The information about the Cronos (CRO) token is:

 

Cronos (CRO) is the native cryptocurrency of the Cronos blockchain, which was developed by Crypto.com. It was initially launched as an ERC-20 token on the Ethereum blockchain, adhering to the ERC-20 compatibility standard. This means its network security is tied to Ethereum’s Ethash function, leveraging the robustness of Ethereum’s infrastructure.

 

The token serves multiple purposes within the Crypto.com ecosystem. It acts as a utility token for paying transaction fees on the Cronos Chain, an Ethereum Virtual Machine (EVM)-compatible blockchain that runs in parallel to the Crypto.org Chain. This EVM compatibility allows developers to easily port decentralized applications (dApps) and smart contracts from Ethereum and other EVM-compatible chains to Cronos.

 

CRO was originally known as Crypto.com Coin but was rebranded to Cronos to reflect its expanding role in a decentralized ecosystem. The total supply of CRO was set at 100 billion tokens when the blockchain launched, with 70 billion burned in 2021, leaving a maximum supply of 30 billion. It is a non-mineable cryptocurrency, meaning all tokens were created at launch rather than being generated through mining.

 

The Cronos blockchain, built on Ethermint and the Cosmos SDK, supports interoperability with both the Ethereum and Cosmos ecosystems via the Inter-Blockchain Communication (IBC) protocol. This enables seamless asset transfers between Cronos and other IBC-enabled chains, broadening its utility for DeFi, NFTs, and metaverse applications.

 

Within the Crypto.com platform, CRO powers various functionalities, including staking for rewards, facilitating payments, and offering benefits like trading fee discounts and enhanced services for users. Staking CRO allows users to participate in network security and governance, earning additional tokens as incentives.

 

The blockchain operates on a Proof-of-Authority (PoA) consensus mechanism, which relies on trusted validators rather than the energy-intensive Proof-of-Work (PoW) model used by Ethereum at the time of CRO’s launch. This makes Cronos more energy-efficient and scalable, aligning with its goal to support a wide range of Web3 applications.

 

Cronos aims to bridge the gap between traditional financial systems and decentralized technologies, with initiatives like the CRO EVM Fund supporting developers to build innovative projects. Its integration with Crypto.com’s suite of products, such as the exchange and DeFi wallet, enhances its adoption and utility for users globally.