Cronos (CRO) is the native cryptocurrency token of Cronos Chain, a decentralized, open-source blockchain developed by Crypto.com, a payments, commerce and financial services company.
Cronos Chain is one of Crypto.com’s solutions and products aimed at the global adoption of cryptocurrency as a means of increasing personal control over money, protecting user data and protecting user privacy. The CRO blockchain essentially acts as the vehicle that powers the Crypto.com Pay mobile payment app.
What is Cronos (CRO)?
Cronos (CRO) is the native cryptocurrency token of Cronos Chain, a decentralized, open-source blockchain developed by payments, commerce and financial services company Crypto.com.
Cronos Chain is one of Crypto.com’s solutions, a product aimed at global adoption of cryptocurrency as a means of increasing personal control over money, protecting user data, and protecting user privacy. The CRO blockchain essentially acts as the vehicle that powers the Crypto.com Pay mobile payment app.
In the future, Crypto.com plans to expand its CRO platform to power other products.
CRO started working in November-December 2018.
Who Are the Founders of Cronos?
Cronos was launched by Crypto.com with the vision of “putting cryptocurrency in every wallet”. Crypto.com itself was founded in June 2016 as Monaco Technologies GmbH by Chris Marsalek, Rafael Melo, Gary Orr and Bobby Bao.
A graduate of Poland’s Adam Mickiewicz University, Chris Marsalek founded and managed three companies before launching Crypto.com: consumer electronics design and manufacturing business Starline Polska, location-based services mobile app and platform YIYI, and e-commerce firm BEECRAZY.
Rafael Melo received his bachelor’s degree in engineering from PUC-Rio. With over 15 years of experience in finance, Melo has worked with major Asian companies and helped the social commerce website Ensogo raise AUD 50 million in funding.
Gary Orr is a software engineer with over nine years of engineering experience. Prior to founding Crypto.com, Or worked as a platform architect at Ensogo and founded mobile app development firm Foris. He received his bachelor’s degree in engineering and computer science from the University of Hong Kong.
Before starting Crypto.com, Bobby Bao worked in the M&A department of China Renaissance Investment Bank. Bao studied at the University of Melbourne, the Stern School of Business in New York City, and the College of William and Mary.
Cronos (CRO) Token Price Prediction
What Makes Cronos Unique?
The CRO blockchain is primarily focused on delivering Crypto.com’s payment, trading and financial services solutions to customers.
CRO holders can stake coins on the Crypto.com network to act as validators and earn commissions for processing transactions on the network. In addition, CRO coins can be used to settle transaction fees on the Cronos Chain.
As part of the Crypto.com Pay payment program, users can earn up to 20% cash back by paying merchants at CRO and up to 10% cash back by purchasing gift cards and transferring them to other users.
As for the commercial use case, the Crypto.com App allows users to earn token rewards for selected listings by staving at CRO.
Additionally, users can earn up to 10-12% annual interest on their Crypto.com coins by depositing them on the Crypto.com Exchange app or Crypto.com Metal Visa Card.
In general, CRO acts as a tool to drive Crypto.com’s global adoption of cryptocurrencies. As such, the company is continuously working to find and develop new use cases that will allow users to leverage cryptocurrency to improve control over their money, data and personal information.
Cronos Chain, an Ethereum-compatible blockchain, was recently launched to run alongside the Crypto.org blockchain. It is comparable to Binance Chain and Binance Smart Chain (EVM compatible). The mainnet beta of Cronos Chain was released on November 8, 2021 and is built on the Cosmos SDK using a proof-of-authority (PoA) consensus mechanism. Ethereum Virtual Machine (EVM) compatibility means thousands of DApps built on Ethereum can be migrated to Cronos Chain. Furthermore, it supports the Inter Blockchain Communications (IBC) protocol, which allows DApps to connect to the Cosmos ecosystem.
Despite its recent launch, Total Value Locked (TVL) growth has skyrocketed, reaching over $2 billion in less than 3 months. This can be partly explained by Particle B’s $100 million CRO EVM fund, which encourages developers to build on Cronos. Also, the price of the $CRO token has increased by more than 350% since its launch, reaching an all-time high of $0.96. A bridge between Ethereum and Cosmos is expected to appear in the near future.
How Many Crore [Cro] Coins Are in Circulation?
The total supply of CRO is limited to 30 billion coins (after 70 billion CRO burned in 2021), all of which were created when the blockchain was launched, making it an unminable cryptocurrency.
The total supply of CRO will be allocated for five different purposes.
30% – Secondary Distribution and Launch Bonus – Issued daily in batches for five years from November 14, 2018;
20% – Capital reserve – frozen until November 7, 2022;
20% — Network Long Term Bonus – Frozen until November 7, 2022;
20% – Ecosystem grant – frozen until Crypto.com Chain Mainnet opens;
10% – Community Development.
How Secure Is the Crypto.com Coin Network?
CRO is built on the Ethereum (ETH) blockchain according to the ERC-20 compatibility standard, which means that its network is protected by the Ethash function.
Where Can You Buy Cronos [Cro]?
CRO coins are available on many cryptocurrency exchanges, some of which are:
- OK Ex
- Huobi Global