In previous blog articles, we’ve covered a broad view of cryptocurrency and offered a closer look at Bitcoin, Ethereum and several other altcoins.
👀 In this article, we’ll take a closer look at the cryptocurrency and platform – Cronos and provide information on what it is and how it works. Here is our brief guide to get you on a clearer path to understanding.
🌰 CRONOS IN A NUTSHELL
👉Cronos touts itself as “the first blockchain network that interoperates with both the Ethereum and Cosmos ecosystems”, supporting DeFi, NFTs, and the metaverse. It is designed by CRO Protocol Labs, also known as Crypto.com
💰 CRO is the native utility token for the Crypto.org and the Cronos.org blockchains.
📜 CRONOS HISTORY
Initially known as Monaco when it was founded in 2018, the company changed its name to CRO Protocol Labs (Crypto.com) in a rebrand shortly thereafter. The company’s mission set out to “put crypto in every wallet" by becoming a provider of all things decentralized finance and cryptocurrency.
💫 Crypto.com established itself as a one-stop cryptocurrency exchange and decentralized finance platform. The all-inclusive financial platform offers cryptocurrency trading services through an exchange, payment services through an app 📱 and a Visa card 💳, decentralized finance options, and non-fungible tokens (NFTs).
📱 ABOUT CRYPTO.COM
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: NFTs
- 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. New blocks are created about every five seconds.
📊 CRONOS TOKENOMICS
The finite supply of Cronos totals approximately 32.6 trillion CRO. Currently, the total supply of CRO in circulation is 25.26 billion. The current market capitalization of Cronos is approximately USD$1.6 billion.
📊 DIFFERENCES BETWEEN CRONOS AND ETHEREUM
While both Cronos and Ethereum are designed with a native token that supports many functions throughout its environment, there are several differences.
- Crypto.com is a company that designed its own closed source blockchain for the service of offering decentralized financial services through its platform. Ethereum, by contrast, is intended to be built upon by anyone and is open source.
- As a company providing financial services, Crypto.com is centralizing a concept that by design was supposed to be decentralized. Ethereum, as the global virtual machine, is fully decentralized.
- Crypto.com does offer nearly everything an average crypto user needs to become involved in cryptocurrency and decentralized finance. While this is centralized, it isn’t necessarily a bad thing.
Crypto.com believes it will lead the charge toward Web3, which is theoretically going to be built on blockchain technology and use cryptocurrency.
💲 CRONOS PRICE
When Cronos initially launched in 2019 and through 2020, it had an initial value that fluctuated between USD$0.02 and USD$0.24. Iin late 2021, the value of CRO reached an all time high price of USD$0.89. Since that time until the time of writing, those price peaks have levelled off with the more bearish market.
👉 EARNING CRONOS WITH BLOOM
📲.The Bloom shopper rewards app allows you to earn Cronos and other crypto (like Bitcoin, Ethereum and a range of other altcoins) with every purchase made on your Visa card 💳.
🦉 All you need to do is download the Bloom app, register an account, link your Visa card and shop anywhere using your credit or debit card.
💰 With every purchase, you will earn Bloom Coins by simply using your Visa card💳. The more you use your card, the more Bloom Coins you will earn.
🎁 Bloom Coins can be redeemed for in-app rewards and converted into Cronos.
🆓 Converting crypto on Bloom, such as Cronos, is free of charge and has no gas fees!
💎 Earn exclusive 3x Bloom Coin rewards with a Premium Membership.
The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Bloom does not recommend that any cryptocurrency or NFTs should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.