It arises to satisfy the need to communicate and identify oneself in the Cronos blockchain in an easy and secure way.
Currently, if we want to transact cryptocurrencies, NFTs, or any cryptoasset that is transferred from one wallet to another, we need an extensive alphanumeric address to do so.
But as we have reported in some occasions from NFTexpressthere are Web3 domain name services, whose main purpose is the designation of short names for wallet addresses, hashes, among other identifiers.
In that opportunity, we have discussed some cases such as ENS (Ethereum Name Services), or Unstoppable Domains; in this case we will address a platform that offers domain name services for the Cronos blockchain, called CRO Domains.
Cronos ID is a decentralized identity and communication layer over the Cronos network. In this way, the platform gives users the possibility to send and receive onchain information through human readable IDs. For this purpose, Cronos ID uses 3 sub-protocols:
Domains: each user will have a unique chain ID, so it will be possible to find friends and exchange digital assets in a simple way,
Notification service: allows you to keep track of protocol events, alerts, NFT offers and more,
Messaging: users and projects will be able to communicate with each other through a secure environment.
Cronos ID Domains
As mentioned above, its goal is to emit human-readable names, such as “peter.cro”, “mery.cro”, which contain their respective address, metadata, hashes, among other data.
This identity layer allows domain name owners to host their websites or NFT galleries; link users to their biography, social media profiles, email, etc.; send and receive crypto assets; create subdomains, among other services.
Cronos ID Notifications
A notification service carries great value for users, since onchain activities cannot be easily tracked by them. Currently, it requires them to run their own scripts, or get information manually.
Therefore, more and more abstract technologies such as the Cronos ID notification service will be needed, because as the adoption and popularity of the Web3 field increases, more non-experts will join the field.
This notification service is a sub-protocol of Cronos ID, which allows wallets to be notified of onchain events without the need to manually review the events.
Notifications can be regarding governance votes on DAOs or Protocols; warnings about loan settlement events; domain expirations, NFT offerings, and much more.
Cronos ID Messaging
Nowadays there are many communication channels to connect users in a secure way. Generally users take the risk of joining channels or becoming victims of scams or phishing, which is a big risk for those who are not experts.
This is why the Cronos ID messaging service was created, a sub-protocol that allows communication between users through wallet addresses or domain names, thus providing greater security when interacting with each other.
In this way, you can conduct secure negotiations for purchases and sales of NFT, or develop a community where users can communicate with each other, and with project teams, avoiding being victims of phishing.
Official project information
In addition, Cronos ID has its own token called $CROIDand on its official website is published its TokenomicsThe Tokenomics of the protocol, in order to analyze the percentage share of the protocol’s revenues, which are distributed among the token holders.
On the other hand, you can consult the Release Notes or the Roadmapwhich are published on its own web site. Regarding its PartnersIn terms of partners, you can find several partnership and integration protocols, such as VVS Finance, Tectonic, Minted, Ferro Protocol, Crypto.com DeFi Wallet, etc.
Written by Luciano Garriga (Tw: luchogarriga) for NFT Express.
IMPORTANT: NFTEXPRESS only publishes articles for informational purposes. Nothing herein contains the character of recommendation or promotion of any type of investment for the reader. Before making any kind of investment, it is recommended to consult a specialist in the matter.