What is Cronos Coin?
Cronos Coin is a cryptocurrency that works as a coin to be used on the blockchain created by CRO Protocol Labs, commonly known as Crypto.com. This exchange offers a comprehensive decentralized finance application. Cronos crypto can be purchased and sold, staked to generate income, collected in a single wallet, and have many other functions.
Crypto.com is renowned for its gradual and continuous growth. By enabling people to participate in various tiers of rewards inside the Crypto.com ecosystem, CRO is aimed to support the Crypto.com ecosystem. Although CRO will eventually exist on its blockchain, it is currently an ERC-20 token on the Ethereum Blockchain.
Who made Cronos Coin?
Cronos crypto was created in 2016 by Crypto.com. MCO, short for “Monaco,” was the company’s first cryptocurrency. But its name got replaced with Cronos later on. Now the blockchain by Crypto.com is called Cronos(CRO.) Although the CRO was initially intended to be an ERC20 reward token, it was switched to the Cronos platform. Their Hong Kong headquarters include a staff of more than 120 workers. The goal of CRO is to hasten the world’s transition to cryptocurrency.
They have a list of important projects that are necessary to the mission.
These projects include the Cronos Chain, which lets users pay and be paid in cryptocurrency anywhere in the world without any costs. The MCO Visa Card is a metal card with no yearly fees. And the Crypto.com Wallet & Card App, a platform to purchase and trade cryptocurrency.
What does Cronos coin do?
The primary purpose of CRO tokens, a native coin of the Crypto.com blockchain, is to settle currencies amongst different assets. Tokens are primarily acquired as rewards for executing and confirming transactions. The block transaction fees must be paid with CRO tokens from all blockchain members that conduct transactions. Each node can stake a predetermined number of CRO tokens in exchange for participating in network activities.
CRO can be a bridge currency or a cost-effective way to transfer cryptocurrency to cash. The token can be traded on cryptocurrency exchanges, including Bittrex, HitBTC, and many others. The CRO’s market capitalization was USD 304 million as of April 2019. Out of the 100 billion tokens expected in circulation, about 4.9 billion were discovered.
Online cryptocurrency payments will be made simpler, more accessible, and more economical by the Crypto.com blockchain. It is designed for optimum scalability with the possibility of instant payment confirmations. The platform is intended to support roughly 50,000 transactions per second (TPS). Average confirmation times are less than a second.
How to buy Cronos Coin
Mentioned here is the step-by-step guide to buying Cronos on Huobi Global.
1. Log in
The first login to your account at Huobi Global before you begin trading.
2. KYC Verification
Please check to see if your account has successfully undergone KYC verification. To proceed, enter the P2P Verification page by clicking “Verify” after selecting “Identification” in the top right corner.
3. Upload Document
Select the ID document. The document can be a passport, an ID card, or a driver’s license. Complete your application submission by adding the matching ID photo and submitting it.
4. P2P Market
P2P Market can be accessed by clicking “Buy Crypto” in the top left corner. The next step is to choose the Fiat currencies you want to exchange.
5. Payment Method
Choose the payment method available.
6. Place order
The order page will be displayed once the order has been placed.
7. Funds transfer
Now access the bank account online or through phone banking and send the required funds to the advertiser. Click “Transferred, next” after finishing the payment. The payee will verify whether your payment has been applied to his or her account.
8. Complete order
The payee will release the cryptos you purchased after they have received confirmation of your payment, marking the completion of this order. To verify that the cryptos you bought have arrived in your account, click “View Balances.”
Below is the comparison of the Cronos Crypto with other coins: Ethereum, Binance Smart Chain, and Cosmos.
Cronos vs Ethereum
Ethereum (ETH) is outperformed by Cronos (CRO) regarding transactions per minute. Cronos can execute smart contracts more quickly, affordably, and carbon-neutrally than Ethereum. Crypto.com introduced Cronos CRO in 2016. On the other side, Ethereum was founded by Vitalik Buterin in 2013. Connectivity and linking to the Crypto.org Blockchain and other IBC-enabled chains, such as Cosmos Hub, are made possible by the IBC protocol.
Cronos has a market capitalization of around $0.95 billion, while on the other hand, Ethereum has a market capitalization of approximately $148.58 billion. Cronos is compatible with the Ethereum network, while Ethereum is found on many networks, including Binance, Fantom, Polygon, Avalanche, Cardano, xDAI, and Crypto.org.
Cronos vs Binance smart chain
Cronos CRO was founded in 2016, but Binance Coin was launched a year later in 2017. Binance coin is based on Ethereum, BNB Chain, Solana, and Tron, but Cronos CRO is Ethereum compatible. CRO has a supply of 25.26 billion, while Binance coin has 159.96 million in circulation.
Crypto.com is a good choice if you’re searching for a simple method to trade cryptocurrency with a credit or debit card. However, Binance is the ideal option if you want to carry out high-frequency trades and techniques that demand high levels of liquidity across various markets. Binance and Crypto.com are both more restricted if you live in the USA. You can only use the app for Crypto.com (not the entire exchange), and you can only use the far more confined Binance.us for Binance.
Cronos vs Cosmos
Cosmos (ATOM) is a stablecoin that came into existence in 2019 because of the efforts of Cosmos Hub. (a blockchain that is built on the PoS mechanism) while Crypto.com is the parent company of Cronos and introduced CRO in 2016. Cosmos has a far greater market capitalization of $2.70 billion, while Cronos has only a $0.95 billion market capitalization.
Cosmos has an ecosystem made up of a variety of flexible, interchangeable, and modular tools. Cronos is built on Cosmos SDK technology, but it is not available on the Cosmos chain, while Cosmos (ATOM) is available on Binance Chain (BNB), Crypto.org, and Cosmos Hub.
|Cronos||Ethereum||Binance Smart Chain||Cosmos|
|Founding Company||Crypto.com||Vitalik Buterin||Binance exchange||Cosmos Hub|
|Market Capitalization (US$)||0.95 billion||148.58 billion||41.38 billion||2.70 billion|
|Amount in Circulation (respective coins)||25.26 billion||120.53 million||159.96 million||286.37 million|
|Compatible networks||Ethereum||Binance, Fantom, Polygon, Avalanche, Cardano,xDAI, Crypto.org||Ethereum, BNB Chain, Solana,Tron||Binance Chain (BNB), Crypto.org, CosmosHub|
Is Cronos a Good Investment?
Crypto.com created the utility token Cronos (CRO) to facilitate transactions inside its blockchain. Cronos added to the rapidly growing tokens because their value will rise due to their rising adoption on blockchains and cryptocurrency exchanges. This is because Crypto.com, which constantly adds additional countries to its list of supported locations, is one of the most well-known and liquid exchanges.
The estimated prediction is that Cronos’s price for December 2030 will be between $5.52 and $6.36, with an average price of CRO of about $5.94. Cronos (CRO) undoubtedly have a successful future. It is still exhibiting signs of life and has a lot of on-chain advancements. Although Cronos Coin (CRO) may not have received the top cryptocurrency award due to its slow but consistent price increase, wise investors know how to wait for this coin to perform and do miracles.