Cronos’s Ken Timsit Says Web3 Users Will Do More Than Crypto Trade

Cronos’s Ken Timsit Says Web3 Users Will Do More Than Crypto Trade

Blockchain News
August 30, 2022 by Diana Ambolis
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Ken Timsit : According to the CEO of Cronos and Cronos Labs, Web3 is the protocol that will decide the Destiny of the internet and cryptocurrencies can only be accomplished with interoperable chains. Ken Timsit, the managing director of Cronos chain and Cronos Labs, presented a talk in which he highlighted several issues, including the future
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Ken Timsit : According to the CEO of Cronos and Cronos Labs, Web3 is the protocol that will decide the Destiny of the internet and cryptocurrencies can only be accomplished with interoperable chains. Ken Timsit, the managing director of Cronos chain and Cronos Labs, presented a talk in which he highlighted several issues, including the future of the Internet and cryptocurrencies, the current bear cycle, and Cronos’ preparations for the next bull run. Timsit also emphasized the competitive benefits of the Cronos network.

Cronos Chain is a relatively new blockchain network managed by CryptoCom, a significant cryptocurrency exchange. The Cronos chain is interoperable with both the Ethereum and Cosmos environments. It is powered by Ethermint, which allows the migration of decentralized applications (dapps) and smart contracts from Ethereum and other chains compatible with EVM.

Timsit said this was the case “because it is an open source project developed by the Cosmos community that was then acquired by a team and put into production.” Because of this, the project does not have a creator. Being supported by CryptoCom indicates that all users of the exchange and all holders of CRO (the company’s native cryptocurrency) will be allowed to execute transactions on the Cronos blockchain. Timsit estimates that the total number of individuals who can be addressed now is around fifty million. However, as of this time, only around one million individuals “have transferred and created an account on Cronos chain,” and approximately 300 third-party applications have been developed on the blockchain.

On the other hand, Cronos Labs is the driving force and foundation underlying the creation of the Cronos ecosystem. Introduced in June, a $100 million accelerator program falls under its management. The initiative’s objective is to invest in early bitcoin companies with the potential to develop Cronos’s most innovative ideas. Timsit emphasized that his team does not believe in “walled gardens” and invites Cronos network applicants to become multi-chain players.

Also read: How Is Web3 Changing The Publishing Industry.

According to the executive, not all companies that want to use the program are required to have their native token since “sometimes, if you’re simply utilizing NFTs as in-game assets, having NFTs alone is sufficient to develop a business model.” This comment was made because “frequently if you’re just using NFTs as in-game assets, having NFTs alone is sufficient to develop a business model.” Timsit is of the view, however, that DeFi protocols must have their native currency since there are often a large number of stakeholders in these protocols.

He was comforted that the two organizations he oversees are distinct when he questioned whether Crypto.com’s employee reductions affected the projects; Timsit was reassured that the two organizations he leads are different. “Cronos and Cronos Labs are separate from CryptoCom in terms of companies and organizations,” he said. However, according to the CEO, they were also motivated by the falling market prices and customer demand for their product or service. Because spending excessive money on marketing no longer makes sense, the tactics have been updated.

In addition, he said that the daily transactions on the Cronos network are likely between 100,000 and 200,000 at now, but they hit a peak of about 500,000 just before the most recent market crisis.

Total Value Locked (TVL) peaked at $5 billion and has fallen to its current $1.5 billion. Timsit said that despite this development, it is now the fifth-largest EVM chain. Timsit also brought up the topic, given the vast number of venture capital companies now backing new projects in the highly regarded Web3 gaming and metaverse industry. It is a digital realm that enables “self-custody of assets and direct engagement with smart contracts,” according to him.

On the other hand, he said that Web3 would not be able to reach its full potential unless “you have programmes that are interoperable and composable with one another, which is the power of the EVM ecosystem.”