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.
CRO blockchain is mainly focused on providing utility to the users of Crypto.com’s payment, trading, and financial services solutions. $CRO owners can stake their coins on the Crypto.com Chain to act as a validator and earn fees for processing transactions on the network. Additionally, $CRO coins can be used to settle transaction fees on the Cronos Chain. Within the framework of the Crypto.com Pay payments app, users can get cashback of up to 20% by paying merchants in $CRO and up to 10% by purchasing gift cards and making peer-to-peer transfers to other users.
When it comes to trading use cases, the Crypto.com App allows users to earn token rewards for select listings by staking $CRO. Additionally, users can earn annual interest of up to 10-12% on their Crypto.com Coins by staking them on either the Crypto.com Exchange app or Crypto.com’s metal Visa Card. CRO acts as an instrument that powers Crypto.com’s drive to increase the adoption of cryptocurrencies on a global scale. As such, the company is continuously working on finding and developing new use cases that will allow users to leverage the cryptocurrency to enhance the control they have over their money, data, and identities.
Cronos is the first blockchain network that interoperates with both the Ethereum and Cosmos ecosystems, supporting DeFi, NFTs, and the Metaverse. It aims to massively scale the Web3 user community by providing builders with the ability to instantly port apps and crypto assets from other chains with low cost, high throughput, and fast finality.
Cronos is powered by Ethermint, which allows for the rapid porting of apps and smart contracts from Ethereum and EVM-compatible chains. Cronos’s base settlement currency is $CRO, the native token of its parallel blockchain, the Crypto.org Chain.
Built with IBC protocol from day one, Cronos allows for interoperability and bridging to the Crypto.org Chain: a fully decentralized, open-source, and energy-efficient public chain with high speed and low fees. It also facilitates interoperability with other IBC-enabled chains (e.g., Cosmos Hub, Terra) in a decentralized way.
An EVM that’s built for interoperability and offers low cost (less than 1 USD per transaction), high throughput (supporting 50 million transactions per day), and fast finality (same as the block time, or 5-6 seconds).
Tendermint can process more transactions per minute than most public blockchains, making it faster, cheaper, and greener to execute smart contracts.
IBC is a protocol that allows blockchains to talk to each other; it can transfer value, interchange assets and services, and connect without running into the scaling issues inherent in some of the largest blockchains today.
- Easy Deployment
A portable Web3 app code with libraries and standards from/to any EVM chain. Developers can easily deploy dapps on Cronos with familiar tools.