Overview of Cronos

Crons (CRO) (formerly “Crypto.org Coin”) is the official coin of Crypto.com

The name change reflects the decentralized nature of CRO and recognizes the explosive growth of the Cronos ecosystem.

What is Crypto.com ?

Crypto.com is a Singapore-based company that aims to be at the forefront of all crypto-related services.

The company incorporated in 2016 as Monaco before changing its name to Crypto.com the following year.

Crypto.com has 2 products:

Visa crypto.com card: customers have a CRO stack card to upgrade the card and receive incentives
Crypto.com exchange: is a cryptocurrency exchange like Binance, huobi..

And according to reports, crypto.com has about 10 million users.

What is Cronos ?

Cronos is an Ethereum Virtual Machine (EVM) compatible chain running in parallel to Crypto.org Chain designed to support the Creator Economy with applications such as DeFi and GameFi, ultimately serving as foundational infrastructure for the Metaverse. Cronos delivers dramatically faster and cheaper transactions than Ethereum mainnet, making decentralized applications (DApps) and smart contracts more user and environment friendly.

Cronos is an EVM chain built on top of the Cosmos SDK, allowing the chain to enjoy the benefits of both the Ethereum and Cosmos ecosystems. Compared to Crypto.org chain also has CRO as native token, but does not support EVM like Cronos.

Highlights of Cronos

EVM Compatible

Built on Ethermint which is based on the Cosmos SDK, Cronos supports the rapid porting of DApps and smart contracts from Ethereum and other EVM-compatible chains.

Scalable

Cronos can process more transactions per minute than Ethereum, making it faster, cheaper, and greener to execute smart contracts.

Interoperable

Using the Inter Blockchain Communications (IBC) protocol allows Cronos to easily connect and interact with other blockchains in the Cosmos ecosystem

Proof of Authority (POA)

A more streamlined and scalable consensus mechanism consensus protocol while still maintaining security with a range of validators that many different parties run.

Open Source (Mã nguồn mở)

The project welcomes the community to review and provide suggestions to strengthen Cronos.

The development of the Cronos Ecosystem

In the three months since its release, Cronos has seen the explosive growth of its very powerful ecosystem.

Currently nearly 150 dApps builders have chosen Cronos as the home for their projects, including all types of dApps.

With the development of the Ecosystem, the transaction volume and TVL (Total Locked Value) is now reaching more than 1.8 billion USD.

To support further development of Cronos projects, developers can apply for funding from Particle B’s $100 million ecosystem fund and also gain access to a global user base. over 10 million demand of Crypto.com.

In 2022, the Cronos community aims to enter the top 5 blockchains with the largest TVL including expanding DeFi ecosystem,

GameFi and metaverse with large-scale infrastructure and SDK (Software Development Kit) support for developers, improve the system to further increase transaction speed, and establish more secure cross-chain bridges to Ethereum and other layer-1 platforms

Roadmap

July 2021 : deploying testnet
November 2011: Mainnet launch Beta version, and this is the version in use.
In 2022, the Project will update some applications as below:

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CRO Token

CRO is the exchange coin of crypto.com, and the native token of 2 blockchains: Cronos and Crypto.org Chain built by Crypto.com

Thus the Cronos token (CRO) provides the overall power of the Crypto.com ecosystem, with utility for payment, transaction and financial services use cases.

Transaction fee: as a transaction fee on Cronos and Crypto.org chain.
Staking: Validators will stake CRO to have the right to confirm transactions on crypto.org; Stake CRO to receive incentives on Crypto.com applications such as reducing transaction fees, receiving Visa Card, or other incentives…

The potential of Cronos

Some points can see the growth potential of Cronos such as:

– The Cronos ecosystem is almost complete, when a bridge is being built to pull money from other ecosystems, leading to the growth of the network.

– Crypto.com has committed to burn 70 billion CRO (reducing total token supply to 30 billion CRO). This leads to a decrease in the total supply and the price of CRO will grow steadily in the future.

– Crypto.com’s communication ability is very good when recently there was a cooperation and sponsorship strategy for FIFA 2022 taking place in Qatar. Besides, Crypto.com also does ads with Hollywood superstar Matt Damon or spends 700 million on naming rights for the home field of The LA Lakers basketball team, and so on.

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