Cronos is a decentralized, open-source blockchain developed by Crypto.com. It's the native cryptocurrency token of the Cronos Chain, designed to power the Crypto.com Pay mobile payments app. The main objective of Cronos is to accelerate the global adoption of cryptocurrencies, offering increased personal control over money, safeguarding user data, and protecting identities.
Cronos was launched by Crypto.com, a company founded by Kris Marszalek, Rafael Melo, Gary Or, and Bobby Bao. These individuals bring a wealth of experience from various fields, including finance, software engineering, and investment banking. They share a common vision of "putting cryptocurrency in every wallet".
The total supply of Cronos (CRO) is capped at 30 billion coins. This limit was set when the blockchain went live, making it a non-mineable cryptocurrency. The supply was initially higher, but a significant portion was burned in 2021 to reduce the total number of coins in circulation.
Cronos coins can be purchased at various cryptocurrency exchanges. It's important to choose a reputable exchange that offers security and ease of use. Always do your research before making a purchase.
Cronos primarily powers the Crypto.com Pay mobile payments app. Users can get cashback rewards by paying merchants in CRO or by purchasing gift cards and making peer-to-peer transfers. Additionally, Cronos coins can be staked on the Crypto.com Chain to act as a validator and earn fees for processing transactions on the network.
Cronos has seen significant developments recently. The Cronos Chain went live in November 2021, built on the Cosmos SDK and utilizing a proof-of-authority consensus mechanism. This chain is Ethereum-compatible, meaning that the thousands of decentralized applications (dApps) built on Ethereum can be ported onto the Cronos Chain.
In January 2023, the Cronos team announced the completion of its latest mainnet upgrade, "Galileo". This upgrade marked the blockchain's transition out of beta and introduced several improvements. Since the launch of the Cronos Chain, the total value locked (TVL) has skyrocketed, reaching over $2B in less than three months.
Looking ahead, Cronos has an ambitious roadmap for 2022. The team plans to introduce protocol governance, interchain accounts, and the introduction of EVM packets over IBC. These advancements are expected to further increase the utility and adoption of Cronos.
In recent Cronos news, the platform has expanded its offerings by listing several new tokens. These include Pendle (PENDLE), a protocol that allows for the tokenizing and trading of future yield on an AMM system, and Beefy Finance (BIFI), a decentralized finance yield optimizer project. Additionally, Tectonic (TONICONIC), a low-cap decentralized finance altcoin, and Moonbeam (GLMR), a utility token that powers smart contracts and facilitates network security, have also been listed.
Recent news about Cronos has also highlighted some security issues. The platform experienced a security breach that resulted in the loss of more than $30 million in bitcoin and ethereum. The breach affected 483 users, bypassing the two-factor authentication system and initiating unauthorized withdrawals. However, Cronos has reassured its users that all lost funds have been fully reimbursed.
Cronos has been actively forming partnerships and sponsorships. Notably, it has teamed up with NBA star LeBron James and his LeBron James Family Foundation to launch an educational program focused on blockchain-based decentralized applications. In terms of sponsorships, Cronos has signed a nine-year deal to become the official title partner of the Miami Grand Prix, and a five-year sponsorship deal with the Australian Football League worth $25 million.
As for the Cronos price today, it stands at US$0.5 with a market cap of nearly US$12.8 billion. The future of Cronos looks promising. If the platform continues to add more users and its decentralized attributes are further backed, the utility of Cronos may increase, potentially influencing its price positively.