Cronos, previously known as Crypto.com Chain, is an open-source blockchain for all things decentralized-related, from DeFi, payments, to GameFi and NFT. The chain belongs to Crypto.com and is one of the solutions that the exchange offers to the public.
Since its introduction in 2020, the blockchain has gone through a complicated process of rebranding and name changing. First, it was named Crypto.com Chain then it was changed to Cronos in February, 2021. Please keep in mind that there is also the Crypto.org Chain that also belongs to Crypto.com and runs parallel with Cronos. Cronos is to Crypto.org Chain as BEP-2 Chain is to BEP-20 Chain.
As Cronos is the first EVM blockchain built using Cosmos SDK, it implements the Proof of Authority (POA) algorithm like Cosmos. POA is actually a modified version of POS and works quite similarly to POS, but with POA, new validators need the agreements from current validators to be admitted to the network.
To become a validator in Cronos, apart from having to get the thumbs-up from existing validators, you also need two different tokens, CRO and Cronos Staking Token. The former will be rewarded to validators as a cut from users’ transaction fees and the latter is required for governance and voting.
The initial total supply of CRO was 100 billion, but a lot was burned, so the current total supply of CRO is 30.3 billion. The current circulating supply of CRO is 25.3 billion.
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