What is Cronos (CRO)?

Cronos (CRO) is a Cosmos SDK-based Ethereum Virtual Machine (EVM) compatible with IBC (Inter-Blockchain Communications) network functionality. As a result, it is easy to move Ethereum smart contracts and decentralized apps (dApps) to the Cosmos ecosystem.

The network functions with the Crypto.org blockchain, which facilitates Crypto.com’s Pay feature. The company behind it is Crypto.com, which has been active in the cryptocurrency market for some years.

Its original name was Monaco Technology. It later rebranded to Crypto.com, changing its native Monaco Coin (MCO) to CRO (Crypto.com Coin). With the advent of the Crypto.org blockchain, the company renamed the token Cronos (CRO) while preserving the ticker symbol CRO.

CRO is the native coin on both the Crypto.org and Cronos blockchains. It is crucial to the functioning of the whole Crypto.com ecosystem.

In addition, Crypto.com introduced DeFi Swap, a decentralized exchange, to expand its operations into the realm of decentralized finance. By the end of 2020, Crypto.com had achieved over five million users globally.

Who Created Cronos (CRO)?

Kris Marszalek launched Cronos as a sidechain to Crypto.com’s blockchain on November 8, 2021. The Polish businessman is the Singapore-based company’s current CEO.

Cryptocurrency enthusiasts may remember Monaco as a cryptocurrency payment service. As one of the first companies to offer blockchain-based debit cards in 2016, it gave consumers complete control over their money and data. In 2018, Monaco changed its name to Crypto.com to facilitate and accelerate the worldwide transition to cryptocurrency.

How Does Cronos (CRO) Work?

Cronos (CRO) runs as an EVM-compatible sidechain powered by Ethermint and runs alongside the Crypto.com blockchain. Ethermint technology is intended to operate Ethereum as an application-specific blockchain. This version gives Cronos (CRO) developers access to all Ethereum’s desired capabilities. It also offers scalability and lower costs than the Tendermint-based Cosmos SDK, which serves as the framework’s foundation.

Consensus on the Cronos network requires the Proof of Stake (PoS) engine from Tendermint Core. To encourage excellent conduct when validating transactions, validators on the PoS system must lock a percentage of their assets in a smart contract. Many established networks employ Proof of Stake (PoS), which provides more scalability than Proof of Work (PoW).

As Cronos is an open-source blockchain, holders of CRO tokens may participate in its governance. Anyone may offer a proposal, get funding, and vote for it and others to ensure its acceptance.

Is Cronos (CRO) a Good Investment?

Cronos was not one of the most profitable businesses in 2021 but experienced significant expansion. CRO closed 2021 as the twenty-first largest cryptocurrency by market capitalization after a spike of over 850%.

Cronos has seen a recent upgrade in terms of utility with the introduction of NFTs to the ecosystem. While it’s not one of the most popular NFT blockchains, many creators and collectors have tested its capabilities since its introduction. This might be enough to make it worth investing in. However, you must exercise prudence and conduct your research before investing in it. As cryptocurrencies are highly volatile and their prices might swing both ways, never invest more than you can afford to lose.