Cronos (CRO) operates as a public, decentralized, open-source sidechain. It’s also the first blockchain to integrate EVM and Cosmos SDK support, enabling more interoperability across decentralized finance (DeFi), non-fungible tokens (NFTs), and the metaverse. Here’s everything you need to know about Cronos (CRO).
Importantly, Cronos was developed by Crypto.com to support its payment dapp and ecosystem. As such, it enjoys full interoperability within the Crypo.com infrastructure and access to the platform’s +10M users.
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Source: cronos.org/
What Problems Does Cronos Attempt to Fix?
There are several problems that Cronos was designed to reduce. For one, the developers wanted to make a cryptocurrency that streamlined the onboarding of new users to drive adoption. As such, they created Cronos to be easy to use, integrate, and leverage to create powerful new Dapps.
Slow Porting of EVM Protocols
One of the main concerns for Cronos developers was the shortening of the time it took for creators to port their EVM and Cosmos protocols to Cronos. Cronos shares coding with both networks, enabling developers to seamlessly expand their protocols into the Cronos ecosystem without the need to recode compatible projects.
Lack of Support for the Creator Economy
Another vital aspect of Cronos is its focus on supporting the creator economy. Creators are often left out of the equation when blockchain developers create networks, reducing the amount of participation from this much-needed market class. Cronos developers focused on the creator. They included creator-centric features like the ability to host in-game NFTs, integrate player authentication systems, and securely transfer value in a peer-to-peer manner over a blockchain.
Benefits of Cronos
Several benefits make Cronos a smart blockchain to consider. For one, the entire project is open source, meaning it’s much more secure than private alternatives. Open-source projects are reviewed and vetted by the community. Additionally, they can be built upon, expanding the ecosystem’s functionality and reach.
Cronos (CRO) Interoperability
The core benefit of Cronos is its added interoperability. As the first blockchain to support seamless interoperability between the Ethereum and Cosmos ecosystems, the network opens the door for two of the most active communities to collaborate on new projects. To accomplish this task, Cronos integrated support for the Cosmos IBC (Inter-Blockchain Communications) protocol.
Scalability
Another main benefit gained by users is scalability. The protocol uses a high-performance consensus mechanism that allows it to operate many times faster than Ethereum, making it ideal for high-throughput scenarios.
Cheaper
Cost savings also top the list for Cronos users. The side chain PoS consensus mechanism is much cheaper to operate than any of the supported mainnets. These low gas and transaction fees make the network excellent for GameFi and DeFi options.
Greener
Cronos is an energy-efficient alternative to older blockchain networks. Proof-of-work blockchains like Bitcoin, in particular, require massive amounts of energy to validate. Cronos introduces a green alternative in the form of its advanced Ethermint PoS consensus algorithm, which uses only a fraction of the energy required by PoW alternatives.
Cashback
As a core component of the Crypto.com Pay payments app, Cronos users gain access to some additional features and services that help them get ahead. For one, the project supports cash back. Users can secure cashback rewards by paying merchants in CRO. You can also gain rewards by transferring value between users or purchasing select gift cards.
How Does Cronos Work?
Cronos operates as a side chain for the Ethereum ecosystem. As such, it leverages core aspects of the network to ensure full interoperability. The project runs parallel to the Crypto.org Chain as part of the developer’s larger crypto adoption drive strategy.
Cronos integrates the Ethermint framework to streamline blockchain activities such as developing, porting, and hosting dapps. Already, Cronos is home to many popular options including Ferro Protocol, VVS Finance, Tectonic Finance, MM Finance, and Single Finance. Additionally, the network supports full web3 interoperability, opening the door for future collaborations.
Cronos Bridge
The Cronos Bridge is a vital component that enables the network to provide advanced interoperability. The bridge protocol allows anyone to transfer assets between EVM and Cosmos SDK-compatible options.
Cronos Wallet
The Cronos Wallet is where users store their tokens. It makes it simple to interact with Cronos features such as purchasing NFTs, entering GameFi and Metaverse communities, and much more. The Cronos wallet is a non-custodial option that supports sending and receiving value globally in a permissionless manner.
Cronos Play
Game developers gain an advantage using the Cronos Play options. This software development kit helps developers connect their creations to the Cronos ecosystem to improve functionality. Once connected, developers can offer users advanced features such as in-game NFTs, markets, and staking options.
Token – CRO
CRO is the main utility token for the Cronos ecosystem. It’s required to utilize any of the economy’s features. Notably, this limited supply token had all assets released during its launch. There are a total of 30B CROs in circulation currently as 70B were burned during the launch.
CRO tokens serve various roles within the network. You can use them to pay for services, fees, gas costs, and transfer value. They can also be staked to participate in the validation process and secure rewards.
Cronos Consensus
Cronos utilizes the Tendermint PoS consensus engine to ensure validity. This advanced PoS system allows users to stake their tokens and secure passive rewards. This approach is more democratic and open than PoW alternatives. Additionally, PoS systems cost less as they require no mining hardware.
Cronos Labs
Cronos Labs is a non-profit dedicated to expanding the project’s ecosystem. Cronos Labs offers a lot of benefits to the community. For one, the group manages a $100 million fund raised in May 2021. This funding is distributed to projects with potential upswing. Notably, approved projects can receive a $1M grant to expand their operations and speed up deployment.
How to Buy Cronos (CRO)
Currently, Cronos (CRO) is available for purchase on the following exchanges.
Coinbase – A publicly traded exchange listed on the NASDAQ. Coinbase accepts residents from 100+ countries, including Australia, Canada, France, Germany, Netherlands, Singapore, the United Kingdom, and the United States (excluding Hawaii).
KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens. Restrictions may apply, depending on location.
Gate.io – This exchange was established in 2013 and is one of the more popular & reputable exchanges. Gate.io currently accepts most international jurisdictions including Australia & the UK. USA & Canadian residents are prohibited.
Cronos – Driving Adoption through Interoperability
Cronos opens the door for large-scale cooperation between two major blockchain ecosystems. Blockchain users can now access EVM-compatible and Cosmos economies in a streamlined and secure manner that drives adoption. For these reasons, Cronos is a smart project to keep an eye on moving forward
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