Cronos (CRO)

Cronos Chain is a decentralized, open-source blockchain developed by the Crypto.com payment, trading and financial services company.

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Interest lvl

Highest

Updated: Oct 29, 2024

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User Rating

Medium

3/5 • 1 votes

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Ticker

CRO

Type

Utility-token

FoundedHong Kong

Registration year2024

Ecosystems

Cosmos Cronos

What is Cronos

Cronos is a decentralised, open-source, energy-efficient public blockchain with high speed and low transaction fees. Cronos 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. Cronos is designed 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 & smart contracts from Ethereum and EVM-compatible chains.

Cronos 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 decentralisation with streamlined, scalable, and environment-friendly transaction processing. Cronos can deliver cheaper transactions than Ethereum mainnet, making decentralised applications (dApps) and smart contracts potentially more affordable, carbon-neutral, and more user-friendly.