27 March 2022 / All about networks
Cronos network is one of the youngest cryptocurrency networks

The Cronos network started operating in November 2021, making it one of the youngest cryptocurrency networks. CRO coins are circulating in the Cronos network. Previously these coins were called “Crypto.org Coin”. As you can see from the name, this is an exchange token of the popular Crypto.org trading platform. The Cronos network is compatible with EVM (Ethereum Virtual Machine). This network is based on the Cosmos SDK technology. The combination of two powerful cryptocurrency technologies – Cosmos SDK and Ethereum Virtual Machine allows a new quality. A transaction in the Cronos network takes no more than 5-6 seconds, and the speed of the network is measured in thousands of transactions per second (TPS).

It is a Layer 1 blockchain network that supports blockchain smart contracts and web 3 and DeFi applications built on them. The Solidity programming language is used to write blockchain smart contracts for the Cronos network. This makes it possible to convert DeFi and web 3 applications written for the Ethereum network into DeFi and web 3 applications running on the Cronos network with minimal effort and time.  

CRO coins circulate on the Cronos network. The total number of CRO coins is limited to 100 billion. A type of Proof of Authority (PoA) algorithm is used to validate transactions. These coins are earned through staking. A regular user can temporarily transfer his CRO coins to one of the trusted validator nodes that are authorized to validate transactions. His reward will be a proportional portion of the validator node’s income. To loan CRO coins to a validator, simply use one of the official wallets for the Cronos network. 

In total, the Cronos network needs 100 validators to validate transactions. Validators are the top-100 users by the number of CRO coins in their wallets. 5 billion CRO coins are distributed by the Cronos network algorithm as a reward for validators. Their distribution is designed to last approximately ten years from the launch of the network. The Cronos network’s validators are also rewarded with commissions for transactions within the network. Once all 5 billion CRO coins have been distributed, validators will only receive commissions for transactions within the network.  

Tendermint technology is used to achieve consensus between Cronos nodes. This technology achieves the highest rates of speed and scalability. It is recognized for its flexibility, its ability to be used in private and public networks, and its open source code. It is possible to connect to the Cronos network using the popular MetaMask cryptocurrency wallet. To do this, simply specify the parameters of this network in the MetaMask settings. Also, CRO coins are stored in the cronosd wallet, which works from the command line. However, the easiest way to use CRO coins from the mobile wallet of the Crypto.com exchange. There is also support for CRO coins in third-party wallets, such as the well-known cryptocurrency wallet Trust Wallet.  

For the popularity of the Cronos network and the development of the cryptocurrency industry as a whole, liquidity exchange between the Cronos network and other cryptocurrency networks is crucial. EvoDeFi offers an inexpensive, fast and convenient way to exchange CRO coins for other coins and tokens. You only need to make your first exchange via the EvoDeFi blockchain bridge to see the benefits of this exchange method. 

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