📖
Web3 Encyclopedia
  • Welcome aboard!
  • Source
  • 😀Evolution from Web 1.0 to Web 3.0
    • Web 1.0 Web 2.0 Web 3.0
    • Key Features
    • Current Limitations
    • Future of Web 3.0
    • Learn: What Is Web3?
    • Learn: Will Every Brand Have a Web3 Strategy?
    • Learn: Big Ideas in 2023
    • Learn: The Web3 Paradox: Why Scaling Usage Alone Won't Lead to Mass Adoption?
    • Learn: Is Web3 A Marketing Buzz or Tech Revolution?
    • Learn: What is the relationship between blockchain and Web3?
    • Learn:Empowering Women in Web 3.0: The Role and Contributions of Women in Blockchain, DeFi, and dApp
    • Learn: Web 3.0 and the Future of E-Commerce
    • Learn: 12 ways ecosystem projects can attract more developers
    • Learn: How Web3 is Impacting Education?
    • Learn: Web3 And The Future Of Digital Advertising
    • Learn: Web3’s impact on personalization, trust and engagement
    • Learn: Web3-Powered Identity Management -- Unlocking the Benefits of Decentralization
    • Learn: Why Web2 companies fail in Web3 while others made it?
    • Learn: To Identify or Not in a Web3 World?
    • 🤫[Insider Series] McKinsey x Web3
    • TL;DR 👀
  • 💲Blockchain Fundamentals
    • Why is Blockchain So Popular?
    • Introduction to Blockchain
    • Blockchain Misconceptions
    • Blockchain vs Bitcoin, Database, Cloud
    • Consensus Mechanism
    • Public and Private Keys
    • Hash Functions and Cryptography
    • Sharding
    • Types of Blockchains: PoW, PoS and Private
    • Understanding Cryptocurrency
    • Coins vs Tokens
    • Blockchain Trilemma
    • Legality
    • Learn : Google’s Cloud Based Blockchain Node Service
    • Learn: How Blockchain, Digital assets, and Web3 Unlock Financial Inclusion Globally
    • Learn: Will Chinese-Made Crypto Soar Higher?
    • Learn: What Does MiCA Mean for Crypto in Europe?
    • Learn: Unraveling the Intricacies of Blockchain Forensics and Asset Tracking
    • Learn: Promising blockchain use cases in healthcare industry
    • Learn: The Role of Blockchain in Authenticating and Provenance Art
    • Learn: Blockchain-Based Digital Identity: Benefits, Risks, and Implementation Challenges
    • Learn: The Future of Energy Supply Chains
    • Learn: Revolutionizing smart contracts and cryptocurrency
    • Learn: Nigeria goes blockchain
    • Learn: A Game Changer for Online Gaming?
    • Learn: Is blockchain technology ready for high-storage applications?
    • Learn: Will Blockchain Technology Mark a Turning Point in Fraud Prevention?
    • Learn: Why ZK-rollups need data availability?
    • Learn: How will generative AI disrupt blockchain?
    • Learn: A New Blockchain for Generative AI?
    • TL;DR 👀
  • 🏟️Web3 Utilities
    • Decentralized Applications (dApps)
    • Cross-chain Bridges
    • DAO
    • Artificial Intelligence
    • Learn: Is Community-building Essential for Web3 Startups?
    • Learn: ‘Decentralization Theater’
    • Learn: Crypto and AI- A yay or nay combination?
    • Learn: Dissecting the DAO
    • Learn: What is motivating Lido DAO to rise?
    • Learn: How to Turn Your Community Into a DAO?
    • Learn: The Key to Decentralized Decision Making
    • Learn: How Web 3.0 can disrupt the supply chain industry?
    • TL;DR 👀
  • 🪙Bitcoin
    • What is Bitcoin
    • Bitcoin's Blockchain Technology
    • UTXO Model and Transaction Fees
    • Bitcoin Mining and Mempool
    • Learn: What is bitcoin mining?
    • What are Hard Forks and Soft Forks
    • What is SegWit and the Lightning Network
    • Bitcoin Ecosystem
    • Can Bitcoin be Destroyed? Game Theory and Network Attacks
    • Learn: Crypto token supplies explained
    • Learn: What is crypto tax-loss harvesting, and how does it work?
    • Learn: Can Crypto Go Green? How to Invest in Eco-Friendly Cryptocurrencies
    • Learn: Why Did FTX Collapse? Here’s What to Know.
    • Learn: How Sam Bankman-Fried swindled $8 billion in customer money?
    • Learn: How much is Bitcoin worth today?
    • Learn: The Costs of Running a Bitcoin Node In Nigeria
    • Learn: Has 2022 Left Any Crypto Positives?
    • Learn: How Crypto Exchanges Can Be Free of Risk?
    • Learn: Greed, Lies and FTX: Is Crypto a Force for Good or Evil?
    • Learn: Is Crypto a Cultural Movement?
    • Learn: What are the consequences of crypto’s ongoing regulatory process?
    • Learn: Beyond the Crash and Embracing NFTs?
    • Learn: Understanding crypto bag holders and their mindset
    • Learn: Inscriptions: Just A Fad, Or A Real Threat To Bitcoin Becoming Decentralized Money?
    • Learn: How Bitcoin Ordinals Can Change the Future Of Mining?
    • Learn: What is a supernet?
    • Learn: Bitcoin Miners Celebrate 10 Years Since First ASIC, What Changed Since Then?
    • Learn: Bill Vs. CBDC – Why This US Congressman Wants To Block The Fed From Issuing A Digital Dollar?
    • Learn: Why Bitcoin Will Blow People’s Minds In 2025?
    • Learn: How the Howey Test Sheds Light on Cryptocurrency's Regulatory Gray Area
    • Learn: Cryptocurrency vs AI: A Complex Debate
    • Learn: Where the U.S. Government Went Wrong in Regulating Crypto?
    • Learn: The Nostr Privacy Paradox
    • Learn: Do algorithmic stablecoins have a future as centralized coins are under scrutiny?
    • Learn: Is Bitcoin Set To Revolutionize The Financial World With Its Superior Purchasing Power?
    • Learn: What is Shibarium, and what does it mean for Shiba Inu?
    • Learn: What is a crypto dusting attack?
    • Learn: Is the Adoption of Central Bank Digital Currencies (CBDCs) the Future?
    • Learn: How Artificial Intelligence Could Revolutionize Crypto?
    • Learn: What’s next for EU’s crypto industry as European Parliament passes MiCA?
    • Learn: Why the EU Has MiCA and the U.S. Has Securities Law Confusion?
    • Learn: Six New Projects Looking to Mitigate Bitcoin Mining’s Energy Footprint
    • Learn: Who on Crypto Twitter chose not to pay for a blue checkmark?
    • Learn: What is the wash-sale rule in Crypto?
    • Learn: What is Pepecoin and can it flip memecoins Dogecoin and Shiba Inu?
    • Learn: Can you recover stolen Bitcoin from crypto scams?
    • Learn: What the ‘anti-mining bill’ means for the crypto industry in Texas?
    • Learn: Does the US have a crypto ‘tax loophole’ problem?
    • Learn: How users can stay protected?
    • Learn: How Crypto Revolutionize Cheaper and Faster Transactions?
    • Learn: Can NFTs and CFDs be BFFs?
    • Learn: A PR expert’s tips for memecoin projects
    • Learn: Why politicians aren't convinced about the Digital Euro?
    • Learn: How A 90-Year Old TA Theory Predicted The Sudden Bitcoin Boom?
    • Learn: Social Trading Platforms and CFDs: A New Paradigm in Investment
    • Learn: How could the Chinese economic crisis impact Bitcoin and crypto?
    • Learn: How do they compare: Bitcoin IRA vs. traditional IRA?
    • Learn: Why Tokenized Assets Are Safer During a Banking Crisis?
    • TL;DR 👀
  • 🛢️Ethereum
    • Bitcoin vs Ethereum
    • What can Ethereum do?
    • What is Ether (ETH)?
    • What's Unique About ETH?
    • What are Smart Contracts?
    • Energy Consumption?
    • Ethereum Virtual Machine (EVM)
    • Pros & Cons of Smart Contracts
    • Decentralized Applications (dApps)
    • Ethereum Token Standards (ERC-20, ERC-721 and ERC-1155)
    • Evolution of Ethereum
    • How to Get Your First Ethereum
    • Learn: Next Ethereum Upgrade — Shanghai Upgrade
    • Learn: Tipping Scale for Crypto Adoption: Usability vs. Accessibility
    • Learn: Major Publicly Traded U.S. Bitcoin Miner Files For Chapter 11 – Impact On The Market?
    • Learn: 5 altcoin projects that made a real difference in 2022
    • Learn: How Tether Can Be a More Stable Stablecoin?
    • Learn: Are the Ethereum Killers Still Deadly?
    • Learn: What Ethereum Tech Trends Are Weathering the Bear Market?
    • Learn: How Ethereum’s token burns are making it a deflationary cryptocurrency?
    • Learn: A few things to know about Ethereum's Shanghai Upgrade
    • Learn: The Role of Enterprise Ethereum
    • Learn: Understanding Layer 2 Scaling Solutions for the Ethereum Network
    • Learn: The Battle of Giants: Bitcoin vs Ethereum
    • Learn: Cryptography, Smart Contracts and Distributed Networks
    • Learn: The Memecoin Grift and How It Threatens Ethereum Culture
    • Learn: What Is Ethereum’s ‘Data Availability' Problem, and Why Does It Matter?
    • TL;DR 👀
  • 👛Wallet
    • What is a Blockchain Wallet?
    • Hardware / Software Wallet
    • How to Get Your First Cryptocurrency
    • Setting up Metamask Wallet
    • Learn: How to connect the Avalanche network to MetaMask?
    • Learn: How to pass on your crypto when you die?
    • Learn: What are hierarchical deterministic (HD) crypto wallets?
    • Learn: Pros and Cons of Digital Wallets
    • Learn : How Web 3.0 Wallets Are Redefining Digital Asset Security?
    • Learn: Open source: Buzzword or real security for crypto wallets?
    • TL;DR 👀
  • 🌕New & Rising Protocols
    • Binance
    • NEAR
    • Solana
    • Fantom
    • Polygon
    • Cardano
    • Polkadot
    • Cosmos
    • Harmony
    • Cronos
    • Optimism
    • Terra
    • Who Will Win the L1 Wars?
    • Learn: New Layer 1 Blockchains Are Expanding the DeFi Ecosystem But No Eth Killers Yet
    • Learn: Is an Increased Focus on Layer-2 Scaling and ZK Technology Justified?
    • Learn: What Are the Stakes in the SEC vs. Ripple Case?
    • Learn: What is The Graph, and how does it work?
    • TL;DR 👀
  • 📈Decentralized Finance (DeFi)
    • CEX vs DEX
    • CeFi vs DeFi
    • Algorithmic Stablecoins
    • Airdrop
    • Liquidity Pool
    • Impermanent Loss
    • Swapping
    • Wrapped Token
    • Arbitrage Opportunities
    • Staking
    • Yield Farming
    • Total Value Locked (TVL)
    • Gas Fees
    • Lending & Borrowing
    • Useful Tools
    • Activity: Uniswap & Pancake Swap
    • Learn: Automated Market Makers (AMMs) in DeFi
    • Learn: Crypto Moving towards ESG: What Is Regenerative Finance (ReFi)
    • Learn: What Is dYdX? Understanding the Decentralized Crypto Exchange
    • Learn: It's A Wrap - DeFi in 2022
    • Learn: Why DeFi should expect more hacks this year?
    • Learn: The Security Challenges of DeFi
    • Learn: The Promising Future of Decentralized Social Media on Web 3.0
    • Learn: Can CBDCs, Tokenized Deposits, Stablecoins and DeFi Coexist?
    • Learn: The Increasing Popularity of DeFi and Its Potential to Disrupt Traditional Finance
    • Learn: The future of DeFi is ReFi
    • Learn: DeFi aggregation
    • TL;DR 👀
  • 🙈Non-Fungible Token (NFT)
    • What are NFTs?
    • Case Study
    • Storage
    • Who are the Players?
    • NFT Marketplace
    • NFT Useful Resources
    • Activity: Mint Your Own NFT
    • Learn: How You Can Prevent Hackers From Stealing Your NFTs?
    • Learn: What Is an NFT Floor Price?
    • Learn: Should Bored Ape buyers be legally entitled to refunds?
    • Learn: China’s view of NFTs different from rest of the world’s
    • Learn: NFTs IRL: How Digital Collectibles Are Forging Offline Experiences
    • Learn: How NFT Brands Can Cut Through The Noise
    • Learn: How Web3 disrupts the music sector?
    • Learn: Unlockable content in NFTs
    • Learn: Why Meta Matters in NFTs?
    • Learn: Should NFT Marketplaces Become Centralized?
    • Learn: Hermès vs. MetaBirkins: The NFT Case That Could Have Major Trademark and Artistic Consequence
    • Learn: What are phygital NFTs, and how do they work?
    • Learn: What is NFT ticketing and how does it work?
    • Learn: Why Solana NFT marketplace is seeing less active users?
    • Learn: NFTs and Intellectual Property
    • Learn: How AI Is Changing Artistic Creation and Challenging IP Laws?
    • Learn: The Future of NFTs: Exploring Dynamic NFTs and Their Versatile Use Cases
    • Learn: NFTs in the event and ticketing industry
    • Learn: What is NFT rarity, and how to calculate it?
    • Learn: What happens to your NFTs when you die?
    • Learn: Dogecoin-Like Spike in Milady NFTs After Elon Musk’s Tweet, But Will It Last?
    • Learn: What are NFT royalties, and how do they work?
    • Learn: How developers aim to store crypto inside NFTs?
    • Learn: Generative Art NFTs: What Are They & Why Are They So Popular?
    • TL;DR 👀
  • 💗Metaverse
    • What is the Metaverse?
    • Metaverse Economy
    • Metaverse Companies
    • GameFi
    • Learn: Are We in the Metaverse Yet?
    • Learn: Can the Metaverse exist without blockchain?
    • Learn: Can the Metaverse Facilitate Sustainable Growth of Defi Systems?
    • Learn: What is the role of biometrics in the metaverse?
    • Learn: Can metaverse be the future court?
    • Learn: Metaverse Fashion Is on the Rise, but for Whom?
    • Learn: Sustainability in the Metaverse: Challenges and Opportunities
    • Learn: How To Build A Responsible Metaverse?
    • Learn: What is a VTuber, and how do you become one?
    • Learn: How proof-of-identity provides human experiences?
    • Learn: The “Metaverse” Next Frontier for Business: Impact And Challenges
    • Learn: The 5 Biggest Misconceptions About The Metaverse
    • Learn: Why culture and ownership are critical to the metaverse?
    • TL;DR 👀
  • 👾Career in Web3 (coming soon)
    • Developers
    • Moderators
    • Community Managers
    • UI/ UX Designers
    • Digital Fashion Designers
  • 🌱Sustainability (Coming Soon)
    • Industry Effort
    • Co-author
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On this page
  • What is Cronos?
  • Why users choose Cronos
  • How does Cronos work?
  • Cronos features
  • Pros and cons of Cronos Chain
  • Final thoughts
  1. New & Rising Protocols

Cronos

PreviousHarmonyNextOptimism

Last updated 2 years ago

What is Cronos?

CRO is instrumental in powering the entire Crypto.com ecosystem and acts as the native token on both Crypto.org and the Cronos blockchains.

Why users choose Cronos

Cronos appeals to both users and developers due to various reasons. Some of these are:

  • EVM compatibility – developers will find it easy to port their Solidity-based Ethereum dApps to the Cronos platform without making significant changes.

  • Userbase – being part of the wider Crypto.com ecosystem, Cronos gives project access to at least 10 million potential adopters of their solutions and apps.

  • Highly scalable – Cronos is based on the Tendermint Core’s PoS consensus engine which is multiple times faster than the current mining implementation used by the Ethereum network.

  • Open-source – Cronos’s source code is publicly available for interested users to audit and contribute towards its improvement.

How does Cronos work?

Architecture

The Ethermint blockchain framework on top of which the Cronos Chain is based is designed to run vanilla Ethereum as a Cosmos application-specific blockchain. This implementation enables Cronos developers to access all of Ethereum’s desirable features while also taking advantage of the scalability and lower costs associated with the Terndermint-based Cosmos SDK that underlies the Ethermint framework.

Ethermint comes with multiple features such as:

  • Web3-compatibility

  • Interoperability within the IBC ecosystem

  • EVM support enables it to run Solidity-based dApps

  • Fast transaction processing speeds due to the use of staking based on the Tendermint Core consensus engine

  • Ease of code maintenance by utilizing Ethereum-based geth codebase

Consensus engine

The benefit of PoS is that it is much more scalable than Proof of Work (PoW) used by several established networks such as Bitcoin, Litecoin, Ethereum and Bitcoin Cash, among others.

By adopting the Ethermint framework, Cronos adopts the best of both worlds from the Ethereum and Cosmos ecosystems. That is feature-filled EVM-compatible dApps and cross-chain compatibility with Cosmos SDK-based networks. Scalability is also a big attraction to entice dApp developers on the Ethereum network to port their apps to Cronos.

Governance

Cronos being an open-sourced blockchain, allows all CRO token holders to participate in its governance. Anyone can make a proposal, fund it and vote for it and others to ensure that it is adopted. Here is the eight-stage process of passing proposals within the network:

  • Step 1 – Idea conception

  • Step 2 – Drafting the proposal

  • Step 3 – Collecting feedback from the community

  • Step 4 – Revising the proposal

  • Step 5 – Submitting to the mainnet

  • Step 6 – Depositing 20,000 CRO tokens to activate the voting process

  • Step 7 – Voting for active proposals on the mainnet

  • Step 8 – Proposal adoption or rejection depending on voting results

Cronos features

The Cronos blockchain introduces innovative features, which include:

1. Cronos Bridge

So far, the Cronos Bridge supports the following networks, all of which are based on the IBC channel:

  • Crypto.org

  • Cronos

As a result, it also supports these tokens that are native to the above-mentioned networks:

  • CRO

  • ATOM

  • AKT

To take advantage of the Cronos Bridge, you can use any of these supported web wallets:

2. Cronos Wallets

Cryptocurrency wallets are tools used to store private keys that control a user’s assets on a blockchain. They also facilitate asset transfers between various users. On Cronos Chain, the following self-hosted wallets can send, receive and store CRO tokens as well as be used to interact within the Cronos ecosystem:

3. CRO token

The remaining tokens, which were created on the Ethereum platform on the popular ERC-20 standards, were ported over to the Crypto.org Chain, but their utility remains the same. Here’s how the CRO token can be utilized across the Crypto.com ecosystem, including within Cronos blockchain:

  • Staking – node operators, delegators, and governance proposers need to have CRO tokens to enable their activities. Staking can be done directly on the Cronos platform using supported self-hosted wallets or through a staking service such as the one offered by the Crypto.com exchange.

  • Value transfer – CRO can be used to pay for transactions on the two parallel blockchains, pay for gas fees on the Cronos Chain and pay for trading on the Crypto.com platform. Additionally, CRO can be used to make payments across the multiple Crypto.com products such as the Visa Cards and the Crypto Pay app.

  • Speculation – traders can speculate on the value of CRO on various trading platforms, including Crypto.com.

4. Cronos Play

Cronos provides gaming developers with a software development kit (SDK) through which they can connect their games to the Cronos ecosystem for added functionality. The extra functionality that can be gained by tapping into Cronos includes:

  • Player authentication

  • Value transfers through custom tokens that facilitate the in-game marketplace, among several other ways

Pros and cons of Cronos Chain

Pros

  • Cronos is compatible with Ethereum making it easy to port dApps created using solidity programming language.

  • The network is part of the Crypto.com family which currently serves more than 10 million customers that are potential Cronos users.

  • It is highly scalable, cheap and more eco-friendly than Bitcoin and Ethereum, which use mining as a consensus mechanism.

  • It’s interoperable with several other blockchains that are based on the Cosmos SDK.

Cons

  • It is relatively young and therefore has not yet established a reputation.

  • There are blockchains that are faster and cheaper than Cronos.

  • Ethereum is upgrading to PoS staking soon, which should make it less attractive for EVM dApps to switch to Cronos and other EVM-compatible platforms.

Final thoughts

As an innovative blockchain network, Cronos is now pushing the envelope toward making cross-chain interoperability a reality. That is its biggest strength. More crypto projects are launching with a similar vision, but Cronos has a leg up because it is launching as part of a family of other already established products.

Its parent company Crypto.com also runs another parallel blockchain dubbed Crypto.org Chain with limited features. Coupled together, the two blockchains complement one another and also enable Crypto.com to offer more advanced products such as Defi and NFT marketplaces, offering more utility to its userbase.

All in all, Cronos has had a very promising start, but only time will tell whether it achieves its vision of displacing Ethereum, which is currently ridden with scalability challenges.

Source

is an Ethereum Virtual Machine (EVM)-compatible chain with added support for IBC (Inter-Blockchain Communications) networks based on the Cosmos SDK. In other words, it is compatible with Ethereum and Cosmos-based ecosystems, allowing for easy porting of Ethereum smart contracts and decentralized apps (dApps).

The network, which launched on November 8th, 2021, runs parallel to the blockchain, the network that powers Crypto.com’s Pay feature. is the company behind both blockchains and has existed in the cryptocurrency space for several years, having launched in June 2016 with its headquarters in Switzerland.

The crypto payments company, co-founded by Kris Marszalek, Rafael Melo, Gary Or, and Bobby Bao, initially operated under the name Monaco Technology GmbH. It was later to Crypto.com, and its platform token, called Monaco Coin (MCO), was also changed to CRO (Crypto.com Coin). With the launch of the Crypto.org blockchain, the company rebranded the token name to Cronos but retained the ticker symbol CRO.

CRO EVM Fund – Cronos Labs, a subsidiary of Crypto.org a $100 million fund in May 2021 to support developers creating EVM-dApps on the Crypto.org Chain and Cronos Chain. Projects that apply and successfully qualify to receive the grant can get up to $1M each.

The Cronos Chain is based on , a scalable, high-throughput blockchain framework that is fully compatible and interoperable with Ethereum. This is the main difference between Cronos and Crypto.org blockchains. The latter is not based on Ethermint and therefore does not support apps that are created for the EVM platform and other derivative frameworks.

Cronos network relies on Tendermint Core’s (PoS) engine to achieve consensus. PoS provides that validators stake a portion of their assets in a smart contract to incentivize good behavior while validating transactions.

As the name alludes, a bridge is a structure that connects two things. In the case of Cronos, its enables users to seamlessly transfer assets between various blockchains, thereby fostering interoperability.

The Cronos (CRO) token was initially called ‘Crypto.org Coin', but the name to reflect the decentralized nature of the coin and the goal of making Cronos a diverse and extensive network. The token has a total supply of 30 billion following a decision by Crypto.com to burn 70 billion in February of 2021.

In-gaming such as builds, merchandise, etc.

Currently, Cronos supports the Unity cross-platform game engine developed by .

🌕
Cronos
Crypto.org
Crypto.com
rebranded
launched
Ethermint
proof-of-stake
Bridge
Cosmos
Akash
Metamask
Keplr
Crypto.com Defi Wallet
Crypto.com Defi Wallet
Crypto.org Chain Desktop Wallet
MetaMask
MathWallet
Nabox
Trust Wallet
ImToken
CoolWallet
Krystal Defi
BC Vault
was changed
NFTs
Unity Technologies
Finbold