HomeNewsCronos Labs Spearheads Innovation with zkEVM Testnet Launch on Ethereum

Cronos Labs Spearheads Innovation with zkEVM Testnet Launch on Ethereum

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  • Cronos Labs has launched the Cronos zkEVM Chain testnet, a zero-knowledge rollup blockchain network, enhancing scalability and privacy within the Ethereum ecosystem.
  • The zkEVM testnet, using ZK Stack technology, represents a crucial step towards mainstream adoption and is supported by partnerships with Matter Labs and other major crypto platforms.

Cronos Labs Unveils zkEVM Testnet for Ethereum

Cronos Labs, a web3 startup accelerator focusing on decentralized finance (DeFi), GameFi, and the Cronos ecosystem development, has announced a significant leap in blockchain technology with the launch of the Cronos zkEVM Chain testnet. This zero-knowledge (ZK) rollup blockchain network, utilizing the ZK Stack technology developed in partnership with Matter Labs and others, marks a pivotal milestone in Cronos’ journey towards scalability and mainstream adoption.

The zkEVM testnet integrates a hyperchain system that leverages the Boojum STARK-based zero-knowledge proof system. This system offers the dual benefits of running on GPUs with minimal RAM requirements and maintaining some of the lowest fees of any layer 2 rollup. This advancement is particularly notable for its promise of cost optimizations in the near future.

A Collaborative Effort for a Groundbreaking Launch

The launch of the zkEVM testnet represents a collaborative effort between Cronos Labs, Matter Labs (the team behind zkSync), and engineering teams from notable crypto platforms like Crypto.com, VVS Finance, Fulcrom Finance, and Veno Finance. This collaboration has resulted in the first live public testnet utilizing ZK Stack, a modular, open-source framework designed for building custom ZK-powered layer 2 and layer 3 networks, referred to as hyperchains.

Hyperchains, a novel concept in blockchain technology, are instances of zkEVM networks running in parallel, with common settlement on the Ethereum mainnet. In 2024, these hyperchains are slated to adopt a shared native bridge to the Ethereum mainnet and unified interchain messaging, enabling seamless token, message, and transaction transfers across hyperchains while benefiting from Ethereum’s security.

The testnet uses TCRO, a testnet version of the Cronos ecosystem’s $CRO cryptocurrency, as its native token for transaction fees. Additionally, it supports fee payment in any cryptocurrency, thanks to zkSync’s native account abstraction implemented at the protocol level.

Cronos’ Vision for a Scalable and Privacy-Focused Future

The launch of the Cronos zkEVM testnet is a crucial step in Cronos’ multi-year scalability journey. In 2023, Cronos made significant performance improvements to its flagship Cronos network and announced the availability of application-specific optimistic rollup networks. The rebranding of Crypto.org Chain into Cronos POS chain in October 2023 further expanded the ecosystem’s multi-chain capabilities, catering to a wide array of user needs and use cases.

The Cronos ecosystem, now comprising multiple networks, aims to support a broad range of decentralized applications powered by smart contracts. The launch of the zkEVM testnet is an extension of this vision, bringing the promise of enhanced privacy and scalability to the rich portfolio of Cronos apps.

As the protocol team continues to explore layer 2 technologies and data availability protocols, the future looks bright for Cronos and its commitment to advancing Web3 adoption. The zkEVM testnet not only showcases Cronos’ technological prowess but also its dedication to fostering a more accessible, efficient, and secure blockchain environment.

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AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628