The Future in Real Time: How Cronos Is Simplifying the Concept of Cryptocurrency
If you haven’t heard of Cronos (CRO) yet, it is incredibly likely that you will soon. CRO is the native token of the innovative blockchain created by the CRO Protocol Lab. This lab is better known as Crypto.com, a website that is home to an all-in-one decentralized finance application and exchange.
The company has stated on its official website that its main objective is to “put crypto in every wallet,” and with CRO, they have taken a big step closer to making this a reality. While this is a grand mission statement, you would be foolish to doubt that CRO has the potential to accelerate the world’s transition to cryptocurrency. This article was put together to examine the hype surrounding Crypto.com’s very own cryptocurrency. So, without further ado, let’s jump in…
A New Dawn
Before delving into what exactly Cronos (CRO) is and why it is important, it is worth reminding ourselves what the initial purpose of cryptocurrency was. In simplistic terms, it was meant to be a digital payment system that does not rely on banks to verify transactions. In essence, then, it is a peer-to-peer system that has the ability to enable anyone, anywhere to both send and receive payments.
As we made our first steps into the digital age, this was something that the world needed, even before it realized this for itself. This digital asset is not generally issued by any central authority and is therefore theoretically immune to any government manipulation and/or interference.
In a world that was suddenly moving at an exponential pace, the potential for a new currency that would allow for cheaper and faster money transfers, as well as being decentralized, and therefore would not collapse at a single point of failure, was clear to see.
What is Cronos (CRO)?
CRO is Cryto.com’s very own cryptocurrency and is used in its own blockchain to power its applications. One of its unique elements is that it is the first blockchain network that works in conjunction with both the Ethereum and Cosmos ecosystems, supporting NFTs, DeFi and the metaverse.
The Cronos Ecosystem
In order to fully understand what Cronos (CRO) is, it is first important to have an overview of Crypto.com’s five main product channels. These are The Blockchain (Crypto.org Chain & Cronos Chain), Payments (Point of Sale Payment network & Cashback Prepaid Visa Card), Trading (An App; Cryptocurrency Exchange; Crypto Tax Service), Financial Services (DEFI platform; Crypto Earn Products; Lending) and The Metaverse (An NFT platform).
Cronos (CRO) acts as the sole cryptocurrency that exists in all five of the product channels that make up the Crypto.com ecosystem. Instead of simply beginning with blockchain technology and then trying to add utility, Crpyto.com has created its very own native coin with CRO.
As a direct result, CRO users are able to take advantage of a host of benefits, it works at any Visa-supported business, users receive rebates on streaming services such as Spotify and Netflix, and they even gain access to the first-class lounge of various airports.
Cronos Tokenomics
Tokenomics, also known as token economics, is the study of parameters that determine the characteristics of cryptocurrencies or cryptographic tokens to create economic value.
Cronos tokenomics was determined by the fact that a fixed supply of 100 billion CRO was launched in 2018. In February 2021, it was announced that 70 billion CRO would be burned. This is viewed as a beneficial event in terms of positive value, due to the fact that the bigger the outstanding supply is, the greater the risk of dilution.
The Bottom Line
The objective of accelerating the adoption of cryptocurrencies on a global scale remains the future goal for Cronos.
By onboarding new DeFi, gaming, and metaverse projects, as well as securing the presence of Crypto.com in the public sphere, a roadmap that embraces multi-chain interoperability is likely to see CRO go from strength to strength. Our final word, watch this space.
You must be logged in to post a comment.