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About Cronos
Key Points
- Cronos (CRO) is the native cryptocurrency token of Cronos Chain, a decentralized, open-source blockchain developed by Crypto.com.
- Cronos Chain is designed to accelerate the global adoption of cryptocurrencies.
- CRO serves as a vehicle that powers the Crypto.com Pay mobile payments app.
- CRO went live in November-December 2018.
Founders
- Kris Marszalek, Rafael Melo, Gary Or, and Bobby Bao founded Crypto.com in June 2016.
- Kris Marszalek has founded and headed three companies prior
About Cronos: Empowering the Future of Decentralized Finance
Introducing Cronos (CRO): A Comprehensive Overview
Cronos (CRO) is the indigenous cryptocurrency token of Cronos Chain, a decentralized, open-source blockchain ecosystem meticulously crafted by Crypto.com, a pioneering payment, trading, and financial services company.
Cronos Chain is a pivotal component in Crypto.com’s comprehensive suite of solutions, strategically designed to propel the widespread adoption of cryptocurrencies, thereby empowering individuals to exert greater control over their financial lives, ensuring the confidentiality of user data, and safeguarding the integrity of users’ identities. The CRO blockchain primarily functions as the driving force behind the Crypto.com Pay mobile payments application.
Looking ahead, Crypto.com envisions a future where the CRO platform will serve as the backbone for its diverse range of products, further amplifying its reach and capabilities.
Crypto.com’s native cryptocurrency, CRO, officially launched in November-December 2018, marking a significant milestone in the platform’s development.
The Visionaries Behind Cronos: Meet the Founders
Cronos was unveiled by Crypto.com as a pivotal step towards realizing its ambitious vision of “democratizing cryptocurrency access and putting it within everyone’s reach.” Founded in June 2016, Crypto.com, initially known as “Monaco Technologies GmbH,” was the brainchild of visionary entrepreneurs Kris Marszalek, Rafael Melo, Gary Or, and Bobby Bao.
Kris Marszalek, a distinguished alumnus of Poland’s esteemed Adam Mickiewicz University, boasts an impressive entrepreneurial pedigree, having successfully founded and led three ventures prior to establishing Crypto.com: Starline Polska, a pioneering consumer electronics design and manufacturing business; YIYI, a cutting-edge location-based service mobile app and platform; and BEECRAZY, a thriving e-commerce firm.
Rafael Melo holds a bachelor’s degree in engineering from the prestigious PUC-Rio. Throughout his illustrious 15-year career in finance, Melo has collaborated with prominent companies in Asia and successfully secured over AUD 50 million in funding for the innovative Ensogo social commerce platform.
Gary Or is a seasoned software engineer, boasting an impressive nine-year tenure in full-stack engineering. Prior to co-founding Crypto.com, Or held the position of platform architect at Ensogo and co-founded Foris, a mobile app development firm. He graduated with a Bachelor’s degree in Engineering, Computer Science from the University of Hong Kong.
Prior to his instrumental role in launching Crypto.com, Bobby Bao honed his expertise in the M&A department of the esteemed China Renaissance investment bank. His academic pursuits took him to the University of Melbourne, NYU Stern School of Business, and the College of William & Mary, where he refined his skills and knowledge.
Unveiling the Uniqueness of Cronos
The CRO blockchain is primarily designed to deliver tangible value to users of Crypto.com’s comprehensive suite of payment, trading, and financial services solutions.
By staking their coins on the Crypto.com Chain, CRO owners can assume the role of validators, thereby earning fees for facilitating transactions on the network. Furthermore, CRO coins can be utilized to settle transaction fees on the Cronos Chain.
Within the Crypto.com Pay payments app, users can earn cashback rewards of up to 20% when settling transactions with merchants in CRO, and up to 10% when buying gift cards and facilitating peer-to-peer transfers to other users.
In the realm of trading use cases, the Crypto.com App empowers users to reap token rewards for select listings, contingent upon staking CRO.
Furthermore, users can reap the benefits of an attractive annual interest rate of up to 10-12% on their Crypto.com Coins, simply by staking them through the Crypto.com Exchange app or Crypto.com’s metal Visa Card.
Ultimately, CRO serves as a catalyst that fuels Crypto.com’s mission to accelerate the global adoption of cryptocurrencies. As such, the company is perpetually dedicated to discovering and developing innovative use cases that empower users to harness the potential of cryptocurrency, thereby amplifying their autonomy over their financial resources, personal data, and digital identities.
How Cronos Chain Has Provided a Significant Boost to CRO
Cronos Chain serves as a thriving hub for a diverse array of decentralized applications (dApps), boasting a staggering total value locked (TVL) of over $781.86 million, as of this writing, thereby solidifying its position as one of the largest EVM-compatible chains. Notably, it is the pioneering blockchain to facilitate seamless interoperability between the Ethereum and Cosmos ecosystems.
Notable Cronos Chain decentralized applications (dApps) propelling the widespread adoption of CRO include VVS Finance, Tectonic Finance, Ferro Protocol, MM Finance, and Single Finance, all of which have opted to utilize CRO as their primary payment method for facilitating seamless transactions.
The Circulating Supply of Cronos (CRO) Coins: An Overview
The total supply of CRO is capped at 30 billion coins, a figure that was established when the blockchain launched, following the burning of 70 billion CRO in 2021. This predetermined supply makes CRO a non-mineable cryptocurrency, distinguishing it from others in the digital asset space.
The total supply of CRO will be strategically allocated across five distinct purposes:
- 30% — Secondary distribution and launch incentives, disbursed in batches on a daily basis over a five-year period commencing November 14, 2018;
- 20% — Capital reserve, frozen until November 7, 2022;
- 20% — Network Long-Term Incentives, frozen until November 7, 2022;
- 20% — Ecosystem grants, frozen until the inaugural launch of Crypto.com Chain Mainnet;
- 10% — Community development initiatives.
The Security Framework of the Crypto.com Coin Network
CRO is erected upon the robust foundation of Ethereum’s (ETH) blockchain, adhering to the ERC-20 compatibility standard, thereby ensuring the security of its network through the stalwart Ethash function.
Where to Acquire Cronos (CRO): A Comprehensive Guide
CRO coins are listed on a multitude of reputable cryptocurrency exchanges, including:
- Prominent cryptocurrency exchanges, including Bittrex, OKEx, and Huobi Global,
The Cronos Chain: A Revolutionary Blockchain Ecosystem
Cronos Chain, an Ethereum-compatible blockchain, was recently inaugurated to operate in tandem with the Crypto.org blockchain, analogous to the Binance Chain and Binance Smart Chain (EVM-compatible) paradigm. The mainnet beta of Cronos Chain went live on November 8, 2021, and is built upon the Cosmos SDK, leveraging a proof-of-authority (PoA) consensus mechanism. Notably, its Ethereum Virtual Machine (EVM) compatibility enables the seamless porting of thousands of DApps built on Ethereum onto the Cronos Chain. Moreover, it also supports the Inter Blockchain Communications (IBC) protocol, thereby facilitating seamless bridging to the Cosmos ecosystem of DApps.
Notwithstanding its recent inception, the total value locked (TVL) has experienced a meteoric rise, surging to an astonishing high of over US$2 billion in a mere three months. This remarkable growth can be partially attributed to the Particle B $100 million CRO EVM fund, which has successfully incentivized developers to build on Cronos. Furthermore, the $CRO token has witnessed a staggering 350% price surge since its launch, peaking at $0.96. Meanwhile, the highly anticipated bridge connecting Ethereum and Cosmos is expected to debut in the near future.
The Cronos Galileo Update: A New Frontier
On January 18, 2023, the Cronos team proudly declared the successful completion of its latest mainnet upgrade, dubbed “Galileo” (version 1.0). This milestone marks a significant transition for the blockchain, as it graduates from beta, boasting an impressive track record of handling over 65 million transactions for more than 1 million users, all while maintaining an impeccable uptime record.
Cronos v1.0 heralds a significant milestone, boasting four pivotal enhancements:
- Enhanced transaction throughput via optimized mempool prioritization;
- Streamlined node storage, yielding a 30% reduction in storage requirements for full nodes;
- A significant 50% reduction in node start-up time, accompanied by additional node performance enhancements;
- New Cosmos features designed to foster seamless EVM/Cosmos interoperability, including IBC incentivization and IBC token transfer memo fields.
Unlocking the Boundless Potential of Cronos (CRO)
Cryptocurrency exchange Crypto.com proudly asserts that Cronos (CRO), formerly known as Crypto.com Coin, stands as a pivotal milestone in their endeavour to propel the blockchain and Web 3.0 revolutions forward.
Crypto.com has unveiled Cronos Chain, an EVM-compatible sidechain that seamlessly integrates with its flagship Crypto.org Chain. Notably, both chains, as well as the exchange, leverage the versatility of CRO tokens to facilitate a multitude of use cases.
Cronos Chain Roadmap Progress: Unlocking the Full Potential of CRO Utility
Cronos Chain has unveiled an ambitious roadmap for 2022, and has successfully checked off several milestones in the first and second quarters of the year. Notably, the launch of the Cronos Chain Ambassador Program, dubbed CROnauts, has been implemented to recognize and reward the most active and dedicated community members.
The fourth round of the Cronos Ecosystem Grant was officially unveiled in August, with five innovative projects – Cobo, DeFi.Watch, Robo Vault, Chainstack, and Grindery – being awarded grants to further develop their decentralized applications (dApps) following their participation in the Cronos Chain Hackathon.
Notably, as of this writing, the remaining Q4 roadmap milestones comprise the implementation of protocol governance, interchain accounts, and the integration of EVM packets via IBC.
Crypto.com’s Pioneering Efforts in Advancing CRO
The exchange-backed blockchains have not been the sole catalysts driving the widespread adoption of CRO. Notably, the surge in activities on Crypto.com during 2021-2022 has provided a substantial impetus to the adoption of CRO.
In 2021, Crypto.com made a landmark announcement, unveiling a massive token burn that resulted in the permanent removal of 70 billion CRO tokens from circulation. Furthermore, the exchange established multiple strategic partnerships, underscoring its ambitious drive to bring cryptocurrency to a staggering 1 billion users.
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