What is Crypto.com Coin?
Crypto.com Coin (CRO) is a revolutionary cryptocurrency designed to facilitate the widespread adoption of digital currencies as a form of payment. With the goal of enabling seamless transactions between customers and merchants across the globe, Crypto.com Chain represents a next-generation public blockchain solution. Its primary objective is to provide a user-friendly, efficient, and secure platform for the integration and rapid settlement of cryptocurrencies in real-world scenarios.
According to its whitepaper, Crypto.com Chain serves as the backbone of the Crypto.com Pay mobile payments app. It empowers the application with enhanced usability, seamless payment processing, and robust trading capabilities, supporting a wide range of financial services. The protocol powering Crypto.com Chain is based on Tendermint, a tendermint software that ensures the secure and consistent replication of an application on multiple machines, even in the presence of machine failures.
At the heart of the Crypto.com ecosystem lies CRO, the native token that fuels its operations. CRO serves as the medium of exchange within the Crypto.com Chain, driving the platform's various functionalities and incentivizing user participation.
To achieve its goals, Crypto.com Chain leverages the Cosmos SDK and the Byzantine fault tolerance (BFT) consensus mechanism of Tendermint Core. The Cosmos SDK serves as a framework for building blockchain-based applications, while the BFT consensus mechanism ensures the network's continued operation even in the face of unresponsive or malicious nodes.
The Crypto.com Chain comprises four distinct node types: council, acquirer, settlement, and community nodes. These nodes play crucial roles in maintaining consensus and network security. Council nodes, also known as validator nodes, are utilized by Crypto.com Chain and third-party entities that meet specific staking and criteria requirements. Validator nodes are primarily responsible for executing settlements and verifying cryptocurrency transactions on the network. Acquirer nodes settle transactions on behalf of merchants or customers, while settlement agent nodes ensure price stability and facilitate traditional currency payouts for merchants. Lastly, community nodes facilitate public participation and evaluation of transactions, allowing community members to settle their transactions directly among themselves. The Crypto.com Chain is built on a foundation of security, privacy, and compliance, providing users with a reliable and trustworthy platform.
Turning to the history of Crypto.com, the Crypto.com Coin (CRO) was developed by CRO Protocol Labs as the native token of the Crypto.com Chain. Crypto.com itself is a Hong Kong-based payment and cryptocurrency platform that was founded in June 2016 by Kris Marszalek, Rafael Melo, Gary Or, and Bobby Bao. Kris Marszalek, the CEO, brings extensive experience in entrepreneurship, having founded and led successful ventures before Crypto.com. Rafael Melo, an engineer, leveraged his finance career to secure substantial funding for Ensogo, a social commerce website. Gary Or, a seasoned software engineer, contributed his expertise in platform architecture and mobile app development to the team. Bobby Bao, with a background in investment banking and corporate development, played a crucial role in shaping the company's growth.
Initially, the distribution of CRO tokens occurred solely through secondary means, without an initial coin offering (ICO), presale, or public sale. These tokens were primarily used as network fee incentives and gradually distributed on various networks at prevailing market prices.
The maximum total supply of CRO tokens is set at 100 billion. New CRO tokens can be created through mining using GPUs and ASICs, similar to other cryptocurrencies. Additionally, users can earn CRO through staking and as transactional bonuses awarded by Crypto.com. On the Crypto.com Chain, CRO owners can stake their coins to act as validators and receive processing fees for their contributions. Furthermore, transaction fees within the Crypto.com Chain can be paid using CRO coins, providing additional utility and value to the token.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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