They built the Inter Blockchain Communications (IBC) protocol into Cronos.   IBC is an interoperability protocol that communicates arbitrary data between arbitrary state machines. The IBC protocol consists of two distinct layers: the transport layer and the IBC application layer.

Mr. Market has noticed the Cronos Chain. Cronos (CRO) was CoinMarketCap’s 10th most trending cryptocurrency on 2 May 2022.

They claim the Cronos Chain offers” instant DApp Portability with EVM Support.” Portability means Cronos allows Dapps (decentralized apps) to connect with other dapps and platforms. EVM stands for the Ethereum Virtual Machine.

The Ethereum Virtual Machine is the digital computer that runs the Ethereum (ETH) blockchain. Hence, they claim, Cronos can create an instant connection between Dapps and any Ethereum platform or DApp. Theoretically, Cronos could connect Dapps to any EVM-compatible blockchain such as Binance’s BEP-20 tokens.

Impressively, they claim the CRO EVM Fund can offer blockchain projects grants of up to $1 million per project. Additionally, they claim Cronos Chain has a “rapidly growing global user base of over 10 million.”

Cronos and Ethereum

They built Cronos on Ethermint. Ethermint is a scalable Proof-of-Stake blockchain that offers a high-throughput.

Ethermint users can run Ethereum as a Cosmos-application-specific blockchain. They built Ethermint with a Tendermint Core by using the Cosmos SDK (software development kit). They claim building on Ethermint allows Cronos to port apps and smart contracts from Ethereum and other EVM-compatible chains fast.

They claim Cronos can process more transactions per minute than Ethereum. In comparison, Ycharts estimates Ethereum was processing 1.55 million transactions a day on 1 May 2022.

Using Ychart’s number, I calculate Ethereum was processing 64,583 transactions an hour and 1,076.39 transactions a minute, and 17.94 transactions per second (TPS) on 1 May 2022. Hence, they claim Cronos could process over 1,076.39 transactions a minute and over 17.94 TPS.

Cronos is Interoperable

They built the Inter Blockchain Communications (IBC) protocol into Cronos.

IBC is an interoperability protocol that communicates arbitrary data between arbitrary state machines. The IBC protocol consists of two distinct layers: the transport layer and the IBC application layer.

The transport layer provides the infrastructure that establishes secure connections and authenticates data between blockchains. An application layer defines how the receiving chains package and interpret the data.

By using the IBC protocol, Cronos can bridge to the Crypt.org chain and other IBC-enabled chains such as the Cosmos Hub. Bridge means to connect with another blockahin. For example, Cronos can bridge to the Crypto.com app and exchange and the Cronos BridgeWepp.

Hence, Cronos works with the Crypt.com DeFi Wallet and the Crypt.org Chain Desktop Wallet. Other Wallets Cronos supports include MetaMask, MathWallet, Nabox, Trust Wallet, and IM Token.

The Cronos Ecosystem

Cronos (CRO) uses a Proof-of-Authority (POA) consensus mechanism protocol. A POA protocol maintains security and consensus with a range of validators that many platforms and chains can run.

Cronos Projects include WS Finance, Tectonic, Cronos Bridge, MMFinance, CronaSwap, the Cronos Chimp Club, Multichain (Previously AnySwap), Beefy Finance, the Crypto.com DeFi Wallet, and the Crypto.org Chain Desktop Wallet.

Cronos Ecosystem Grants support qualified projects. Grant recipients receive technical support, marketing support, and introductions to venture capitalists. They claim the CRO EVM Fund can offer blockchain projects grants of up to $1 million per project.

Cronos gives grants to DeFi (decentralized finance), NFT, Gaming, Metaverse, Tools, Analytics, Critical Infrastructure, Social Goods, and Community Engagement projects. They also give grants to some other 3.0 applications.

The Cronos Mainet Beta Test is live now. Hence, Cronos has a platform that is up and running. That is far more than many competing projects have.

Cronos Play

Thus, developers can build games in Cronos now through Cronos Play. Cronos Play uses the ChainSafe Gaming SDK (software development kit) and supports the Unity game engine. They claim developers can easily integrate existing games to Cronos with a few lines of code.

In addition, they claim Cronos Play can provide games with insightful on-chain data, wallet authentication and authorization, and the ability to transfer tokens and NFTs within games. Cronos Play also provides multi-platform support, scale-up adoption and global reach. Plus, they claim Cronos Play is highly scalable and provides native interoperability through the IBC protocol.

Hence, Cronos could enter a growing market through Cronos Play. Nonfungible.com estimates NFT game sales grew to $5.14 billion in 2021. Similarly, the Blockchain Game Alliance estimates NFT games generated $2.32 billion in revenue in the third quarter of 2021.

What Value does Cronos (CRO) have?

Mr. Market gives Cronos some value. Impressively, CoinMarketCap named Cronos (CRO) the 20th largest cryptocurrency on 2 May 2022.

 

CoinMarketCap gave Cronos a Coin Price of 227.27₵, a Market Cap of $6.888 billion, a Diluted Market Cap of $8.251 billion, and a 24-Hour Market Volume of $194.291 million on 2 May 2022. They base those numbers on a Circulating Supply of 25.26 billion CRO, a Maximum Supply of 30.263 billion CRO, and a Total Supply of 30.623 billion CRO.

 

In comparison, CoinGecko gave Cronos a 27.93₵ Coin Price, a $7.881billion Market Cap, $37.750 million in Total Locked Value, and a 24-Hour Trading Volume of $190.141 million on 2 May 2022. They base those numbers on a Circulating Supply of 25.263 billion CRO and a Total Supply of 30.263 billion CRO.

 

I think speculators need to examine Cronos (CRO) because it has a blockchain and platforms developers can use now. In particular, Cronos is offering solutions for moneymaking businesses such as gaming. Hence, Cronos is a cryptocurrency that could make money someday.

Originally published at https://marketmadhouse.com on May 2, 2022.

 

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Hence, Cronos works with the Crypt.com DeFi Wallet and the Crypt.org Chain Desktop Wallet. Other Wallets Cronos supports include MetaMask, MathWallet, Nabox, Trust Wallet, and IM Token.
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