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Cronos (CRO) Overview
Cronos (CRO) is an innovative layer 1 blockchain network based on the Ethereum-compatible Cosmos SDK. Supported by the Crypto com exchange and a vast network of over 500 app developers and partners, Cronos is at the forefront of blockchain technology.
The primary mission of Cronos is to make the adoption of Web3 seamless and secure for the next billion crypto users. The platform focuses on decentralized applications (dApps) in key sectors, such as decentralized finance (DeFi), non-fungible tokens (NFTs), and GameFi (game finance). By prioritizing these verticals, Cronos aims to empower users and deliver a user-friendly experience within the blockchain industry.
Since its launch in November 2021, Cronos has made remarkable strides, achieving a prominent position in the top 10 blockchain chains by Total Value Locked (TVL). Powered by over 1 million users and over 500 dApps, Cronos has established itself as a thriving ecosystem.
Cronos operates using its native cryptocurrency, Cronos (CRO). As a blue-chip cryptocurrency, CRO is used to settle transaction fees within the network. This ensures a seamless and efficient transaction process, enhancing the overall user experience.
To support the growth and development of the Cronos ecosystem, Cronos Labs, the start-up accelerator of the Cronos chain, plays a crucial role. Cronos Labs provides essential support and resources for promising start-ups, fostering innovation and advancing the capabilities of the Cronos platform.
What is the CRO Coin?
CRO is the native digital asset of Cronos, a decentralized blockchain designed for secure payment settlement.
Originally an ERC-20 token, Crypto com introduced the Cronos blockchain on Cosmos in November 2021. CRO holders can use the token for transactions on Cronos and enjoy various benefits within the Crypto com suite of products, such as reduced fees, enhanced lending earnings, and priority services.
The Crypto com ecosystem initially relied on the Monaco Coin (MCO) as its native cryptocurrency, but it has transitioned to exclusively utilizing the CRO coin for internal functionalities. To seamlessly integrate, all Crypto com users were required to convert their MCO into CRO before November 2020 through the Crypto com exchange app.
The project has a max supply of 100 billion CRO coins, which have been distributed as follows:
Secondary distribution/launch incentives: 30%
Network long-term incentives: 20%
Capital reserve: 20%
Ecosystem grants: 20%
Community development: 10%
To ensure the project's sustainability, Crypto com founders froze 60% of the total supply of the CRO coin. The wallets holding the capital reserve and network long-term incentive allocations will remain frozen until November 7, 2022.
What is CRO Used For?
The CRO blockchain focuses primarily on providing utility to users of Crypto com's payment, trading, and financial services solutions. By staking their CRO coins on the Crypto com chain, CRO owners can serve as validators and earn fees for processing transactions on the network. Moreover, CRO coins can be utilized to settle transaction fees on the Cronos Chain.
As for Crypto com Pay (a payments app), users can receive cashback of up to 20% by paying merchants with CRO, and up to 10% through purchasing gift cards and conducting peer-to-peer transfers to other users.
Regarding trading use cases, the Crypto com app enables users to earn token rewards by staking CRO for select listings. Furthermore, users can earn an annual interest of 10-12% on their Crypto com coins by staking them on either the Crypto com exchange app or Crypto com's metal Visa Card.
Essentially, CRO can be considered as a method through which the Crypto com exchange is powered and which plays the role of increasing the adoption of digital assets on a global scale.
What Makes the Cronos Chain Unique?
Cronos (CRO) offers many advantages that make it a standout choice in the cryptocurrency market. Here are some key reasons Cronos is worth considering:
One of the standout features of Cronos is that it is built on Ethermint, enabling seamless and rapid porting of applications and smart contracts from Ethereum and other EVM-compatible chains. This compatibility allows developers to leverage their existing Ethereum knowledge and ecosystem, reducing the learning curve and fostering a more accessible development environment.
Cronos has a distinct advantage over the Ethereum blockchain in terms of scalability. It can process a significantly higher number of transactions per minute, resulting in faster and more cost-effective execution of smart contracts. This increased scalability also contributes to a more sustainable and environmentally friendly blockchain network, as Cronos is designed to be carbon-neutral.
The Inter Blockchain Communication (IBC) protocol is a game-changer for Cronos. It enables seamless interoperability and bridging to other IBC-enabled chains, such as the Crypto org Chain and Cosmos Hub. This interoperability facilitates efficient communication and collaboration between various blockchain networks, opening up a world of possibilities for cross-chain applications and services.
Proof of Authority (PoA)
The Cronos chain utilizes a proof-of-authority consensus mechanism, offering a streamlined and scalable approach to maintaining network security. The presence of validators from diverse backgrounds ensures a robust and trusted network, as multiple parties take part in the consensus process. This consensus protocol strikes a balance between security and efficiency, making Cronos reliable and resilient blockchain technology.
Cronos embraces the power of community collaboration and welcomes feedback from its users. By being open-source, the project invites the community to review and provide suggestions to enhance and strengthen the platform. This collaborative approach fosters innovation and ensures the continuous improvement of Cronos, creating a dynamic and user-centric ecosystem.
The current price of Cronos in USD is provided on the chart above. You can also access the entire CRO price history and track its performance over time. The chart offers valuable insights into the Cronos price movements, trading volume, market capitalization, and other relevant details.
By analyzing the CRO price history, investors and buyers can identify patterns, trends, and potential opportunities. The real-time updates on the chart ensure that users have access to the most up-to-date and accurate pricing information for CRO.
Why Should Developers Build on Cronos?
If you're a Web3 application creator, building on Cronos (CRO) offers a range of exciting benefits.
Cronos is EVM-compatible, meaning that Solidity and all Ethereum Virtual Machine tools work seamlessly on the platform. You won't have to waste time adapting or relearning new technologies. It is also the first blockchain to enable seamless operability between the Ethereum and Cosmos chains.
Support from Crypto com
Cronos (CRO) is its strategic partnership with Crypto com. This partnership provides an easy on-ramp for your dApp, allowing users to seamlessly transition into your application and engage with it effortlessly.
The #CROFam Community
With over 80 million people worldwide, this highly engaged user and builder community is eager to explore the latest and greatest apps. By tapping into this vast network, you can quickly gain exposure and attract a significant user base for your application.
Valuable Tools and Resources
As an application founder or developer on Cronos, you'll have access to a wide range of tools and resources. Wrapped versions of the world's top 50 cryptocurrencies, 30+ leading wallets (including Crypto com DeFi Wallet, MetaMask, and Trust Wallet), Ethereum Virtual Machine module Ethermint, and IBC cross-chain connectivity to Cosmos chains are just a few examples.
Cronos offers convenient Ethereum developer tools like Solidity, Truffle, OpenZeppelin, and Web3.js, making the development process smooth and efficient.
And if you're a game developer, Cronos has you covered too. Cronos Play is a suite of developer tools specifically designed for web, Unity, Unreal, and C++ game developers. With Cronos, you can unleash your creativity and build innovative applications that will captivate and engage users across the globe.
Who Founded Cronos (CRO)?
The Crypto com company introduced Cronos (CRO) as part of its mission to make cryptocurrency accessible to everyone. The establishment of Crypto com dates back to June 2016 when Kris Marszalek, Rafael Melo, Gary Or, and Bobby Bao founded "Monaco Technologies GmbH."
Kris Marszalek, an alumnus of Adam Mickiewicz University in Poland, has a track record of establishing and leading three companies before Crypto com. These include Starline Polska, a consumer electronics design and manufacturing business, YIYI, a location-based service mobile app and platform, and BEECRAZY, an e-commerce firm.
Rafael Melo holds a bachelor's degree in engineering from PUC-Rio. With more than 15 years of finance experience, Melo has collaborated with prominent companies in Asia and successfully obtained funding worth over 50 million AUD for the Ensogo social commerce website.
Gary Or, a software engineer, possesses extensive experience in full-stack engineering for over nine years. Prior to co-founding Crypto com, Or served as a platform architect at Ensogo and co-established Foris, a mobile app development firm. He earned his bachelor's degree in engineering and computer science from the University of Hong Kong.
Bobby Bao, before contributing to the launch of Crypto com, worked in the M&A department of the China Renaissance investment bank. Bao has pursued studies at the University of Melbourne, NYU Stern School of Business, and the College of William & Mary.
Current Cronos Price
CRO is the native token of Cronos Chain — a decentralized, open-source blockchain brought to the world by Crypto com, a custodial company offering payment, trading, and financial services. The Cronos blockchain runs in the Cosmos ecosystem, which employs a proof-of-stake consensus mechanism. CRC-20 is the token standard for Cronos-based digital assets. Cronos is also the first Ethereum-compatible blockchain powered by Cosmos SDK technology.
Changelly’s interactive price chart provides a wealth of information regarding the CRO token performance on the crypto market. From this chart, you can easily know about the live Cronos price today in USD, the asset’s 24-hour trading volume, and its current market capitalization (market cap).
Our CRO to USD price is updated in real-time, reflecting the recent price change of the crypto asset.
As for a circulating supply, there are currently over 25B CRO tokens in circulation.
The highest price paid for Cronos (CRO) is $0.97. The lowest price paid for Cronos (CRO) is $0.01.
If you want to buy Cronos, consider reading our Cronos CRO price prediction to find out how the price of Cronos can perform in the years to come. This Cronos price prediction might help you decide whether the CRO coin is a good investment for you.
However, our CRO price forecast is not guaranteed because it is subject to market volatility and unforeseen external factors, such as changes in government regulations, economic downturns, geopolitical events, and others. Before buying or trading cryptocurrencies, it is important to regularly reassess price predictions and adapt to changing circumstances.
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