Cronos POS Chain Introduction
What is Cronos POS Chain and its design goals?
The development of blockchain technology and cryptocurrencies represents a cryptography and security breakthrough as significant as that created by the internet in the 1990s. This technology, however, is still at a very nascent stage; in order to generate mass adoption, it will therefore be necessary to find compelling real-life use cases that can appeal to an audience larger than the small group of industry professionals and experts.
Cronos POS Chain
Accordingly, we propose Cronos POS Chain, the next-generation public blockchain that enables transactions worldwide between people and businesses. It is also the technology that powers Crypto.com Pay, mobile payment solution, and will be used to power our trading & financial services offerings in the near future.
We believe enabling cryptocurrency spending in the real world will be an adoption catalyst. Current traditional payment institutions and existing blockchains have failed to provide a secure, scalable and decentralized solution to support cryptocurrency payment. The key limitations of existing blockchain-powered payment networks are that they are:
Too complex to setup and use;
Not friendly to crypto first-timers; and
Rarely supported beyond their own blockchain;
Design Goals
On the technical side, Cronos POS Chain has the following design goals:
"Security": robust and well-understood primitives and implementation are favoured
"Scalability": parts that hinder overall latency, throughput, lightweight client support, etc. should be mitigated
"Multi-party": the system should permit multi-party operation; anything that puts trust in a single party should be opt-in
"Long-term operation": there needs to be a leeway for backward- and forwards-compatibility etc.
"Developer ecosystem": external developers can easily work with Chain, regardless of their used programming language; better support for DeFi use cases, e.g., support cross-chain asset transfers and communications.
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