Cronos Labs, the visionary startup accelerator behind the burgeoning Cronos ecosystem, has unveiled a groundbreaking initiative: the launch of a zero-knowledge Ethereum Virtual Machine (zkEVM) testnet blockchain, meticulously crafted atop the Ethereum Sepolia testnet.
This remarkable collaboration, a testament to the transformative power of industry alliances, is the culmination of efforts by Cronos Labs, Matter Labs, and the skilled engineering teams of Crypto.com and distinguished DeFi platforms VVS Finance, Veno Finance, and Fulcrom Finance.
A Hyperchain of Innovation
The Cronos zkEVM testnet is a hyperchain that leverages the ZK Scalable Transparent Argument of Knowledge (STARK) modular framework, unlocking unparalleled scalability and security.
Anchored upon the Sepolia testnet, this chain inherits the robust safeguards of the Ethereum testnet, ensuring impeccable data availability and final settlement.
Pioneering ZK Stack Framework
Cronos Labs asserts the status of this testnet as the inaugural public testnet to harness the ZK Stack framework, a testament to the company’s pioneering spirit.
As a hyperchain, the zkEVM testnet seamlessly operates alongside a consolidated settlement layer on the Ethereum mainnet. By 2024, the network will embrace a dedicated native bridge to the Ethereum mainnet, empowering users with the seamless transfer of tokens and messages, all while leveraging the reassuring security of the Ethereum blockchain.
A Visionary Voice
Echoing the collaborative spirit of this endeavor, Ken Timsit, Managing Director of Cronos Labs, eloquently stated:
The Cronos zkEVM testnet presents an extraordinary opportunity for Cronos Labs and our esteemed partners to delve into the realm of ZK layer 2 technology. This exploration serves as a cornerstone for the next phase of growth, commencing in 2024. We enthusiastically extend an invitation to the broader Cronos community to join us in this transformative journey.
TCRO: A Gateway to the Future
The novel network harnesses a Boojum STARK-based ZK-proof system, meticulously engineered to operate on general processing units (GPUs), thereby minimizing transaction fees.
The zkEVM chain utilizes TCRO, a testnet counterpart of CRO, the native cryptocurrency of the Cronos ecosystem, to facilitate the payment of transaction fees. Cronos Labs attests to the multifaceted nature of fee payments, accommodating a range of cryptocurrencies due to the inherent account abstraction implemented at the protocol level.
Marco Cora, Senior Vice President of Business and Operations at Matter Labs, the esteemed organization behind the Ethereum-based layer-2 scaling solution zkSync, eloquently articulated:
The advent of ZK Stack ushered in unprecedented opportunities for developers seeking to build upon the Ethereum ecosystem. Hyperchains empower developers to deploy specialized rollups or general-purpose solutions, tapping into Ethereum’s extensive user base and liquidity, while maintaining its unwavering security and decentralized nature.
A Bridge to the Broader Blockchain Landscape
As the latest addition to the Cronos blockchain family, the zkEVM testnet is poised to facilitate seamless movement of liquidity between the ecosystem and the broader Ethereum landscape.
This bold initiative marks a pivotal milestone in the evolution of Cronos Labs and its commitment to fostering a vibrant and interconnected blockchain ecosystem.
Cronos zkEVM Testnet Highlights
- Zero-knowledge Ethereum Virtual Machine (zkEVM)
- ZK Scalable Transparent Argument of Knowledge (STARK) modular framework
- Anchored upon the Ethereum Sepolia testnet for unparalleled data availability and final settlement
- Utilizes TCRO, a testnet version of the native CRO cryptocurrency
- Account abstraction for versatile fee payment options
- Future native bridge to the Ethereum mainnet, enabling interoperability and enhanced security
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