- Cronos offers low transaction fees and fast confirmation times, which can improve the user experience and reduce the cost of using decentralized applications.
- Cronos supports cross-chain communication and asset transfers, which can enable interoperability and composability among different blockchain ecosystems.
- Cronos is still in its early stage of development, which means it may face technical challenges and security risks as it grows and evolves.
The native cryptocurrency token of Cronos Chain, a decentralised, open-source blockchain created by the payment, trading, and financial services company Crypto.com, is called Cronos (CRO).
Cronos is the first blockchain network to interact with both the Ethereum and Cosmos ecosystems, supporting DeFi, NFTs, and the Metaverse. It aims to massively scale the Web3 user community by enabling developers to transfer applications and crypto assets from other chains with low cost, high throughput, and fast finality. What else can the native token of the crypto exchange Crypto.com do and what are both its potential and challenges? We will also shed light on the darkness of CRO price prediction with this article.
The Overview of Cronos Ecosystem
Chainalysis counts CRO crypto from the popular crypto exchange Crypto.com as a new partner on its side. Their CRO price prediction is high, but is it explained? From now on, it will use Chainalysis’ “Know Your Transaction” (KYT) service. KYT reliably identifies suspicious and high-risk transactions in a payment network or the order books of an exchange. In this way, it intends to monitor all transactions with the token, but also all transactions of the supported CRC-20 tokens. The CRC-20 standard – similar to Ethereum’s well-known ERC-20 standard – is a framework for tokens on a blockchain.
Cronos, often referred to as the “Internet of Blockchains,” was created based on the Cosmos Software Development Kit and focuses on interoperability aCROss a variety of blockchains.
In this way, it is primarily popular with developers of blockchain games, NFTs, and in the decentralized financial services (DeFi) sector. The CRO primarily wants to ensure the security of its ecosystem with this move. In the recent past, there have been several attacks on so-called blockchain bridges. Some of these resulted in damages in the triple-digit millions.
Hackers aim Bridges - Cronos plays it safe
Just a few weeks ago, the Ronin hack shook the crypto world. Ronin is an Ethereum bridge that connects the blockchain to the popular NFT game Axie Infinity. By hacking private keys, attackers were able to capture 173,600 ETH or the equivalent of $622 million. In the process, the attacker manipulated transactions and redirected funds to his wallets, according to Sky Mavis, the company behind Ronin. Shortly before the Ronin hack, an attack had already taken place on the Bridge Wormhole, which connects Ethereum and Solana. This resulted in a loss of over 320 million US dollars. Blockchain bridges are increasingly becoming victims of attacks, CRO isn’t an exception. Due to the enormous volume of transactions, bridges are particularly popular for hackers.
The coin wants to prevent its token or even blockchain-based CRC-20 tokens from falling into the hands of hackers. For this purpose, the “Know Your Transaction” system from Chainalysis will be used in the future. In this way, it should be possible to quickly identify suspicious transactions. Its move makes sense and is logical due to the recent hacks. In theory, the coin is now secure; practice will show whether attackers will now give the coin a wide berth and prefer to seek their “luck” elsewhere. All these reasons are only proving – CRO token wants to provide security together with Chainalysis. This safety, in the end, may have a positive influence on Cronos price.
Is CRO a Good Investment?
The trading platform Crypto.com is something like the high-flyer of the crypto world. Yet it is almost an old hand. The Hong Kong-based company has already existed since 2017, but the final breakthrough only came sometime later.
We take this as an opportunity to look at the past and future development of the CRO price and provide a CRO price prediction.
Coin Forecast 2023
The coin has a fast, reliable network and works on user experience every day. Due to the increasing marketing campaigns, Crypto.com has the potential to capture a significant market share. The CRO price in 2023, based on our calculations amounts to $1, with a maximum price of up to $1.20.
CRO Coin Forecast 2025: what do the experts say?
Even though it is difficult to predict the platform’s development in the coming years, we can make a Crypto.com forecast based on the current situation. Analysts at CRO price prediction forecast see a very bullish development for the coin. They assume an average price of 2.85 USD – depending on the current market trend. The maximum price here is $3.13 and the minimum price is stated as $1.71. The forecast for the year 2025 from the price prediction analysts is much more restrained. Although one assumes a bullish scenario due to the efforts of network developers and community investors. The analysts expect CRO price to reach a maximum price level of $1.80 by the end of 2025. The average price will be between $1.49 and $1.53.
What Makes Cronos Unique?
Crypto.com is an exchange that allows trading, lending and especially spending cryptocurrencies via a credit card. The Crypto.com Coin is the exchange’s associated exchange token and thus a utility token. Similar to other exchange tokens, such as Binance-Coin or OKB, CRO coin also aims at adaptation and customer loyalty.
In doing so, the token is intended to serve as the backbone of the entire Crypto.com ecosystem. The token runs on the native Crypto.org Chain, a public blockchain that advertises fast transactions and low fees.
Crypto.com VISA card users in particular will benefit from the token, as 8% of credit card fees will be distributed as tokens. In addition, token holders get better exchange rates, discounts on payments, and other minor benefits.
To increase the CRO crypto price, Crypto.com burns larger sums of tokens in the meantime. The last token burn, where tokens are sent to an address with no owner – and thus removed from circulation, took place in February 2021, where Crypto.com burned 70% of its circulating tokens. Burned tokens are removed from circulation, making individual tokens still in the hands of investors rarer and more attractive to hold.
Token burns are often financed by the exchanges that stand behind the exchange tokens and return portions of their revenue to investors through fees in this way.
If you are interested in the latest developments around Cronos price, you can take a look at the Crypto.com course to stay up to date.
Pros and Cons of buying CRO
As for any crypto project, partnerships are of great importance for trading platforms like Crypto.com. Also, a possible price increase of Cronos blockchain is closely tied to the success of the trading platform. According to recent reports, Crypto.com is entering into a partnership with Booking.com. Users of the trading platform will be able to book discounted accommodations on Booking.com and pay with Crypto.com’s credit card. But what are other pros and cons of the coin? In addition to the forecasts of the leading analysts, let’s compare them as well:
- Crypto.com receives regulatory approval from CySEC
- Active network with decentralized applications (DApps)
- High-yield liquidity pools
- Excellent associated cards
- Access to high, risk-free staking rates on stablecoins
- The company has recently invested enormously in expansion and has been able to gain an enormous number of customers.
- Nevertheless, most analysts are bullish about the future development of the CRO price.
- The Cronos price (formerly the Crypto.com Coin), like almost all other cryptocurrencies, is currently in a downtrend.
- High initial staking requirements
- Questionable sustainability
- The CRO prices suffered the most massive price losses in 2022.
Cronos is the official means of payment for the trading platform of the same name. Millions of people now use the services of the company, which was launched in 2017 still as “Monaco”. In addition to a credit card, which was revolutionary at the time, Crypto.com now offers all financial services from the crypto world.
The success of the platform has also boosted the CRO price. Especially in 2020, it celebrated greater success. In our Crypto.com Coin forecast, we took a closer look at the token’s historical and future price trends. In this context, it turned out that all the analyses of experts considered expect further price increases in the future. If the trading venue continues to develop so excellently, the CRO price could turn into a windfall for long-term investors.
Cronos Crypto is a blockchain platform that aims to provide a fast, scalable, and interoperable ecosystem for decentralized applications. Crypto is powered by the Crypto.org Chain, which is a public, open-source, and permissionless network that supports smart contracts and native tokens. Cronos Crypto leverages the Ethereum Virtual Machine (EVM) to enable developers to easily port their existing Ethereum applications and tools to the platform. Crypto also supports CROss-chain communication with other blockchains, such as Bitcoin, Ethereum, and Binance Smart Chain, through the Inter Blockchain Communication (IBC) protocol. Cronos Crypto’s vision is to create a vibrant and innovative community of developers and users who can benefit from the advantages of blockchain technology, such as transparency, security, and efficiency.
Crypto.com is a platform that offers various services related to cryptocurrencies and Cronos blockchain, such as buying, selling, trading, staking, lending, borrowing, and paying digital assets. Crypto.com makes money from different sources, depending on the service. Some of the main revenue streams are:
– Fees: Crypto.com charges fees for transactions, such as buying and selling cryptocurrencies, converting fiat currencies to crypto, and withdrawing funds.
– Interest: Crypto.com pays interest to users who deposit their CRO token or stablecoins in the platform’s savings accounts or lend them to other users.
– Spreads: Crypto.com applies a spread or a difference between the bid and ask prices, when users trade cryptocurrencies on its exchange or app.
– Rewards: Crypto.com offers various rewards to users who use its services, such as cashback, rebates, discounts, and bonuses.
The future of CRO price depends on several factors, such as the adoption and growth of the Crypto.com platform, the innovation and development of new products and services, the competition and regulation in the crypto space, and the overall market sentiment and demand for cryptocurrencies. Some of the potential strengths of the coin are its large and loyal user base, its diversified and integrated offerings, its strategic partnerships and collaborations, its high security and compliance standards, and its ambitious roadmap and vision. Some of the potential challenges or risks of CRO price prediction are its dependence on the Crypto.com brand and reputation, its exposure to volatility and hacking incidents, its scalability and interoperability issues, its legal and regulatory uncertainties, and its competition from other established and emerging players.
It stands for Conversion Rate Optimization, which is the process of improving the user experience and design of a website or app to increase the percentage of visitors who take a desired action, such as buying a product, signing up for a newsletter, or filling out a form. It is safe as long as it follows ethical principles and does not manipulate or deceive users into doing something they do not want to do. It can benefit both businesses and customers by providing a better online experience, increasing customer satisfaction, and generating more revenue. However, CRO coin can also have negative consequences if it is done poorly or unethically, such as violating user privacy, creating false expectations, or causing frustration and distrust. Therefore, the coin should be done with care and respect for the users, and to create value for both parties.
The coin is the native token of Crypto.com, a platform that aims to provide a range of services for cryptocurrency users, such as trading, payments, lending, staking, and DeFi. It is used to power the Crypto.com Chain, a blockchain network that enables fast and low-cost transactions between users and merchants. CRO coin also offers benefits for holders, such as discounts on fees, higher interest rates, and access to exclusive features. Investing depends on many factors, such as the market conditions, the growth potential of Crypto.com, the competition from other platforms, and the personal risk appetite of the investor. Of course, investing in the asset also involves risks and challenges, such as regulatory uncertainty, technical issues, security breaches, and market volatility. Therefore, investors should do their own research, weigh the pros and cons, and decide for themselves if it is a good investment for them.