Sharing a brief overview of the Crypto.com project that you should know

Mass adoption in Crypto. This is a topic that has been talked about ever since Bitcoin and Cryptocurrencies have been covered by mainstream media. Few people will look beyond the payment industry when discussing about which industry is most primed for change by blockchain technology and Cryptocurrencies. That is what Crypto.com is trying to solve through implementation of the Crypto.com Chain.

Problems With Existing Payments Solutions

Traditional fiat payment systems are heavily centralized, with few players in the entire marketplace for such a huge industry. This brings with it possible security issues, having a single point of failure. Furthermore, since traditional fiat payment systems are built on legacy systems, it is difficult to integrate innovative digital solutions to reduce costs, increase processing time and further tighten security.

Despite recent news of Cryptocurrencies being accepted as payment in a number of merchants, it can be argued that existing blockchain solutions are not efficient enough to take over traditional fiat payment systems. This is where Crypto.com intends to position themselves- A blockchain payment solution that facilitates Cryptocurrency transactions between merchants and users.

The Crypto.com Chain Solution

To facilitate fast and secure transactions with Cryptocurrencies, Crypto.com has introduced the Crypto Customer Acquirers and Merchant Acquirers to the ecosystem. The primary function of Crypto Customer Acquirers and Merchant Acquirers are to authorize and process transactions of the customer and merchant respectively. They will be compensated with CRO tokens, and have to stake CRO tokens as a method of accountability.

Based on their Whitepaper, Crypto.com intends to create a frictionless onboarding experience for merchants as well as financial institution for greater adoption. This is done by integrating code from the “Crypto.com Simple SDK”.

Network Expansion- The Key To Mass Adoption

Arguably the most critical success factor for a payment solution is the continual expansion of the network of users. To achieve this, Crypto.com will be targeting the distribution channels of direct-to-merchants as well as online and offline merchants. With their existing partnership with VISA for the MCO VISA Card (another product of Crypto.com)Crypto.com has made some progress on this front.

As mentioned in their Whitepaper, the eventual goal of the Crypto.com network is for customers and merchants to stake their own CRO and become their own acquirers, authenticating and processing their transactions. Once trust-less mechanisms and proven protocols are implemented into the network the goal is for the network to be completely decentralized, such that it can be run independent of Crypto.com entities.

Tokenomics- Everything you need to know about the CRO token

The CRO token has a total supply of 100 billion tokens. Tokens are not distributed via ICO or private sale, and can only be purchased on secondary markets. You can purchase CRO tokens on ABCC Exchange here.

CThe team has created 5 multi-signature wallets which for the allocation of CRO tokens. For the sake of transparency they have shared the wallet addresses in the whitepaper which you can find in the picture below for accountability to users.