly low, ranging from a mere cent to a few dimes.
It employs a Proof of Authority (POA) consensus mechanism, striking a perfect balance between decentralization and efficient, scalable, and environmentally friendly transaction processing. For users familiar with the Ethereum main net, Cronos promises transactions that are not only more affordable but also carbon-neutral and exponentially user-friendly. In summary, Cronos isn't just another blockchain. It's a vision of the future where decentralized applications and smart contracts are more accessible, more sustainable, and more in tune with the user's needs.
You can now use $CRO on HYVE!
$CRO is the native token for the Crypto.com blockchain. First known as Crypto.com coin (also known as $CRO), in February 2022, it was rebranded as Cronos or $CRO, though it still trades under the same $CRO abbreviation. Three months after going live, user adoption has surpassed expectations, with more than 350,000 unique wallet addresses performing transactions on Cronos. ￼ Holders of CRO can stake their tokens on the Crypto.com Chain, taking on the role of a validator and earning transaction processing fees on the network. Furthermore, $CRO tokens also serve to cover transaction costs on the Cronos Chain. Within the ambit of the Crypto.com Pay app, individuals can avail of cashback rewards up to 20% when making payments to merchants using $CRO. Likewise, purchasing gift cards or executing peer-to-peer transfers to fellow users can fetch cashback up to 10%. In the trading realm, the Crypto.com App offers token incentives for specific listings when users stake their $CRO.Moreover, by staking their Crypto.com Coins on the Crypto.com Exchange app or using the Crypto.com metal Visa Card, users stand a chance to garner an annual interest ranging from 10% to 12%.
In essence, $CRO is the driving force behind Crypto.com’s mission to magnify the global uptake of digital currencies. In line with this vision, the company is relentlessly exploring and crafting fresh avenues that empower users to optimize their command over their finances, personal data, and identities.
A new beginning for HYVE!
A lot of blockchain integrations will be coming in the following weeks, and while we are at it do not worry - token integrations are coming up too! We are striving to become the universal platform for freelancers we already told you about, and day by day, oh my, the time is on our side, and we are closer! Follow us on X for more announcements, we have a lot of surprises coming in the next few weeks, so keep an eye on our platform! Join us in this freelancing revolution, you won't regret it!