Cronos Chain has released an update to its roadmap for the next 12 months. The network finally graduated from the beta stage in September.
Cronos Plots Journey to New Heights
Cronos has explained via a detailed plan on a September 30 Medium that it will continue building as it anticipates the next bull cycle.
It explains that although activities on most blockchains have gone down due to the impending global economic conditions, the crypto community has validated its’ value proposition, which is why it will continue building.
An excerpt on its roadmap announcement validates the claim by stating:
“During the first semester of 2022, Cronos achieved all-time highs of more than 900,000 users, more than 300 Dapps, 4.8 billion USD in total value locked (TVL), and 480,000 transactions per day. Cronos is firmly established as a top 10 chain.”
Cronos’ Ambition for the Next Cycle
The chain’s ambitions for the next cycle are divided into two stages.
- First: To deliver scalable technology which will onboard the next 1 billion Web3 users.
- Second: To foster a sustainable Non-Fungible Token (NFT), Web3 gaming, and Decentralized Finance (DeFi) ecosystem.
Phase 1 – Protocol and Database Scaling
Cronos has recorded over 50 million transactions so far. Its development team will optimize the chain’s performance during Phase 1 of protocol and database scaling.
It has had two major updates (v0.7.0, then v0.8.0 shortly after). It has also received other minor updates meant to optimize its performance. Another update (v1.0.0) is currently in the testing phase and will be deployed in Q4 of 2022.
The next network upgrades will focus on the following:
- Mempool prioritization
- Further increase of block size
- Storage optimization
- Optimization of JSON-RPC endpoints offered by Cronos Lab to Developers
- Reduction of Node startup time
- Incorporation of new Cosmos functionalities, like cross-chain accounts, IBC relayer incentivization, and Tendermint peer-to-peer networking improvements.
Phase 2- Protocol and Database Scaling
This phase is meant to increase the capacity of the network to serve more users. The team believes that the network should maintain the following characteristics:
- Continued support of Cronos EVM compatibility
- Reliable delivery of high transaction throughput
- Leveraging of open source projects.
Cronos Chain will launch two main initiatives to achieve its objectives under this phase.
- Initiative 1: Cronos Roll-Ups
This initiative will encompass the deployment of roll-up technology, and there are already available open-source resources for the process.
- Initiative 2: Cronos Next Level
Cronos Next Level is an R&D project to explore novel approaches to increase the network’s throughput while upholding its composability. This initiative’s design is still at an early stage of development. It relies on two work streams: Parallelization of smart contract execution and modularization of storage
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.
BSC NEWS is a private news network. All posts posted by this user belong 100% to bsc.news All rights are reserved to BSC NEWS for more information about BSC NEWS contact BSC NEWS HERE.
