What Is Crypto.com Coin (CRO)?

Crypto.com Chain was developed to ease the global adoption of crypto as a form of payment. This adoption is achieved by enabling transactions between customers and merchants worldwide. The chain aims to be a next-generation public blockchain solution. Crypto.com Chain is intended to meet the requirement of widespread ease of integration and fast settlement of cryptocurrency in the real world. 

As per the whitepaper, the blockchain mainly acts as a vehicle that powers the Crypto.com Pay mobile payments app. Crypto.com Chain powers the application in terms of usability, payment, and trading and supports any financial service. Crypto.com Chain is a tendermint software-based protocol launched by Crypto.com. Tendermint is software that replicates an application securely and consistently on many machines, i.e., the software works in the same state even if one-third of the machines fail.

CRO is the native token of Crypto.com and fuels the ecosystem of Crypto.com. 

Crypto.com Chain utilizes the Cosmos SDK and Tendermint Core’s Byzantine fault tolerance (BFT) consensus mechanism. The Cosmos SDK is a framework for building blockchain-based applications. BFT ensures that a distributed network will continue to operate even when some of the nodes in the network fail to respond or function maliciously. 

Crypto.com Chain uses four distinct node types: council, acquirer, settlement, and community nodes. The nodes maintain the consensus and the overall security in the network. Council nodes, also known as validator nodes, are used by Crypto.com Chain and third-party entities by meeting the minimum staking requirements and other essential criteria. Validator nodes are mainly used to execute settlements and verify all crypto transactions on the network. Next, acquirer nodes are used to settle transactions on behalf of merchants or customers. A settlement agent node is intended to provide price stability and traditional currency payout for merchants. Lastly, community nodes are set to achieve public participation and evaluation of the transactions. Crypto.com allows customers and merchants to set up community nodes with the ability to read and process data on the network and settle among themselves. Community nodes are used when an individual community member’s transaction is to be settled by the community members. Crypto.com is thus constructed on a rigid foundation of security, privacy, and compliance.

History of Crypto.com (CRO)

The Crypto.com Coin (CRO) is the native token of the Crypto.com Chain, developed by CRO Protocol Labs. Crypto.com is a Hong Kong-based payment and cryptocurrency platform. The company was cofounded by Kris Marszalek, Rafael Melo, Gary Or, and Bobby Bao in June 2016. The whitepaper of CRO was published on November 20, 2018.

Kris Marszalek, the CEO, is an alumnus of the Polish Adam Mickiewicz University. Before starting Crypto.com, he founded and headed BEECRAZY.com, YIYI Hong Kong Limited, and Starline Polska Sp. z o.o. 

Rafael Melo is an engineer from the PUC-Rio. His 15-year-long career in finance with major companies in Asia helped him in securing a fund of over 50 million AUD (38 million USD approx.) for the Ensogo social commerce website. 

Gary Or has nine years of full-stack software engineering experience. Before cofounding Crypto.com, he worked as a platform architect at Ensogo and cofounded the mobile app development firm Foris.

Bobby Bao has experience in investment banking, corporate development, and investor relations. Prior to launching Crypto.com, he headed corporate development at Ensogo and also served as an investment banker at China Renaissance. 

Initially, the tokens were distributed only via secondary distribution, i.e., there was no ICO, no presale, and no Public sale. The tokens were initially used as network fee incentives and progressively started distribution on networks at prevailing market prices. 

The maximum total supply is 100,000,000,000 CRO tokens. 

How Are New CROs Created?

CROs, like other cryptocurrencies, can be mined using GPUs and ASICs. One can also earn CROs via staking and as transactional bonuses awarded by Crypto.com. On the Crypto.com Chain, CRO owners can stake their coins to act as a validator and receive processing fees for their contributions. Additionally, transaction fees can be paid as CRO coins on the Crypto.com Chain.