Crypto.com has been through a lot of magical changes in recent years. Their makeover and stellar rebranding is amongst the least of those. For the fewest of you who do not know it yet, Crypto.com was formerly called as Monaco. They paid quite a sum to purchase the Crypto.com URL. It helped immensely in rebranding their Crypto VISA card company. The brand is owned and operated by CRO Protocol Labs. With their CRO tokens, the company intends to make crypto transactions more secure, cheaper and faster. It will be achieved by employing CRO tokens as the intermediary between crypto and fiat currencies. It will perform an immediate conversion, thereby sparing its users from a lot of transaction-related hassles.
What Crypto.com envisions?
Crypto.com aims to drive massive growth and adoption of cryptocurrencies. It tries to solve the major issues in blockchain-powered financial market. It wants to be a faster and scalable payment network. The goal is to enable transactions to happen in less than a second. Even more so, it wants to support a minimum of 50,000 transactions per second. In addition, it attempts to provide crypto-like simple payment options involving fiat currencies. To improve itself on retail and merchant payments, Crypto.com has plans on removing transaction fees for merchants. They envision decentralization as the route to make crypto payments reach the masses. Importantly, it will provide options for secure and privacy-protected transactions.
How Crypto.com works?
There are 4 different nodes existing within the architecture of the platform. They play specific roles within the Crypto.com ecosystem.
Council Nodes: They take care of transaction verification plus supplementary operations. It sends, receives, orders and validates transactions happening over the network.
Acquirer nodes: It accommodates customer and merchant acquirers, and it manages settlement on behalf of the others. They are incentivized with CRO tokens based on the transaction amount.
Settlement Agent Nodes: They are responsible for selling CRO tokens for other currencies deemed unstable by the network. The idea is to provide conversion options of price-stable currencies to the merchant. These nodes earn solely on conversions alone.
Community Nodes: They provide directions of transactions among merchants and consumers. They are made available for users who want to validate transactions in the network.
These are utility tokens with several different functions within the eco-system of the network. Firstly, the CRO tokens can be used for staking purposes. Secondly, CRO tokens can be used for settlements such as settling block transaction fees in the network. Thirdly, CRO tokens can be used to pay merchants online as well as local retail partners. Fourthly, users can purchase gift cards from the likes of Disney, PlayStation and Xbox with CRO tokens.
ICO & Coin Statistics
Monaco’s token Sale took place in May/June 2017. The original MCO tokens raised $27 million in initial offering. CRO tokens were created in November 2018 without any presale or public sale. There is a pretty large supply of CRO tokens with over 17 billion tokens in circulation. It is still no match to the total token supply of 100 billion CRO tokens. In terms of pricing, it has now (June 2020) peaked to an all-time high of over $0.12.