When it comes to the jargon around Crypto.com Coin, there are a few terms and concepts that we need to introduce.
Our Crypto.com Coin Guide starts off by outlining the differences between Crypto.com Coin, the Crypto.com chain and the brand new, EVM compatible Cronos chain.
Once you understand these differences and how each fits into the overall Crypto.com ecosystem, then you can confidently move forward into the meat of this guide..
The CRO coin is the native cryptocurrency of the Crypto.com centralised exchange (CEX).
Holders of CRO tokens are eligible for perks such as discounted trading fees on the CEX and the ability to earn more when lending on the CEX.
But most importantly (at least initially), is that CRO holders have the ability to earn cashback on purchases made with the Crypto.com card, the premier crypto card available.
While CRO was initially launched as an ERC20 token on Ethereum, it now runs as the settlement asset on its own Crypto.com chain.
You can think of the Crypto.com Chain in the same way you would think of the Binance Chain, the company’s original public blockchain protocol designed with a focus on enabling transactions between customers and merchants.
The chain is designed specifically for the use of mobile payments, with dApps focused on supporting a use case for the CRO token in this manner.
If the Crypto.com Chain can be compared to the Binance Chain, then the Cronos Chain can be compared to the Binance Smart Chain.
Cronos is an EVM compatible sidechain that runs parallel to the Crypto.com Chain.
It runs on a Proof of Authority (PoA) consensus algorithm and is powered by the PoS chain interoperable with Ethereum, called Ethermint.
Just like BSC, Cronos’ stated goal is to scale its DeFi ecosystem and remain interoperatble with Ethereum and other EVM-compatible blockchains in the ecosystem.
With an end goal of being able to offer a truly decentralised blockchain, entirely facilitated by the CRO coin, Cronos’ differentiation from the Crypto.com branding is in our opinion, quite smart.
At the heart of everything is the Crypto.com CEX, owned by parent company Foris Technology and cofounded by Polish-born entrepreneur Kris Marszalek.
Ultimately Crypto.com allows clients to buy Bitcoin or altcoins with 20+ fiat currencies and then spend their funds using current payment networks thanks to the Crypto.com Visa Card.
The CEX allows clients to learn, spend, track and even borrow crypto at extremely competitive rates, directly from their platform.
Best of probabilities to you.
Direct from the desk of Dane Williams.
Why not leave a comment on what you think about Crypto.com Coin (CRO) and the various blockchains within its ecosystem. All comments that add something to the discussion will be upvoted.
This Crypto.com Coin (CRO) blog is exclusive to leofinance.io.
