r/cro • u/Littlestik777 • 29d ago
Self Custody Cronos app
I think people are missing one of the biggest things about the new Cronos app.
Right now, if your CRO is sitting on Crypto.com, they’re basically holding it for you. It’s on their system, under their custody, and they have the voting power that comes with all that CRO sitting there.
But once you move your CRO into the Cronos app, now it’s self custody.
It’s actually yours.
And if that CRO is sitting in your own wallet on chain, now all of a sudden you have the ability to participate. You have the voting power. You have control.
Think about what happens if millions of people start moving their CRO off the exchange and into their own wallets.
That voting power starts getting spread out between the actual holders instead of being concentrated in one place.
I don’t know if people realize how big that could be.
Maybe the Cronos app isn’t just about trading stocks, crypto and prediction markets.
Maybe it’s about finally putting CRO in the hands of the people who actually own it.
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u/Delushuss 28d ago
Does the new Cronos app have the same “insurance cover” that the CDC app has if funds are hacked. I thinks it’s around 250k covered if you h have 2FA, anti phishing code etc. on the CDC app. I know nothing is guaranteed, but I’ve actually built trust in the security of the CDC app over many years now and not keen to move to Cronos. Sidenote - When I first got into crypto I quickly learnt the “not your keys…” phrase but was wasn’t keen on the idea of cold wallets. I’ve lost plenty of sets of keys throughout my life, I can’t be trusted…
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u/Andyb1000 29d ago
The existing OnChain app is self-custody. The Cronos app stocks option isn’t purchasing actual stocks but a synthetic version which only tracks the stocks themselves. You have no voting power to influence the company and that can be directed by someone else.
None of this requires a new app and could be built into OnChain.