What is Cronos?
Cronos (CRO), formerly known as the Crypto.org Coin, is the native utility token powering the Cronos Chain. The latter is a recently introduced blockchain by Crypto.com. They aim to make sure that everyone holds some form of cryptocurrency in their wallet which in turn will speed up its mass adoption.
Cronos has several use cases. Generally, it’s used for payments, trading, and financial services.
Simply holding the Cronos token provides the holder with exclusive discounts, boosted earnings, and access to financial services. Since the vision of Crypto.com is to make mass crypto adoption possible, the team is always looking to expand its use cases.
As of June 2022, the Cronos price has strayed clear of volatile periods. This is mostly due to its relatively short run.
You can check out the Cronos price and other statistics on the graph above.
What is Cronos Chain?
Cronos Chain is an EVM (Ethereum Virtual Machine) compatible blockchain launched by Crypto.org in November of 2021. It runs alongside the Crypto.org Chain.
Initially, it was powered by the Crypto.org Coin (CRO) which is now known as the Cronos token. This new token name went live in February of 2022.
Besides EVM compatibility, Cronos Chain comes with an integrated Inter-Blockchain Communication Protocol. These two features ensure that all dApps running on the Ethereum blockchain and Cosmos can be seamlessly transferred onto the Cronos Chain. In other words, this means that Cronos Chain is the first blockchain that’s interoperable with Ethereum and Cosmos.
Moreover, it operates using a Proof-of-Authority (PoA) consensus algorithm. This type of consensus algorithm provides enhanced security and scalability.
The Cosmos SDK framework facilitated the development of Cronos Chain.
Since the Cronos Chain is a recent development, it doesn’t power many projects. It’s mainly used for powering payments on the Crypto.com mobile app.
What are the Main Features of Cronos?
One of the core goals of Crypto.com is to facilitate the process of making cryptocurrency mainstream. Cronos crypto token is powering this vision through 3 scopes of token utility: payments, trade, and financial services provided by Crypto.com.
There are many ways for Cronos holders to benefit from this token.
Staking Cronos coins can serve as a source of passive income. Crypo.com provides unique opportunities for earning yield through staking.
Firstly, you can simply stake your Cronos tokens on Crypto.com Exchange. Holding Cronos crypto digital assets enables network participants to become validators. This means that you can also take the role of a validator by staking your tokens and earning a share from the transaction fees.
On top of that, Crypto.com provides prepaid cards called Crypto.com metal Visa Cards. Holders enjoy exclusive benefits and rewards such as discounts, zero fees, rebates, and access to airport lounges.
In order to obtain a Crypto.com Visa Card, you must hold Cronos. By staking your Cronos token for a total of 180 days, you will be eligible to apply for a card.
Using CRO tokens on the Crypto.com Pay platform enables you to receive up to 10% in cashback. Additionally, these payments may reward you with Gift Cards from various industries.
When making transactions on the Cronos Chain, you can use your CRO tokens to pay transaction fees.
As discussed in the "What is Cronos Chain" section, EVM compatibility ensures interoperability with the smart contracts of Ethereum.
Moreover, Cronos is capable of processing a higher number of transactions than Ethereum.
Who Developed Cronos?
Cronos was launched in late 2018 by a financial services company - Crypto.com.
The core team behind Crypto.com is also responsible for launching the Cronos token. It consists of 4 people including the CEO Kris Marszalek, CTO Gary Or, CFO Rafael Melo, and managing director Bobby Bao.
Kris Marszalek successfully graduated the Adam Mickiewicz University in Poznań, Poland. Before the launch of Crypto.com, he co-founded Starline Polska, YIYI, and BEECRAZY. Crypto.com was the first blockchain-based project headed by Kris Marszalek.
Co-founder Gary Or went to the University of Hong Kong and gained a Bachelor’s degree in Computer Science. He worked with Kris Marszalek at BEECRAZY and other software engineering jobs before launching Crypto.com.
Rafael Melo went to the Federal University of Minas Gerais for his Bachelor’s degree and the University of North Carolina at Chapel Hill for an MBA. One of his major accomplishments includes securing a significant amount of money for Ensogo funding.
Bobby Bao successfully completed his studies at three universities including the University of Melbourne, NYU Stern School of Business, and the College of William & Mary. Prior to starting Crypto.com, Bobby gained experience in the China Renaissance bank.
Crypto.com was launched 2 years before Crono, in 2016.