Cronos ID domains are the first human-readable wallet addresses supported by Crypto.com’s self-custodial wallet app, the DeFi Wallet
Cronos ID, the identity and communication protocol for Cronos chain and beyond, announced the upcoming minting and public launch of 500 million Cronos ID native governance tokens, $CROID, which will offer utility to users of the Cronos ID social protocol.
Cronos ID is a social Web3 protocol originally incubated by the Cronos Labs ecosystem accelerator of Cronos chain, the leading EVM-compatible blockchain built on Cosmos. Cronos ID introduces user-friendly crypto-native identity, notifications and communication between wallets via human-readable domain names. Natively created on Cronos chain, Cronos ID is designed to operate multi-chain, starting with EVM-compatible chains.
Thanks to the partnership with Cronos ID, Crypto.com DeFi Wallet users are now able to send and receive crypto tokens by using their (or their recipients’) human-readable Cronos ID “.cro” domains, instead of crypto wallet addresses, which are impossible to memorize and hard to type. The partnership will remove significant complexity from the crypto user’s experience, making it easier and safer to transfer cryptocurrencies and NFTs between individuals and between companies and individuals.
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Currently, the communication among crypto token holders is a challenge that hinders the evolution of community building for all Web3 projects. Peer-to-peer chats and community communication are still handled via non-crypto-native communication systems, with multiple steps required for wallet verification and token-based gatekeeping. As a result, Web3 project communication channels must actively manage the risk of scams, impersonations, and spam content.
“Cronos ID is poised to solve the issues that users and projects currently face in Web3, and the protocol establishes a foundation for the creation of a social layer on top of Web3,” said kentimsit.cro (Ken Timsit), Managing Director of the Cronos Labs accelerator. “To get started, users can take full ownership of their .cro handle, and then use any compatible crypto wallet like the Crypto.com DeFi Wallet in order to send and receive cryptocurrencies, NFTs and messages between wallets.”
$CROID Holders Access Cronos ID Rare Domain Sales at Discounted Rate
Available for purchase on our partner DEX, VVS Finance, $CROID will be available to the Cronos ID user base from November 10th, 2022 and is set to offer extended functional utility such as discounted prices for rare Cronos ID domain names – more specifically, those consisting of three or four characters which go on public sale on November 24th, 2022.
Additional Features for Holders of $CROID: Rewards, Yield, and Staking
$CROID Rewards and Burn Mechanisms
The tokenomics of $CROID aims to reward users who are committed to broad adoption of the Cronos ID protocol in the long run. They involve a rewards pool as well as buyback and burn. The rewards pool is available for Cronos ID domain holders only, rewarding users based on a share of their paid-up registration fees. Rewards will be distributed to $CROID stakers in the form of $CROID. The buyback and burn mechanism allocates a proportion of domain registration fees to be used by the protocol to purchase $CROID for burning.
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Real Yield
Cronos ID strives for sustainable protocol tokenomics as it relies on “real yield”, meaning that the rewards of token holders are funded by protocol revenue rather than by arbitrary token emissions. Out of total protocol revenue, 20% is used for buyback and burn of $CROID, 40% is distributed to users as staking rewards, and 40% is sent to the protocol treasury.
$CROID Staking
$CROID staking will be live on November 10th, 2022, offering four maturity vaults and different time allotments. Users will have the option to stake for a fixed term of one month, six months, 12 months, or 48 months. Longer stakes enable higher staking yields. To obtain rewards from staking, users will also need to be Cronos ID Domain holders, meaning that a minimum of one Cronos ID handle in one’s crypto wallet will be required. $CROID staking will reinforce the Cronos ID community, incentivising and rewarding holders who are committed for the long run.
Q1 2023 Roadmap for Cronos ID: Information With Decentralized Notifications
Currently, Web3 users and projects cannot receive prompt notifications from the decentralized applications that they use. This can have significant consequences, because they are unreachable in case of asset liquidations or they may miss tight timeframes to capitalize on their engagement in NFT projects.
Cronos ID notifications will allow users to subscribe to notifications to their .cro handle via their preferred notification channel (in-dApp, over emails, or via SMS) and in coherence with their privacy preferences. These features, along with the opportunity to expand to other chains, have positioned Cronos ID to become the ultimate communication layer built on the Cronos blockchain. Looking ahead, the team aims to unlock new forms of community building through initiatives such as social NFTs, seamless drops and bonuses, and on-chain verifiable contests and participation.
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