What is Cronos?
Cronos (CRO) is the native cryptocurrency token of Cronos Chain — a decentralized, open-source blockchain developed by the Crypto.com payment, trading and financial services company.
Cronos Chain is one of the products in Crypto.com’s lineup of solutions designed to accelerate the global adoption of cryptocurrencies as a means of increasing personal control over money, safeguarding user data and protecting users’ identities.
The CRO blockchain serves primarily as a vehicle that powers the Crypto.com Pay mobile payments app.
In the future, Crypto.com plans to expand the reach of the CRO platform to power its other products as well. CRO went live in November-December 2018.
Cronos Overview
| Aspect | Details |
|---|---|
| Name | Cronos (CRO) |
| Blockchain Type | Layer-1 blockchain with EVM compatibility and Cosmos SDK |
| Main Focus | DeFi, NFTs, Cross-chain interoperability, Fast transactions |
| Token Symbol | CRO |
| Total Supply | 30 billion CRO tokens |
| Transaction Speed | Fast (low latency) |
| Transaction Fees | Low |
| Consensus Mechanism | Proof-of-Stake (PoS) |
| Key Features | – High scalability – EVM compatibility – Cross-chain bridges – Decentralized finance (DeFi) |
| Supported Ecosystem | – Crypto.com – DeFi applications – NFT marketplaces – Staking platforms |
| Staking Rewards | Yes, users can stake CRO for rewards |
| Primary Use Cases | – Payment system – DeFi protocol interaction – Staking for rewards – NFT transactions |
| Major Exchanges | Binance, KuCoin, Crypto.com, Gate.io, Huobi, OKX |
| Security Features | Secure via Cosmos SDK and EVM-based architecture |
| Developer Tools | Cronos SDK, Smart contracts, EVM integration |
| Community & Partnerships | Strong partnerships with Crypto.com, DeFi protocols, and blockchain projects |
| Website | https://cronos.org |
Key Features of Cronos
SCALABLE
Fast and cheap transactions, delivered on a carbon neutral footprint. Billions of dollars of user assets secured.
INTEROPERABLE
Leverages the best of Ethereum and Cosmos open-source technology.
POWERED BY COMMUNITY
#CROFam encompasses users, contributors and partners supporting more than 100 million people worldwide.
Discover innovative apps
Set-up your wallet, browse the ecosystem and start using DeFi protocols and Web3 games in a matter of minutes.
Build with Cronos
Run your own node, develop EVM-compatible applications or contribute to open-source projects.
Who Are the Founders of Cronos?
As a conceptioned by Crypto.com with an intention of “Making Bitcoin Z now and making Bitcoin for every wallet in future” , Cronos was founded. Crypto.com itself was founded in June 2016 as “Monaco Technologies GmbH” by Kris Marszalek, Rafael Melo, Gary Or, and Bobby Bao.
To recap, Kris Marszalek, went to the Polish Adam Mickiewicz University and earned the diploma and has paved three other companies one of them is Starline Polska which specialized in planning and producing consumer electronics,
The other is YIYI which dealt with mobile app and platform for geographically based services, and the other one was BEECRAZY that was an e-commerce company.
Rafael Melo graduated from PUC-Rio with a bachelor’s degree in engineering. Throughout his 15 years in the finance industry, Melo has worked for large companies and helped them raise more than 50 million AUD to the Ensogo social commerce site.
Meanwhile Gary Or has more than nine fullstack years of engineering experience. Or was employed as a platform architect at Ensogo and later developed the mobile application company Foris before he co-founded Crypto.com. Bachelor of Engineering, Computer Science graduates the University of Hong Kong.
Bobby Bao previously was a part of China Renaissance investment bank’s M&A department before facilitating the launch of Crypto.com. Bao has attended University of Melbourne, NYU Stern School of Business and College of William & Mary.
How Safe is Cronos?
According to its developers, Cronos Crypto has been equipped with various security features.
First of all, it uses multi-signature smart contracts (called Cronos Safe) for transactions which further enhances security as multiple parties must sign such transactions before they can be executed.
Furthermore, it also embraces hardware wallets and cold storage methods which store private keys offline thus mitigating online risks.
Users are also encouraged to follow best practices such as using strong passwords, two-factor authentication, and regular updates of the software.
All of these add to the security of users’ assets but the users also have to take necessary action in order to secure their digital assets.
Cronos Protocol vs. Competitors
| Feature | Cronos Protocol | Evmos | Reef Chain | Cosmos |
|---|---|---|---|---|
| Interoperability | Yes, supports cross-chain transactions | Yes, IBC-compatible | Yes, EVM-compatible | Yes, IBC-enabled |
| Consensus Mechanism | Tendermint BFT | Proof-of-Stake (PoS) | Nominated Proof of Stake (NPoS) | Tendermint BFT |
| Transaction Speed | Fast finality | Fast finality | Fast transactions with low fees | Fast finality |
| Smart Contract Support | Yes, supports Ethereum Virtual Machine (EVM) | Yes, EVM-compatible | Yes, EVM-compatible | Yes, supports various smart contract languages |
| Governance | On-chain governance | On-chain governance | On-chain governance | On-chain governance |
| Security | Multi-signature wallets, regular audits | Secure PoS implementation | Secure NPoS implementation | Secure Tendermint BFT implementation |
| User-Friendly Interface | Mobile-first design, gamified elements | Developer-focused | Developer-focused | Developer-focused |
| Community Engagement | Live streaming, tribes for community engagement | Developer community | Developer community | Developer community |
| Fees | Low transaction fees | Low transaction fees | Low transaction fees | Low transaction fees |
How Is the Crypto.com Coin Network Secured?
CRO is built on top of Ethereum’s (ETH) blockchain according to the ERC-20 compatibility standard, which means that its network is secured by the Ethash function.
Where Can You Buy Cronos [CRO]?
| Exchange | Trading Pair | Supported Features | Website Link |
|---|---|---|---|
| Binance | CRO/USDT, CRO/BTC, CRO/ETH | Spot trading, Staking, Futures, Savings | binance.com |
| KuCoin | CRO/USDT, CRO/BTC, CRO/ETH | Spot trading, Staking, Futures, Margin trading | kucoin.com |
| Crypto.com | CRO/USDT, CRO/BTC, CRO/ETH | Spot trading, Staking, DeFi, Card services | crypto.com |
| Gate.io | CRO/USDT, CRO/BTC, CRO/ETH | Spot trading, Margin trading, Staking | gate.io |
| Huobi Global | CRO/USDT, CRO/BTC, CRO/ETH | Spot trading, Staking, Margin trading | huobi.com |
How to Buy Cronos on huobi.com?
If you want to trade Cronos (CRO) on Huobi.com, follow these easy steps:
Create your Huobi Account
- Go to the Huobi’s Site.
- Click on red button with text “ Sign Up” and provide your email, along with a strong password.
- You would need to check your email and confirm your registration to activate your account.
Complete KYC Verification (if required)
- KYC (know your customer procedures) may be enforced by Huobi depending on the country you are from.
- The required documents usually include an ID card and proof of residential address.
Deposit Money In Your Huobi Account
After logging in, go to the “Assets” section, and then look for the option of “Deposit”
Choose how you want to deposit money in your Huobi account, ie. through a bank transfer or through paying with cryptocurrency, debit or credit card.
If making a deposit in cryptocurrency, you would select from the different cryptocurrencies available – for instance depositing bitcoin (BTC) or USDT (Tether).
Trade in the Crow Trading Pair
Make sure that once you are able to transfer your funds, you check or type into the search bar “Markets” and “CRO”
You will find assets where it can be paired with USDT, Bitcoin or Ethereum “CRO/USDT”, “CRO/BTC”, “CRO/ETH”
You can also choose assets with other preferred trading pairs.
Find a Buying Order for CRO.
When you go to the trading option, you will be able to buy, sell or trade CRO.
Choose the type of order you want:
- Limit Order: Buy at desired price by setting a specific limit to the order.
- Market Order: Buy at the current market price.
- Specify the amount of CRO you want to purchase.
- Review your order specifics and click on Buy CRO.
Check Your CRO Balance
Once you have placed and currently have an open my order, loop back to the Assets section and check on your CRO Account.
7.Withdraw (Optional)
When wanting to transfer your CRO to a different wallet, under Assets click on Withdraw. Enter your wallet address and complete the withdrawal.
Final Thoughts on Virtuals Protocol
Cronos (CRO) is making strides in the cryptocurrency world with its rapid transfers, low fees, and strong infrastructure which is built for DeFi, NFTs, and scalability.
Cronos benefits from EVM interoperability, enabling it to connect to multiple dApps effortlessly.
Furthermore, its functionality is enhanced by its affiliation with the Crypto.com ecosystem, which allows users to stake, trade, and use CRO, among other things.
Investors, developers, and crypto enthusiasts are all welcomed on the Cronos network with exciting growth opportunities. The increased use of CRO and further collaboration will allow it to remain significant on the blockchain.
FAQs about Cronos Crypto
What is Cronos (CRO)?
Cronos (CRO) is the native cryptocurrency of the Cronos blockchain, which is designed for decentralized finance (DeFi), fast transactions, and scalability. It is built to support a wide range of decentralized applications (dApps) and bridge the gap between different blockchains using Ethereum Virtual Machine (EVM) compatibility.
How does Cronos work?
Cronos operates as a high-performance, Layer-1 blockchain that uses Cosmos SDK and is EVM-compatible. It provides fast transaction speeds and low fees, making it ideal for DeFi applications, NFTs, and other blockchain-based services. Cronos enables users to create and interact with smart contracts and decentralized applications.
How can I stake CRO?
You can stake CRO on supported platforms like Crypto.com or decentralized applications (dApps) built on the Cronos network. Staking allows you to earn rewards and contribute to the network’s security.
Is Cronos a secure blockchain?
Yes, Cronos leverages the security of both the Cosmos SDK and Ethereum’s architecture. It benefits from strong cryptographic techniques, regular audits, and decentralized consensus mechanisms to maintain network security.
How can I store my CRO tokens?
CRO tokens can be stored in secure wallets like the Crypto.com app, MetaMask, or hardware wallets like Ledger and Trezor. Ensure you use a wallet that supports the Cronos blockchain.
