CRYPTO.COM

Cryptocurrency in every wallet

Think about what a breakthrough in technology was made with the creation of the Internet. Don’t you think that the creation and development of blockchain technology and cryptocurrency has an equally significant effect on the field of cryptography and security? Nevertheless, we can say that the Internet is a phenomenon that has completely penetrated the masses, but we cannot say so about the use of cryptocurrencies.

Surely most of you know the platform Crypto.com, which offers exchange, wallet, and credit card services supported by cryptocurrency. However, the platform also has its own token, which was created to solve some serious problems faced by the bitcoin blockchain structure. Let’s talk about this project more.

Crypto.com is a project of payment and cryptocurrency platforms, also known as the CRO Protocol Laboratory.

It is an online platform that supports investors to invest in cryptocurrencies by offering cryptocurrency products and services. The project also has its own application in which users can buy and sell coins at a real price without any hidden fees.

Perhaps you are wondering how the Crypto.com and Crypto.org Chain? Crypto.org Chain is a Tender mint-based protocol launched by Crypto.com. It is the protocol that crypto financial organizations face. The protocol provides a growing set of financial products. Crypto.org Chain Mainnet launched in March 2021, with Crypto.org Coin (CRO) as its native currency. By turning CRO into an intermediate currency that converts cryptocurrency into a fiat analogue at a reduced price, the project allows users to make payments in cryptocurrency to as many sellers around the world as possible.
Let’s take a closer look at how everything works.

How does it work

As previously mentioned, Crypto.org Chain is based on the Tendermint Core consensus mechanism. It relies on a set of validators to participate in the Proof-of-stake (PoS) consensus protocol, and they are responsible for fixing new blocks in the blockchain. The protocol also uses the Cosmos SDK. All together, this ensures high transaction throughput and instant completion of transactions when fulfilling block obligations.

Main types of nodes are used to ensure security:

The council nodes (or “validator nodes”) work on the BFT Tendermint consensus mechanism, are used to verify transactions and are responsible for processing fees. They are also used to perform transaction actions and provide rewards based on CRO.

Community nodes (or “full nodes”) retrieve data from the blockchain and provide it to the validator node client.

Settlement agent nodes sell CRO tokens for other currencies.

Crypto.com is the first cryptocurrency company in the world that has the ISO/IEC standard. This means that it is based on a solid foundation of security and privacy. It also has a rating of “Adaptive (level 4)” — the highest level possible for cybersecurity of the National Institute of Standards and Technology (NIST). The platform uses PCI: DSS (Payment Card Industry: Data Security Standard), which provides a highly secure environment and supports the highest standards of data security and confidentiality; as well as CCSS (Cryptocurrency Security Standard).

Having such advantages as security, open source code, confidentiality and decentralization, Crypto.com Chain aims to make crypto payments the main payment option. And eventually adapt as an alternative to existing payment systems, since this new system is easier to set up and cheaper to operate.

Crypto.org Chain also feeds Crypto.com Pay (Mobile payment solution), and will be used for DeFi and NFT. In addition, in 2018 the project released the first in the world (at that time) a Visa card with crypto-support. The card allows users to avoid typical problems, such as the lack of places to perform operations with cryptocurrency or significant commissions. The card allows to make instant transactions without annual commissions in more than 50 million Visa outlets around the world, and use money worldwide at interbank exchange rates without extra charges. Cardholders can conveniently spend and withdraw the fiat equivalent of their cryptocurrency online or offline.

Crypto.com has defined 4 roles for its participants:

• Customers. They can use the network to make payments in cryptocurrencies. For each payment, they can receive discounts in the form of cashbacks.
• Merchants. Their role is to accept payments in cryptocurrency for the products and services they provide.
• Crypto customers. They are responsible for acquiring and working with clients, as well as providing them with instant access to assets. To qualify as an acquirer, the user must have a set amount of CRO blocked as collateral.
• Merchant acquirers. They manage transactions initiated by sellers on the network. Trade buyers must also meet the minimum CRO requirements in the form of collateral.

The project’s strategy is to use payment solutions as the main tool for implementing and attracting users, while creating solutions for trading and financial services as the main sources of income. What does this give? Creates a sustainable ecosystem: as long as payment channels bring users to the platform, trading and financial services generate income that can be reinvested in payment.

Helping financial institutions to safely store cryptocurrency, control volatility, and timely regulate processes inside and outside the chain, Crypto.com aims to translate the financial world into the world of cryptocurrencies. The platform offers three directions of use with a set of products to use:

• Payment — Crypto.com Payment, Visa Card
• Trade — Crypto.com application, Crypto.com Exchange
• Financial Services — Decentralized Financial Products, Crypto-Earnings, Crypto-Credit

Crypto.com meets different user needs:

• Crypto.com Pay is a mobile payment service built into Crypto.com application that allows you to make purchases and pay with cryptocurrency, or receive cryptocurrency anywhere and anytime for free. Users receive cashback CRO (native token) for purchases with gift cards and free peer-to-peer transfers with payment to their friends. It should be noted that among the gift cards you can also see such well-known brands as iTunes, Google Play, Amazon, Starbucks, Nike, and the choice itself is large: from hotels and airlines to taxi services and grocery products.
• Crypto.com Payment allows you to pay for an order, a gift card, transfer money to friends or pay Airtime Top-Up. Sellers can receive cryptocurrency as an additional payment method. Merchants pay zero fees for processing payments in cryptocurrency or save up to 80% on fees compared to traditional payment systems.
• Crypto Credit allows you to instantly get a loan in stablecoins without a payment deadline and without a credit check.
• Crypto.com DeFi wallet is a decentralized, non-storage-related wallet that includes reference data on prices along the chain, offering decentralized price channels for DeFi tokens.

TOKEN

The platform’s own token is called a CRO. Initially, this is an ERC-20 token, but team announced that they going to create their native token, which will exist in parallel with the previous one. As usual, the token is used for commissions, staking and payment.

Basic information:

Token name: Crypto.org Coin

Token ticker: CRO

Issuing entity: CRO Protocol Labs

Token total supply: 30,000,000,000 CRO

Distribution mechanisms: Secondary distribution only. No pre-sale, no public sale, and no ICO 100% circulating supply, 100% decentralized Focused on revolutionizing payments, DeFi and NFTs

Audit & assessment: Token ERC20 contract and daily distribution smart contract were successfully audited by Quantstamp and Certik

In February 2021, Crypto.com announced the redistribution of CRO tokens with the goal of 100% decentralization in preparation for the Crypto.org Mainnet launch. 70 billion CRO will be burned (the total number will be reduced to 30 billion CRO), and the remaining 5.9 billion CRO will be used as rewards for the Mainnet block for validators.

CONCLUSION

Founded in 2016, the platform Crypto.com it serves more than 10 million customers using a cryptographic application. Traditional payment systems will not be able to provide a secure, confidential payment system, and existing blockchains are difficult to use for ordinary users. Therefore, Crypto.com uses a new generation public blockchain — Crypto.org Chain, and offers a secure, scalable, multi-party system for long-term operation. A convenient mobile solution for payments, as well as a comfortable ecosystem for developers, that’s what makes Crypto.com is so attractive to users. Successful use of the platform leads to attracting an increasing audience, which means that it gradually introduces this type of finance to the masses. What is this necessary for? The creators of the project believe (and we agree with them) that the transition of the world to cryptocurrency will help people around the world to control their money, protect their data and identity. Isn’t this our basic rights?

The project is not only interested in changing the world of finance, but also seeks to help preserve the natural resources of the planet. On May 27, 2021, the team announced a new goal — to become carbon-negative within 18 months. So, Crypto.com plans to compensate for more carbon than is generated as a result of all activities within the organization. A multi-step approach has been developed to achieve this ambitious goal.

“The climate crisis is the most acute problem of our time. The desire to become a company with negative carbon emissions is only the beginning of our efforts. As we continue to invest in the creation of Crypto.org Chain ecosystem we will offer the industry a path to pure cryptography”” — Chris Marshalek, Co-founder and CEO Crypto.com

By developing convenient and useful financial services, the project Crypto.Com strives to make our lives better.

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