Cronos: POWERFUL Features and Potential Impact FOR THE YEAR 2024

You may have encountered the cryptocurrency Cronos, but what exactly is Cronos? Cronos is a public blockchain that is decentralized, open-source, and energy-efficient, with fast transaction speeds and cheap costs. Moreover, Cronos is intended to support the creative economy through Web3 apps like DeFi and GameFi, eventually serving as the core infrastructure for an open metaverse. Cronos is intended to serve the next billion Web3 users and enable them to realize the full potential of self-custody over their digital assets.

Cronos’ Proof of Authority (POA) consensus technique blends decentralization with efficient, scalable, and environmentally friendly transaction processing. Cronos can provide cheaper transactions than the Ethereum mainnet, making decentralized apps (dApps) and smart contracts more economical, carbon-neutral, and user-friendly.

Tokenomics

The Cronos blockchain was established in 2018 with an initial quantity of 100 billion CRO tokens. However, in early 2021, Crypto.com issued a huge upgrade in which 70 billion CRO tokens were burned, bringing the maximum supply down to 30 billion. Currently, there are around 25.2 billion CRO tokens in circulation, with the remainder held for different purposes:

  • 20% of the supply is set aside for ecosystem rewards, frozen until the Crypto.com Chain mainnet launches.
  • 10% is designated for community development.
  • Around 5 billion CRO (1/6th of the total supply) is set aside to provide block incentives for validators on the Crypto.org blockchain. 

The CRO token is used to pay petrol fees on the Cronos blockchain and to stake and collect income. It also offers discounts for utilizing it in the Crypto.com ecosystem. Unlike many other cryptocurrencies, there were no private or public sales, initial coin offerings (ICOs), or presales. The full supply is held for network participants, resulting in a 100% decentralized token. The price of CRO has fluctuated significantly, hitting an all-time high of roughly $0.97 in November 2021 before retreating more than 80% in the following months as the greater cryptocurrency market suffered a decline. As of May 2024, CRO traded in a price range similar to August 2020.

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Price Analysis

CRO is now trading at $0.1189, with a 24-hour trading volume of $10,490,880.96, suggesting a -0.31% decrease in price over the previous 24 hours. CRO’s circulating supply is 26.76 billion tokens, with a maximum supply of 30 billion tokens. On November 24, 2021, CRO attained an all-time high (ATH) price of $0.965407. 

However, the token has plunged more than 87% from its all-time high. In contrast, CRO’s all-time low was $0.0121196 on February 8, 2019, therefore the current price is 884.10% higher than the ATL. Over the last 7 days, CRO has outperformed the broader cryptocurrency market, falling 6.5% while the global market value has dropped 2.2%. Compared to similar Layer 1 blockchains, CRO has underperformed, losing 3.2% within the same period.

Price Prediction

The value of CRO is expected to expand significantly in the coming years. CRO is anticipated to trade between $0.098196 and $0.188859 in 2024, representing a potential 58.93% increase from its current price, according to several price prediction websites.

By the end of 2024, Coinpedia predicts a high price of $0.231, while CryptoNewsZ predicts a range of $0.13 to $0.48, with an average price of $0.85. AMBCrypto’s long-term estimates are even more optimistic, with CRO reaching $0.56 in 2025, $0.94 in 2026, and $14.90 by 2030. Community members who contribute to CoinMarketCap predict a peak of $0.56 in 2025 and more than $1 in 2030.

Exchange listings

Here are some exchanges that have listed CRO:

Exchange Name
Crypto.com
Gate.io
Bybit
Coinbase
Binance
Bithumb
Coinone
LBank
XT.COM
CoinEx

Road Map

Phase 1: Protocol and Database Scaling

  • Optimize the chain’s performance to increase capacity and serve more users.
  • Maintain characteristics like low fees, fast finality, and high throughput.
  • Deploy roll-up technology to boost network capacity.
  • Explore novel approaches like parallelization of smart contract execution and modularization of storage through the “Cronos Next Level” R&D project.

Ecosystem Development

  • Continue building and expanding the Cronos ecosystem.
  • Onboard more developers and projects to build on Cronos.
  • Increase user adoption and engagement.
  • Strengthen partnerships and collaborations.

CRO’s scalability may be significantly increased by raising block size and decreasing block time, which was 10 million gas and 5–6 seconds when CRO went live in November 2021. As of mid-2023, block size has already been raised to 40 million, and studies are underway to shorten block duration to perhaps 3–4 seconds. Looking ahead to 2024, CRO will continue to harness advances from the Ethereum and Cosmos SDK communities (while also contributing to them) to provide more scalability.

Ecosystem Support for Cronos

Cronos Lab: Cronos Labs is a blockchain startup accelerator that focuses on decentralized finance, blockchain games, and the development of the Cronos chain ecosystem.

Cronos Ecosystem Grant: The Cronos Ecosystem Grants program seeks to help early-stage Cronos companies by accelerating initial product development and offering technical support. We hope to align incentives with fresh builders and teams by assisting their initiatives to thrive alongside the larger ecosystem.

Recent Event’s

CRO hosted an AMA on X with co-founder and CEO Kris Marszalek on the 19th of January at 06:00 UTC. CRO announced a scheduled network upgrade (v.1.2) for April 17th at 7 a.m. UTC. The primary objective of this upgrade was to improve backward compatibility for developers. The Titan Upgrade for the CROmainnet was scheduled to go live on March 26th.

Final Thought’s

Cronos, an open ecosystem, receives assistance from over 500 contributors, validators, and Dapp developers. In the future, ecosystem-bootstrapping projects will be offered to help developers create cutting-edge DeFi, NFT, and Metaverse applications, as well as to raise CRO awareness among Dapp developers. Although CRO does show potential and is a captivating network in the vast realm of many different crypto networks, caution must be taken in making any investments. One should seek the advice of a professional adviser before deciding whether to buy Cronos-supported coins or run apps on the CRO network.

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