What is Chromia? All you need to know about (CHR)

Many dApps and DeFi platforms are hosted on the Ethereum blockchain, but various limitations prevent these dApps from scaling to millions of users. Some of these issues include the transaction throughput and gas fees, which are usually frustrating to face as a user. Chromia provides these developers the tools to build secure dApps while improving their user experience. Examples include their innovative architecture and relational blockchain model.

This article will delve deeper into how Chromia works and explore why blockchain users might consider it an alternative to Ethereum.

What is Chromia?

Chromia is an open-source and decentralized blockchain network created by Swedish company Chromaway. It is a relational blockchain platform that enables users to build dApps and even DeFI platforms easily. Chromia will help dApps scale to millions of users without compromising the user experience by combining relational databases (which powers the modern day-to-day world- like banks and social networks) with blockchain technology. This makes the platform more intuitive, powerful, and backed by the logic of a proper database.

The Chromia system also lets dApps built on its blockchain have sidechains and maintain access to the main blockchain. This means that the dApps on Chromia can utilize a separate network to mitigate congestion and high user traffic, increasing the efficiency of its overall usage.

Several platforms are currently hosted on Chromia Blockchain, including Metaverse-themed play-to-earn games such as My Neighbor Alice, Chain Alliance, and Mines of Dalarnia. Other platforms include DeFi trading platforms like Hedget, and other applications like Green Asset Wallets, Chromunity, amongst others.

History of Chromia

As stated earlier, Chromia was created in 2019 by the Swedish company ChromaWay. This company in turn was created in 2013 by Ukranian programmer Alex Mizrahi and Swedish programmers Henrik Hjelte and Or Perelman. The Chromia project, although not yet released, has garnered support from prominent backers in the blockchain industry. These include 21M Capital, Arrington XRP Capital, and Neo Global Capital.

When the project was under development, it had a clear objective: solve the problems that all users of Layer 1 and Layer 2 solutions are dealing with. These include security, scalability, and user experience. This was when Chromia came up with a “relational blockchain,” an idea later referred to as Postchain.

Chromia plans its public launch with the arrival of the mainnet, having already prepared technologies that offer the best of two worlds: the decentralization and security of the blockchain and the power, speed, and flexibility of the relational database. The official release date has yet to be announced, but the team around it has already demonstrated the potential of this technology with its testnet.

How Does Chromia Work?

In simple terms, Chromia fits a blockchain inside a database and adds a light software layer to handle voting and consensus. Any dApp operating on the Chromia blockchain will have its own sidechain rooted in and running parallel to the main blockchain. Chromia puts a blockchain in a database, and it also adds a light software layer to handle voting and consensus. This creates nodes, which are then distributed amongst various independent participants. Thus, any request to write data first goes to one of the nodes, which then shares it with the other nodes. A consensus is reached after the inspection of the nodes. Through this method, the data is finally logged into the blockchain.

The operation of Chromia can be seen as a double system. It is a high-speed blockchain network enabled by a PBFT (Practical Byzantine Fault Tolerance) consensus system, in which its nodes maintain data in a relational data block structure (as explained above). This makes Chromia ideal for use as both an enterprise blockchain and an independent public blockchain.

Although it was created as a Layer 1 blockchain, Chromia can also be used as an Ethereum Virtual Machine (EVM) compatible Layer 2 solution for Ethereum and even the Binance Smart Chain, making transactions cheaper and faster. Simply put, Chromia also incorporates layer 2 features, which serve as an enhancement for large-scale blockchain networks like Ethereum and Binance Smart Chain. Thus, developers can leverage these features to improve the speed and scalability of dApps originally designed for Ethereum and Binance.

Key Features of Chromia

Chromia offers various novel features, including:

Rell Programming Language

Chromia features an innovative programming language named Rell. It prides itself on being easier to learn and more efficient than other blockchain languages. It also permits fewer lines of code, which allows developers to code seven to ten times faster.

Postchain Framework

Chromia is also based on the Postchain framework- a structure that stores blockchain data in a relational database. This postchain framework is implemented in the Kotlin programming language. It runs on the Java Virtual Machine, which is geared toward server use cases and works with many available libraries. This framework is also integral in helping Chromia meet the requirements of high-performance dApps, including a one-second confirmation time, a transaction rate of a minimum of 500 TPS (transactions per second) per sidechain, and an input/output capacity of at least 100,000 updates and reads per second.

Chromia Vault

The Chromia platform also features the Chromia Vault. The Chromia Vault is a wallet software that helps users with secure addresses to manage their tokens and dApps on the blockchain. The Vault also has a “Single Sign-On” feature that eradicates the need for entering passwords every time a user logs in to their account, while maintaining security.

What is CHR?

CHR is the native token of the Chromia blockchain, serving various purposes within the Chromia ecosystem. CHR is an ERC-20 token, and at the moment, all the Chromia supply is hosted on the Ethereum blockchain however, when the Chromia mainnet is launched, these tokens will return to its native blockchain.

Nonetheless, the CHR token is integral to the Chromia network economy. The token can be used as a guarantee for the installation of new nodes, for easy deployment and payment of commissions of the dApps in the network, as well as a staking system and as a financial reward system for actors within the network.

Similarly, the CHR token can allow developers to create CHR-backed tokens that interact with decentralized applications in several industries, such as finance, gaming, real estate, insurance, and healthcare. Other profit-sharing contracts can also compensate investors in ERC-20 CHR tokens.

CHR Tokenomics

Chromia’s tokenomics is straightforward. A total market cap of 1 billion tokens will be created without future issuance. Notably, 70% of all tokens will be owned by ChromaWay. Aside from that according to available information, the tokens will be distributed thus:

• 3% will be placed into the contract for automatic conversion from CHR to ETH and vice versa;
• 2% will be locked in a system node compensation fund;
• 25% will be allocated for promotional use;
• Another 25% will be sold to selected partners;
• The remaining 45% will be locked and slowly released. According to Chromia’s whitepaper, up to 17% will be unlocked in the first year, and 12% subsequently. After three years, Chromia’s governance must then switch to a decentralized model.

News on Chromia

On June 16, 2023, the Chromia team released the sixth installment of their mid-month DevEx team update. In this update, they announced several new events, such as implementing optimizations to the Microsoft VS Code Rell Plugin’s compiler, enabling the extension to run faster and be more resource-efficient.

Additionally, the team also completed a preliminary analysis of the existing block explorer and identified various areas for improvement. Also, they are preparing to release an MVP (Minimum Viable Product) of the updated block explorer. The release is expected in the next month.

Is Chromia a Good Investment?

Chromia’s unique selling point- a relational database combining the powers of two technology solutions may catapult it into a chief competing position with the likes of other blockchains like Ethereum. However, it must be noted that the cryptocurrency market is quite volatile, so every investor is advised to do extensive research and consult qualified financial professionals before investing in Chromia.

Take Action

CHR is available for purchase on both centralized and decentralized platforms like gate.io. Check the CHR price here and begin trading your favorite pairs.

• CHR/USDT
• CHR/ETH