What Makes Cronos Different
Proof Of Authority
While Cronos is rooted in Ethermint, a high-throughput proof-of-stake (PoS) blockchain that leverages the Cosmos SDK and is EVM-compatible, it deviates from the traditional Tendermint PoS consensus.
In the Cronos framework, validators aren't solely selected based on the number of tokens they stake. Instead, their selection hinges on several criteria, including Commitment to the Cronos ecosystem Technical prowess in executing upgrades History of reliably operating nodes Economic stability
This method of selecting validators, combined with the unique allocation of voting power based on staking tokens allocated by the validator group, constitutes the PoA consensus. What's unique is that new validators can only join if existing ones agree to donate or delegate staking tokens to them.
Notably, the Cronos network doesn't use its native CRO token for staking in this consensus. A distinct, non-listed token is employed solely for governance, with no market value attached. Conversely, the CRO token retains its role in the network, serving users by facilitating the payment of transaction fees, which are subsequently collected by the validator nodes.
Cronos holds a unique position in the blockchain domain because of its EVM (Ethereum Virtual Machine) compatibility. This means it can seamlessly run smart contracts designed for the Ethereum network. Specifically, the Ethereum Virtual Machine (EVM) serves as the execution environment for these smart contracts. A blockchain that's EVM-compatible, such as Cronos, is tailored to identify and execute Ethereum-formulated codes without needing any alterations.
For developers, this compatibility simplifies processes: Developers can use established Ethereum tools, such as Solidity, on Cronos. Projects developed for Ethereum can be introduced to Cronos with minimal adjustments, eliminating the need for extensive redevelopment. Built on the Cosmos SDK, Cronos not only mirrors Ethereum functionalities but is also positioned for connectivity with other blockchain systems.
Tendermint, integral to Cronos, provides consistent and secure application replication across multiple machines. Its core, the Tendermint Core, guarantees transaction uniformity among validators using the Byzantine Fault Tolerant (BFT) consensus protocol, ensuring resilience against malfunctions or threats. Validators achieve consensus on block contents through a rigorous voting system, with a block added to the blockchain only upon majority agreement. Complementing this is the Application BlockChain Interface (ABCI), which offers developers the flexibility to utilize Tendermint in diverse programming languages and select their ideal development environment.
Great speed at a low cost.
At the heart of Cronos's design lies its commitment to offering both speed and affordability. Unlike the standard PoW chain, Cronos's unique design architecture and consensus engine result in markedly reduced transaction fees. Every transaction in Cronos is subject to gas consumption, determined by the computational intensity required, with the overall transaction fee being the product of the gas consumed and the unit gas price.
To ensure a seamless experience for developers and users, Cronos employs a dynamic fee structure. This fee market module tailors itself to the ongoing network usage: fees rise during peak congestion and reduce when there's underutilization, mirroring the logic of Ethereum’s EIP-1559, albeit with one significant difference. Unlike EIP-1559, Cronos retains all base fees, with both the base and priority fees accruing to the validators.
In terms of scalability and speed, Cronos outpaces traditional PoW chains. Built on Tendermint’s PoS, it offers swift transaction finality. This enhanced throughput not only reduces the costs associated with executing smart contracts but also ensures transactions are expedited up to 20 times faster, diminishing fee surges from backlogs. And with the adaptability of the Cosmos network's peg zones and hub design, horizontal scaling is a breeze. Each addition of an Ethermint zone boosts the transaction per second (TPS) capacity, thereby augmenting speed without compromising on efficiency.