Review Cronos (CRO)? – Related Between Cronos – Crypto.com And Cronos Chain
Cronos is the first Ethereum-compatible blockchain network built on Cosmos SDK technology. An open-source and permission-less Layer 1 chain, Cronos aims to massively scale the DeFi, GameFi, and overall Web3 user community by providing builders with the ability to instantly port apps and crypto assets from other chains while benefiting from low transaction fees, high throughput, and fast finality.
What is Cronos (CRO)?
Cronos is the native token of Crypto.com was created to speed up the global adoption of cryptocurrencies by simplifying access and utility and improving the security of the cryptocurrency space to ensure that people have absolute control over their identity, data and money. The first blockchain network that interoperates with both the Ethereum and Cosmos ecosystems, supporting DeFi, NFTs, and the metaverse. It aims to massively scale the Web3 user community by providing builders with the ability to instantly port apps and crypto assets from other chains with low cost, high throughput, and fast finality.
What is the project trying to achieve?
Cronos is powered by Ethermint – a PoS chain interoperable with Ethereum, which allows for the rapid porting of apps and smart contracts from Ethereum and EVM-compatible chains. Cronos’s base settlement currency is CRO, the native token of its parallel blockchain, the Crypto.org Chain.
Built with IBC protocol from day one, CRO allows for interoperability and bridging to the Crypto.org Chain: a fully decentralised, open-source, and energy-efficient public chain with high speed and low fees. It also facilitates interoperability with other IBC-enabled chains (e.g., Cosmos Hub, Terra) in a decentralised way.
What is the unique selling point?
Cronos as a Finance Company
Unlike other cryptocurrency companies, Cronos is establishing itself as a true finance company with top-rated security in key markets like the United States, Singapore and more. Usually, cryptocurrency companies are limited to speculative trading that’s generally regarded as gambling by people outside the cryptocurrency space. Crypto.com, on the other hand, has moved beyond speculative trading to more closer to a proper finance company, removing barriers to access and incentivizing its programs to encourage adoption.
Crypto.com has done all this by giving users several options to invest and make money in the cryptocurrency space without speculative trading. For instance, users can earn up to 14.5% on their deposit under its Crypto Earn program and enjoy up to an 8% rebate on all spending done with the Crypto.com card from Visa.
Obviously, all these won’t work without utility and sound technology. Crypto.com focuses on four key solutions: payment, trading, financial services and metaverse.
To actualize all these through sound and user-friendly technology, the company has developed mobile applications to allow people buy and sell cryptocurrencies and non-fungible tokens (NFTs) at true cost. It launched Crypto.com Pay to ensure businesses can receive and make cryptocurrency payments.
An EVM that’s built for interoperability and offers low cost (less than 1 USD per transaction), high throughput (supporting 50 million transactions per day), and fast finality (same as the block time, or 5-6 seconds). Tendermint can process more transactions per minute than most public blockchains, making it faster, cheaper, and greener to execute smart contracts.
IBC is a protocol that allows blockchains to talk to each other; it can transfer value, interchange assets and services, and connect without running into the scaling issues inherent in some of the largest blockchains today.
A portable Web3 app code with libraries and standards from/to any EVM chain. Developers can easily deploy DApps on Cronos with familiar tools.
How is Cronos different from ethereum and other EVM blockchains?
Cronos is one of the few chains that exist at the intersection of Ethereum and Cosmos: It is an EVM chain built on the Cosmos SDK, allowing the chain to enjoy the benefit of both ecosystems.
Cronos boasts fast finality and low-cost transactions: Cosmos SDK is an open-source blockchain framework, powered by the tendermint consensus engine. This allows for instant finality, where transactions can be confirmed in a few seconds and at a very low cost compared to Ethereum.
Cronos embraces multichain interoperability: Users can enjoy seamless digital asset transfers across other Layer-1 and Layer-2 EVM chains and within the Cosmos ecosystem through IBC.
Cronos has IBC capabilities: IBC allows CRO to communicate with other Cosmos-based chains that are IBC-enabled (e.g. Cosmos Hub, Osmosis, Terra, Injective, etc.), allowing for easy asset transfers across them. This further expands the utility of CRO-native assets to other ecosystems and enables CRO to support native tokens from IBC-enabled chains.
Cronos is energy efficient and has a low carbon footprint: CRO is 90% more energy-efficient than proof-of-work blockchains.
How is Cronos related to the Crypto.org Chain and Crypto.com?
Cronos chain is the first Ethereum-compatible blockchain network built on Cosmos SDK technology. An open-source and permission-less Layer 1 chain, CRO aims to massively scale the DeFi, GameFi, and overall Web3 user community by providing builders with the ability to instantly port apps and crypto assets from other chains while benefiting from low transaction fees, high throughput, and fast finality.
Crypto.com is where buy/sell crypto at true cost with 250+ cryptocurrencies with 20+ fiat currencies using bank transfers or your credit/debit card. Futher up to 8% back on all spending with your sleek, pure metal card. No annual fees.
- Liquidity: Deep order book liquidity in all market conditions.
- Speed: 2.7m TPS matching engine, 50 microsecond core latency.
- Security: SOC2 Type 1 Compliance, Singapore Data Protection Trust Mark.
Below is the relation between Cronos token – Crypto.org Chain and Crypto.com:
Asset transfers are seamless between Cronos and the Crypto.org Chain using Cronos Bridge: Users can transfer CRO from the Crypto.org Chain to CRO using the Cronos Decentralised Bridge, which utilises IBC. As both chains develop, a greater variety of assets will be transferable across them.
Cronos and the Crypto.org Chain support the execution of different smart contracts and languages: Compared to the Crypto.org Chain, Cronos is EVM compatible and supports solidity smart contract execution. The Crypto.org Chain will be implementing CosmWasm smart contract execution in the future, targeting Go and Rust developers. CRO is more targeted toward developers who have prior experience in building on Ethereum or other EVM chains, and want to build DApps on Cronos using Solidity.
The Crypto.com ecosystem’s suite of products are seamlessly integrated with Cronos: New DeFi users can easily on-ramp from Crypto.com to CRO. CRO and Crypto.com are independent entities, but Crypto.com offers support and resources to the Cronos ecosystem. Crypto.com’s suite of products, such as the App, Exchange, and DeFi Wallet, are currently supporting CRO. Users can seamlessly bridge assets from the Crypto.com App and Exchange over to Cronos, and DeFi Wallet will soon support many more assets that are available on Cronos as well.
- Token Name: Cronos.
- Ticker: CRO
- Blockchain: Cronos
- Token Standard: CRC-20
- Token Type: Utility & Governance
- Total Supply: 30,263,013,692 CRO
- Circulating Supply: 25.26B CRO
The supply of CRO is allocated, with 20% reserved as capital, 20% for the network’s long-term incentives, 10% dedicated to community development, and 20% frozen for ecosystem grants. The final 30% will be released daily over a five-year period for secondary distribution and launch incentives.
You can trade CRO on CEX or DEX: Coinbase, FTX
Price today: $0.4128
More information at: CLICK HERE
Token Use Case
Cronos is the native token used to power its blockchain. While originally designed as an ERC20 reward token, the CRO was moved to Crypto.com’s blockchain, Cronos. You can use CRO as an intermediary currency, or utilize it to convert crypto into fiat at affordable rates.
The Crypto.com blockchain is designed to make online crypto payments easier, as well as more affordable and accessible to everyone. It’s optimized with the capability for immediate payment confirmations, which supports maximum scalability. Confirmations take less than a second on average, and the platform is designed to support about 50,000 transactions per second (TPS) once the testnet implementation is complete.
Market and Community
Cronos is not going mainstream, it is mainstream with all the strategic partnership and sponsorship deals. It is only a matter of time before it starts reflecting its value. Francis Ngannou, Israel Adesanya, and other UFC fighters now have their best moments in NFTs and are already encouraging others to participate.
Cronos has 1.9M Followers on Twitter
- Kris Marszalek – Co-Founder & CEO: Before, Kris has been a founder in the tech space 3 times before
- Rafael Melo, CPA – Co-Founder & CFO: Rafael has 15+ years of experience in finance, he was a CFO at Mobile Payment Solution
- Gary Or – Co-Founder & Founder of Particle B: Hacker, Product Designer, Entrepreneur, 9 years of full stack engineering experience (RoR, Elixir, Golang)
- Bobby Bao – Co-Founder & Head of Corporate Development: Leader of corporate development efforts in Asia. Bobby is deeply connected within the blockchain industry in the region. Named to the 2018 Forbes’ 30 Under 30 List
Partners & Investors
Cronos has a large number of partners. Some of their crucial partners are Particle B, Alchemy..
Like Binance has BNB, Crypto.com, Cronos chain has CRO. Now many basketballers and other athletes are joining, thanks to Crypto.com. Binance has hardcore believers, but Cronos will have new-to-crypto, fresh money.
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DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.