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.
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