Cronos or CRO is one of the cryptocurrencies that was launched in 2018, a native token of a Crypto exchange, it is growing in popularity and acceptance in the crypto world. In this article, I highlight the Cro coin to find out if it is worth investing in.
Quick Stats:
Market price: $0.3868
Market Rank: 19
Max Supply: 30,263,013,692
Market Cap: $9,771,791,512
What is Cronos (CRO)?
CRO is the coin from Crypto.com. It was launched in 2018 as the native token of the exchange. This chain is decentralized and also an open-source blockchain owned by Crypto.com. Crypto.com is a company that handles trading, payments, and other financial services.
Cronos has a lineup of solutions that are aimed at accelerating the worldwide acceptance of cryptocurrencies. It seeks to increase the rate at which people can control their money, keeping the data of users safe and protecting their identities. The mobile app for payments of Crypto.com is powered primarily by the CRO blockchain.
The company has future plans of expanding the scope of its platform to strengthen the other products that it offers.
Founders of CRO Coin
In line with its objective of making cryptocurrencies available to all, Crypto.com launched the CRO coin in 2018. “Monaco Technologies GmbH” used to be the name of the company when it started operations in June 2016. Four individuals are the founders, they are; Rafael Melo, Kris Marszalek, Bobby Bao, and Gary Or.
Kris Marszalek schooled at Poland. Before starting Crypto.com, he had founded and ran three companies namely: Starline Polska, a company dealing with electronics design of consumers and manufacturers, YIYI, a mobile app that offers services based on location and BEECRAZY, an eCommerce platform.
Rafael Melo is an engineering graduate from a university in Rio. In his career spanning 15 years, he has been a staff of big Asian companies. Ensogo is the social commerce website that he helped secure funding of A$50 million for.
Gary Or holds a BSc in Engineering from a Hong Kong University.
Bobby Bao was at the M&A department of a Chinese investment bank before helping to launch Crypto.com. He is an alumnus of the University of Melbourne.
Unique Features of CRO
The main focus of CRO is to be of value to people who use Crypto.com’s platform.
CRO owners have the option of staking their coins which validates and earns them fees for making use of the network to process their transactions. Similarly, fees for transactions on the blockchain can be settled with CRO coins.
On the platform’s payments app, a 20% cashback can be gotten by users when they use CRO as payments for merchants. They can also get cashbacks of 10% by buying gift cards and making transfers using the peer-to-peer method.
Token rewards are available for users who stake CRO for listings on selected exchanges. Similarly, about 10-12% of annual interest on CRO coins can be earned by staking either on the Exchange app or the metal visa card.
Generally, CRO is the tool that strengthens Crypto.com’s initiative to make cryptocurrencies acceptable in the world. This is why the developers are always engaged in research to find and develop more use cases for their users to effectively harness their hold on their financial resources, identities and data.
What is the Cronos blockchain?
This is a blockchain that is compatible with Ethereum. It was launched to run alongside the Crypto.org blockchain. The mainnet beta went live on Nov. 8, 2021, and is built on the Cosmos SDK, utilizing a proof-of-authority (PoA) consensus mechanism.
What is the total supply of CRO?
There are 30 billion CRO coins. About 70 billion coins were burned in 2021. The total supply was created at the commencement of the blockchain. Thus makes CRO is a cryptocurrency that cannot be mined.
Five allocations of CRO
30% — This is used for secondary coin distribution. Also, it is an incentive for launch. This is released every day in batches for five years starting from 14th November 2018.
20% — This is the capital reserve and it is frozen until Nov 7, 2022.
20% — This is for the incentives in the long term in the network. It will remain frozen till Nov. 7, 2022.
20% — Grants for the ecosystem – After the launch of the mainnet, it will be unfrozen.
10% —This is set aside for the development of the community.
Cronos (CRO) contract address
Below are the Cronos (CRO) contract addresses for the Ethereum, Cosmos, and Solana networks.
Ethereum: 0xa0b73e1ff0b80914ab6fe0444e65848c4c34450b
Cosmos: IBC/E6931F78057F7CC5DA0FD6CEF82FF39373A6E0452BF1FD76910B93292CF356C1
Solana: DvjMYMVeXgKxaixGKpzQThLoG98nc7HSU7eanzsdCboA
Security of the CRO network
CRO’s network is secured by the Ethash function since it is built on top of Ethereum’s (ETH) blockchain following the ERC-20 compatibility standard.
Where to buy CRO
There are many cryptocurrency exchanges that you can buy CRO from. Some of them include Okex, Bittrex, Huobi Global, Cryto.com Exchange, etc.
Is CRO a good investment?
The answer to this question is Yes. With all the use cases and fundamentals surrounding it, an investment in CRO will be beneficial in the long term as long as the coin’s team sticks to their roadmap. However, you are advised to do your research before investing your funds in it because cryptocurrency is volatile.
Note: Investment in crypto is risky. You can lose your investment.
