What is VVS? How is it related to Cronos
If you are a user of the Crypto.com app and exchange and had CRO, you may have been pleasantly surprised: the CRO token has gone up almost 1500% in the last year.
Thanks to its well-known credit card and media campaigns, Crypto.com has very high growth in users and trading volume. And so has the CRO token, which has a large base of holders despite being highly intervened by its issuer because to use the credit card, one of the requirements is to have CRO.
And it seems that the holding has gone very well for many users, considering the significant revaluation of the CRO token.
Now Crypto.com does not stop here and wants to go for decentralization (but in its way). To do this, it has launched the Cronos blockchain, a network specially designed for applications, products, and services of the new web 3.0 to run on it. Next, we will see what it consists of.
What is Cronos?
If you've been in the crypto ecosystem for a while, you probably know the Crypto.com exchange. It is one of the most used exchanges and wallets by users worldwide.
Last November 8, 2021, Crypto.com launched the Cronos network. Cronos is a network based on the EVM (Ethereum Virtual Machine), i.e., compatible with the Ethereum network and functionalities that parallel the Crypto.org blockchain.
The Cronos network has been designed so that the new web 3.0 can be developed on it (although with an inevitable centralization, as we will see later).
The network has the following main characteristics:
- Enables Smart Contracts: developers can build dApps faster.
- EVM Compatibility: Cronos supports any EVM compatible dApp.
- Interoperability: the network is built so that the whole Defi ecosystem (GameFi, NFTs, Defi, Metaverse, etc.) can be developed.
Basically, Crypto.com is building a network parallel to its native network on which (thanks to the compatibility with EVM, the most used standard in the crypto ecosystem) dApps and a multitude of products and services can be built quickly.
Crypto.com: the colossus behind Cronos
In addition, there is also the support of Crypto.com's existing customer base, which currently stands at 10 million users.
But where does Crypto.com come from? Crypto.com has its origins in Monaco Technologies (sound familiar with the MCO token?), a company founded in 2016 in Honk Kong by Kris Marszalek, plus Rafael Melo (head of finance), Gary Or (director of technology), and Bobby Bao (head of Crypto.com's investment fund).
Crypto.com was born as a cryptocurrency exchange. However, it became much better known for its credit card solutions and its in-app wallet. Currently, the business handles a daily volume of over $1.8 billion, ranking tenth and still far behind the market leader Binance (with approximately $30 billion in daily trading volume).
Undoubtedly, one aspect that has boosted Crypto.com the most is marketing, especially in the United States. Crypto.com has just signed an agreement for the legendary Staples Center stadium in Los Angeles (which hosts the Lakers and Clippers) to change its name to Crypto.com Arena for 20 years. In addition, the worldwide TV commercial featuring Matt Damon promoting Crypto.com has also been viral.
What is VVS?
$VVS is the platform's native and governance token within the protocol. It adopts an emissions model, in which 50 billion VVS will be produced in the first year, halving each year after that (e.g., 25 billion in the second year), with the emission per block dependent on the technical design of the chain. Cronos is the EVM chain running in parallel to the Crypto.org chain. Its mission is to massively scale the DeFi ecosystem, providing developers with the ability to rapidly port Ethereum applications and EVM-compatible chains.
With the Crypto.com ecosystem booming, projects like VVS Finance are starting to take off. This is a simple DeFi platform for everyone to exchange tokens or earn high returns. Unlike a traditional centralized business, a decentralized AMM exchange, so there are no middlemen or order books involved. In addition, the project has adjusted its tokenomics to provide incentives to all parties involved to foster the long-term sustainability and development of the platform.
Analysis Past Prices VVS Finance.
According to the latest data collected, the current VVS Finance price is $0.00012031, and VVS is currently ranked # in the entire crypto ecosystem. The circulating supply of VVS Finance is 897,706,224,845, with a market cap of $108,005,791. In the last 24 hours, VVS Finance has decreased by -3.37% in current value. Comparing the current market cap of VVS with yesterday, it is noticeable that the market cap is also down. VVS Finance is facing a tough time getting on board with other cryptocurrencies. VVS has been down at nearly -13.84% in the last seven days. The coin continues to show risk framing segments over the past few days; the cash might have solid fundamentals but, we don't think it would be a profitable asset in the near term.
VVS Finance (VVS) Price Prediction/Forecast for 2022, 2023, 2024, 2025 and 2030
At PricePrediction.Net, we predict future VVS Finance stock predictions / VVS forecasts by applying artificial intelligence-assisted deep technical analysis on VVS Finance's past price data. In addition, we do our best to collect maximum historical data for VVS currency, including multiple parameters like one-time price, VVS Finance market cap, VVS Finance volume, and a few more. So, if you are looking to invest in digital cryptocurrencies and want a good return on your investments, be sure to read our predictions.
How does the Cronos blockchain work?
On a functional level, the Cronos blockchain does not differ significantly from the Ethereum network as it applies its virtual machine. Basically, what changes are the speed, efficiency, and transaction fees compared to Ethereum? The goal of Cronos is to 'alleviate' the saturation of the Ethereum network, being the alternative for dApps, NFTs, etc., to be built on it.
How does it achieve this? Using the Proof of Authority (PoA) consensus algorithm.
What is the Proof of Authority (PoA)?
The Proof of Authority algorithm is a consensus mechanism based on identity and reputation. Ethereum co-founder Gavin Wood proposed the term.
Its operation is based on the fact that the validators (the PoA miners) delegate their authority and reputation to guarantee the correct functioning of the network. So instead of blocking their tokens as it is usually done in the Proof of Stake or their computational power that would be the Proof of Work model, they put their reputation and resources.
The exciting thing about this algorithm is that the overhead required for block validation is greatly reduced. This is because the number of participants (validators) is usually relatively small. These participants are pre-approved by an entity that controls the operation of the network, so this type of algorithm is often used in private networks. The problem with these networks is that they are highly centralized. By eliminating the competition that usually exists in more decentralized algorithms, control by a few people is encouraged. Hence, it is necessary to study who is behind this network before using them and depositing your assets.
One sector where the PoA algorithm is exciting is in supply chains. As these are closed systems in which a limited number of agents participate, the algorithm is presented as a compelling option as it is fast and efficient.
What is Cronos for?
As we have already mentioned, Cronos aims to act as a platform for the new web 3.0 or 'web of value' to be built. Among others, the possibilities can be:
- Defi development: exchanges, loans, staking, etc.
- NFT: trades of NFTs with low commissions.
- Metaverse: generation of the games and experiences of the future.
One of the first protocols that have already announced its collaboration with Cronos is Annex Finance, a lending protocol developed on top of the Binance Smart Chain's BEP-20 standard.
How can I send my assets to Cronos?
Since the day of its launch, Cronos has made available to its users the following ways to send digital assets to its network:
- Transfer assets using the Crypto.com app.
- Transfer assets from the Crypto.com exchange.
- Transfer assets from the Crypto.org Chain via the Cronos Bridge.
- The assets that can be sent from day 1 are:
- From the Crypto.com app and exchange: CRO, ETH, WBTC, USDC, USDT, and DAI.
- From the Crypto.com Chain: CRO
Cronos plans to expand its asset offering in the future, starting with those based on the Cosmos network.
How does the process of sending assets to Cronos work?
- The token standard in Cronos is CRC-20; this means that no other token standard will be compatible with Cronos.
- When you withdraw your assets from the Crypto.com app and exchange, the assets will be converted into tokens wrapped in Cronos at a conversion rate of 1:1.
- For example, if you withdraw USDC from the Crypto.com app to your Cronos wallet, the USDC will be sent as a standard CRC-20 token that you can freely use throughout the Cronos ecosystem.
- If you later want to change the standard of the assets, you will have to use the Cronos Bridge (see below what a Bridge is).