If you're interested in cryptocurrency, you may have heard of Crypto.com and its native token CRO, as well as their revolutionary public blockchain, Cronos.
In this article, we'll provide an introduction to Cronos (CRO) and its features, including its utility token CRO and potential for investors. We'll also provide a guide on how and where to buy CRO tokens, with CoinEx recommended as a trustworthy platform.
This article provides a comprehensive understanding of Cronos (CRO) and its potential to make cryptocurrency accessible to everyone, regardless of your level of experience in cryptocurrency.
What Is Cronos Blockchain and How Does It Work?
Cronos blockchain, developed by Crypto.com, is a public blockchain that is decentralized, open-source, energy-efficient, and built with the aim to make cryptocurrency available to everyone. This blockchain is designed to bring the benefits of Web3 applications such as DeFi and GameFi to the next billion Web3 users. It aims to serve as the foundational infrastructure for an open metaverse that allows users to experience the full promise of self-custody of their digital assets.
Cronos is an Ethereum-Virtual Machine (EVM) compatible blockchain that is powered by Ethermint and built with the Cosmos SDK. This enables end-users to import cryptocurrencies from the Ethereum, Cosmos, and other chain families into Cronos, and subsequently use, trade, or invest them in innovative smart contract-based protocols leveraging the rich application ecosystem of Ethereum / Solidity. It also allows for the rapid porting of apps and smart contracts from Ethereum and EVM-compatible chains.
Cronos is developed to be fast, cost-effective, and scalable. It aims to achieve high transaction speed, fast transaction finality, and low gas fees. With its Proof of Authority (POA) consensus mechanism, Cronos combines decentralization with streamlined, scalable, and environment-friendly transaction processing. This makes decentralized applications (dApps) and smart contracts potentially more affordable, and more user-friendly.
The Cronos blockchain primarily serves Crypto.com's payment, trading, and financial services solutions users. CRO token holders can stake their coins on the Crypto.com Chain and earn fees for processing transactions, settle transaction fees on the Cronos Chain, and receive cashback of up to 20% by paying merchants in CRO. The Crypto.com App offers token rewards for select listings by staking CRO, and users can earn annual interest of up to 10-12% by staking their CRO coins.
Overall, CRO supports Crypto.com's mission to increase cryptocurrency adoption globally and develop new use cases to empower users with control over their money, data, and identities.
In conclusion, Cronos blockchain is a powerful platform that is designed to support the next billion Web3 users. With its fast transaction processing, low fees, and compatibility with Ethereum and other chains, Cronos is poised to become a key player in the world of decentralized applications and smart contracts.
What Is CRO Token?
CRO is a cryptocurrency token developed by Crypto.com as part of its mission to increase the adoption of cryptocurrencies. It serves as the utility token for the Crypto.com ecosystem, providing benefits such as cashback, trading rewards, and staking rewards. CRO plays a vital role in powering Crypto.com's payment, trading, and financial services solutions and supports the company's efforts to make cryptocurrency accessible to everyone.
CRO has a number of utilities, including:
- Paying for transaction fees on the Cronos blockchain
- Staking to earn rewards
- Securing the Cronos blockchain by participating in the proof-of-stake consensus mechanism
- Voting on governance proposals
- Using DeFi applications and services built on the Cronos blockchain
- Buying and selling NFTs on the Cronos blockchain
- Used in DeFi applications and services on the Cronos blockchain.
These are just a few of the utilities of the CRO token. As the Cronos ecosystem continues to grow, CRO is likely to have even more uses in the future.
CRO Tokenomics
The total supply of CRO will be allocated for five different purposes:
30%: Secondary distribution and launch incentives - released in batches on a daily basis over five years.
20%: Capital reserve, frozen until Nov, 7, 2022.
20%: Network Long-Term Incentives - frozen until Nov. 7, 2022.
20%: Ecosystem grants - frozen until the launch of Crypto.com Chain Mainnet;
10%: Community development.
History of Cronos
Cronos is a blockchain developed by Crypto.com. It is a Proof-of-Authority (PoA) chain that is interoperable with other blockchain networks, including Ethereum. Cronos was founded in 2016. The company's goal is to make cryptocurrency accessible to everyone, and Cronos is the Blockchain that facilitates that. The founders of Crypto.com, Kris Marszalek, Rafael Melo, Gary Or, and Bobby Bao, have diverse backgrounds in engineering, finance, and entrepreneurship.
Kris Marszalek had founded three companies before starting Crypto.com, including a consumer electronics design firm and an e-commerce business. Rafael Melo has over 15 years of finance experience and helped secure funding for a social commerce website. Gary Or has extensive experience in fullstack engineering and co-founded a mobile app development firm. Bobby Bao worked in the M&A department of an investment bank before joining Crypto.com and has studied at several universities, including NYU Stern School of Business. Together, the founders of Crypto.com have created Cronos to help achieve their goal of making cryptocurrency accessible to everyone.
Features of Cronos (CRO)
Cronos (CRO) is a revolutionary Layer 1 blockchain that has been developed with an open-source philosophy to drive the growth of the Web3 ecosystem. Cronos was developed to provide developers with a powerful tool to easily port apps and crypto assets from other blockchains. It also offers low fees, high throughput, and fast finality.
Here are some key features of Cronos that make it an attractive investment opportunity:
- EVM Compatibility: With Cronos being built on Ethermint, developers can easily port their apps and smart contracts from Ethereum and other EVM-compatible chains to Cronos.
- Scalability: Cronos is designed to deliver faster, cheaper, and carbon-neutral transactions and smart contract execution than proof of work chains.
- Interoperability: The Inter Blockchain Communications (IBC) protocol enables interoperability and bridging to other IBC-enabled chains, like Cosmos Hub and Osmosis, making it easier for developers to build and deploy cross-chain applications.
- Proof of Authority (POA): Cronos utilizes POA as a more streamlined and scalable consensus mechanism while still maintaining security through experienced and carefully-vetted validators.
- Open Source: Cronos has a highly engaged and active community that encourages proactive reviews and suggestions to continuously improve the platform.
Cronos is a great option for developers and investors seeking a blockchain that offers scalability, interoperability, and security for creating and launching blockchain-based apps. Investing in Cronos is an opportunity to be part of the Web3 community of builders and enthusiasts.
Latest News and Updates on Cronos
As 2023 reaches its midpoint, various advancements have taken place in the field of blockchain technology, and Cronos Blockchain is no exception. Here are some of the most recent updates and news regarding Cronos Blockchain as of May 2023.
- Cronos community #CROFam voted YES to the 100M $CRO burn per year proposal. The proposed burning mechanism is estimated to take approximately 100 million CRO (15% of annual rewards) out of circulation in the first year, reducing the effective inflation rate from 2.5% to around 2.1%.
- Cronos DeFi protocols are now seamlessly integrated with DappRadar, providing #CROFam with up to 12 months of detailed stats and trends. Users can get insights into TVL, Market capitalization and token prices
- Cronos now supports Fulcrum Finance which is a decentralized perpetual exchange that allows users to trade leveraged positions with low fees and zero price impact.
- Cronos partners with Wombat, Wombat is a gaining accelerator that empowers Web3 gaming projects and grows the Cronos gaming ecosystem for all #CROFam. Wombat allows gamers to discover and play high-quality Web3 games and access and interact with NFTs on all major blockchains.
- Cronos has announced a partnership with AlturaNFT to expedite the development of Web3 gaming on Cronos. Game developers who are building on Cronos will now be able to utilize Altura's gaming SDK to enhance gaming innovation and further strengthen the Cronos gaming ecosystem.
Overall, Cronos is a fast-growing blockchain with a lot of potential. The recent partnerships and updates are a positive sign for the future of Cronos.
CRO Token Value
CRO is currently being traded on various cryptocurrency exchanges at a value of US$0.06193. The value of CRO is derived from its utility on the Cronos blockchain. CRO is used to pay transaction fees on the Cronos blockchain, which gives it value as a medium of exchange. CRO can also be staked on the Cronos blockchain for a period of time to earn rewards which give it value as a store of value.
The future value of CRO depends on the adoption of the Cronos blockchain. If the blockchain becomes popular for decentralized applications (dApps), the demand for CRO will rise, potentially increasing its price.
Some factors that could influence the value of CRO in the future include:
- The growth of the Cronos chain
- The adoption of dApps on the Cronos chain
- The demand for CRO for staking and earning rewards
- The demand for CRO for governance on the Cronos chain
CRO has promising potential use cases as a cryptocurrency. While its future value is uncertain, it is likely to be impacted by the expansion of the Cronos blockchain.
How to Buy CRO Tokens?
CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including CRO, users can now trade easily and seamlessly. To purchase CRO on CoinEx, follow the steps below.
- To access CoinEx's services, register for an account by clicking "Register". Existing users can log in.
- After logging in, deposit funds into your CoinEx account using one of the supported cryptocurrencies or deposit methods supported by the exchange.
- Once you have deposited fiat or cryptocurrency into your account, you can proceed to trade your funds for CRO. To do this, navigate to the CRO trading page, select a trading pair, and specify the amount of CRO tokens you want to purchase.
- Purchasing CRO is a straightforward process once you have located the appropriate trading pair. Simply select the relevant pair, specify the desired quantity of CRO, and trade the paired token for CRO.
With these simple and straightforward instructions, you can buy CRO on CoinEx in a simple manner.
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