How does Crypto.com Chain and Cronos work?
We examine the Crypto.com Chain, Cronos and ultimately how CRO fits within each.
After previously introducing the Crypto.com Coin and where it fits into the company’s branded ecosystem, let’s now move on to a deeper look at how each blockchain works.
This section of our Crypto.com Coin guide takes a more technical look at the blockchains and how the CRO token is successfully integrated into each.
The Crypto.com / Crypto.org Chain
While the company’s Crypto.com brand name is obviously one of their most important assets, the Crypto.com Chain actually uses the Crypto.org domain.
Developed by Crypto.org, Crypto.com Chain is a public, open-source, permissionless blockchain, a high-speed, low-fee network that helps promote mass adoption of blockchain technology.
By developing key pieces of architecture and technology to enable decentralisation, the long-term goal of this blockchain is for it to be able to run without the need for the company backed CRO Protocol Labs.
The Crypo.com Chain uses a Cosmos SDK and Tendermint Core’s Byzantine Fault Tolerance (BFT) consensus mechanism and its native token is obviously CRO.
This allows the chain to perform at a high level, while remaining flexible and solving multiple use cases.
But the ultimate use-case that the Crypto.com chain remains empowering the future of payments in cryptocurrency by backing the QR Code payment solution of Crypto.com Pay.
Make sure you check out the Crypto.com Chain whitepaper for more in-depth technical detail about the blockchain.
The Cronos Blockchain
Next up, we have the company’s EVM blockchain called Cronos.
Cronos leverages the Cosmos software development kit (SDK) and uses a Proof of Authority (PoA) consensus mechanism.
This offers the network a streamlined and scalable protocol that is able to maintain security via a range of validators.
The network will use the CRC-20 token standard, with the native token of Cronos being CRO, which will be used to power on-chain transactions and pay for network fees.
You can think of Cronos in the same way that you would think of Binance Smart Chain (BSC), minus the company branding.
Also like BSC, Cronos’ initial list of validators all have ties to Crypto.com itself.
But just as we mentioned above, the long-term goal of this blockchain is also for Cronos to be able to run without the need for the company backed CRO Protocol Labs.
Most excitingly, with the launch of the Cronos mainnet, the company now has EVM and smart contract capabilities which make it a prime candidate to compete in the DeFi space.
The ultimate goal of Cronos is of course to massively scale the decentralised finance and decentralized application ecosystem.
They aim to achieve this goal by providing developers with the ability to instantly port apps from Ethereum and EVM-compatible chains.
While Crypto.com may be a little slow to this game, there’s no doubt that their brand recognition will attract some high profile dApps and players onto Cronos.
CRO's place within the ecosystem
Tieing the Cronos blockchain back into the Crypto.com Coin (CRO), the growth of the company's entire blockchain ecosystem will ultimately add additional utility to the token.
From a blockchain point of view, you can no doubt see the potential for CRO to continue going from strength to strength.
For us, CRO remains an exciting coin that deserves its place within the top 20.
Best of probabilities to you.
Direct from the desk of Dane Williams.
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