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Cronos is the first blockchain network compatible with both Ethereum and Cosmos. It supports DeFi, NFTs, and the Metaverse in its ecosystem. Since Cronos is powered by a PoS chain interoperable with Ethereum, it can rapidly deploy applications and smart contracts from Ethereum and EVM compatible chains. Cronos aims to significantly scale the Web3 community by enabling developers to deploy assets and applications from different chains with low cost, high throughput, and fast finality.

Cronos was created as part of Crypto.com‘s mission of “putting cryptocurrency in every wallet.” The Cronos Chain is one of the solutions by Crypto.com that aims to accelerate the worldwide adoption of cryptocurrencies and enhance personal control over money, preserve user data, and ensure users’ identities. Primarily, Cronos is being used to support Crypto.com Pay application.

Cronos (CRO) is the native cryptocurrency token of Cronos Chain, a decentralized, open-source blockchain created by Crypto.com. The CRO token is used by validators for staking and settling transaction fees on the Cronos Chain. Additionally, CRO can also be staked by users on Crypto.com to earn annual returns of up to 10-12%.

Cronos is an EVM sidechain based on Ethermint that operates alongside the main Crypto.org Chain and supports smart contracts.

Cronos was built from the ground up with the IBC protocol in mind, allowing for compatibility and bridging to the Crypto.org Chain. It also enables decentralized interoperability with other IBC-enabled chains, such as Cosmos Hub and Terra.

Here are some of the features of Cronos:

• Ethereum x Cosmos — Cronos is one of the few chains that exist at the crossroads of Ethereum and Cosmos. It’s an EVM chain built on the Cosmos SDK, giving it access to both ecosystems.
• Cronos features IBC capabilities — It can connect with other Cosmos-based chains that are IBC-enabled (e.g., Cosmos Hub, Osmosis, Terra, Injective, etc.), allowing easy asset transfers. This allows CRO to support native tokens from IBC-enabled chains, extending the utility of CRO-native assets to various ecosystems.
• Quick finality and minimal transaction costs — The tendermint consensus engine powers the Cosmos SDK, an open-source blockchain system. This enables immediate finality, with transactions validated in seconds and for a fraction of the cost of Ethereum.
• Multichain interoperability — Users can transfer assets between other Layer-1 and Layer-2 EVM chains and inside the Cosmos ecosystem, thanks to Cronos’ multichain interoperability.
• Energy efficient — Cronos uses less energy and has a lower carbon footprint than proof-of-work blockchains. In fact, CRO is 90% more energy efficient than proof-of-work blockchains.

Cronos was created as part of the Crypto.com mission of “putting cryptocurrency in every wallet.” Kris Marszalek, Rafael Melo, Gary Or, and Bobby Bao started Crypto.com in June 2016 as “Monaco”.

Cronos Chain’s mainnet beta launched on November 8, 2021. One hundred billion CRO tokens were issued initially, out of which 70 billion were burned, limiting the total supply of CRO tokens to 30 billion.

The CRO token, which was originally developed as an ERC20 token, was renamed from the original MCO moniker in 2018 to match Monaco’s name change to Crypto.com. Since March 2021, it has been the native token of the stand-alone Crypto.org Chain. To symbolize the transformation of CRO to the native token of the developing Cronos ecosystem, the token underwent another redesign in February 2022 to its current Cronos identity.

Cronos (CRO) is built on the Ethereum blockchain and adheres to the ERC-20 compatibility standard, implying that the Ethash function is used to protect the network. Additionally, Cronos is built on the Cosmos SDK, which utilizes byzantine fault tolerant (BFT) consensus mechanisms, which helps to maintain security with a range of validators run by different entities. Thus, it can be said that Cronos (CRO) is highly secure.

Online theft and fraud are often conducted not by attacking the blockchain network but by targeting users’ online/hot wallets to expose their private keys. Such malicious actors trick users into revealing their private keys or attack their system with malware.

Hardware/cold wallets overcome this vulnerability by storing private keys in physical storage devices cut off from the web and, therefore, out of the reach of malicious actors.

The new and advanced hardware/cold wallets offer a wide range of services and a one-stop solution for the security, storage, and management of tokens such as Cronos (CRO). A hardware wallet can overcome the vulnerability and tackle security concerns of centralized exchanges (CEXs) and hot wallets. 

A Ledger hardware wallet saves your private keys offline and thus makes your crypto assets inaccessible for anyone except you in the event of a computer hack. 

The Ledger Live app gives the option to manage 1800+ coins and tokens from a smartphone or desktop, making the system extremely convenient. The provision to use a PayPal account or Debit/Credit Card to purchase Cronos (CRO) offered by Ledger is beneficial for new users.

Follow the simple steps below to purchase CRO on a Ledger wallet: 

1. Get a Ledger Hardware Wallet.
2. Download and set up Ledger Live on a web or mobile device.
3. Install the Crypto.org Chain application from the app catalog.
4. Create a designated Cronos (CRO) account after setting up Ledger Live.
5. Start buying CRO using Ledger Live.