What Is Crypto.com Coin Cronos (CRO)?
Crypto.com is capturing headlines around the world from rebranding the Staples Center in Los Angeles, California as the Crypto.com Arena, cutting deals to unite Crypto.com with the Los Angeles Lakers and LA Kings, as well as a variety of European soccer teams to introducing Matt Damon as the face of the latest Crypto.com ad campaign. These partnership aims to increase brand recognition and boost excitement around the network.
Crypto.com’s new campaign has cost more than $100 million and is slated to air in nearly two dozen countries. Its theme, “Fortune Favors the Brave,” builds on the idea of people achieving greatness through the pursuit of their dreams. And since the launch of “Fortune Favors the Brave,” the CRO has captured the global imagination.
Although the campaign has proved to be powerful catnip for investors, the ads alone are not solely responsible for the steadily increasing price of the CRO. Crypto.com might be the leader in crypto marketing, but there’s significant substance behind its pretty face. The company specializes in assets with increasing values, providing you with new investment opportunities that include:
- The CRO and NFTs, granting you a stake in the platform
- Metal Visa Cards with cashback options
- Investment opportunities with up to 14.5 percent interest rates
- DeFi protocols which pay interest
- Swaps and farming
Its next-generation public blockchain, Cronos, is built for buyers and merchants, enabling them to use and accept cryptocurrency with privacy, security and ease.
Crypto.com’s goal is to “put cryptocurrency in every wallet.” Since its 2016 founding, the Hong Kong-based network has become a leader in mobile crypto payments. The CRO’s surging momentum shows no sign of slowing, and it has become the fastest-rising crypto by market capitalization.
What Is a CRO Token?
The CRO token is Crypto.com’s native token. An ERC20 token on the Ethereum blockchain, the CRO provides users with access to numerous tiered benefits within the Crypto ecosystem, whose goal is promoting mass cryptocurrency adoption. Crypto.com will give its users the ability to buy and sell with fiat currency and debit cards, along with trading, lending and borrowing. It also features its own noncustodial wallet.
Cronos (CRO) is the native cryptocurrency token of Crypto.com Chain — a decentralized, open-source blockchain developed by the Crypto.com payment, trading and financial services company.
CRO Token Distribution
The total supply of CRO coins is limited to 30 billion. This comes after 70 billion CRO tokens were burned, the largest such burn in crypto history. Another 10.4 billion are locked in smart contracts and will be burned monthly as they’re unlocked.
The supply of CRO is allocated, with 20 percent reserved as capital, 20 percent reserved for the network’s long-term incentives, 10 percent dedicated to community development, and 20 percent frozen for ecosystem grants. The final 30 percent will be released daily over a five-year period for secondary distribution and launch incentives.
What Is the CRO Coin Used for?
Cronos is the native token used to power its blockchain. While originally designed as an ERC20 reward token, the CRO was moved to Crypto.com’s blockchain, Cronos. You can use CRO as an intermediary currency, or utilize it to convert crypto into fiat at affordable rates.
The Crypto.com blockchain is designed to make online crypto payments easier, as well as more affordable and accessible to everyone. It’s optimized with the capability for immediate payment confirmations, which supports maximum scalability. Confirmations take less than a second on average, and the platform is designed to support about 50,000 transactions per second (TPS) once the testnet implementation is complete.
How Does CRO Staking Work?
Staking is the term for locking and securing crypto holdings, which are incentivized through interest or rewards. Staking CRO offers several benefits.
Staking enables new transactions to be added to the blockchain. Users stake their coins in the Crypto.com protocol. The more coins a user stakes, the more likely they are to become a validator, who confirms transactions. When a new block of transactions is ready to be added to the blockchain, validating users receive rewards, typically newly minted coins. Users do not lose control of their CRO when they stake them, and can also unstake them if they want to trade.
Those who stake on the Crypto.com blockchain can benefit in several ways, including:
- Access to Crypto.com Visa Cards
- Cashback rewards, rebates, and other wallet benefits
- Higher APRs
New blocks are generated every five to six seconds, which means that rewards are generated every five to six seconds as well. The stake rewards vary based on the user’s tier. For example, the Jade Green tier receives a 10 percent reward, while the Obsidian tier earns 12 percent. Rewards are paid weekly. You don’t need to have a minimum amount of CRO to stake, and again, you’re free to stake or unstake at any time.
To stake CRO, you’ll need to purchase CRO using a credit card or a fiat wallet. Once you have enough CRO, you can access the Card page through the Crypto.com app. Choose your desired Crypto.com Visa Card and follow the on-screen instructions.
You can also upgrade or increase your staking amount through your CRO wallet. Simply click the Upgrade button and follow the on-screen instructions.
How Does Crypto.com Blockchain Secure the Network?
The Crypto.com chain is built atop the Ethereum blockchain, which enables ERC20 compatibility. The network is secured by the Ethash function, which is a proof of work (PoW) algorithm that’s modified from Dagger-Hashimoto. Ethash requires that the hashing process output must create a hash value lower than the threshold. The Ethereum network increases or decreases the threshold to ensure blocks are mined at an appropriate rate.
To maintain security, the Crypto.com chain uses a framework called threat modeling. This ensures that the network can properly predict, identify, and protect the blockchain against threats using the STRIDE model, which focuses on:
- Denial of Service
- Elevation of Privilege
The architecture of the CRO blockchain is designed to facilitate mobile payment through a variety of specialized features, which it achieves through the use of several nodes. Each node supports a separate layer as described below.
These nodes manage transactions, validations and settlements, and receive processing fees. Council nodes are compensated for each transaction they process.
Merchant and customer acquirer nodes provide escrow services, manage settlements for other users, and provide other services and verification related to merchants’ transactions. They’re rewarded according to the amount of each transaction they process.
Settlement agent nodes
These nodes sell CRO tokens for stable currencies, and settle their own operations to ensure merchants have access to stable price conversion options post-settlement. Settlement agent nodes are compensated with a flat-rate fee for each fiat payout they process.
Community nodes help customers and merchants to complete direct transactions. These nodes also serve as a home base for other users wishing to monitor various operations.
How to Buy Cronos (CRO) on Bybit
To purchase Cronos on Bybit, you’ll need to log into your account and open the Fiat Gateway. Click on Trade Spot to purchase USDT, which then opens the spot market to you.Buy and Trade CRO Derivatives
Select your cryptocurrency from the drop-down menu, along with how much you want to spend. You’ll need to choose your payment method, which can include Visa or Mastercard credit and debit cards or cash, as well as your service provider. Once you finalize your transaction, you should have your cryptocurrency in your account in a few minutes (although the process can take up to 30 minutes, depending on network traffic). New users might need to wait up to a day for verification.
CRO vs. BNB: Which Is a Better Investment?
Binance coin (BNB) is one of the top digital currencies with a market cap of $100 billion. Traders can use BNB to stake and/or to enjoy discounted trading fees, while enjoying significant fee discounts. For investors who prefer a relatively safe investment, BNB will continue to be popular.
Crypto.com is a relative newcomer but has plenty of potential, including low fees, nearly instant transactions and dedicated merchant support. Its platform is designed to make cryptocurrency easy and accessible — even for those who are new to crypto. The decentralized nature of the blockchain ensures privacy and security, while various security features work together to significantly reduce the risk of hacking and fraud. It also features credit cards, which include cashback rewards and other incentives. This multi-functional platform’s highly accessible design has the potential to propel CRO’s value into the stratosphere.
While both BNB and CRO coins are viable investment options, they may appeal to different investors for different reasons. If you want access to versatile cards, spending rewards, impressive interest rates and low trading fees, Crypto.com could be a better option.
The Bottom Line
The Crypto.com blockchain offers payment, trading and investment products that will appeal to a wide range of people. It offers versatile payment solutions which are designed for acquisition and adoption, while still providing lucrative trading and investment solutions to generate revenue. This results in a sustainable DeFi ecosystem with the potential to speed the adoption of cryptocurrency worldwide.