Cronos (CRO) is the native token of the Cronos Chain and Crypto.org Chain. Cronos is the primary Ethereum-compatible blockchain community constructed on Cosmos SDK technology.
CRO is the native token of the Cronos blockchain. CRO was, in the beginning, developed as an ERC-20 token. Crypto.com Chain has lately introduced the launch of its public, open-source blockchain. If you previously owned CRO’s ERC-20 version, Crypto.com Chain gives a custom Token Migration web tool that permits you to transfer your current ERC-20 tokens onto the new chain.
CRO powers the Cronos Chain, which lets you apply cryptocurrency to pay extra online merchants compared to current alternatives. CRO acts as an intermediary currency, permitting you to transform your cryptocurrencies into fiat counterparts at a far-reduced value. Cronos pursuits to offer a more cheap and accessible way to pay for online purchases using cryptocurrencies while also providing answers for classic issues related to scaling Bitcoin.
Scaling is a prime problem preventing the broader integration of blockchain technology. “Scalability” refers to a blockchain’s capacity to cope with a large influx of transactions that arise on the blockchain simultaneously. If a blockchain isn’t optimized for scalability, customers who initiate transactions beyond the blockchain’s threshold will stay in a queue. Those who paid an extra fee retain their place in the line.
Cronos offers a solution to the problem of scalability by providing instant payment confirmations, also assisting scaling in line with an increasing number of transactions. The target confirmation time of the Crypto.com Chain is less than 1 second, and the platform guarantees to assist more than 50,000 transactions per second when the implementation of the test net is finished.
