27 June 2022
Cronos has been the initial blockchain network to bridge Ethereum and Cosmos, but it supports decentralized finance, non-fungible tokens, as well as the metaverse. Web3 hopes to attract a large number of new users by facilitating the migration of apps from several other networks to its own in a way that is inexpensive, elevates output, as well as quick to reach conclusions. Ethermint facilitates the migration of smart contracts and apps from Ethereum and other EVM networks to the Cronos network. The CRO coin, which is native to the Crypto.org Chain, is the primary agreement money used by Cronos.
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The Cronos Network is only one of several goods offered by Crypto.com with the goal of hastening the worldwide implementation of Cryptocurrencies by giving people greater authority over their own finances, data, and identities. Using the CRO blockchain, the Crypto.com Payment android application may be used to make payments. In the coming years, the CRO platform will be used to drive further Crypto.com offerings.
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Future of Cronos
After its recent AMA, the Cronos group revealed their plans for the near future, which include: By presenting a plan for blockchain compatibility that includes various networks, and by extending the IBC connection to other chains and adding assistance for more Cosmos-based assets, Improving bitcoin acceptance as well as recruiting fresh gameplay as well as metaverse initiatives; introducing new customers to Cronos, especially those who wouldn't have known of DeFi or Web3.
What Makes Cronos Unique?
The main focus of Crypto.com's blockchain platform is on facilitating user-to-user financial transactions, such as those involved in making purchases or selling goods. In order to validate transactions and earn transaction charges on the Crypto.com Chain, CRO currency holders may stake their tokens. Charges for using the Cronos Chain may be paid for using CRO tokens. Customers of the Crypto.com Pay payment application may get a refund of up to 20% and gift vouchers of up to 10% when completing purchases and P2P transactions, respectively. If you stake CRO on the Crypto.com Application, you may get coin pay-outs for certain listings. Customers may get interest of up to 12.0 percent per year on their Crypto.com Currency by using either the Crypto.com Exchange application or the Crypto.com metallic Visa Card. The CRO on Crypto.com is a useful tool for spreading awareness about Cryptocurrency throughout the globe. So as to help its customers better manage their finances, personal information, and online persona, the firm is always on the lookout for novel applications of Cryptocurrencies.
Integration of Crypto.com Ecosystem with Cronos
It is simple for Crypto.com members to make the transition to Cronos once they participate in Decentralized Finance. Crypto.com as well as Cronos are separate companies, although the site provides materials and assistance for the Cronos network. Right now, Cronos may be used with the Crypto.com application, exchanges, as well as Decentralized Finance wallets. Customers of the Crypto.com application and exchanges may easily move their assets to the Cronos platform, and also the Decentralized Finance Wallet will shortly handle a wide variety of assets listed on the Cronos platform.
What Is Cronos Chain?
Cronos Chain, a blockchain that is suitable with Ethereum, was really just released and will operate in tandem with the Crypto.org network. Like Binance Chain as well as BSC, this is a decentralized ledger that is EVM-compatible. The beta release of Cronos Chain's mainnet, which is based on the Cosmos software development kit and employs a PoA consensus process, became online on November 8, 2021. Because of its interoperability with the EVM, the hundreds of decentralized applications developed for Ethereum may be transferred to the Cronos Chain. But it may connect to the Cosmos Decentralized Application ecosystem thanks to its assistance for the IBC protocol. Total value locked expansion has surged amid the sudden introduction, hitting more than US $2 billion in less than three months. As a result of the Particle B $ 100 million CRO EVM investment, which provides financial rewards for designers to create applications on Cronos, this may be the case. Tokens for $CRO have increased in value by nearly 350% since their release, peaking at $0.96. Upcoming plans include constructing a gateway between Ethereum as well as Cosmos.
Compatibility and Support of Cronos and Crypto.org Chain
Cronos can execute reliable smart contracts and therefore is EVM compliant, unlike the Crypto.org Chain. Eventually, the Crypto.org Chain would include CosmWasm smart contract implementation, which will mostly appeal to Go and Rust programmers. Designers with expertise on Ethereum or another EVM chain are the ideal audience for Cronos, as they will be able to quickly pick up the reliability language and start constructing Decentralized applications on the Cronos network.
How Many Cronos Coins Are There In Circulation?
Due to its non-mineable nature, the overall supply of CRO is capped at 30 billion tokens after 70 billion CRO were burnt in 2021. Many of the CRO would be divided up among 5 uses: Twenty percent will be held in a financial backup till November 7, 2022; twenty percent will be held in a network long-term reward pool till November 7, 2022; and twenty percent will be held in environment awards till the inauguration of the Crypto.com Chain Mainnet on November 14, 2023. Plus 10% for neighborhood improvement.
The number of people using the Cronos chain had already increased quickly from its very introduction. Currently, there are more than 350,000 on-chain locations, as well as its TVL of $2.5 billion. Its trade volume is $15 million per day. The Cronos Currency is the eighteenth most valuable Cryptocurrency right now.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.