## **Overview** Cronos is a blockchain platform focused on enabling decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and the metaverse. It operates on the Ethereum Virtual Machine (EVM) and utilizes the Cosmos SDK to ensure scalability, interoperability, and fast transactions. Cronos also offers a proof-of-stake (PoS) mechanism for enhanced security and energy efficiency. The platform supports various decentralized applications (dApps) and aims to cater to the next generation of blockchain users by providing a robust ecosystem for developers and users alike. ## **History** [Crypto.com](http://crypto.com/) was [founded](https://www.linkedin.com/company/cryptocom/about/) in June 2016 as Monaco, a cryptocurrency-backed payments platform that offered a cryptocurrency wallet and a Visa debit card that could be refilled, or “topped up,” by selling cryptocurrencies for fiat currencies. In 2017, Monaco [launched its MCO token](https://bravenewcoin.com/insights/crypto-com-cro-coin-analysis-a-sleeping-giant-stirs#:\~:text=Crypto.com%20Company%20history), which is entirely separate from the existing CRO token. Approximately one-third of the MCO supply was sold in an ICO to raise \~$26.70 million. In 2018, Monaco rebranded around the “Crypto.com” domain, which was bought for an unspecified amount [estimated](https://www.theverge.com/2018/3/13/17114962/cryptocurrency-bitcoin-crypto-domain-ico) to be between $5.00 and $10.00 million, from University of Pennsylvania cryptography professor Matt Blaze. The company and subsequent project were founded by [Kris Marszalek](https://www.linkedin.com/in/krismarszalek/), [Bobby Bao](https://www.forbes.com/profile/bobby-bao/?sh=7f0021607dec), [Gary Or](https://www.linkedin.com/in/pinglamb/?originalSubdomain=hk), and [Rafael Melo](https://www.linkedin.com/in/rmmbacpa/) with the [stated](https://crypto.com/eea/about#:\~:text=OUR%20MISSION,transition%20to%20cryptocurrency.) goal to “accelerate the world’s transition to cryptocurrency.” With this rebrand, CRO tokens were [airdropped](https://medium.com/@Crypto.com/crypto-com-announces-new-public-chain-with-airdrop-to-mco-token-holders-b272e76a8369) to MCO tokenholders, and the MCO token was no longer used. Crypto.com also [began](https://www.spglobal.com/marketintelligence/en/news-insights/trending/PGvzmrFs5psj101rEImNFw2) offering its debit cards in 2018. On Nov. 19, 2018, the project team [announced](https://medium.com/@Crypto.com/crypto-com-announces-new-public-chain-with-airdrop-to-mco-token-holders-b272e76a8369) the development of the [Crypto.org](http://crypto.org/) chain, a public blockchain that enables payment transactions using cryptocurrency to occur instantly, and the CRO token, which acts as an intermediary currency settlement between other assets. The alpha testnet was launched in September 2019, and early access partners were onboarded to run validators. The development of the mainnet continued with the launch of the Crypto.org block explorer in June 2020 and the mainnet dry run, titled “[Crossfire](https://blog.crypto.com/crossfire-mainnet-dry-run-event-highlights/),” in December 2020. The full version was [launched](https://www.yahoo.com/video/crypto-com-burn-70b-cro-113847182.html) on March 25, 2021. Shortly after, the project team began working on the Cronos EVM Chain, an Ethereum Virtual Machine (EVM) compatible blockchain in the Cosmos ecosystem that allows decentralized applications (dApps) to be built using smart contracts. The Cronos EVM Chain testnet [went live](https://medium.com/cronos-chain/cronos-mainnet-launching-on-8-november-ab0a256c3dc5) on July 20, 2021, and the mainnet [launched](https://blog.crypto.com/cronos-mainnet-launching-on-19-october/) on Nov. 8, 2021. Other [significant milestones](https://crypto.com/product-news) in the protocol’s history include: - September 2016 - Crypto.com secured the ability to issue Visa debit cards. - May 2018 - The Crypto.com mobile application’s public beta version was launched. - March 2019 - The “Crypto Pay” checkout solution was launched. - May 2019 - The rewards program, “Crypto Earn,” and a lending program, “Crypto Credit,” launched. - September 2019 - The protocol reached one million users. - May 2020 - The Crypto.com decentralized finance (DeFi) wallet was launched. - March 2021 - Crypto.com Tax, a platform designed to assist users with filing taxes related to cryptocurrency holding, was launched in addition to the NFT platform. - February 2022 - Crypto.com NFT begins supporting Ethereum-based NFTs. - December 2022 - The project team began publishing [Proof of Reserves](https://crypto.com/eea/proof-of-reserves) to provide transparency regarding the customer’s assets held. - September 2023 - Loaded Lions: Mane City, the first game using Cronos Play, is [released](https://crypto.com/company-news/loaded-lions-mane-city-launches-on-cronos-chain) on Cronos EVM Chain. - October 2023 - The Crypto.org blockchain is [renamed](https://docs.cronos-pos.org/for-users/new-brand-and-domains#:\~:text=On%20October%2016th%2C%202023%2C%20Cronos%20POS%20became%20the%20official%20name%20of%20the%20blockchain%20protocol%20formerly%20known%20as%20Crypto.org%20Chain.) to Cronos PoS Chain. - December 2023 - The CRO Community Pool burning mechanism is approved via [Proposal 18](https://www.mintscan.io/crypto-org/proposals/18). - December 2023 - The public testnet for Cronos zkEVM is [launched](https://blog.cronos.org/p/cronos-labs-launches-public-zkevm). - February 2024 - [Proposal 19](https://www.mintscan.io/crypto-org/proposals/19) increased the CRO inflation rate from 0.06% to 10.00% - March 2024 - The [Titan Upgrade](https://blog.cronos.org/p/announcing-the-cronos-titan-upgrade) is implemented to increase node performance. Cronos Labs has partnered with Matter Labs and zkSync to create [Cronos zkEVM Chain](https://docs.cronos.org/cronos-zkevm/cronos-zkevm#current-architecture), intended to operate as a zero-knowledge Layer-2 network on top of Ethereum. The network will exist as a third blockchain within the [Crypto.com](http://crypto.com/) ecosystem alongside Cronos EVM Chain and Cronos Pos Chain and is scheduled to [launch](https://docs.cronos.org/cronos-zkevm/cronos-zkevm#current-architecture:\~:text=The%20target%20timeframe%20for%20mainnet%20launch%20is%20by%20June%202024.) in June 2024.