Remember the crypto.com? It started as an exchange. Later they came up with their own token, blockchian and the variety of the blockchain solutions. They had their own chain in the past which was similar to the bitcoin but now they are rebranded into new chain.
Exchange continues to stay on the crypto.com however they have moved from crypto.org to new cronos.
This new chain is POS which means it is proof of stake blockchain. This was done to improve the consumer side of the chain usage and the mechanism as well. And this would also add up the new use cases and also it would be making sure to bring value to the enterprise and consumers.
So what is Cronos POS chain? Let's talk about it.
Image Credit: Cronos
Rebrand of Crypto.org Ecosystem
Cronos is the new name of the crypto.org chain. And the new ecosystem is going to be added under the cronos ecosystem. You would find that the $cro token continue to be the utility token of this ecosysteme and also the new POS aka proof of stake chain is it's new feature.
What made them choose the POS? I feel that could be the low transaction, less reliance on the slow system of the proof of work in the system. This is a layer zero of the chain and it would remain as such in order to let others fork the layer 2 tokens and the ecosystem.
Cronos chain is an EVM compatible chain. And it supports all the features and the decentralized apps can be built using the solidity language. I'd say that you should have no issues with the dApps and the overall deployment building process.
Migration to the new cronos chain would be happening slow and steady. You won't even notice it. But the apps around the chain would change their domain names and the market wallets would be changing the names, nodes and also the logo and symbol in the market. So you have to be prepared for the same. Rest of the things would remain as is like your assets and stuff. That is not changing as of now.
Low Transaction Costs and Consumer Value
Cronos is supposed to bring the low value in the consumer side. The reason crypto.org survived was because they were offering a lot of interesting features and the cost was low. And that continues even on the cronos chains. And the overall consumer value would be there for the cost effective nature and the efficiency is higher than before.
You may find that the cost in the POS chain is as low as the 0.00001 US$. This would mean that it would be interesting to see that if this is going to compete with the Binance and the Ethereum chain which would happen considering cronos has it's own consumer side and they do have the clients of their own too.
Crypto.org was known to give some of the value to the users who were specifically into the exchange of value. And they were mostly focused on forex and the nft side. I suppose that would continue to be on the chain and we would see cronos to be more consumer chain than the exchange one which was the case with crypto.org in the past.
It's time to change the calendar and the portfolio for the new name - Cronos. The crypto.org has the sunset of the brand and we as a consumers would be dealing with this new chain and rebrand of the old token and chain surrounding the brand. Let's see what stack changes and tech changes happen with Cronos from this point onwards.