The Cronos blockchain and the CRO cryptocurrency

Due to the growing demand from users and decentralized applications, the Ethereum ecosystem has not been able to handle the massive influx of users in recent years. During 2016 and 2017, the cryptocurrency world experienced unprecedented demand, creating congestion across the entire Ethereum blockchain. Many top-tier blockchain infrastructures have come as reinforcements to overcome this congestion and excessively high user rates. This is the case of the leader of the centralized exchanges Binance, who was able to support Ethereum thanks to the creation of the Binance Smart Chain which recently became BNB Chain. Many other infrastructure blockchains have sprung up, such as Solana, Avalanche, Terra and many others. All these blockchains want to develop Web3, decentralized applications, NFT or for example the metaverse. In this article we will discover together the Cronos blockchain.

The Cronos blockchain represents the infrastructure of Crypto.com, one of the most popular centralized exchanges in the world of cryptocurrencies. First of all in this article we will find out how this environment works and then we will present the challenges and objectives of this blockchain.

It was official in September 2021, the Crypto.com exchange announces the launch of its top tier blockchain solution Cronos.

Chrono

Launched in October 2021, the Cronos blockchain aims to develop the world of cryptocurrencies, initially through smart contracts. Has support for EVM (Ethereum virtual machine) which allows connection with the Ethereum blockchain to ensure interoperability. These connections allow decentralized applications within the blockchain to be considered. Created for the whole ecosystem, it aims to develop all new worlds such as decentralized finance, NFT, metaverse or GameFi.

The company highlighted the rebranding carried out in February 2022. This change highlights the decentralization of the cryptocurrency CRO as well as a growth of the entire ecosystem.

Cronos is the first Ethereum-compatible blockchain network built on the Cosmos blockchain. It is a public, permissionless, top-tier blockchain with high throughput and low network runtime fees.

What does Cronos offer?

  • An interoperable blockchain

As explained above, Cronos is an interoperable blockchain with Ethereum’s EVM. This allows developers to increase their use cases. Furthermore, thanks to the IBC tool (Inter Blockchain Communications), the environment can connect with all IBC compatible blockchains.

The CRO EVM fund was created to support innovative projects up to $ 1 million.

The user base of the environment is constantly growing, which makes it more attractive to use for decentralized applications.

Cronos the Crypto.com blockchain and the CRO cryptocurrency

Consent (PoA)

The Cronos blockchain consensus mechanism works thanks to the Proof of authority. It is reputation-based consensus that emphasizes identity, which means that validators don’t use their tokens, but rather their reputation within the network to be selected. In this way, blockchains that use this method protect their environment through validation nodes arbitrarily selected as trusted entities. This mechanism was introduced by Gavin Wood in 2017, the creator of the Polkadot blockchain.

Lean and scalable, the PoA ensures the security of the Cronos blockchain with a range of validators managed by different stakeholders. Cronos uses Cosmos SDK to work, as does the main “Tendermint” consensus engine. This further allows for protocol scalability, gas price optimization and customization, but not only improves the prototype as well on chain :

EVM: Ethereum virtual machine

It is the widely adopted standard for smart contracts. Thanks to it, developers can build in the same way as Ethereum. Plus, they benefit from the same working environment, as well as the same tools and applications.

Cosmo SDK

It is a modular blockchain development framework where each component is interdependent. Each developer is free to create their own modules for their own needs and applications or to use defined modules. There are several features available for environments they want to create using the Cosmos workspace:

  • Bank: guarantees the transfer of tokens and supports requests for the supply of all assets;
  • Distribution: Distribution of staking commissions and prizes for validators and delegators;
  • Governance: Proposal and vote on chain ;
  • Currency: Creation of a new token which can be pointed ;
  • Cut: this is a dishonest sanctioning mechanism;
  • Stakeout : Proof-of-stake level for blockchain.

Tendermint consensus engine

Unlike other blockchains, on Cosmos developers can use Tendermint to use BFT status (Byzantine fault tolerance ) applications, regardless of the language and environment used.

Many use cases

Increasingly adopted, increasingly used, the Cronos environment of crypto.com continues to develop to provide a solid solution for the community.

Today, the category with the largest number of applications hosted on Cronos remains that of NFTs. Many projects revolve around the Cronos ecosystem with: Crosmonauts, Cronos Chimp Club, Crocos NFT. These are limited NFT collections created on the Cronos blockchain. Or even projects like Agora which are platforms and markets for the sale, exchange or purchase of NFTs.

  • Decentralized exchanges

In a second measure, decentralized exchanges represent 21 different projects hosted in the Cronos environment. This category includes for example projects such as VVS Finance or KyberSwap.

  • Decentralized finance

Overall, in third position, decentralized finance is well represented with different applications. First of all the wallets or the bridgethat allow for connection and interoperability. Secondly, many launch padsare available as well as performance applications (agriculture, product , loan,…).

Conclusion

The Cronos blockchain supports all blockchains and infrastructures available within the entire ecosystem. It provides flexibility due to its compatibility with the EVM and its numerous bridgewhich allow users and developers to be able to use this environment like any other. It guarantees its security through the PoA and determines its validators. Built using Cosmos blockchain tools, it offers high throughput, low transaction fees, and many use cases.

Several decentralized applications, around NFT, financial and trading platforms are hosted on the blockchain. Many other use cases such as metaverses are part of the ecosystem.

A new player and a robust new tool for the further development of the entire cryptocurrency ecosystem.

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Emilio Stantina

Interested in investing and financial markets after a business school in Chambéry, the passion for cryptocurrencies was evident. The blockchain is certainly the universal tool of tomorrow.

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