CoolWallet is proud to announce that our flagship DeFi/NFT hardware wallet CoolWallet Pro now supports Cronos (CRO), formerly known as Crypto.org Coin, as well as Crypto.org Chain. CRO is the utility token of both Crypto.org Chain and Cronos EVM Chain.
Crypto.org is a next-generation public blockchain that offers lightning-fast and cheap transactions, and is rapidly growing its ecosystem of dApps focused on DeFi, NFTs, Web 3, and the metaverse. We are very excited about the new world of opportunities this will unlock for our CoolWallet users, and what better way to dip your toes into the new Crypto.org universe than with our recently released limited edition Crypto.com x CoolWallet Pro hardware wallet?
Why did Crypto.org rebrand to Cronos?
On February 18, 2022, Crypto.org announced the rebranding of “Crypto.org Coin” ($CRO) – the utility token of the Crypto.org Chain and the Cronos EVM Chain – to Cronos ($CRO).
The new name takes into account CRO’s decentralized nature and celebrates the explosive growth of the Cronos ecosystem since its inception. The Cronos ecosystem represents the next major phase in the adoption and utilization of Web 3 by hundreds of millions of users.
What is the difference between Cronos Chain and Crypto.org Chain?
Both the Crypto.org and Cronos blockchains have been built on Tendermint and the Cosmos SDK, which enables them to be interoperable with each other much like Binance Chain and Binance Smart Chain (BSC). The big difference though is that Cronos Chain is compatible with the Ethereum network, while the Crypto.org chain serves as a standalone network.
About Cronos Chain
Live since November 2021, transactions are much faster and cheaper than on the Ethereum mainnet, making decentralized applications (dApps) and smart contracts more user and environmentally friendly.
Cronos has seen incredible growth over the last three months as well as user adoption that has surpassed expectations, with over 350,000 unique wallet addresses performing transactions on Cronos and over 120 dApp builders joining, across all dApp categories.
Both transaction volume (TV) and TVL (total value locked) are surging, reaching 15+ million and US$2.5 billion, respectively.
Advantages of Cronos
- Built on Ethermint, which is based on the Cosmos SDK
- Supports the rapid porting of dApps and smart contracts from Ethereum and other EVM-compatible chains
- Interoperable with the Cosmos ecosystem via IBC (Inter Blockchain Communication)
- Proof of Authority (POA) consensus mechanism – more streamlined and scalable with top security with a range of validators run by many parties
The Cronos Community Roadmap for 2022 aims to propel Cronos to the Top 5 of public blockchains by TVL. It includes the following:
- Rapid expansion of the ecosystem in DeFi, NFT/Gamefi and metaverses dApps
- At-scale infrastructure and SDK support for developers
- Significant increase in transaction throughput (TPS) via breakthrough database optimization
- Stronger blockchain connectivity
- Interoperability with secure and decentralized bridges with Ethereum and Cosmos chains
What is Crypto.org Chain?
Crypto.org Chain is a next-generation public blockchain that’s fully open-source, permissionless, and decentralized. Its network boasts high speeds and low fees, and it is designed to be a public good that helps drive mass adoption of blockchain technology through use cases like payments, DeFi, and NFTs. Read the whitepaper here.
Features of Crypto.org Chain
Secure: The Chain is built on state-of-the-art blockchain technology and designed to be fault-tolerant.
Instant & low-cost: Transactions are instant and deterministic, confirmed with minimal fees.
Permissionless: The Chain is an open-source project and welcomes any validator partners or code contributors.
Open ecosystem: It’s welcoming to and supported by innovative projects, including payment and DeFi initiatives.
Sustainable Crypto.org is on track to offset more carbon than it can generate.