Cronos is an EVM compatible chain launched by crypto.com, and Cronos mainnet has been online since November 2021. Built based on Cosmos SDK technology, it provides developers with the ability to migrate applications and crypto assets from other chains in real time. Meanwhile, it benefits from its high throughput and low trading costs, and provides new options for the development of projects such as DeFi, NFT, GameFi and Web3.
Since the establishment of the Cronos ecosystem grant program in December 2021, the product development of early projects has been supported by funds, technology and marketing, and the ecosystem development of Cronos has made great progress, involving Web 3.0 games, NFT, DeFi and other categories. The gradual prosperity of the ecosystem has attracted a large number of investors with high returns for several DeFi projects on its chain.
As it is still in the early stage, Cronos's native projects account for a high proportion in the Cronos ecosystem, among which DEX accounts for the largest proportion. The layout of other DeFi type projects such as loans and stablecoins is also progressing step by step. In addition, Cronos has planned long-term empowerment of NFT in the road map. In addition, it has drawn lessons from the development of NFT in other mature public chains. Cronos has adopted a long-term development route for NFT.
Crypto.com, the founder of Cronos, is a well-known trading platform, which has a layout in the crypto field. In addition to Cronos, Crypto.org network has already been online, although Crypto.org and Cronos have similar support backgrounds and use the same token (CRO) as gas, they are essentially two different networks. The Crypto.com team has a clear vision: no matter where, users can pay through any blockchain assets for free, and focus on the use in real life.
How does Cronos (CRO) Work?
Cronos is an EVM running in parallel with the Crypto.org chain. Both platforms are supported by CRO cryptocurrency assets. In this setting, Cronos shines because of its compatibility with Ethereum virtual machine (EVM), allowing easy migration of Ethereum based applications to the platform.
To expand the expansion potential, Cronos uses the proof of authority (POA) model. PoA is a method that combines the proof of computing power and the proof of stake. Each node will first carry out the proof of computing power mechanism, and then use the method of proof of stake to randomly select verifiers according to the holdings for validation.
In PoA, the conditions for becoming an authenticator are quite strict, and each authenticator needs to provide a real identity, so as to reduce many situations where invalid nodes may appear in the PoS, and thus improve security.
The advantage of PoA is to maintain the efficiency of PoA and the security of PoW. However, since the node needs to disclose its identity, it is not decentralized enough, and usually those who are willing to be nodes are senior personnel in the field, which may lead other users to become suspicious that blockchain is dominated by a few people.
Cronos adopts the proof of authority mechanism. Although it reduces the degree of decentralization to a certain extent, it improves the data throughput, efficiency and reduces the handling fee. And after integrating with the decentralized oracle solution Band Protocol, it provides new options for applications built on Cronos to access external data.
What is Cronos (CRO)?
Cro is the native token of Crypto.org and Cronos, and also the utility token of crypto exchange. The total supply of CRO is 30.263 billion, and the current total circulation of CRO is 25.263 billion.
However, in fact, CRO tokens were originally created as ERC20 tokens, which was adapted to Monaco's renaming Crypto.com, renamed from the original MCO name to CRO in 2018, is now the native token of an independent Crypto.org chain. In February 2022, it was renamed its current Cronos (CRO) name again to reflect that in CRO's growing Cronos ecosystem to Web3, the transition of native tokens, NFT and metaverse solutions are all based on this blockchain.
CRO is the main payment method for Crypto.com transactions. Users can use CRO tokens to obtain special rewards and discounts through Crypto.com flagship credit card products. Besides, they also enjoy lower trading costs and higher loan rewards. Meanwhile, they also pay gas fees as Cronos network. Its status and importance in the whole ecosystem is self-evident.
Cronos (CRO) Crypto Wallet
In addition to placing the CRO in the Gate.io exchange to facilitate trading, CRO can also be placed in the crypto wallets.
Cronoscro (CRO) has its own wallet matrix support to meet the needs of different people and different scenarios.
The official wallet of CronosCRO is the Crypto.org Chain Wallet built on the platform, but the official supporting wallet also includes Crypto.com DeFi Wallet, Crypto.org Wallet Client (chain-maind) and Ledger Hardware Wallet. All three crypto wallets can be used to send, receive and protect crypto assets of user accounts.
These three wallets have obvious differences and functions in the segmentation field. Crypto.com DeFi Wallet is an un-custodial mobile wallet application that can provide a full set of DeFi services, and supports CRO migration tools and Crypto.org Chain Staking, users can fully control the cryptocurrency and private key of the wallet.
Crypto.org Wallet Client (chain-maind) is a command line interface wallet client and supports all wallet operations, including management, fund transfer and staking. Ledger Hardware Wallet is a hardware wallet, which can help users to provide complete isolation between their private keys and easy to crack computers or smartphones, and ensure the security of crypto assets.