Cronos (CRO) is the native cryptocurrency token of the Cronos Chain, which is a decentralized, open-source Layer 1 blockchain built on the Cosmos SDK, supported by Crypto.com. Cronos aims to increase accessibility to more users who can utilize blockchain technologies by providing developers with the ability to instantly port apps from Ethereum and EVM-compatible chains, supported by high throughput and low transaction fees. Tendermint's Proof-of-Stake (PoS) consensus mechanism enables fast finality and high transaction throughput on the network.
The CRO token is used for staking, paying for transaction fees, and participating in DeFi applications. Staking CRO tokens on the Cronos Chain helps secure the network and participate in its governance.
Cronos operates as a parallel blockchain to the Crypto.org Chain which is also powered by CRO. Powered by Ethermint, Cronos is Ethereum compatible, which simplifies the process for developers to migrate existing Ethereum and EVM-compatible applications to benefit from Cronos's high-speed and low-cost transactions. Interoperability and bridging between Cronos, the Crypto.org Chain, and other Cosmos chains are enabled by the Inter Blockchain Communications (IBC) protocol.
The use of Proof of Authority (POA) is a more streamlined and scalable consensus mechanism consensus protocol that supports the maintenance of security across validators run by different parties.
The Cronos blockchain supports a growing ecosystem of dApps, services, and protocols, aiming to make it easier for users to access the decentralized web and for developers to create powerful, user-friendly applications.
