There had been an increasing number of blockchain game solutions available in the market recently. The rationale is to develop a gaming solution that is cost-effective with low latency.
The Chromia blockchain platform has come to fill this void with its relational database approach that can easily be adopted. It aims to build more capable and efficient decentralized applications than the Dapps presently available in the market.
In this article, we will be reviewing this blockchain crypto taking into consideration the CHR token and the Chromia technology. We will also look at how the Chromia crypto works, the price analysis, what the chromia is all about, etc.
This chromia review will serve as a guide to beginners and investors intending to invest in chromia crypto. It will help them have a general understanding of what Chromia is all about.
What is Chromia ?
Chromia is a relational database and an open-source blockchain platform used in developing and deploying DApps. It is formally Chromapolis and was developed by Chromaway AB, a Swedish company that has been in operation since 2014.
The blockchain is backed by a technology adopted from Post chain, which is a technology solution from Chromaway AB. Chromia increases throughput by supporting the development of multiple blockchains run by a subset of nodes for the Dapps.
The blockchain project creates a decentralized application using the format that the developers already know, no matter their project size. It uses the same format for large or small game applications; industries can enter the blockchain with small investments.
The Chromia blockchain doesn’t have a learning curve for the development teams that are already working with these industries. The blockchain is among the best platforms that can host all kinds of decentralized applications and multilayer online games.
The Chromia has a native ERC-20 token built on the Ethereum blockchain as its utility token. The CHR token was launched in May 2019 and has been listed in some popular exchanges that traders frequently use presently.
These exchanges are the likes of Binance Bitmax, KucCoin, and Bilaxy; the ERC20 token can be stored on any wallet supported by Ethereum. You can trade or stake the CHR token with these exchanges for profit, just like every other digital token.
The Chromia project aims to offer a permanent solution to the challenges facing decentralized applications like scalability.
Many believed that Chromia has the capability of achieving this aim with its unique features and has future potentials too. The various DApps built on the Chromia platform include the health, finance, gaming, and real estate industries.
Green Assets Wallet (GAW)
The GAW is the first ‘green finance’ decentralized application that is built on the Chromia blockchain platform. It is the flagship DApp of the Chromia blockchain and claims to be a trusted platform for investors and issuers in green impact.
It is a DApp that allows for easy reporting of green bonds impact and validation. The GAW is co-created by a group of technology innovators, leading capital markets, and green finance experts.
Who Founded Chromia?
Chromia is designed by Chromaway as an open-source, public platform in 2018. The Chromaway itself is a blockchain development company founded by Henrik Hjelte, Or Perelman, and Alex Mizrahi in 2014.
Chromaway was adopted by the Inter- American Development Bank, working on a three-nation project. They used it in registering properties on a blockchain-based database that started in 2019.
The three co-founders are deeply rooted in the crypto industry from the early days of Ethereum and Bitcoin.
Alex was one of the main developers of Coloured Coins and written many early academic papers relating to the Proof of Stake consensus. Coloured Coin is among the first projects to establish the idea of crypto tokens which will later be developed by Ethereum.
However, the Chromia blockchain is a Layer-1 and Layer-2 blockchain solution in the development stage. It intends to provide enhanced features, storage capabilities, and data handling to decentralized applications.
How does Chromia work?
The Chromia blockchain is both a standalone layer-one and an EVM-compatible layer-two improvement for Ethereum and Binance. It has a design structure that enhances the existing DApps and creates a scalable new generation DApps.
The Chromia mechanism of operation allows for customizable fee structures and improved data handling.
The Chromia has unique architecture known as a relational blockchain and a custom programming language-Rell. The Rell function is similar to SQL; it allows developers to leverage the immutability and security of a blockchain.
And simultaneously handle and store data using the relational database efficiency. All the DApps built on the Chroma blockchain operate independently on its sidechain rooted in the main blockchain.
This DApps independent operational mechanism enables each application to function more efficiently. In addition, it gives them the freedom of choosing from various available fee structures.
For instance, a DApp application may require that users pay fees in CHR tokens as in Bitcoin or Ethereum. But another DApp may decide to stake enough CHR, giving users access to unlimited transactions without paying any fees.
The CHR token can be used in the system for various purposes like the platform’s currency and staking for profit. It can also be used for paying hosting fees and other purposes, including token pegging and compensation.
In addition, the CHR as a utility token is used to govern the Chromia platform and to develop the system’s node pool. Stakes tokens in the Chromia system receive a governance reward of 25% APR, and the liquidation request takes 2 weeks.
What Makes Chromia Unique?
The Chromia blockchain platform has some unique features and operating mechanisms that distinguish it from other blockchain projects. These features are outlined below;
- The blockchain enables MMOGs- Massively Multiplayer Online Games. This is a web-based game found on the same server with a lot of players in hundreds or thousands. It is commonly known as MMO and features a large, persistent open world with a few that differs slightly. These games can be found on personal computers, smartphones, video games consoles, etc.
- MMOGs enable players to team up and compete with one another and sometimes have meaningful interaction with people globally. They are made up of gameplays that represent many video game genres hence have a lot of potentials. The Chromia seeks to harness the MMOG’s potentials by enabling them.
- In the gaming industry, a blockchain is used for storing tokens used for various financial transactions. Hence, the Chromia project has developed a platform for hosting the entire game industry; this makes the platform very relevant.
- Chromia updates a minimum of 100,000 cells in a second, while other blockchains like Gochain can only do 1,300 cells. This feature makes Chromia a better blockchain platform for running multiplayer games.
Chromia Blockchain Design
Chromia blockchain is designed to allow each DApp to own a blockchain by running independently on a specific set of nodes. This process allows each DApps to create a sidechain; they can also possess their tokens for monetization and governance.
Chromia adopts this design to settle the DApps scalability issues, whereas other blockchains make DApps a group of smart contracts. They choose to mirror the Ethereum work mechanism.
Again the blockchain platform allows developers to adopt the process that works for their platforms, like zero transaction fee. And charge fees for DApps hosted on their system; this enables DApps to increase the number of their sidechains nodes.
This leads to unlimited scalability or adoption of the chromia blockchain and then increases its throughput. This mechanism implies that Chromia is the best for developers who owns a popular project with a lot of users.
The Chromia blockchain is designed to accommodate as many users as possible without the fear of having a congested network. The real-world example is the adoption of the Chromia by DApps in various sectors like healthcare etc.
Chromia Token Review
The Chromia has a native token which also serves as its utility or governance token known as the CHR. The DApps on the Chromia platform use the CHR token to settle transaction fees while the users use the token on the DApps.
The blockchain allows the DApps to create a CHR-backed token for their profit-sharing solutions. For instance, the blockchain directly compensates DApp investors in CHR through a profit-sharing contract.
Chromia Blockchain users can also stake the CHR tokens for profit. The platform adopts this mechanism to reward members and secure the blockchain. You can earn rewards as a system provider or by running community and application nodes.
Chromia Tokenomics Review
Chromia had a token supply of 1billion coins created upon the launch of the crypto. The project team had their ICO, a private sale between May 1st to August 20th, 2018, at 0.05USD per token.
The sale was done using 270.21 USD = 1 ETH and 7,736.75 USD = 1 BTC. And conducted in BTC, USD, and ETH, they raised a total sum of $9.70million USD138,351.25 USD, 23.37 BTC, and 34,717.57 ETH.
The second sale was an IEO held on May 28th, 2019, through KuCoin at 0.05 USD per token. The average conversion fee was 1.10 USD = 1 KCS raising a total sum of 2.00MM USD and 1,818,181.82 KCS. The token was distributed accordingly, with 19.40% of the total token supply sold out during the private sale. 4.00% was sold during the second IEO sale; the team was given 2.98%, while the founders took 4.50%.
However, the Advisors were given 1.92% of the total token supply, and 25.0% kept as promotion fund. 3% was for the Automatic Conversion Contract, 2.0% for the Compensation Pool, and 37.20% was reserved for the Chromia ecosystem.
As of the time of writing, the Chromis trades at $0.3135 with a circulating supply of 429,822,250 CHR coins. The maximum supply is 1,000,000,000 CHR coins with a 24-hour trading volume of 223,626,054 USD.
The project team burned 22million CHR in a bid to increase the value of the CHR token. This team later reduced the CHR token supply to 565,369,439 CHR in May 2020.
The Chromia has designed and launched a technology that will manage its scalability mechanism. The alternative blockchain for testing (public test net) was launched in June 2019. The test net supports DApps like Mines of Dalarna, Chain of Alliance, Chromia Vault, and Chromunity. The Chromia scalability technology are explained below;
Post chain – This is a product that can combine a database management system and an immutable blockchain. It is the only product in the market with such a feature.
Rell – This is a programming language based on SQL used by developers on the Chromia blockchain platform. It has complete documentation that developers will find easy to use.
Other Technical Data
The Chromia is built on the Post chain framework designed to move blockchain data to a relational database. It runs on the JVM (Java Virtual Machine) and is implemented mostly in the Kotlin programming language. The JVM is channeled towards real-world cases and has a lot of libraries available.
The following framework allows Chromia to be regarded as one of the top-performing DApps.
A minimum of 500TPS per sidechain as transaction rate, confirmation time of a second. The blockchain will also have a minimum of 100,000 updates and reads person as the input/output capacity.
What Gives Chromia Value?
The value of the Chromia is tied to the use of its utility token within the ecosystem. Below are what adds value to Chromia crypto.
- DApps can use the CHR token to pay for hosting fees and backup for pegging their tokens.
- The CHR tokens are also used for staking and settling DApp fees. This increases the demand for CHR by users and DApps of the Chromia blockchain.
- The CHR has a max supply of 1billion, which was later reduced to 565,369,439 CHR in May 2020. The expansion of the blockchain ecosystem and its increased adoption of more DApps will make the CHR price appreciate.
How To Choose a Chromia Wallet
The Chromia blockchain has a wallet for storing and managing the CHR token known as the Chromia Vault. CHR as an ERC20 token can be kept in any crypto Ethereum supported wallet depending on the user’s choice.
You can also store your private key in this wallet for safe keep. They are two wallet options for storing your CHR tokens, the hardware or cold wallet and the Software or online wallet.
Hardware or cold wallets are the most secured storing option; they are offline wallets like Trezor or Ledger. These hardware wallets are best for experienced users or long-term investors and may be more expensive.
They are mostly used to store larger amounts of CHR tokens. The software wallets are free and easy to operate; they can be downloaded on desktop apps and smartphones.
The software wallets can either be custodial or non-custodial. They are called hot wallets and are less secure. For the custodial wallets, the services provider backs up and manages the private key on behalf of the user.
While non-custodial wallets store the private keys using a secure element on your gadget. The software wallets known as web wallets are good for inexperienced users and for storing smaller amounts of tokens.
Where to buy CHR Token?
Binance by trading volume is the largest exchange for trading the CHR token. Other top exchanges where you can buy or trade Chromia are currently Tokocrypto, CoinTiger, Huobi Global, and Upbit.
You will be required to open an account with any of these exchanges before you can buy the CHR token. To do this, ensure that you have a government-recognized identity card, an email address, and proof of residence. For example, the proof of residence could either be your current utility bill or a bank account statement.
Staking in Chromia platform is open to all users holding some amount of CHR token. The staking process helps in securing the blockchain network, and staking allows users to participate in the platform programs.
The programs are promotional events, governance experiments, the delegation of provider stake, and access to applications. The Chromia staking rule requires the user to give a two-week withdrawal request before liquidating the staked token.
However, the staked poll of Chromia has increased reasonably to 32million CHR tokens as of May 2021. These stakes have already received a 25% APR governance reward.
Conclusion of Chromia Review
This Chromia review explored the blockchain challenges that the project seeks to solve, which includes scalability. We can conclude from it that Chromia combines relational databases and blockchain technology in solving these challenges.
The project has a unique architecture that enhances the building of secure DApps that can accommodate millions of users. In addition, its programming language and unique tools improve efficiency and productivity for developers.
However, the blockchain has a native utility token that facilitates mutual and beneficial relationships among users, investors, and developers. The token is known as the CHR token; it serves as the platform currency for staking and paying hosting fees.
The CHR toke had two initial sales, the private within May and August 2018 and the IEO in May 2019. Many applications are already using Chromia’s technology for the enterprise, like decentralized finance and gaming.
More projects are bound to leverage the Chromia blockchain in the future for its efficiency as blockchain becomes more prevalent. This will make the Chromia crypto (CHR token) and the ecosystem to become more valuable.
However, we advise you still research this crypto before investing your money. You can visit the Chromia official web page.