What Is Cronos (CRO)?
CRO is the native token of the blockchain designed by CRO Protocol Labs, also known as Crypto.com. It is a company that provides an all-in-one decentralized finance application and exchange. You can buy and sell crypto, stake your crypto and earn with it, collect all of your crypto in one wallet, and much more.
Learn more about Cronos (CRO), Crypto.org, Crypto.com, and how to get CRO.
- The company was initially called Monaco, but it rebranded itself as Crypto.com in 2018.
- The company's mission is to "put crypto in every wallet" by becoming a provider of all things decentralized finance and cryptocurrency.
- Crypto.com is a one-stop cryptocurrency exchange and decentralized finance platform; it offers an app and a Visa card that lets you use your crypto for fiat currency purchases.
- Cronos (CRO) is the utility token for the Crypto.org and the Cronos.org blockchains.
Understanding Cronos (CRO)
Originally Monaco, Crypto.com rebranded itself in 2018. It is an all-inclusive financial platform that offers cryptocurrency trading services through an exchange, payment services through an app and a Visa card, decentralized finance options, and non-fungible tokens. The company also has its own cryptocurrency, CRO, used in its blockchain to power its applications.
CRO is not minable because of the design, protocols, and consensus mechanism used. CRO can be purchased on Crypto.com's exchange; however, access to the exchange is not yet available to U.S. residents.
Crypto.com was created with the vision of providing cryptocurrency access to everyone by attempting to accelerate the world's transition to cryptocurrency. To do this, the founders envisioned a platform that meets the decentralized needs of investors, traders, consumers, and businesses. They decided that a platform that offered these services would be best served with its own blockchain rather than creating a fork of an existing one.
The original cryptocurrency the company created was MCO, for its name Monaco. After rebranding to CRO ProtocolLabs (Crypto.com), the company changed its coin's symbol to CRO. Its cryptocurrency is designed to be used within its own blockchain.
Crypto.com offers five categories of services, which it calls verticals:
- Payment: Crypto.com Pay, Visa Card
- Trading: Crypto.com App and exchange
- Financial Services: Decentralized products, earnings, and credit
- Metaverse: NFT
- Blockchain Infrastructure: Crypto.org Chain (blockchain), Cronos
Crypto.org Chain, Crypto.com's blockchain, uses a proof-of-stake consensus mechanism called Tendermint. Five billion CRO were initially allocated for reward distribution, and new blocks are created about every five seconds.
How Is Cronos (CRO) Different From Ethereum (ETH)?
Ethereum and Crypto.com have one similarity—they are both designed with a native token that supports many functions throughout its environment. However, that's where the similarities end, and the differences begin.
First, Crypto.com is a company that designed its own closed-source blockchain for the purpose of offering several decentralized financial services through one provider and platform. Ethereum is intended to be built upon by anyone and is open source, allowing anyone to view the programming, suggest changes, or create their own products.
Second, Crypto.com's purpose is different than Ethereum's because it is a company providing financial services—in this aspect, it is centralizing a concept that by design was supposed to be decentralized. Ethereum, the global virtual machine, is fully decentralized. The Crypto.org blockchain and its supporting Cronos chain run on the Ethereum Virtual Machine.
You can buy and exchange cryptocurrencies, exchange your crypto for fiat currency, and use the Crypto.com Visa card at more than 80 million merchants worldwide. Additionally, you can trade and invest in cryptocurrency using Crypto.com's exchange.
Third, Crypto.com's services provide convenience for cryptocurrency fans and users who want to have all their digital transactions and assets in one place. While this is centralized, it is not inherently a bad thing. Not everyone is comfortable using different exchanges to convert their cryptocurrency or wants to have several different wallets and needs to move assets back and forth. Crypto.com provides nearly everything an average person needs to become involved in cryptocurrency and decentralized finance.
Goals of Cronos (CRO)
According to Crypto.com's mission and vision statements, its overall mission is to "Accelerate the World's Transition to Cryptocurrency" by providing people with digital financial services. With access to a broad spectrum of cryptocurrency and blockchain-related products and services, Crypto.com believes it will lead the charge toward Web3, which is theoretically going to be built on blockchain technology and use cryptocurrency.
Crypto.com's native blockchain token, CRO, is designed to facilitate transactions using its custom blockchain. CRO is used to pay transaction fees and can be staked to become a validator to earn token rewards.
Is CRO a Good Investment 2022?
Cronos (CRO) is a utility token designed by Crypto.com to facilitate transactions within its blockchain and financial ecosystem. You can find it on some centralized exchanges, but it wasn't intended as an investment. If you'd like to consider it an investment, you should talk to a professional financial advisor about adding it to a portfolio.
What Is CRO Cryptocurrency?
Cronos (CRO) is a utility token created by Crypto.com for use in its decentralized financial service blockchain and environment.
Is Crypto.com Better Than Coinbase?
Coinbase is a cryptocurrency exchange regulated by the Securities and Exchange Commission. Crypto.com is a full-service decentralized finance provider and exchange that cannot yet operate in the U.S. Whether one is better than the other depends upon user experience, accessibility, and if it meets the needs of its customers.
Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein.