What is Chromia
Chromia is an open-source public blockchain platform developed by Swedish company ChromaWay AB in response to the shortcomings of existing platforms for decentralized applications. Being a stand-alone, EVM-compliant layer-1 blockchain and a relational database, Chormia is designed to improve existing dApps and enable next-generation applications by providing scalability, improved data processing, and customizable fee structures.
There is a wide range of applications based on the Chromia blockchain. These applications use Chromia as a decentralized storage layer and leverage the Layer 2 enhancements. DeFi applications built on Chromia include such well-known projects as Hedget, Mines of Dalarnia, and the open-world game My Neighbor Alice.
Chromia is being developed by ChromaWay, a Swedish blockchain startup that has been building an intelligent blockchain technology infrastructure since 2014. The blockchain-based bitcoin wallet application developed jointly by LHV Bank and ChromaWay five years ago won the 2016 Innovation Award of the Estonian Banking Association. In 2022, ChromaWay raised $10 million in a funding round led by True Global Ventures (TGV).
How does Chromia work
Chromia consists of five levels: 1) Chromia Provider Pool (node owners); 2) Operational Chain, which tracks the grouping of nodes and dApp chains; 3) Token Chain, which tracks the movement of a native CHR token; 4) DApp Chain: native dApp chains (unlimited number); 5) Anchor Chain, linked to one or more blockchains with proof-of-work, such as Ethereum or Bitcoin.
Chromia is built on the Postchain framework, which provides a number of tools for networking, consensus, cryptography, etc. The main difference between Postchain and other blockchains' frameworks is that Postchain is designed to store blockchain data in a relational database. Also, Postchain allows transaction logic and consensus to be fully consistent with the relational database, allowing multiple blockchains to be placed in the same database and transferring data between them when the data is finalized. This simplifies the interaction between blockchains, and can be used in particular to transfer assets between blockchains.
Each blockchain in Chromia functions thanks to a set of validator nodes, which are a subset of all nodes running on Chromia. The consensus algorithm used by Chromia is PBFT (Practical Byzantine Fault Tolerance). In addition, Chromia implements an additional layer of protection by locking blocks into a PoW-based blockchain, such as Bitcoin or Ethereum. A single Bitcoin transaction anchors the state of the Chromia network every few blocks, which ensures that Chromia's confirmation strength is at least the same as that of Bitcoin. For example, a user who prefers to rely on Bitcoin's security can wait for an incoming payment to be validated through a Bitcoin bind before sending an item.
The blockchain's relational architecture uses a custom programming language called Rell. This language is very similar to SQL, allowing developers to use the security and immutability of blockchain when storing and processing data with the efficiency of a relational database.
Each DApp running on Chromia runs on its own sidechain, which is rooted in the underlying blockchain. This structure allows applications to scale efficiently and gives developers the flexibility to create new applications.
One of the latest features being developed is a new NFT standard called Chromia Originals, which will work as its own standard in the Chromia chain as well as an enhancement layer for existing ERC-721 and BEP-721 tokens. These Level 2 enhancements are being developed in collaboration with My Neighbor Alice.
How to use Chromia
Any wallet that supports ERC-20 tokens can be used for Chromia tokens. For example, Metamask, Ledger, and others. However, the Chromia team is developing a native Chromia wallet called Chromia Vault, where users can store their keys and manage their tokens.
Existing use cases for Chromia blockchain include applications such as gaming, corporate blockchain, land management, the DeFi sector, and private payments.
Chromia can be a second layer to Ethereum, offering cheaper and simpler development as well as cheaper and faster transactions.
Chromia apps include products such as the decentralized crypto-options tool Hedget, the digital certificates platform Lingon, and the games My Neighbor Alice, Chain of Alliance, Mines of Dalarnia, and Krystopia: Nova's Journey.
Chromia staking
Chromia Staking is open to all users who hold CHR tokens. The TwoWeeksNotice Staking contract is deployed on Ethereum and BNB Chain, allowing the contract interaction through popular ERC-20 wallets such as MetaMask.
Since Chromia does not use the usual Proof-of-Stake (PoS) algorithm, having more CHR does not lead to more payouts or more control over the network. Staking on Chromia is more like a deposit, allowing you to access certain features, such as deploying a dApp or running a node. Also, a program in development, Chromia Proposals, allows stakers to vote on the network development proposals. While these proposals won't be formally enforceable, the development team will see them as a way to get input and advice from the community.
Chromia's staking rule requires the user to submit a two-week withdrawal request before withdrawing the staked tokens.
The CHR token
CHR is Chromia's native utility ERC-20 token. CHR tokens can be used in dApps, which, in turn, pay transaction fees to the block producers using the CHR token.
Chromia allows dApps to issue CHR-backed tokens, while investors in dApp projects can be compensated in CHR through a profit-sharing agreement. For developers, Chromia offers an opportunity to generate revenue from their decentralized apps, and popular decentralized apps create more demand for developer-owned tokens.
The maximum supply of tokens is 978,064,794 CHR. The distribution of token supply is as follows: private sale tokens 19.40%, IEO sale tokens 4.00%, team tokens 2.98%, founder tokens 4.50%, advisor tokens 1.92%, promotion fund tokens 25.00%, ecosystem fund tokens 37.20%, automatic conversion contract tokens 3.00%, and compensation pool tokens 2.00%.
How to buy Chromia CHR token
Chromia CHR token can be purchased on centralized exchanges like Binance, KuCoin, and FTX.
Chromia CHR token can be purchased on decentralized exchanges like PancakeSwap.
Disclaimer
It is up to you where to buy the CHR token. It is worth taking into account that decentralized exchanges allow you to do this anonymously, you do not need to pass KYC procedures to use them, on the other hand the cost of transactions may be higher than on centralized exchanges, while there is a risk of your funds being held by the exchange.
Disclaimer
To understand if Chromia is a good investment and try to make a CHR price prediction, you need to do your own research on the project.
All the data for research is available on the project page on our website: check out the technical features of the project in this review, try to use the app, see if the information about the team is available and the team is open for communication, and using the project dashboard and the CHR price chart, assess the project usage rates as well as the token price movement and the number of its holders.
Is Chromia safe
Chromia’s CEO and co-founder is Henrik Hjeltje, who has more than 27 years experience in software development and 12 years of entrepreneurial experience. He is an expert consultant in finance and information technology.
The second co-founder and COO is Or Perelman. He is a Bitcoin expert in marketing and growth. Or is also a co-founder of Safebit (an early bitcoin wallet). He is a Law School graduate.
Alex Mizrahi is the third co-founder and CTO. He was the first to introduce Bitcoin 2.0. He has been leading the open-source colored coin project since 2012. He has a master's degree in applied mathematics and has received an honorary degree. Alex is one of the few who has written academic articles about Bitcoin.
The Chromia audits papers are to be released soon.
Ecosystem & Partners
The Chromia ecosystem consists of dozens of projects. Here are just a few of them. Games: My Neighbor Alice (ALICE), Chain of Alliance, Mines of Dalarnia, Krystopia: Nova's Journey. Corporate apps: CapChap, LAC PropertyChain, Lingon. Mass User Apps: Green Assets Wallet, Chromunity, Hedget (HGET).
Chromia partners include Datrics.ai, StadioPlus, AntiMatter, Oddz finance, Coin98 Super App.
What's next
The Chromia team is actively working on the project growth and development. Now they are facing such tasks as the implementation of Ethereum L2 base subsystem and cross-chain communication subsystem where nodes-producers of blocks will be responsible for facilitating communication directly at the blockchain core level.
The team is planning to create a Directory Chain which will store all the information necessary for the network operation, such as the list of providers and nodes, as well as the configuration (code) of all blockchains in Chromia network. Another upcoming feature is Hierarchical Anchoring, which will help scale up the blockchain.
And there are also plans to continue to actively collaborate with many game studios, startups, and enterprises.
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