What Is Cronos (CRO)?
Cronos (CRO) is the native token of the blockchain designed by CRO Protocol Labs, also known as Crypto.com. Crypto.com is a one-stop cryptocurrency exchange and decentralized finance platform that provides an all-in-one decentralized finance application and exchange. The company’s vision is to put “cryptocurrency in every wallet” by becoming a provider of all things decentralized finance and cryptocurrency.
Key Takeaways
- The company was initially called Monaco, but it rebranded itself as Crypto.com in 20181.
- Crypto.com offers an app and a Visa card that lets you use your crypto for fiat currency purchases2.
- Cronos (CRO) is the utility token for the Crypto.org and the Cronos.org blockchains.
- Users can buy and sell crypto, stake their crypto and earn with it, collect all of their crypto in one wallet, and much more using Crypto.com.
Cronos (CRO) is an Ethereum Virtual Machine (EVM)-compatible chain with added support for Inter-Blockchain Communications (IBC) networks based on the Cosmos SDK3. It is compatible with Ethereum and Cosmos-based ecosystems, allowing for easy porting of Ethereum smart contracts and decentralized apps (dApps).
Understanding Cronos (CRO)
Cronos (CRO) is the utility token for the Crypto.org and the Cronos.org blockchains. It powers Crypto.com’s applications and services. Unlike some other cryptocurrencies, CRO cannot be mined due to its design, protocols, and consensus mechanism. Rewards, however, are available in two ways:
- As ‘cash back‘ for spending on the Crypto.com VISA card.
- For entrusting a Validator to secure chain by staking via the Delegated Proof of Stake (DPoS) consensus mechanism4.
CRO is available for purchase on Crypto.com’s exchange. It began rolling out its services to U.S. residents in 20225 and is currently available in 49 states6.
The company’s mission is to “accelerate the world’s transition to cryptocurrency“. To achieve this goal, the founders created a platform that meets the decentralized needs of investors, traders, consumers, and businesses.
Crypto.com offers five categories of services, which it calls verticals7:
- Payment
- Trading
- Financial Services
- Metaverse
- Infrastructure.
The Payment vertical includes Crypto.com Pay and Visa Card services, while the Trading vertical includes the Crypto.com App and exchange.
The Financial Services vertical offers decentralized products, earnings, and credit.
The Metaverse vertical includes NFT services and GameFi, whereas the Blockchain Infrastructure vertical includes Crypto.org Chain (blockchain) and Cronos.
Crypto.org chain, the company’s blockchain, uses a proof-of-stake (PoS) consensus mechanism called Tendermint.
Five billion CROs have been allocated for reward distribution over a ten-year period8. Rewards are distributed as new blocks are generated; a process that takes place approximately every 5-6 seconds9.
In summary, CRO is the utility token for Crypto.com’s blockchain, designed to power the company’s applications and services. It can be purchased on Crypto.com’s exchange, and is available in 49 States across the U.S.
The company’s vision is to provide cryptocurrency access to everyone by accelerating the world’s transition to cryptocurrency. Crypto.com offers five categories of services: Payment, Trading, Financial Services, Metaverse, and Blockchain Infrastructure. The company’s blockchain, Crypto.org Chain, uses a proof-of-stake consensus mechanism called Tendermint.
How Is Cronos (CRO) Different From Ethereum (ETH)?
Crypto.com’s native token, Cronos (CRO), differs from Ethereum (ETH) in several ways. While both are native tokens that support multiple functions within their respective ecosystems, Crypto.com’s purpose is different than Ethereum’s.
Crypto.com provides centralized financial services on one platform. By contrast, Ethereum is fully decentralized and open source, allowing anyone to view the programming, suggest changes, or create their own products.
One of the main differences between the two is that Crypto.com is a closed-source blockchain, while Ethereum is open-source. As such, Crypto.com’s blockchain is not accessible to the public, and only the company has control over the infrastructure.
Conversely, anyone can view and contribute to Ethereum’s blockchain. Not everyone is comfortable using different exchanges to convert their cryptocurrency or wants to manage several wallets for moving assets back and forth across chains.
Crypto.com provides nearly everything an average person needs to become involved in cryptocurrency and decentralized finance in one place.
Cronos (CRO) is the native token of the Cronos chain, which runs on the Ethereum Virtual Machine (EVM).
In this sense, it is interoperable with both Ethereum and Cosmos, It also supports DeFi, gaming, NFTs, and Metaverse use cases. Compared to Ethereum, Cronos can execute smart contracts more quickly, affordably, and carbon-neutrally. It can handle more transactions per minute than Ethereum, making it a more scalable option.
The table below summarizes the differences between Cronos (CRO) and Ethereum (ETH):
Certainly! Here’s an expanded table comparing Cronos and Ethereum with two additional fields:
| Field | Cronos | Ethereum |
|---|---|---|
| Year Launched | 2021 (Cronos Mainnet) | 2015 (Ethereum Mainnet) |
| Creator(s) | Crypto.com and Cosmos | Vitalik Buterin and Team |
| Native Coin | CRO (Cronos Coin) | ETH (Ether) |
| Consensus Mechanism | Proof of Stake (Tendermint) | Proof of Stake |
| Smart Contract Language | Solidity (Compatibility Layer) | Solidity |
Crypto.com’s mission
Crypto.com aims to “accelerate the world’s transition to cryptocurrency” by offering digital financial services. The company believes that, by providing access to a wide range of cryptocurrency and blockchain-related products and services, it can lead the way to Web3 – a future iterartion of the internet that is expected to be built on blockchain technology and use cryptocurrency.
CRO, Crypto.com’s native blockchain token, is designed to facilitate transactions on its custom blockchain. It is used to pay transaction fees and can be staked to a designated validator to earn token rewards. By offering these services, Crypto.com hopes to make cryptocurrency more accessible and mainstream.
Is CRO a Good Investment in 2024?
CRO is primarily designed as a utility token to facilitate transactions within the Crypto.com ecosystem. Investors who are considering adding CRO to their portfolio should consult with a professional financial advisor. As with any investment, it is important to conduct thorough research and carefully consider the potential risks and rewards before making a decision.
Crypto.com vs Coinbase
Crypto.com and Coinbase are two popular cryptocurrency trading platforms. Unlike Crypto.com, Coinbase is a regulated exchange under the Securities and Exchange Commission.
Assessing which platform is better depends on the user’s experience, accessibility, and consideration of their specific needs.
In terms of fees, Crypto.com is the clear winner, with lower fees and an extensive array of earning opportunities10. However, Coinbase offers a wider selection of cryptocurrencies, making it a better choice for those seeking a diverse portfolio.
Frequently Asked Questions
What Influences the Price of CRO Coin?
Several factors can influence the price of CRO, including supply and demand, market sentiment, and the overall performance of the cryptocurrency market. Other factors that can affect CRO’s price include regulatory developments, adoption rates, and the overall health of the global economy.
How to Analyze the Price Chart of CRO to Make Informed Investment Decisions?
To analyze the price chart of CRO, investors can use technical analysis tools such as moving averages, momentum indicators, and trend lines. They can also use fundamental analysis to evaluate the underlying factors that affect CRO’s value, such as its technology, adoption rates, and partnerships.
What Are the Latest Developments and News Impacting CRO Coin’s Value?
The latest developments and news impacting CRO coin’s value include new partnerships, product launches, regulatory developments, and adoption rates. Investors should stay up-to-date on the latest news and developments in the cryptocurrency industry to make informed investment decisions.
What Are the Steps to Convert CRO to US Dollars?
To convert CRO to US dollars, investors can use a cryptocurrency exchange that supports CRO trading pairs. They can sell their CRO coins for USDT or another stablecoin, and then convert the stablecoin to US dollars on a fiat-to-crypto exchange or through a peer-to-peer platform.
WRITTEN
Mariquita de Boissière
Through storytelling and detailed research, Mariquita connects the brightest developer talent and most motivated community members to web3 changemakers. From contributing top-of-funnel educational content for web3 onboarding projects like Surge.io to collaborating with Hedera’s HBAR Foundation on content marketing strategy, Mariquita has worked with some of the top artists, founders and builders in the space.
