What is Cronos (CRO)? What is the Cronos token?

Table of Contents

What is Cronos?

Cronos is a decentralized public blockchain. Open source code built by Crypto.com. Uses the Cosmos SDK framework and the Ethereum Virtual Machine. Cronos enables interoperability between Cosmos and Ethereum-based platforms. Specifically, Cronos uses Ethermint – an EVM-compatible and proof-of-stake architecture built on the Cosmos SDK – to achieve this cross-chain interoperability.

By seamlessly linking with Ethereum-based networks. Cronos aims to significantly expand Crypto.com’s Decentralized Finance (DeFi) capabilities and Web3 ecosystem. It allows developers to easily migrate decentralized applications and smart contracts.

https://cronos.org/

Ethereum-based to high-speed, low-cost Cronos environment. The core value of Cronos focuses on the easy migration of smart contracts and DApps. Available from Ethereum and EVM compatible blockchains to Cronos with minimal cost and faster speeds. Enabled by innovative cross-chain communication protocols.

What are the highlights of the Cronos project?

Highlights of the Cronos project include the following main ideas:

EVM compatible: Cronos uses PoS consensus mechanism. Built on Cosmos SDK and compatible with EVM. This allows for extensibility and high customization. At the same time, developers can apply similar tools and applications on Ethereum.
Use CRO as native token: Cronos can process more transactions per minute than Ethereum. Helps deploy smart contracts faster, cheaper and greener. Cronos uses CRO as its native currency, which contributes to expanding its application range.
High interoperability: IBC protocol allows Cronos to interact and connect with the Crypto.org chain. And other compatible blockchains like Cosmos Hub.

Cronos products

Bridge of Cronos

Users can simply connect tokens from the Crypto.com application and exchange to Cronos. By choosing Cronos network when depositing and withdrawing funds between Crypto.org and Cronos chain via IBC channel.
Cronos Bridge supports transferring CRO from Crypto.org to Cronos quickly, securely and at low cost. This is a decentralized protocol that uses the IBC and Gravity modules in the Cosmos SDK. Since both chains are IBC compatible, CRO is transferred according to the IBC token standard. Before onboarding native CRO on Cronos EVM.

Users can now convert assets between Crypto.com App, Crypto.com Exchange, Cronos Bridge Webapp, Crypto.com Defi Wallet and Crypto.org Chain Desktop Wallet.

Wallet

The wallet platform on Cronos can use Cronos CLI or MetaMask, AlphaWallet.

Overview of Cronos Token (CRO)

Key Metrics CRO

Ticker: CRO.
Contract: 0xA0b73E1Ff0B80914AB6fe0444E65848C4C34450b.
Blockchain: Ethereum.
Token Standard: ERC-20.
Token Type: Utility.
Total supply: 30,263,013,692 CRO.
Circulating supply: 25,263,013,692 CRO.

CRO Token Allocation

Secondary Distribution & Launch Incentives: 30%
Network Long-Term Incentives: 20%
Capital Reserve: 20%
Ecosystem Grants: 20%
Community Development: 10%

Distribution of CRO tokens

CRO Token Release Schedule

Updating…

CRO Token Use Case

CRO tokens are used in Crypto.com products, including:

Crypto.com Pay & Chain:

Stake CRO token to become a Validator, receive transaction fees from the Crypto.com Chain network.
Use CRO tokens as transaction fees on Crypto.com Chain.
- 20% refund when paying Online/Offline.
- 10% cashback when using Giftcards of major brands, P2P Transfer.

Visa Card:

8% cashback when paying with Visa Card.
Receive 10% CRO per year for 10,000 CRO and 12% per year for 100,000 CRO and 1,000,000 CRO when staking CRO in the card.
Stake 100,000 CRO to receive exclusive rewards from Crypto.com.

Crypto.com DeFi Wallet:

Unlock DeFi features in the wallet.
Receive higher rewards when Staking.

Crypto.com Earn:

Receive interest up to 12% per year when Staking CRO.
Receive 2% interest per year on fixed term deposits (paid in CRO) with Staking of 100,000 CRO or more.

Crypto.com Credit: Lower APR at 8%.

Crypto.com DeFi Swap: Get more yield by providing liquidity with Staked CRO.

Crypto.com App:

Receive bonus tokens when these assets are listed on the exchange based on Staked CRO.
Staking interest rates for other tokens are also higher if there is CRO Staking.

Crypto.com Exchange:

Get 10% interest when Staking CRO on Crypto.com Exchange.
Receive a discount when Staking CRO and use CRO as transaction fees.

The Syndicate:

Receive priority discount on an amount of tokens when assets are listed on the exchange through The Syndicate fundraising platform.
Stake CRO to receive preferential interest rates at Crypto.com Soft Staking on Crypto.com Exchange.

Cronos development team, investors and partners

Development team

Kris Marszalek | Co-Founder & CEO: Previously, Kris was a founder three times in the technology field.
Rafael Melo, CPA | Co-Founder & CFO: Rafael has over 15 years of experience in the financial sector. He served as chief financial officer at mobile payment solutions.
Gary Or | Co-Founder & Founder of Particle B: Hacker, product designer, entrepreneur, with 9 years of comprehensive technical experience (RoR, Elixir, Golang).
Bobby Bao | Co-Founder & Head of Corporate Development: Lead corporate development efforts in Asia. Bobby is deeply connected in the regional Blockchain industry. He was also named to Forbes’ 2018 30 Under 30 List.

Investors

To further support the Crypto.org ecosystem. Blockchain accelerator County B has announced the EVM CRO Fund will grant up to $1 million per project. Total 100 million USD for at least 100 projects committed to building applications on Crypto.org Chain.

Gary Or, founder of Particle B added: “EVM support makes launching extremely easy. Projects can rely on us for more than their initial capital. As a founder and CTO, I have a deep understanding of the ongoing support that startups need. We will work closely with our portfolio companies as we connect and build the Crypto.org Chain ecosystem together.”

What is the future of the Cronos project? Should you invest in Cronos Token or not?

Cronos is the first Cosmos EVM chain for DeFi, NFTs and Metaverse. It aims to massively scale the DeFi and decentralized application ecosystem, by providing developers the ability to instantly port applications from Ethereum and EVM-compatible chains. With low cost, high throughput, fast delivery speed and built-in interoperability, Cronos is ready to bring decentralized applications to the Crypto.com ecosystem’s 10 million+ user base and more than that.

In every market, user base is extremely important and Crypto.com has an extremely large user base. Therefore, the upcoming direction of this exchange will be to bring that number of users to DeFi on Cronos through many different campaigns.

Conclude

Through the above overview article about the Cronos project, AZC News hopes readers will grasp basic information about this project to make their own investment decisions. Wishing you a successful investment!