Cronos (aka CRO) refers to a utility token developed by Crypto.com and offers the ability to pay platform-based fees. It can likewise get staked to qualify for a range of perks. Keep reading for what no one told you about the Cronos chain.
What is the Cronos chain?
Crypto.com used to be Monaco before rebranding itself 4 years ago. This all-encompassing financial system provides options for decentralized finance, payment services via a Visa card and an application, as well as crypto trading services by means of exchange. Besides, the firm boasts CRO (Cronos), its own cryptocurrency. Leveraged in the platform’s blockchain, Cronos powers its applications.
Cronos is not minable owing to the consensus, protocols-cum-design employed. While it can be bought on the exchange of the platform Crypto.com, the exchange access has not been available to residents in the United States yet.
What no one told you about Cronos chain
1. Rebranding from CRO to Cronos
Being initially the Crypto.org Coin, CRO became rebranded to Cronos earlier in 2022. It is worth noting that the new name was made as a reflection of the entire ecosystem’s growth. CRO is beyond a utility coin on a well-known cryptocurrency trading system. Crypto.com desired to state its position as a major player in the blockchain industry.
2. Cronos chain vs Ethereum
Ethereum shares one thing similar to Crypto.com. That is, both are developed with a native token with the capability of supporting a lot of functions across its entire environment. But there are more dissimilarities than similarities.
First thing first, Crypto.com is a firm that developed its trademark closed-source blockchain to provide a couple of decentralized financial services through a platform & provider. Meanwhile, Ethereum is meant to get built upon by anybody and is known as being open source. This means it enables anybody to check the programming, recommend tweaks, or develop their own products.
What is more? The purpose of Crypto.com is not the same as Ethereum’s as it is a financial service provider. In this sense, this firm centralizes a concept that was supposedly decentralized by design. On the contrary, the worldwide virtual machine Ethereum boasts its full decentralization. It is on this virtual machine that the Crypto.org blockchain & its Cronos chain operate.
Last but not least, the services of Crypto.com offer convenience for those who are crypto fans and those who wish every one of their digital assets & transactions to be in a single place.
3. Crypto.com vs Coinbase
By Crypto.com, we mean the full-service decentralized finance (Defi) provider & exchange not having run in the United States yet. When it comes to Coinbase, it is known as a crypto exchange under the regulation of the Securities and Exchange Commission (SEC). Whether one is superior to the other is up to accessibility, UX, and whether it accommodates its customer demands.
In conclusion, we hope you learn more about the Cronos chain after this post. This utility token developed by Crypto.com is helpful in its decentralized financial service environment & blockchain. For more information and help in blockchain solutions, reach out to us.
Contact us if you have any queries about Blockchain development services, dApps development, NFT marketplace development, Crypto wallet development, Smart contracts development.