Cronos (CRO) is the native cryptocurrency token of Cronos Chain, an open-source, decentralized blockchain developed by Cryptocom, a payment, trading and financial services provider.
Cronos Chain is one of Cryptocom’s solutions to accelerate the global adoption of cryptocurrencies, promote individual sovereignty over money, secure user data and protect user identities. The CRO blockchain is the driving force behind the Cryptocom Pay mobile payment app.
Who are the Original Members of Cronos?
Cryptocom founded Cronos with the goal of “putting Bitcoin in every wallet”. In June 2016, Kris Marszalek, Rafael Melo, Gary Or and Bobby Bao founded Cryptocom as Monaco Technologies GmbH.
Kris Marszalek, a graduate of Adam Mickiewicz University in Poland, founded and managed three companies before founding Cryptocom: Starline Polska, a consumer electronics design and manufacturing company; YIYI, a mobile app and platform for location-based services; and BEECRAZY, an e-commerce company.
Rafael Melo holds a bachelor’s degree in engineering from PUC-Rio. With more than 15 years of experience in finance, he has worked with major Asian companies and helped raise more than A$50 million for the social commerce site Ensogo.
Gary Or is a software developer with more than nine years of experience in full-stack programming. Prior to founding Cryptocom, he worked as a platform architect at Ensogo and co-founded mobile app development company Foris. He holds a bachelor’s degree in computer science and engineering from the University of Hong Kong.
Prior to helping found Cryptocom, Bobby Bao worked in the M&A department of China Renaissance’s investment bank. Bao was educated at the University of Melbourne, New York University Stern School of Business, and the College of William & Mary.
Why is Cronos so special and why is it different?
Users of Cryptocom’s payment, trading and financial services applications are the primary beneficiaries of the CRO blockchain.
CRO holders can use their currency to validate transactions on the Cryptocom network and earn transaction fees. In addition, CRO tokens can be used to pay transaction fees on the Cronos blockchain.
Users of the Cryptocom Pay payment app can earn up to 20% cashback when paying merchants using CRO and up to 10% cashback when purchasing gift cards and peer-to-peer transfers.
With the Cryptocom app, users can deposit CRO to receive token payments for specific offers.
In addition, customers using Cryptocom coins through the Cryptocom Exchange app or the Cryptocom Metal Visa Card can earn 10-12% interest per year.
CRO is the driving force behind Cryptocom’s initiatives to increase the adoption of cryptocurrencies worldwide. As a result, the company is constantly exploring new use cases that allow consumers to use cryptocurrencies to gain more control over their finances, data and identity.
An Emerging Ethereum-compatible Blockchain with Rapid Growth
Cronos Chain, an Ethereum-compatible blockchain, was recently established to interact with the Crypto.org network. It is similar to Binance Chain and Binance Smart Chain (EVM compatible). On November 8, 2021, a beta version of the main Cronos Chain network went online. It is based on the Cosmos Software Development Kit and uses a Proof of Authority (PoA) consensus process. Cronos Chain’s compatibility with the Ethereum Virtual Machine (EVM) allows thousands of Ethereum-based decentralized applications to be ported to the EVM. It also supports the Inter-Block Chain Communication (IBC) protocol, providing connectivity with the Cosmos DApp ecosystem.
In less than three months, despite its recent launch, the total value of deals traded (TVL) has exceeded $2 billion. This is partly due to the Particle B $100M CRO EVM fund, which incentivized developers to build on Cronos. Since its launch, the price of the CRO token has increased by nearly 350% to $0.96. A bridge between Ethereum and Cosmos is expected to be built in the near future.
Cryptocom, the advanced Cronos (CRO) cryptocurrency exchange, claims that Cronos (CRO) (formerly Cryptocom Coin) remains one of the most influential contributors to the development of blockchain technology and Web 3.0.
Cryptocom introduced the Cronos chain as an EVM-compatible sidechain to the primary Crypto.org chain. CRO tokens are used by both networks and exchanges for different purposes.
What are the Advantages of the Cronos Chain?
Cronos Chain runs many decentralized applications (dApps) and has a TVL of approximately $781.86 million at the time of writing, making it one of the largest EVM-compatible chains. This blockchain is the first to offer interoperability between the Ethereum and Cosmos ecosystems.
VVS Finance, Tectonic Finance, Ferro Protocol, MM Finance and Single Finance are among the Cronos Chain dApps whose adoption has been accelerated by using CRO as the primary payment mechanism.
Progress on the Cronos Chain roadmap will increase the use of CRO. Cronos Chain’s ambitious 2022 strategic plan includes a number of achievements in Q1 and Q2. One of them is the launch of the Cronos Chain Ambassadors (CROnauts) program to recognize active members of the community.
The fourth round of Cronos Ecosystem Grants was also announced in August. Five companies, including Cobo, DeFi.Watch, Robo Vault, Chainstack and Grindery, received funding to develop their dApps after participating in the Cronos Chain Hackathon.
The Q4 plan calls for IBC to launch protocol governance, cross-chain accounts and EVM packages at the time of writing.
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