What Is Cronos Coin? Comprehensive Guide
- Posted on November 21, 2023 5:00 AM
- Crypto Discover
- 315 Views
The cryptocurrency world continues to expand with constant new projects and coins, and one of these projects is "Cronos Coin." So, what is Cronos Coin, and why should it catch your attention? In this guide, you will find detailed information about the features, use cases, and future of Cronos Coin.
Cronos Coin: Basic Information
Cronos Coin is the native cryptocurrency of the Crypto.com network, developed by the Crypto.com company. It is a decentralized and open-source coin designed to be used in various applications within the extensive ecosystem of Crypto.com. What sets this coin apart from others?
The Relationship Between Crypto.com and Cronos Coin
Cronos Coin stands out as a prominent player within the extensive ecosystem of Crypto.com. This project, developed by the Crypto.com team led by Kris Marszalek, is specifically designed for applications in payment systems, trade, and financial services. But what role does Cronos Coin play within the overall ecosystem?
Technological Infrastructure of Cronos Coin
Cronos Coin operates as an Ethereum Virtual Machine (EVM) compatible sidechain. The CRO Chain, launched in November 2021, focuses on being a Web 3.0-oriented platform. This chain particularly supports applications like decentralized finance (DeFi) and GameFi dApps, aiming to make a difference in the cryptocurrency world.
Consensus Algorithm of Cronos Coin
Cronos Coin operates on the Proof of Authority (PoA) consensus algorithm. This algorithm manages the blockchain through trusted nodes in the network. Additionally, it integrates with Ethermint, a Proof-of-Stake chain. Ethermint facilitates the migration of smart contracts from Ethereum and other EVM-compatible chains.
Features of Cronos Coin
-
EVM Compatibility: Cronos Coin supports all smart contracts, DAOs, and dApps distributed on Ethereum by working with Ethermint.
-
Scalability: Transaction speed (TPS) on Cronos is higher than Ethereum. This feature allows Cronos to execute smart contracts faster and at a lower cost.
-
Interoperability: Cronos supports interaction between blockchains using the Inter-Blockchain Communication (IBC) protocol. This feature enables bridge-building with other chains like Crypto.org Chain and Cosmos Hub.
-
Easy Deployment: Users can quickly deploy the Cronos network by following simple deployment instructions.
Cronos Coin (CRO) Token
CRO, the utility token of Cronos Coin, is used in payment and trade transactions within the Crypto.com Chain, Cronos, and Crypto.com exchange. This token is utilized in the extensive ecosystem to facilitate user payments, trades, and financial transactions.
Cronos Coin Price and Total Supply
The total supply of Cronos Coin (CRO) is 30,263,013,692 CRO, with a circulating supply of 25,263,013,692 CRO. The 24-hour trading volume for this project is $54,454,370, and its market cap is $10,313,848,343. Currently, CRO is trading at $0.408139.
Conclusion: The Future of Cronos Coin
Cronos Coin is a cryptocurrency poised to play a significant role within Crypto.com's robust ecosystem. Its EVM compatibility, scalability, and interoperability features present potential for broader use cases in the future. However, as with any crypto investment, thorough research is crucial before investing in Cronos Coin.
The future of Cronos Coin will depend on Crypto.com's vision, development efforts, and general trends in the cryptocurrency market. Therefore, investors and enthusiasts should closely monitor the project's updates and developments.
