The first blockchain that can work with both Ethereum and Cosmos is Cronos. It can run Defi wallet and NFTs and be utilized in the metaverse. It wants to increase its ledger and Web3 support customer base by allowing developers to quickly relocate programs and cryptocurrencies from other networks at minimal cost and maximum bandwidth.
From Crypto.com to Cronos Network
The rebranding CRO utility token from the renowned crypto exchanges. Crypto.com revealed the renaming in a blog post. According to the blog post, the new network name is designed to symbolize the “decentralization of the coin and the phenomenal expansion of the CRO ecosystem.”
The CRO has received much interest in the past months as a result of its surge. It is a concept that is getting increasingly well-known on a global scale as a result of its marketing campaigns and programs. Crypto.com continues to move to broad adoption of crypto assets by acquiring the network name rights.
The New Cronos Network
Cronos is a network that can run on the EVM. It was made with the Cosmos SDK framework. If you want to connect two different blockchain networks, you can use a decentralized network. It’s called Ethermint, which is the next step in Tendermint.
It is through the blockchain that the Ethereum and Cosmos apps are linked together in the world of Cosmos apps. This means it can communicate to two different places at the same time, which means it can make apps for NFT, Defi, and Web3.
Cronos chain is backed up by Ethermint, which is a Tendermint progression. So, the technology is fast, flexible, and easy to use. As a result, the network makes it easy to move Ethereum apps and smart contracts from one place to another quickly. Following that, the IBC has a lot of compatibilities, quick transactions, and low fees.
Cronos has Cro block explorer URL which is a tool that allows you to search for actual and past data on a chain, such as transaction addresses and more. The CRO block explorer URL provides users with information on the Cronos blockchain, including recent transactions and blocks.
Cronos Mainnet Features
Cronos network is compatible with the EVM, which means it can run any Ethereum-based DAO, D’App, or Smart Contract. The reason it can do this is that it is powered by Ethermint, a POS chain that works with Ethereum.
You must add the networks that work with EVMs, like the Cronos. A new RPC URL is a way for a client to communicate with a blockchain. Cronos’ new RPC URL makes it easier for people to get to online resources on different platforms and in different languages.
It Can Be Easily Scaled
Flexibility and speed are two things that make the Cronos network a good choice for businesses. The chain takes longer to run than other blockchains, like Ethereum. It’s also important to note that smart contracts are cheaper to run than Ethereum agreements.
The IBC protocol makes it possible for a CRO network to communicate and interact with the Crypto.org chain and other IBC networks, like Cosmos because they all use the same protocol. The Cronos Decentralized Bridge lets people move CRO from the Crypto.org Chain to the CRO Chain without having to go through a bank.
Easy to Set Up
Cronos (CRO) is very easy to set up because users only have to follow a few simple steps to set it up. The Blockchain is also very fast, easy and cheap to use, even for people who have never used it before.
Efficient in using energy
Cronos is very efficient with energy and has a low environmental impact, so it is very green. If you compare it to other PoW Blockchain systems, Cronos is a lot more energy-efficient than them.
What is Metamask?
MetaMask is a web extension that makes it easier to get into the Dapp ecosystem on Ethereum. It can also be used as a wallet for ERC-20 tokens, which lets people use the network’s services through the wallet.
Customers can use their currencies in games, tokens in betting apps, and exchange them on decentralized exchanges by connecting to Ethereum-based Dapps. Additionally, metamask serves as a gateway to the growing realm of the Defi wallet, by offering access to Defi applications such as PoolTogether and Compound.
Advantages of Metamask Wallet
- Metamask Wallet is simple
Rather than storing encryption information, users only need to memorize a series of keywords, and operations are verified on their accounts.
- Space Saving
The Ethereum blockchain does not require users to download anything because it delivers queries to nodes that are not on their computers.
Because dapps are built to collaborate with it, sending Ether in and out becomes much easier.
Disadvantages of Metamask Wallet
- Metamask Wallet is a third party application
Within the user’s browser, MetaMask wallet stores a seed phrase or private key. This is not as secure as paper and hardware wallets. It’s a fair balance in terms of usability.
- Metamask wallet has External nodes
Rather than being a full node, the MetaMask wallet depends on various nodes, which can experience unavailability and cause the MetaMask wallet to stop running.
Step by Step Guide on How To Add Cronos Mainnet to Metamask wallet
Cronos network is an Ethereum virtual machine blockchain that operates on a Proof of Authority method (PoA). Cronos mainnet has its own currency called CRO. As soon as you add Cronos, you will be able to send, store and receive CRO tokens on the Cronos chain.
Steps to Add Cronos Mainnet to MetaMask Extension
- Installing and Setting Up Your Metamask Extension
If you still don’t have the Metamask app, you can get it from the Metamask website. Then, after you download and successfully added the extension to your browser, just follow the directions and sign up, set up your new password and secret recovery phrase.
- Press the add network button
You can now add the Etherium Mainnet network to your Metamask extension account by clicking on the top right corner of the account button and then clicking the add network.
- Add the important information about the Cronos Mainnet
After you successfully click the add network in your metamask, a window will show up. You don’t have to do anything special. You just have to type in the data and copy and paste the information of your Cronos mainnet manually.
Steps to Add Cronos Chain to MetaMask Mobile Application
- Installing Metamask Application into Your Phones
Download the metamask app for Android and iOS by going to the metamask website. Afterward, open the app, sign up and set it up. If you already have the same wallet, then click “I already have a wallet.” If you don’t, then click “create a new wallet.” Set your password and secret recovery phrase.
- Tap the Settings Button
After installing and setting up the metamask application. Click the three parallel lines on the upper left side of the app. Then tap the settings button.
- Add the Network Name
Once you tap the settings then tap the network button on your metamask app and select custom RPC.
- Add the Cronos Mainnet Details
Make sure to add important information about the Cronos Mainnet network, then copy and paste the important parts of the information into your text. Click save or the confirm button. Cronos mainnet will change your Metamask wallet app after you put in the important information.
Should you Buy CRO Token?
CRO token has a lot of benefits over the traditional cryptocurrency, especially when Crypto.com has a lot of money for advertising. One way to see how it will do is to look at the operations and improvements of the Crypto.org network.
This is how it looked when the crypto climbed in value in 2021. It went up in value between January and November. Moreover, these are among the signs that 2022 might go in the same direction. Regardless of what happens in the market, the CRO token is likely to be a good thing.
If you already use the Crypto.com market, you may want to buy and keep CRO token because it gives you extra benefits to your account, like lower trading costs and the ability to earn CRO through your business’s direct deposit.
You may even want to use a method called “dollar-cost approximation,” in which you make a lot of transactions over a long period of time instead of all at once. Furthermore, keep in mind that you should not invest a lot of your money in cryptocurrencies at first.
Although the cryptocurrency market is currently in a bearish trend, Cronos has proven to be a valuable investment for strategic investors. With its unique capabilities and potential for growth, Cronos is well poised to become one of the leading blockchain networks in the industry. If you’re looking to invest in cryptocurrencies, CRO should definitely be on your radar.