Cronos ID is an identity infrastructure that enables Web3 solutions to communicate effectively. The CROID token is the governance token for the network as well as the native means of paying for services on Cronos ID. The solution is built on the Cronos Ecosystem and shares all key protocols and capabilities.
This project has received positive feedback from users across the board due to the uniqueness of the solution, partnership with Crypto.com, and reliability of the Parent Cronos ecosystem. Users enjoy enhanced safety, almost free coin transfers, and the ability to share assets with the Ethereum blockchain.
A Bit About Cronos ID
Cronos ID can be described as a secure communication infrastructure layer. It ensures that users do not go for tools that can be exploited for their communications. This solution resulted from the need to make Web3 communication a lot safer.
Security is of absolute importance as data and money change hands on Web3 networks. With Cronos ID, players can enjoy communications without worrying about exploits, leakages, or corrupted tools.
This solution was initially curated by Cronos Labs in 2022 before market giants like Crypto.com joined in to give it access to a wider market. The solution stands for security and freedom of communication, something that it offers efficiently.
The CROID token is used on the Cronos ID network for the buying and selling of identity services. It can also be used for NFT sales and any other services that will be offered on this network in the future.
Revolutionizing the identity and communication space!CryptoLists.com
Cronos ID is a communication and identity layer built on the Cronos blockchain. The solution gives players the ability to send and receive any communication onchain that is powered by human-readable identifiers.
There are three sub-protocols that come into place to achieve this solution. The first is the CronoID, which gives each user a unique onchain identity. With this, you can find your friend and exchange crypto with a few clicks.
The second is the notifications service, which keeps the community informed on any issues relating to NFT bids and protocol events and gives alerts. Finally, there is the leveraged messaging tool that gives players the ability to connect and communicate in a safe environment where every player is verifiable.
CROID allows users to purchase three and four character names at a lower price than other users. This way, organizations can ensure the safety of DeFi and CeFi users on Cronos using this unique identity solution.
Utility of Cronos ID?
CROID has several uses in the Cronos ID network. First, it is the token that users pay with to get unique identities on the network. It is also the governing token on the network and is used for any projects that are created and run on the ecosystem. Third, it is a medium of exchange for digital items and services that users of Cronos ID get on the network.
There are several benefits that come with the use of the CROID as well as the Cronos ID network. First, users are able to access different products on Cronos ID at a lower price. Second, users can buy into web3 solutions offered in the parent Cronos blockchain.
CROID supports decentralized finance (DeFi), the metaverse, and non-fungible tokens. Those who wish to invest in the solutions can do so with the coin. Besides, Cronos ID is the gateway to the Crypto.com ecosystem. Therefore, users can access various products and solutions on the network.
Finally, Cronos ID uses the IBC protocol, which allows its users to communicate with the Ethereum blockchain. Users can interchange services, transfer value, and connect without facing interoperability issues.
Cronos ID Price details
CRO Contract address: 0xCbF0ADeA24fd5f32c6e7f0474f0d1b94Ace4E2e7
›› Details & Tokenomics
Advantages of Cronos ID
+ Cronos ID enables secure communications among different Web3 users+ The network uses the IBC protocol, which enables inter-blochain transfers
+ Users enjoy cheap transactions along the network as well as leading blockchains
+ Cronos ID is well secured, just like the parent Cronos network
+ The solution has the capability to be used for web applications even on other blockchains, such as Ethereum
Disadvantages
- Cronos ID is a niche product likely to be used in specific communication tools- CROID still has low liquidity compared to other blockchains
- The technology behind CROID is still in progress, so it has not attracted a huge investor base
- Cronos ID solution is yet to attract many web3 service providers
- CROID has not been gaining value rapidly on cryptocurrency exchanges, making it a less attractive investment
Costs
▪ Rated at 9/10The cost of transferring CROID has been waived on Crypto.com. However, in future, it may cost just 0.01% of the amount transferred since it uses the low-energy transfer module offered by the parent Cronos blockchain. Like Cronos, the amount of fees charged will be affected by the congestion in the network.
Reputation and Buzz
▪ Reputation rated at 9.5/10▪ Buzz rated at 8/10
Cronos ID has received positive feedback from the growing web3 community that intends to use the solution. First, the solution offers realistic solutions that Web3 users across the crypto networks face on a daily basis.
Second, its partnership with crypto.com, one of the leading crypto exchanges on the internet, has exposed it to thousands of potential users.
Third, the parent ecosystem, Cronos, is one of the most popular and secure in the market. This has offered another level of confidence among potential users.
While it has taken quite some time for Cronos ID to get out there, it continues to attract players across the crypto marketplace and may soon be used by Web 3 solutions across the board as the identity provider.
FAQ
Is it safe to hold CROID?
Yes, CROID is a safe coin to hold as an investment and store of value. It uses zero-knowledge technology and ZK-proof generation to ensure decentralization and safe storage of transaction data. It is also supported by all the other security tools available on the Cronos network.
What need does Cronos ID solve?
It deals with the safety risk that comes with identifying users on Web3 services. Cronos ID provides a human-verifiable way of identifying users in a safe environment, eliminating the use of third-party tools and address strings.
History of Cronos ID
June 2022 – The Cronos ID project is started. It will be incubated in Cronos Labs and released in the same ecosystem.
November 2022 - The token is launched into the world.
December 2022 – Crypto.com joins the Cronos ID project as a partner to offer value to its users. The identity, a solution, and the bridge will be available on its network.
February 2023 - Domain Services is launched and sales start. Crono ID starts integrations with wallets and key Cronos protocols. Besides, CROID staking module is launched.
July 2023 - Notification Services launch takes place. The service is then integrated with distribution channels and other key Cronos protocols.
December 2023 – Cronos ID launches messaging Services. There is also an enhancement of notification features and other smart messaging tools.
January 2024 – Cronos ID announces an airdrop where those who qualify will get 500 USD worth of tokens along with the ability to participate in future decision-making.
Screenshots from Cronos ID
Cronos ID details and tokenomics
