What is Chromia (CHR)?

What is Chromia (CHR)?

Chromia, trading under the name CHR, is a blockchain platform that facilitates the creation of decentralized applications. Unlike other existing platforms, Chromia is designed to overcome their shortcomings. The whitepaper claims that the platform enables decentralized applications of the latest generation to achieve what is currently impossible with current decentralized applications. Previously known as Chromopolis, Chromia's goal is to solve the issues that developers face when trying to create decentralized applications on other platforms. These issues include poor user experience, high fees, lack of developer experience, weak security, and more. As a result, many decentralized applications are unable to run on the mainstream due to these challenges.

Who are the Founders of Chromia (CHR)?

Chromia is the brainchild of three blockchain pioneers: Henrik Hjelte, Or Perelman and Alex Mizrahi. Prior to this, they worked together on Colored Coins, which was one of the first protocols to enable user-defined assets on a blockchain, and Safebit, a user-friendly Bitcoin wallet. They also founded ChromaWay, which provides blockchain solutions for sectors like finance, real estate, gaming, and public services.

Chromia has had three rounds of funding so far. The first was a private sale in 2018 that raised $3 million from various investors such as NGC Ventures, JRR Crypto, and more. The second was a public sale in 2019 that raised $2.5 million from KuCoin Spotlight. The third was a seed round in 2019 that raised an undisclosed amount from Binance Labs. In addition to these rounds, Animoca Brands, a leading developer and publisher of mobile games and blockchain gaming platforms, made a strategic investment in Chromia in 2020.

How does Chromia (CHR) Work?

To address the challenges faced by developers and users, Chromia has prioritized three main goals: enabling millions of users worldwide to utilize decentralized applications, improving the user experience of these applications to match that of centralized applications, and allowing developers to build secure and bug-free applications with similar standards. The platform already has multiple decentralized applications built on it, including My Neighbor Alice, a game where players can own and trade virtual islands, collect and build items, and meet new people. Enterprises can also benefit from Chromia, with apps like LAC PropertyChain facilitating property transactions, and Hedget, a decentralized finance application that helps secure investments from unexpected price drops. Chromia operates on the Ethereum blockchain and uses a proof-of-work consensus mechanism.

What makes Chromia (CHR) Unique?

Chromia is a unique blockchain platform that enables the deployment of decentralized applications using smart contracts. It boasts several features that set it apart from traditional blockchains. One such feature is its relational blockchain architecture, which allows for faster transactions, lower fees, and more scalability. Rather than using a global state, Chromia uses a local state for each DApp, which helps reduce complexity and overhead.

Chromia is an open-source development platform that enables developers to create DApps for various use cases, such as gaming, finance, and social media. Developers can use familiar languages like SQL and JavaScript to code their DApps. Chromia also offers built-in features such as authentication, encryption, indexing, and querying, which means developers do not have to write complex logic or rely on third-party services.

Chromia can be used as a public, private, or hybrid model blockchain, giving users and developers more flexibility and control over the data and governance of the DApps. Users can choose who can access their data and how it is validated, while developers can customize their fee structures and reward mechanisms.

Chromia supports massive scalability by allowing each DApp to have its own blockchain that runs on a subset of nodes in the network. This reduces the load and complexity of consensus and enables parallel processing of transactions. Chromia can handle up to 100,000 cell updates per second.

What is the CHR Token?

The Chromia platform has its own cryptocurrency, known as the CHR token. This token is specifically designed to enhance the platform's capabilities and facilitate smooth interactions between developers, users, and investors. While currently an ERC20 token, the website states that it will soon be transferred to the native blockchain. The CHR token serves multiple purposes, including functioning as a platform currency. It is the standard currency for decentralized applications on the platform, and these applications can collect usage fees in CHR tokens. Additionally, hardware nodes hosting decentralized applications on the platform receive CHR tokens as payment. Furthermore, the CHR token can also be used for staking.

Conclusion

Developers can utilize Chromia's platform to create a variety of decentralized applications and games. Users can access these applications and pay for their usage with CHR. Additionally, Chromia plans to integrate providers of computational resources and hardware into the platform to enhance the Dapp experience. These providers, known as node providers, will participate in a shared marketplace where they can connect with Dapp developers. As node providers offer support with data storage and computational resources, they will receive incentives in the form of CHR tokens.