Cronos, a parallel chain of Crypto.com, is incorporating Brand Protocol (a decentralized network consisting of cross-chain oracles) to deliver trustless and reliable data for DeFi (decentralized finance) applications operating on it. Cronos declared that it targets enhancing the advancement of decentralized finance apps running on the network. The incorporation of Brand Protocol will enable the DeFi apps to maintain the external data of real-world and transmit it then on the smart contracts.
The developers working with Cronos will be allowed by this move to control the efficiently working decentralized network as well as build traditional DeFi applications to make advancements in the utility, accessibility regarding the external data, and security. Kris Marszalek (the CEO and co-founder of Crypto.com) stated that the incorporation of Brand Protocol is much necessary for every developer to link any extraneous data source as well as modify his decentralized oracles because it is fundamental for the DApps that require extraordinary quality and real-time extraneous financial data for operating on.
Cronos is a chain compatible with Ethereum Virtual Machine (EVM), and it runs simultaneously to the chain called Crypto.org. Its purpose is to provide solutions responsible for rapidly and massively increasing the adoption span of the decentralized finance ecosystem. DeFi developers are able to swiftly structure applications from chains compatible with EVM to minimize the costs of gas and reduce Ethereum’s short-latency issues. The standard dataset of the Brand Protocol is accessible for the developers of Cronos, which consists of more than two hundred and thirty price feeds regarding crypto assets, foreign exchanges, and commodities.
Cronos is based on Ethermint (a development framework of Cosmos SDK), allowing the initiation of highly scalable as well as efficiently performing PoS (proof-of-stake) blockchains having compatibility with Ethereum. The program commenced in July. Thus, it has already integrated different programs into it. The CRO EVM Fund of Particle B, consisting of $100M, has supported the project to give its exposure to nearly 10 million clients on Crypto.com.
Cosmos SDK has also built Brand Protocol to facilitate the consumers in conveniently transmitting their data to several blockchains. This allows continuous and economic transition of decentralized finance applications, which have been developed by many of the blockchains that utilize price feeds which are provided by Brand Protocol. The other DApps that wish to operate on Crypto.com Chain will also be treated similarly.