What is Cronos?

Cronos (CRO) is the native token of Cronos Chain, a decentralized, open-source blockchain developed by Crypto.com. The primary function of the CRO blockchain is to facilitate the Crypto.com Pay mobile payments app. Cronos Chain is part of Crypto.com's suite of solutions that aim to increase global adoption of cryptocurrencies, enhancing personal control over financial assets, safeguarding user data, and protecting user identities. The total supply of CRO was established when the blockchain went live, making it a non-mineable cryptocurrency.

How does Cronos work?

Cronos operates on a Proof of Authority (PoA) consensus mechanism, built on top of Ethereum’s (ETH) blockchain according to the ERC-20 compatibility standard. This means that its network is secured by the Ethash function. CRO owners can stake their coins on the Crypto.com Chain to act as a validator and receive compensation 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 may receive compensation by transacting with merchants in CRO and by purchasing gift cards and making peer-to-peer transfers to other users.

What are the potential use cases for Cronos?

Cronos aims to provide utility to the users of Crypto.com’s payment, trading, and financial services solutions. It is used primarily to facilitate the Crypto.com Pay mobile payments app, allowing users to receive compensation by transacting with merchants in CRO. In addition, CRO coins can be used to settle transaction fees on the Cronos Chain. The Crypto.com App allows users to receive token rewards for select listings by staking CRO. Users may also receive annual compensation on their Crypto.com Coins by staking them on either the Crypto.com platform or Crypto.com’s metal Visa Card.

What is the history of Cronos?

Cronos was launched by the Crypto.com company in late 2018 as part of its vision of “putting cryptocurrency in every wallet.” Crypto.com was founded in mid-2016 as “Monaco Technologies GmbH” by Kris Marszalek, Rafael Melo, Gary Or, and Bobby Bao. The Cronos Chain hosts various decentralized applications (dApps) and has a total value locked (TVL) of a substantial amount, making it a notable EVM-compatible chain. It is a blockchain that enables interoperability between the Ethereum and Cosmos ecosystems. In early 2023, the Cronos team announced that its latest mainnet upgrade, “Galileo” (version 1.0), had been completed.