What is Cronos Crypto?
Cronos is an Ethereum Virtual Machine (EVM) aligned sidechain running concurrently with the Crypto.com Blockchain. It is also the first Blockchain compatible with combining Ethereum and Cosmos ecosystems. However, while connecting them, Cronos also supports Defi and NFTs. The network aims to help the Web3 user community port apps and crypto-assets seamlessly within different Blockchains. It also promises users low cost, high throughput, and speed during these movements. Cronos and its parallel Blockchain- Crypto.org chain are very similar bar some slight differences. While Crypto.org is a standard Blockchain, Cronos is EVM-compatible. The native token of Cronos is the same as that of Crypto.org- CRO.
How Does Cronos Work?
Ethermint powers Cronos and allows the Blockchain to scale seamlessly with Ethereum and EVM-compatible Blockchains. Also, because of its Inter-Blockchain Communication (IBC) protocol, Cronos users can interact successfully with users within the Crypto.org chain. This feature is also why Cronos can interoperate with other IBC-enabled blockchains like Cosmos and Terra in a decentralized model. Cronos runs on a particular type of Proof-of-Work (PoW) mechanism- the Proof-of-Authority (PoA) consensus algorithm. In this consensus mechanism, validators get rewards for every node added to the Crypto.org or Cronos chain. However, the unique thing about the rewards is that they are transparent and solely based on effort contributed.
Features Of Cronos
EVM Compatability
Cronos is EVM-compatible and can support any DAO, Smart Contract, or D’App deployed on the Ethereum Blockchain. The reason behind such abilities is that it is powered by Ethermint- A Proof-of-Stake (PoS) chain interoperable with Ethereum.
Highly Scalable
Cronos is scalable and very fast, as it executes transactions swiftly. The processing time on the chain is higher than that of top Blockchain like Ethereum. It is also important to note that it is cheaper to execute smart contracts when compared to Ethereum. Transaction costs are as low as $0.50 at the time of writing.
Interoperable
With the IBC protocol embedded, Cronos can interact and communicate with the Crypto.org chain and other IBC networks like Cosmos. Users can transfer CRO from the Crypto.org Chain to Cronos using the Cronos Decentralised Bridge.
Easy Deployment
Cronos is easy to deploy, as users only have to follow simple instructions for deployment. Apart from offering speed and cheaper transactions cost, the Blockchain is easy to operate for even novices.
Energy Efficient
Cronos is energy efficient and has a low carbon footprint. In comparison to other PoW Blockchains, Cronos is very energy efficient.
Crypto.com’s integration
Crypto.com users can quickly move between the two independent entities seamlessly. Cronos users can bridge assets from Crpto.com suites, much to their advantage. New Defi users are also not exempted, as they can easily port from crypto.com to Cronos freely.
About CRO Token
Since 2018, CRO has fueled the Crypto.com lineup of solutions tailored to accelerate the global cryptocurrency adoption. CRO is also the utility token of Cronos and that of the Crypto.com chain and the Crypto.com exchange. The token is a utility coin used in the governance of the Blockchain and its partners. The token has no pre-sale or public sale and is only available in secondary markets. Its users can earn interest via staking and access different reward systems on paid-in-advance Visa cards.
Token holders can use CRO for payments via Crypto.com Pay, Crypto.org Chain, and Visa Card. CRO is available on Decentralized exchanges (DEXs) like DEXs: Coin98 Exchange, Uniswap, and SushiSwap. It is also available on Centralized Exchanges (CEXs) like Crypto.com Exchange, Coinbase, and Houbi Global. The token is widely used in the Crypto.com ecosystem and has a Circulating Supply of 25,263,013,692 CRO. Alternatively, it has a total supply of 30,263,013,692 tokens.
How To Buy CRO Token
Buying CRO is very easy and traders can purchase it on the Crypto.com exchange. However, there are other alternative exchanges that also offer the CRO token:
Coinbase
KuCoin
FTX
Gate.io
Should you Buy CRO Token?
CRO has been predicted to be positive, irrespective of the performance of the crypto market. Historically, the coin has been performing well since it first began trading in late 2018. One of the predictors of its performance will be the activities and upgrades of the Crypto.org chain. The 2021 rally of the token saw it witness a price leap of more than 1,400% between Jan and Nov. However, this is one of the indicators that 2022 might follow in the same trajectory. That 2021 rally has now seen the token’s market capitalization hit $11,670,301,691.23, with 24hour trading volume nearing $72 million. Unfortunately, the CRO price has fallen from the ATH of $0.96 in 2021, and the token now trades for $0.33.
Historically, the token is still yet to trade below its annual average of 2018, 2019, and 2020. This means that investors who invest wisely can predict when to buy and sell the token to make huge gains. According to crypto forecaster- WalletInvestor, CRO will likely hit the $1 mark by January 2023. WalletInvestor also sees the utility token nearing the $5 mark in the next five years. Alternatively, Gov.Capital predicts CRO to hit $1 by the end of this year and smash the $5 mark by 2027. Unfortunately, crypto-assets price volatility continues to affect the token, and the token’s price could fall far beyond prediction. However, investors can see the token as a long-term investment with bountiful rewards. On the other hand, investors looking for quick returns might need to be strategic with their investment in the token.
Conclusion
Cronos is an EVM-aligned sidechain running concurrently with the Crypto.com Blockchain. It runs on the Proof-of-Authority consensus algorithm, where validators get incentives for every node that is added to the Cronos chain. The Blockchain is interoperable, energy-efficient, scalable, and easily deployed. CRO is the governance and utility token of the Cronos chain. Historically, despite a fall in price, CRO has proven itself a rewarding investment for strategic investors.