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What Is Cronos [CRO]?
Cronos (CRO) is the native cryptocurrency token of Cronos Chain — a decentralized, open-source blockchain developed by the Crypto.com payment, trading and financial services company.
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.
In the future, Crypto.com plans to expand the reach of the CRO platform to power its other products as well.
CRO went live in November-December 2018.
Cronos was launched by the Crypto.com company as part of its vision of “putting cryptocurrency in every wallet.” Crypto.com itself was founded in June 2016 as “Monaco Technologies GmbH” by Kris Marszalek, Rafael Melo, Gary Or and Bobby Bao.
Kris Marszalek, an alum of the Polish Adam Mickiewicz University, has founded and headed three companies prior to starting Crypto.com: consumer electronics design and manufacturing business Starline Polska, location-based service mobile app and platform YIYI and the e-commerce firm BEECRAZY.
Rafael Melo earned his bachelor’s degree in engineering from the PUC-Rio. Over his more than 15-year-long career in finance, Melo has worked with major companies in Asia and helped secure over 50 million AUD in funding for the Ensogo social commerce website.
Gary Or is a software engineer with over nine years of fullstack engineering experience. Prior to co-founding Crypto.com, Or worked as platform architect at Ensogo and co-founded the mobile app development firm Foris. He received his bachelor’s degree in engineering, computer science from the University of Hong Kong.
Before helping launch Crypto.com, Bobby Bao worked in the M&A department of the China Renaissance investment bank. Bao has studied at the University of Melbourne, NYU Stern School of Business and the College of William & Mary.
- Kris Marszalek | Co-Founder & CEO: Before, Kris has been a founder in the tech space 3 times before
- Rafael Melo, CPA | Co-Founder & CFO: Rafael has 15+ years of experience in finance, he was a CFO at Mobile Payment Solution
- Gary Or | Co-Founder & Founder of Particle B: Hacker, Product Designer, Entrepreneur, 9 years of full stack engineering experience (RoR, Elixir, Golang)
- Bobby Bao | Co-Founder & Head of Corporate Development: Leader of corporate development efforts in Asia. Bobby is deeply connected within the blockchain industry in the region. Named to the 2018 Forbes’ 30 Under 30 List.
The Crypto.com Ecosystem
The most important element of the ecosystem is the Crypto.com trading platform. Here, users have the opportunity to trade hundreds of cryptocurrencies at a low cost. But the exchange is only one element of the entire ecosystem. With a blockchain, crypto credit cards, earn programs, a DeFi wallet, and an NFT marketplace, crypto fans will find everything they desire.
- Exchange: Crypto.com was born as an Exchange, with the distinctive feature to be designed mobile-first with its app. You can do everything from your cell phone or you can use it via desktop as CEX.
- Payments: The app also features payments and purchases.
- NFT: Crypto.com has launched its own curated NFT marketplace
- Staking: Crypto.com offers a staking service with market-leading rewards.
- DeFi: Since November 2021, an increasing number of Defi applications are being born on Cronos.
Crypto.com Coin (CRO)
Crypto.com Coin (CRO) is the native cryptocurrency of the Crypto.com Chain — a decentralized open-source blockchain developed by Crypto.com. The Coin aims to accelerate the global adoption of cryptocurrencies to increase personal control over money, but at the same time protect the identity of users. In the Crypto.com ecosystem, CRO is used to:
- Payments: Crypto.com Pay and VISA cards
- Trading: centralized exchange
- Financial Services: Crypto.com Earn and Cronos’s Defi applications
CRO, therefore, is widely used and its usefulness continues to grow.
The New Cronos Chain
Cronos is an EVM-compatible blockchain built using the Cosmos SDK framework, with which Crypto.com’s core network is also built. It is a decentralized blockchain that allows parallel blockchains to be connected. Being the center of the platform, the Cosmos Hub acts as layer 1 for many projects.
The different blockchains are connected to the main blockchain through the hub.
Live since November 2021, Cronos is a EVM-compatible chain designed to support the Creator Economy with applications such as DeFi and GameFi, ultimately serving as foundational infrastructure for the Metaverse. Cronos delivers dramatically faster and cheaper transactions than Ethereum mainnet, making decentralized applications (DApps) and smart contracts more user and environment friendly.
The blockchain connects the Ethereum ecosystem with the world of Cosmos applications. This means it is capable of interacting with two environments, supporting the development of Defi, NFT, and web3 applications. Has somebody said metaverse?
Cronos is powered by Ethermint, an evolution of Tendermint. Hence why the platform is efficient, scalable, and completely open-source. The network, therefore, allows the rapid porting of applications and smart contracts from Ethereum The IBC then ensures great interoperability, transaction speed, and low fees.
How Does Crypto.com Blockchain Secure The Network?
The Crypto.com chain is built atop the Ethereum blockchain, which enables ERC20 compatibility. The network is secured by the Ethash function, which is a proof of work (PoW) algorithm that’s modified from Dagger-Hashimoto. Ethash requires that the hashing process output must create a hash value lower than the threshold. The Ethereum network increases or decreases the threshold to ensure blocks are mined at an appropriate rate.
To maintain security, the Crypto.com chain uses a framework called threat modeling. This ensures that the network can properly predict, identify, and protect the blockchain against threats using the STRIDE model, which focuses on:
- Denial of Service
- Elevation of Privilege
The architecture of the CRO blockchain is designed to facilitate mobile payment through a variety of specialized features, which it achieves through the use of several nodes. Each node supports a separate layer as described below.
These nodes manage transactions, validations and settlements, and receive processing fees. Council nodes are compensated for each transaction they process.
Merchant and customer acquirer nodes provide escrow services, manage settlements for other users, and provide other services and verification related to merchants’ transactions. They’re rewarded according to the amount of each transaction they process.
Settlement agent nodes
These nodes sell CRO tokens for stable currencies, and settle their own operations to ensure merchants have access to stable price conversion options post-settlement. Settlement agent nodes are compensated with a flat-rate fee for each fiat payout they process.
Community nodes help customers and merchants to complete direct transactions. These nodes also serve as a home base for other users wishing to monitor various operations.
What Makes Cronos Unique?
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.
Overall, 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.
How Many Cronos [CRO] Coins Are There in Circulation?
The total supply of CRO is limited to 30 billion coins (following 70 billion CRO burned in 2021), all of which were created when the blockchain went live — making it a non-mineable cryptocurrency.
The total supply of CRO will be allocated for five different purposes:
- 30% — Secondary distribution and launch incentives – released in batches on a daily basis over five years from November 14, 2018;
- 20% — Capital reserve – frozen until Nov, 7, 2022;
- 20% — Network Long-Term Incentives – frozen until Nov. 7, 2022;
- 20% — Ecosystem grants – frozen until the launch of Crypto.com Chain Mainnet;
- 10% — Community development.
Crypto.com VISA Debit Card
The Crypto.com VISA debit card is perhaps the most appealing aspect of the entire Crypto.com ecosystem. The VISA debit card was in fact the platform on which Crypto.com first launched their ICO. There are five tiers of cards available to the public. Users can unlock higher and higher tiers of the VISA debit card by staking more CRO tokens within the Crypto.com mobile application. The bottom tier is free for all users, and offers the users the smallest number of perks. The highest tier requires users to stake an eye-popping $400,000 USD in CRO tokens. All of the benefits of the higher tiers include all the benefits that the lower tiers have, and more.
Crypto.com offers a free card to anyone wishing to spend their cryptocurrency. By using the free Crypto.com card, you earn 1% paid in CRO for all purchases. The free card is perfect for anyone wishing to try out the Crypto.com services, and earn a bit of crypto cashback for their purchases.
Ruby Red Card
The real benefits start to build up once you stake some CRO tokens. In order to unlock the Ruby red card, you need to stake $400 in CRO tokens. After staking the tokens, you get a 100% Spotify membership rebate. This rebate is paid in CRO. Lastly, you get double the amount of cashback you get from the free card, 2% cashback on everything.
Jade Green / Indigo Card
The Jade Green / Indigo cards tier starts to be for the more serious investors. In order to unlock this tier, you need to stake $4,000 in CRO. You get to keep the Spotify rebate from the Ruby Red tier. Additionally, you will get a 100% rebate on your netflix subscription. By holding this tier of cards, you will also get free access to an airport lounge located at all major airports. Finally, you get 3% cashback on all your purchases.
Icy White / Rose Gold Card
The Icy White and Rose Gold card is where the benefits are taken to a whole other level. This tier of card comes will all of the benefits explained in earlier cards and more but it requires a stake of $40,000 in CRO. Continuing with the rebates, the Icy White / Rose Gold card will give you a 100% rebate on Amazon Prime. Furthermore, you will get 10% cashback on all Expedia purchases. Crypto.com will award anyone in this tier with a merchandise welcome pack, a bonus 2% interest through Crypto.com Earn, and exclusive access to Crypto.com Private. Crypto.com Private is a service where you may purchase large amounts of cryptocurrency at once, as well as gain access to industry events and research reports. With this tier of card, you may take a friend into the airport lounge, and earn 4% on all your purchases.
Obsidian Black Card
The Obsidian Black card is the highest tier offered by Crypto.com and requires an astronomical stake of $400,000 in CRO. The main differences between the Obsidian Black card and the Icy White card is a couple of travel perks, and an additional 1% cashback (bringing it up to 5%) on all purchases. You get 10% cashback on AirBnB purchases, and you’ll be flying in style. Obsidian Black users get access to a private jet.
Roadmap And Updates
Updates: Let’s look at the four stages Cronos has gone through to assess its development period.
July – August 2021
- Introduced Cronos and the testnet.
- Announced the $100M fund to support developers building on Cronos.
- First partnered with Chainlink and Band Protocol oracles.
- Announced Cronos Hackathon with a $500,000 Prize Pool including DeFi, NFT, GameFi, Web3, Metaverse aspects.
- Introduced VVS finance, the first AMM on Cronos.
- Launched Cassini – the Cronos Incentivised Testnet with a $300,000 Prize Pool.
- Held live Speak Session with well-known developers and staff from Cronos’ partnership network, such as Chainlink, Band, Cosmos, Enjin,…
- Introduced Tectonic, the first money market on Cronos.
- Cronos Mainnet Beta went live.
- Introduced the Cronos Bug Bounty Program with a nearly $1.4M Prize Pool.
- DeFi legos are initially porting to Cronos such as Beefy Finance, Debank, autofarm.network, Crystal Finance, Annex Finance…
- Bridging Cosmos assets to Cronos.
- Rolling out Gravity Bridge.
- Cronos Upgrade.
As can be seen, Cronos is hustling to expand the network. It quickly announced the $100M Fund to support developers after releasing the testnet.
Within only three months, Cronos announced $500,000 in value for the Cronos Hackathon, followed by $300,000 in value for the Cronos Incentivised Testnet, and $1.4M for the Cronos Bug Bounty Program. It is clear that the team cares about network security and the incentive scheme, which aims to encourage as many developers as possible to come to this chain.
This strategy worked. Although Cronos has just been introduced for five months, it is now ready to adopt the DeFi protocol and welcome users as well as the money flow.
Cronos chain was built at a breakneck pace, implying that Crypto.com had long planned to build their own blockchain.
Cronos has a large number of partners. Some of their crucial partners are in Infrastructure, Validators, blockchain analytics and Risk Management fields.
Depending on how you deposit money into your Crypto.com account, it could be a very affordable way to trade.
Deposit And Withdrawal Fees
|ACH transfer||Free (minimum $20)|
|Wire transfer||Free (minimum $5,000)|
|Debit / credit card crypto purchases||Up to 4% (waived for first 30 days on Crypto.com app)|
|Purchase crypto with money you’ve deposited||Free|
|Send crypto to other Crypto.com App users||Free|
|Exchange crypto to crypto||Free|
|Crypto deposit fees||Free|
|Crypto withdrawal fees||Depends on currency. (For example, it costs 0.0001 BTC to withdraw Bitcoin and as little as 0.001 CRO to withdraw Cronos.)|
Maker / Taker Fees
|30 DAY TRADING VOLUME (USD)||MAKER||TAKER|
|$0 – $250,000||0.40%||0.40%|
|$25,001 – $50,000||0.35%||0.35%|
|$50,001 – $100,000||0.15%||0.25%|
|$100,001 – $250,000||0.1%||0.16%|
|$250,001 – $1,000,000||0.09%||0.15%|
|$1,000,001 – $20,000,000||0.08%||0.14%|
|$20,000,001 – $100,000,000||0.07%||0.13%|
|$100,000,001 – $200,000,000||0.06%||0.12%|
|$200,000,001 and above||0.04%||0.10%|
Crypto.com wants to grow. To do that, they need high trading volumes, high liquidity, and high take up of its Crypto.org coin. To that end, they’re willing to charge lower fees depending on:
- Whether you’re a market maker or taker
- How much you trade
- How much CRO you have staked
For example, if you want to trade something that isn’t immediately available, you’ll pay a lower “maker” fee because you’re adding liquidity. If your trade goes through straight away, you’ll pay a higher “taker” fee because you’re taking away liquidity.
If you’ve staked 5,000 CRO or more, you’d qualify for a 10% trading discount. If you’ve also traded less than $250,000 this month, you’d pay a 0.36% maker or taker fee on your trade.
|≥ 5,000 CRO||10%|
|≥ 10,000 CRO||20%|
|≥ 50,000 CRO||40%|
|≥ 100,000 CRO||60%|
|≥ 500,000 CRO||70%|
|≥ 1,000,000 CRO||80%|
|≥ 5,000,000 CRO||90%|
|≥ 50,000,000 CRO||100%|
Great for crypto payments
Easy to convert money
Visa card with cash back rewards
Earn interest on crypto
Difficult to navigate
Coins aren’t universally available
Poor customer service
Lack of educational resources
CRO Price Prediction
WalletInvestor makes a CRO coin price prediction that suggests the price could hit $1.02 in a year’s time and $3.44 in five years.
According to Gov.Capital, the Cronos price prediction for 2022 suggests the coin could break the $0.50 barrier in July. The projection for one year’s time is for the coin to reach $1.00 and estimates say that in five years’ time, the CRO price will be $5.53.
DigitalCoinPrice suggests CRO is very bullish in the near future, projecting an almost 50% upswing from the current value at some stage in April to a value of $0.65. The site also forecasts the coin could go down again to $0.58 in June, and back up to $0.64 in December. The site forecasts an average value of $0.63 in 2023, $0.65 in 2024 and the Cronos price prediction for 2025 is an average of $0.88.
PricePrediction makes a more bullish forecast, suggesting an average of $0.83 in 2023, $1.19 in 2024 and $1.69 in 2025. The site suggests a general year-on-year uptrend providing a Cronos price prediction for 2030 of $11.96.