Wigwam is the best Cronos blockchain crypto wallet

Cronos Blockchain review

The Cronos (CRO) Blockchain is an energy-efficient, EVM-compatible, and multichain interoperable chain developed by the Crypto.com company which is a payment, trading, and financial services company. It’s constructed on the Cosmos SDK and is a part of Crypto.com’s many solutions working on accelerating the global adoption of cryptocurrencies.

Cronos aims to scale the web3 ecosystem, DeFi, NFTs, and Metaverse as it provides builders with the ability to port dApps, transfer digital assets from other chains with low gas cost, and more scalability as it processes more transactions per minute than most public blockchains.   

Cronos origins and vision 

Cronos was launched by Crypto.com, founded in June 2016 as “Monaco Technologies GmbH” by Kris Marszalek, Rafael Melo, Gary Or, and Bobby Bao. The Monaco project was started to create bank cards that can be used for cryptocurrencies like Bitcoin, Ethereum, etc allowing users to transact their crypto and control their data securely. 

Cronos key milestones

Monaco project held its ICO (Initial Coin Offering) in 2017, it raised 10,000 ETH in just 24 hours and on June 18, 2017, the ICO  was completed and declared that 71392 ETH had been collected. 

With the aim to align its identity as a representative of the entire crypto industry, Monaco acquired the domain Crypto.com on July 6, 2018.

Soon after its rebranding, Crypto.com launched its own blockchain “Crypto.com Chain (CRO)” as the team announced a testnet on July 20, 2021. This chain provides a Visa debit card with crypto cashback rewards

Just three months after testing the network, followed by its mainnet launch in November 2021, Crypto.com replaced its Crypto.com chain with Cronos Chain. Cronos chain was built to enable developers to instantly port applications from Ethereum and EVM-compatible chains, increasing the number of DeFi projects.

What consensus algorithm does Cronos blockchain use

Cronos uses a Proof-of-Authority (PoA) which is a variant of Proof-of-Stake (PoS). PoA is a smooth and scalable consensus mechanism, in which a small group of enterprise-level validator nodes (Cronos has 27 Validators) have the power to validate transactions and add them to the blockchain. 

A validator is chosen on the basis of its reputation to add a block, this way, validators don’t need to compete as miners do and it requires less computing power, and therefore almost no electricity for its operation, making it an eco-friendly consensus mechanism.

DeFi ecosystem on Cronos blockchain

The DeFi ecosystem on Cronos has a rapidly growing global user base of over 10M, and to attract more developers, Сronos provides grants up to USD 1M per project, and easy interoperability with other EVM-friendly chains.

Cronos’s DeFi ecosystem is quite diverse as it has decentralized exchanges like “CronaSwap”, “OKX Dex”, and “WOOFI”; lending protocols like “Tectonic”, “PWM and other dApps

NFTs marketplaces on Cronos 

Cronos attracts a diverse range of artists and collectors as its ecosystem offers lower gas fees, making it cheaper to mint, sell, and buy NFTs. 

Some of the popular NFT marketplaces on Cronos are “Moonflow NFT”, “Ebisu’s Bay”, and “Bored Candy City”. 

Tokenomics and gas usage on Cronos

CRO, is Cronos native token that has 30B tokens of total supply. Users pay CRO as a gas fee for the process of transactions and validators earn CRO for their work. 

Conclusion

Since its launch, Cronos has come a long way, today its native token CRO ranks in the top 50 cryptocurrencies by market capitalization, adding to the fact that Cronos survived the 2022 bear market when many cryptos vanished from the market.