Cronos ID PriceCROID

What is Cronos ID (CROID)?

Cronos ID (CROID) is the identity and communication protocol built for the Cronos chain and beyond. It is a social Web3 protocol originally incubated by the Cronos Labs ecosystem accelerator, which supports the EVM-compatible blockchain built on Cosmos. Cronos ID introduces user-friendly, crypto-native identity, notifications, and communication between wallets through human-readable domain names. Natively created on the Cronos chain, the protocol is designed to operate multi-chain, starting with EVM-compatible chains.

The project addresses a critical gap in Web3: communication among crypto token holders remains a challenge that hinders community building. Peer-to-peer chats and community communication are still handled via non-crypto-native systems, requiring multiple steps for wallet verification and token-based gatekeeping. As a result, Web3 project communication channels must actively manage risks of scams, impersonations, and spam. Cronos ID solves this by offering a suite of communication features and building the social layer of Web3.

The CROID token is the native governance and utility token of the ecosystem. It has a maximum supply of 1 billion tokens, with a total supply of approximately 999.13 million CROID (999,127,735) after accounting for burned tokens. The circulating supply is approximately 179.89 million CROID (about 17.99% of max supply, self-reported by the project); the registry snapshot lists 0 circulating, so the figure is project-reported rather than independently verified. Cronos ID launched on August 24, 2022; its public sale (IDO) concluded on November 17, 2022, and token emission began on November 18, 2022. The token is positioned to democratize protocol revenue to token holders and ecosystem participants through a "Real Yield" model.

Key Specifications & Tokenomics

• Name: Cronos ID
• Ticker / Symbol: CROID
• Blockchain: Cronos chain (EVM-compatible blockchain built on Cosmos)
• Category: Social Web3 Protocol / Identity & Communication
• Max Supply: 1,000,000,000 CROID
• Total Supply: Approximately 999.13 million CROID (999,127,735) (onchain supply minus burned tokens)
• Circulating Supply: Approximately 179.89 million CROID (about 17.99% of max supply, self-reported by the project; registry snapshot lists 0 circulating)
• Launch Year: 2022 (launch date: August 24, 2022)
• Token allocation (of 1,000,000,000 CROID): Team 8%, IDO 0.125%, Community Reserve 19.9%, Partnerships 25%, Marketing and Ecosystem 15%, Liquidity Management and Incentives 31.975%
• Contract Address: 0xCbF0ADeA24fd5f32c6e7f0474f0d1b94Ace4E2e7
• CRO Registrar Account: 0xf884647Dfa84696d9373F36eE413CCc48093F924
• Community: Discord (discord.com/invite/FeFu22ny6A); X/Twitter (@cronos_identity)
• CoinMarketCap ID: 22983; CMC Listing Date: December 15, 2022
• Official Website: https://cronosid.xyz/
• Whitepaper / Docs: docs.cronosid.xyz
• Block Explorer: explorer.cronos.org
• Positioning Tagline: "Cronos ID - Your Identity for Web3 and Beyond."

The tokenomics of CROID are designed to reward users committed to broad adoption of the Cronos ID protocol in the long run. The model involves a rewards pool, buyback, and burn mechanism. The rewards pool is available exclusively for Cronos ID domain holders, rewarding users based on a share of their paid-up registration fees. Rewards are distributed to CROID stakers in the form of CROID. The buyback and burn mechanism allocates a proportion of domain registration fees to purchase CROID for burning. Out of total protocol revenue, 20% is used for buyback and burn, 40% is distributed to users as staking rewards, and 40% is sent to the protocol treasury.

Who created Cronos ID?

Cronos ID was originally incubated by the Cronos Labs ecosystem accelerator. Ken Timsit, known by the handle kentimsit.cro, serves as Managing Director of the Cronos Labs accelerator. In a November 3, 2022 press release, Timsit stated: "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. 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."

The project is closely tied to the Cronos chain ecosystem, which is known for supporting decentralized applications and DeFi solutions. Detailed public information about the full development team beyond the Cronos Labs accelerator is currently limited.

How does Cronos ID work?

Cronos ID operates as an identity and communication protocol that replaces complex crypto wallet addresses with simple, human-readable .cro domain names. Users can easily send and receive digital assets using a recognizable .cro domain across dApps, wallets, and DeFi platforms on Cronos EVM. The system is designed to be human-readable, error-proof, and permanently owned by the user.

The protocol is powered by three key subprotocols, each with a distinct purpose: Domains, which lets users establish a unique on-chain identity via a distinct domain; Messaging, documented as a core module of the protocol; and a third subprotocol that completes the three-subprotocol architecture. Per the project documentation, the Rewards Pool is listed as "Coming Soon"; domain holders will deposit CROID into 1-month, 9-month, 24-month and 48-month maturity vaults to earn CROID and wCRO rewards. Users can chat with verified project teams or individuals, negotiate NFT bids directly, and buy or sell domains on Minted.network. The core infrastructure is built to enhance interoperability and efficiency of transactions within the Cronos ecosystem, leveraging the scalability and security of the Cronos blockchain.

Cronos ID .cro handles are supported by the Crypto.com DeFi Wallet, allowing users to send and receive cryptocurrencies, NFTs and messages using a human-readable handle instead of a wallet address. This integration removes significant complexity from the user experience and makes transfers safer between individuals and between companies and individuals.

What makes Cronos ID unique and valuable?

Cronos ID distinguishes itself through its focus on building the social layer of Web3, addressing the communication challenges that hinder community building in the crypto space. By providing human-readable domain names, it eliminates the need for users to manage complex wallet addresses, reducing the risk of errors and making transactions more accessible to a broader audience.

The protocol's "Real Yield" model is a key differentiator. Unlike many projects that rely on arbitrary token emissions, Cronos ID funds token holder rewards through actual protocol revenue generated from domain registration fees. This approach aims to create sustainable tokenomics that reward long-term commitment to the ecosystem. The buyback and burn mechanism further aligns incentives by reducing token supply as protocol revenue grows.

The integration with Crypto.com DeFi Wallet provides real utility and adoption. The multi-chain design, starting with EVM-compatible chains, positions Cronos ID to expand beyond the Cronos ecosystem. The protocol also offers practical features such as verified project team chats, NFT bid negotiation, and domain trading on Minted.network, creating a comprehensive identity and communication solution for Web3 users.

What is Cronos ID used for?

CROID serves as the utility token for the Cronos ID ecosystem, providing users with a secure and decentralized identity management solution. The token has several core functions within the protocol. First, it is used for staking, allowing holders to earn rewards funded by protocol revenue. Staking requires users to also be Cronos ID domain holders, meaning a minimum of one .cro handle in their crypto wallet is required.

Second, CROID holders receive discounted prices for rare Cronos ID domain names, specifically those consisting of three or four characters. This creates a direct utility benefit for token holders who wish to acquire premium domains. Third, the token is used in the rewards and yield features of the protocol, with rewards distributed to stakers in CROID.

CROID, alongside CRO, can be used to register or extend .cro domains, with discounts based on registration duration.

The token also plays a role in the governance of the protocol, as it is described as a native governance token. Beyond these functions, CROID is used within the broader Cronos ID ecosystem for accessing communication features, participating in the social layer of Web3, and engaging with the various services offered by the platform, including vaults and domain trading on Minted.network.

How Is the Cronos ID ecosystem developing?

The Cronos ID ecosystem has been developing since its launch on August 24, 2022. On November 3, 2022, the project announced the upcoming public sale of CROID; the total supply is capped at 1,000,000,000 CROID, of which the IDO allocation is 0.125%. On November 10, 2022, CROID became available to the user base on partner DEX VVS Finance. On November 24, 2022, rare Cronos ID domain names consisting of three or four characters went on public sale.

Looking ahead, decentralized notifications were set to launch on Cronos ID in the first quarter of 2023. The project continues to build out its social Web3 protocol, with partnerships including Crypto.com DeFi Wallet and Minted.network. The protocol is designed to operate multi-chain, starting with EVM-compatible chains, which suggests future expansion across different blockchain networks. The Cronos blockchain itself is designed to be highly scalable and secure, making it an attractive option for many blockchain projects, and CROID may see its role expand in complex payment systems and other sectors requiring robust blockchain infrastructure.

How to mine Cronos ID?

CROID is not mined through traditional proof-of-work mechanisms. Instead, users can obtain CROID through staking. Per the project documentation, the Rewards Pool is listed as "Coming Soon"; domain holders will deposit CROID into 1-month, 9-month, 24-month and 48-month maturity vaults to earn CROID and wCRO rewards. Longer stakes enable higher staking yields, incentivizing long-term commitment to the protocol.

To obtain rewards from staking, users also need to be Cronos ID domain holders, meaning that a minimum of one Cronos ID handle in one's crypto wallet is required. This requirement reinforces the Cronos ID community and ensures that staking rewards are distributed to active participants in the ecosystem. Rewards are distributed to CROID stakers in the form of CROID, funded by protocol revenue from domain registration fees.

The staking process is designed to reward users who are committed to broad adoption of the Cronos ID protocol in the long run. The rewards pool is available for Cronos ID domain holders only, rewarding users based on a share of their paid-up registration fees. This creates a sustainable cycle where domain registration fees fund staking rewards, which in turn incentivize further participation and domain ownership.

How to keep your Cronos ID Coin safe?

Keeping your CROID tokens safe requires following standard cryptocurrency security practices. First, use a reputable self-custodial wallet that supports the Cronos chain and CROID tokens. The Crypto.com DeFi Wallet is one option that supports Cronos ID domains, but you should always verify that any wallet you use has proper support for the Cronos network and the CROID token standard.

Store your private keys and seed phrases securely offline. Never share your private keys or seed phrases with anyone, and be wary of phishing attempts that may ask for this information. Since Cronos ID is a communication protocol, be particularly cautious of unsolicited messages or requests for wallet verification, as these are common attack vectors in the crypto space.

When staking CROID, ensure you are using the official Cronos ID vaults and understand the lock-up periods associated with different maturity options. Before interacting with any dApp or DeFi platform, verify the contract addresses and ensure you are on the legitimate website. Consider using hardware wallets for large holdings, and always double-check domain names and wallet addresses before sending assets. Regularly review your security practices and stay informed about common scams targeting cryptocurrency holders.