New York, New York, November 3, 2022 (GLOBE NEWSWIRE) —
- $CROID management introduces additional benefits to holders including discounted .cro domain names along with reward, return and staking features
- Cronos ID domains are the first human-readable wallet addresses supported by Crypto.com’s self-custodial wallet app, DeFi Wallet
- Decentralized notifications will be launched on Cronos ID in the 1st quarter of 2023
- Cronos ID is positioned to offer a range of communication functions and build the social layer of Web3
3 November 2022 – Cronos ID, the identity and communication protocol for the Cronos chain and beyond, today 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 the Cronos chain, the leading EVM-capable blockchain built on Cosmos. Cronos ID introduces easy-to-use crypto-native identity, alerts and inter-wallet communication via human-readable domain names. The Cronos ID is created on the Cronos chain and is designed to power multi-chains, starting with EVM-compatible chains.
Thanks to the partnership with Cronos ID, Crypto.com DeFi Wallet users can now send and receive crypto tokens using their (or the recipients’) human-readable Cronos ID “.cro” domains, instead of crypto wallet addresses, which are impossible to remember and difficult to write. The partnership will remove significant complexity from the crypto user experience, making it easier and safer to transfer cryptocurrencies and NFTs between individuals and between companies and individuals.
Currently, communication between holders of crypto tokens is a challenge that hinders the development of community building for all Web3 projects. Peer-to-peer chats and community communications are still handled via non-crypto-native communication systems, with multiple steps required for wallet verification and token-based gatekeeping. As a result, the Web3 project’s communication channels must actively manage the risk of fraud, impersonation and spam content.
“Cronos ID is ready to solve the problems that users and projects face in Web3, and the protocol establishes a foundation for creating a social layer on top of Web3,” said kentimsit.cro (Ken Timsit), CEO of Cronos Labs accelerator . “To get started, users can take full ownership of their .cro handle, then use any compatible crypto wallet like the Crypto.com DeFi Wallet to send and receive cryptocurrencies, NFTs and messages between wallets.”
$CROID holders get access to Cronos ID rare domain sales at a discounted price
Available for purchase on our partner DEX, VVS Finance, $CROID will be available to the Cronos ID user base from 10 November 2022 and is set to offer extended functional tools such as discounted prices for rare Cronos ID domain names – more specifically those consisting of three or four characters that will go on public sale on November 24, 2022.
Additional features for $CROID holders: Rewards, returns and stakes
$CROID rewards and burn mechanisms
Tokenomics of $CROID aims to reward users who are committed to wide use of the Cronos ID protocol in the long run. They involve a reward pool as well as redemption and burn. The reward pool is only available to Cronos ID domain holders and rewards users based on a proportion of their paid registration fees. Rewards will be distributed to $CROID players in the form of $CROID. The buyback and burning mechanism allocates a share of the domain registration fees to be used by the protocol to purchase $CROID for burning.
Real return
Cronos ID strives for sustainable protocol tokennomics as it relies on “real returns”, meaning that the rewards of token holders are funded by protocol revenues rather than by arbitrary token emissions. Of the total protocol revenue, 20% is used for buyback and burning of $CROID, 40% is distributed to users as stake rewards, and 40% is sent to the protocol treasury.
$CROID bet
$CROID stakes will be live on November 10, 2022, offering four maturity vaults and different time allocations. Users will have the option to bet for a fixed period of one month, six months, 12 months or 48 months. Longer efforts enable higher investment returns. In order to receive rewards from stakes, users must also be Cronos ID domain holders, meaning a minimum of one Cronos ID handle in one’s crypto wallet will be required. $CROID staking will reinforce the Cronos ID community, encouraging and rewarding holders who are committed for the long term.
Q1 2023 Roadmap for Cronos ID: Information with decentralized alerts
Currently, Web3 users and projects cannot receive instant notifications from the decentralized applications they use. This can have significant consequences, because they are unavailable when liquidating assets, or they can miss tight time frames to capitalize on their involvement in NFT projects.
Cronos ID Notifications will allow users to subscribe to notifications to their .cro handle via their preferred notification channel (i-dApp, via email or via SMS) and in accordance with their privacy preferences. These features, along with the ability 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 verifiable contests and on-chain participation.
About Cronos ID: A new protocol for Web3 identity and communication
Unifying Web3 in a seamless network of identity, information and interaction, Cronos ID is the Web3 identity protocol that enables a deeper and more interconnected community. By rolling out three key offerings, including .cro domain names, a notification system and a secure messaging service, Cronos ID allows everyone to own, share and receive information in a secure and decentralized manner. Follow Cronos ID at @cronos_identity on Twitter and on Medium.
