Cronos is a decentralized, open-source, energy-efficient public blockchain with high speed and low transaction fees. It is designed to support the creator economy with Web3 applications such as DeFi and GameFi, ultimately serving as the foundational infrastructure for an open metaverse.
As an open-source Layer 1 blockchain, Cronos aims to massively scale the Web3 user community by providing builders with the ability to instantly port apps and crypto assets from other blockchains while benefiting from low transaction fees, high throughput, and fast transaction finality.
Cronos is built on Ethermint, which supports rapid porting of apps and smart contracts from Ethereum and other EVM-compatible chains. It aims to deliver faster, cheaper, and carbon-neutral transactions and smart contract execution than proof of work chains. The Inter Blockchain Communications (IBC) protocol enables interoperability and bridging to other IBC-enabled chains, such as Cosmos Hub, Osmosis, etc.
Cronos incorporates the EVM and is built on top of the Cosmos SDK. This unique combination enabled Cronos to support. Cronos is powered by Ethermint, which allows rapid porting of smart contracts from Ethereum and EVM-compatible chains. Solidity developers who have prior experience in building on Ethereum or other EVM chains can build decentralized applications on Cronos using Solidity.
Cronos uses Tendermint and the Cosmos SDK as the building blocks, making it possible for Cronos to have a secure and consistent consensus engine and a framework for modular blockchain development in the programming language developers are most comfortable with.
Inter-Blockchain Communication (IBC) allows Cronos to communicate with other Cosmos SDK-based blockchains that have IBC enabled. It is a cross-chain communication protocol that has many possibilities, including asset transfer and cross-chain execution. An upcoming canonical Ethereum-Cronos bridge will make it possible to bridge ERC-20 tokens from other EVM-compatible chains to the Cronos ecosystem.
Cronos has lower transaction fees than a typical PoW chain thanks to the design architecture and consensus engine. It allows for a higher transaction execution capacity with a lower cost.
Each transaction on Cronos consumes gas during execution based on the computational effort needed. The transaction fee is calculated as the total gas consumed during transaction execution multiplied by the unit gas price.
Cronos can run more transactions per second than a typical PoW chain, as it is based on Tendermint’s PoS, providing fast finality. The advantage of having higher throughput in the network is that it becomes cheaper to run smart contracts. As transactions are processed up to 20x faster, there is less backlog driving up the fees, which in turn helps save transaction fees.
Who is the founder of Cronos (CRO)?
The Co-Founder & CEO of Cronos is Kris Marszalek. The CFO is Rafael Melo.
What is Cronos (CRO) used for?
In the Cronos consensus, the staking token is not the Cronos (CRO) token. Instead, it is a dedicated staking token that is used for governance purposes. This token is not listed and has no market value.
Separately, the Cronos (CRO) token is used by end-users to pay network transaction fees, which are collected by validator nodes.
Users can transfer CRC-20 tokens from and to other IBC-enabled chains in a decentralized manner, which means that the transfers are confirmed by validators and enjoy the same level of security as other transactions on the Cronos chain. Users will be able to transfer crypto assets from other chains in the Cosmos ecosystem, or other IBC-compatible chains, to Cronos.
How is Cronos (CRO) unique?
It aims to serve the next billion Web3 users and to help them experience the full promise of self-custody of their digital assets. Cronos is an Ethereum-Virtual Machine (EVM) compatible blockchain powered by Ethermint and built with the Cosmos SDK that supports the Inter-Blockchain Communication (IBC) protocol.
Accordingly, end-users can import cryptocurrencies from the Ethereum, Cosmos, and other chain families into Cronos, and subsequently use, trade, or invest them in innovative smart contract-based protocols leveraging the rich application ecosystem of Ethereum / Solidity, and rapidly port apps and smart contracts from Ethereum and EVM-compatible chains.
It is fast, cost-effective, and frictionless. Cronos aims for high transaction throughput (from hundreds to thousands of transactions per second), fast transaction finality (5–6 seconds), and low transaction fees (from one cent to a few dimes). Its Proof of Authority (POA) consensus mechanism combines decentralization with streamlined, scalable, and environment-friendly transaction processing.
Cronos can deliver cheaper transactions than the Ethereum mainnet, making decentralized applications (dApps) and smart contracts potentially more affordable, carbon-neutral, and more user-friendly. Developers on Cronos can benefit from the support of Cronos Labs, a Web3 startup accelerator and ecosystem development fund. Builders and creators can tap into its $100 million EVM fund.
Cronos is one of the very few blockchains that exist at the intersection of the Ethereum Virtual Machine (EVM) and the Cosmos ecosystem. It is an EVM-compatible chain built on the Cosmos SDK, allowing the chain to exist in the intersection of the Cosmos and Ethereum ecosystems while enjoying benefits from both ecosystems.
How many Cronos (CRO) coins are in circulation?
It has a circulating supply of 25,263,013,692 CRO coins and a maximum supply of 30,263,013,692 CRO coins.
How is the Cronos network secured?
Cronos is powered by the Tendermint consensus engine, which is a Byzantine-Fault Tolerant (BFT) protocol. Transactions are confirmed immediately once they are included in a block. BFT can tolerate up to 1/3 of a network node’s failures and includes detection of explicit malicious behavior. In Cronos, instant finality refers to the fact that transactions are finalized once they have been included in a block.
Cronos is based on Ethermint, which is a scalable, high-throughput proof-of-stake (PoS) blockchain, built on top of the Cosmos SDK and EVM-compatible. Ethermint makes use of Tendermint’s PoS consensus engine while having the features of Ethereum at the same time.
Cronos uses a modified version of the Tendermint PoS.
Cronos uses the Proof-of-Authority consensus mechanism. The Proof-of-Authority (PoA) is a more streamlined and scalable consensus built on top of Tendermint’s Proof-of-Stake (PoS), while still maintaining security through a range of experienced and carefully-vetted validators.
In the Cronos consensus, validators are vetted by other validators based on their commitment to the Cronos ecosystem, technical ability to implement upgrades flawlessly, track record in operating high availability nodes, and economic viability. Among these permissioned validators, the voting power of each node is determined by the staking token amount that they have been allocated by the validator group.
As Cronos utilizes Tendermint’s consensus engine, a Byzantine Fault Tolerant protocol, it is resistant, even if up to ⅓ of the nodes fail or decide to act maliciously. Validators currently are invitation-only and are selected based on security and performance criteria, including background checks, to ensure they are of the highest standards.
How do I buy Cronos (CRO)?
The CRO token can be used for a wide range of uses, like staking and governance.
CRO tokens can be easily purchased by following the following steps.
Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy CRO through your trading account.
Which Cryptocurrency Wallet Supports Cronos (CRO)?
The PTPWallet platform supports many cryptocurrencies with Cronos to be included soon. Because of its vast use case, PTPWallet has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. The platform offers a simple user interface, supported by both Android and iOS devices, and comes with its own mobile wallet app.