Home Crypto Education Cryptocurrencies What’s Chromia (CHR)? A Befinner’s Guide

What’s Chromia (CHR)? A Befinner’s Guide

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Decentralized applications (DApps) are key to the blockchain revolution. DApps are a new kind of applications that grants more control to users and are not beholden to an owner or any central authority. DApps are possible thanks to blockchain tech. Blockchain is synonymous with decentralization, advanced cryptographic security, and worldwide reach. This presents a ton of possibilities for developers everywhere. 

Ethereum, often referred to as the second generation of blockchain, introduced the idea of decentralized applications. It showed the world that blockchain could be used for more than money. For this reason, the DApp space owes a ton of gratitude to Ethereum.

However, Ethereum is far from the perfect DApp platform. And this has implications for not just user experience, but also the DApp industry. 

Chromia, formerly known as Chromapolis, is a blockchain effort wanting to improve the experience of DApp users. It takes the approach of a ‘relational’ blockchain to offer better security, scalability, and affordability. 

In this guide, we’ll look at the Chromia project together with its platform token: CHR. 

Breaking Down Chromia

Chromia is a decentralized application platform that seeks to address the shortcomings of such platforms that came before it. Chromia wants to power a new generation of DApps that can scale further than current platforms can allow. 

Existing platforms, such as Ethereum, started the game. Other DApp platforms have sprung up through the years, seeking to improve the developer and consumer experience one way or another. But Ethereum remains the most popular and the most go-to platform for developers. However, the platform has yet to sort out so many of the limitations that users experience on the platform – from high fees to slow confirmation times. 

Things like these prevent DApps from going mainstream, and with it, the blockchain. The Chromia team believes that for DApps to go mainstream, the entire blockchain concept needs to be rethought. As such, it wants to create a platform that will power DApps to millions of users, improve user experience, and afford developers a more interactive and creative environment. 

To achieve this, Chromia relies on what it calls the ‘relational ‘blockchain.’ The whole idea behind the relational blockchain is a solution that appeals to the real world, to the everyday user like you and me. Chromia expounds on the concept: “it is all about…combining blockchain into traditional databases creating something that people actually can relate to in an environment that people are familiar with and in language that everyone can learn.” 

Issues with Existing Platforms

Ethereum broke ground with its support for decentralized applications. However, it faces several problems that hold back its ability to exploit this to the highest potential. DApp developers face the following problems: 

  • Limited capacity and expensive fees – Ethereum’s capacity and scalability is limited, meaning the network cannot handle large volumes of transactions. This makes it expensive for developers to create applications, especially for the more complex applications
  • The smart contract language by Ethereum has several loopholes, a factor that has resulted in security breaches and loss of funds
  • Contract upgrades have to be implemented in a separate layer, which is more resource and time-consuming and makes things more complex
  • Users have to pay for every single interaction with DApps, which, combined with high fees, makes for unsatisfying user experiences

Features of Chromia

The Chromia network aims to play the role of a shared database in the most optimized way possible. This database features the following: 

  • A relational model – Transaction history of the blockchain as well as t application state are kept in a relational database, which optimizes several qualities such as consistency
  • Relational programming language – Applications on Chromia are written in a relational programming language which meshes very well with the relational database model
  • Horizontal scaling – this means every application runs on its own blockchain. Each blockchain is maintained by a subset of nodes, which means it’s possible to increase efficiency by multiplying the number of nodes
  • Rich indexing – this means applications can retrieve data fast from the nodes as and when needed, and they can perform complex transactions without a drop in performance
  • High input and output throughput – processes such as system updates occur in the relational database, allowing DApps to process huge amounts of data and operations
  • Practical Byzantine Fault Tolerant (PBFT) consensus mechanism that confirms blocks in just three seconds
  • First-class decentralized applications – traditionally, DApps are highly-dependent on smart contracts. This is not the case with Chromia, where developers wield more control over the process
  • Allocation of resources to DApps – Chromia focuses on allocating funds to DApp development rather than to contracts, affording developers more flexibility and control

Chromia’s Current Projects

Chromia is currently undertaking several projects to advance its brand. Let’s take a look at some of them.

#1. Chromunity 

‘Chromunity’ is the moniker the Chromia team has assigned to its loyal base of users. The Chromunity operates entirely on top of Chromia’s relational blockchain and is the project’s iteration of a social media platform. Unlike centralized social media platforms, Chromunity members can engage on their own terms, with complete control over their data and identities. 

#2. Mines of Dalarnia

Mines of Dalarnia is an action-adventure game where you guide your avatar through multiple blocks of earth to discover a variety of cool minerals. You can even buy virtual real estate in the game. 

#3. Green Assets Wallet 

Chromia’s Green Assets Wallet is the first-ever blockchain platform green bonds, which are bonds that are specifically for raising environmental safety funds. On the platform, bond issuers can carry out impact reporting and communicate their achievements to market investors. On their part, investors can access transparent data on-field results. The wallet is Chromia’s first enterprise decentralized application. 

Main Features of Chromia

1.Block Explorer

Chromia features an in-house block explorer that enables users to retrieve data from blocks on the blockchain fast. The explorer is powered by the network’s relational blockchain technology.

2. Chromia Vault

Chromia Vault enables users to manage their DApps and asset portfolio more safely and effectively – kind of in an ‘under one roof.’ It’s designed so that you can move from one application to another without logging out or canceling any transaction.

3. Chromia Vault Single Sign on (SSO)

The Single Sign On is a feature that lets users log in without having to enter a password all the time. This, and without compromising on security. 

Chromia Token (CHR)

CHR is the native cryptocurrency of the Chromia network. Users can use it in these ways:

  • As payment for transaction fees
  • As rewards to block producers
  • As compensation to investors of various DApp projects
  • As a source of income opportunity for DApp developers

Distribution of CHR

  • 19.40% went to the private sale
  • 4% went to the IEO sale tokens
  • 2.98% went to the team
  • 4.5% went to founders
  • 1.92% want to advisors
  • 25% went to the promotion fund
  • 37.2% went to the ecosystem fund
  • 3% went to the Automatic Conversion Contract
  • 2% went to the compensation pool

Key Metrics

Interested in purchasing the Chromia token? If so, see how it’s doing in the market. As of Sept 3, 2020, CHR traded at $0. 052745, with a market cap of $21,924,935 that placed it at #339 in the market. The token’s 24-hour volume was $4,673,071, with a circulating, total, and maximum supply of 415,676,699,478,191,731, and 1 billion, respectively. The token’s highest and lowest price ever was $0. 128535 (May 28, 2019), and $0.008369 (Mar 13, 2020) respectively. 

Buying and Storing 

CHR is listed in various reputable exchanges, including Binance, CoinDXC, Huobi Global, Bilaxy, BitHumb, HotBit, KuCoin, WazirX, BitMax, Poloniex, Bittrex, Upbit, BitHumb, and Bilaxy. 

CHR is currently an ERC-20 token, which means it can be stored in any Ethereum-compatible wallet. There are many great options, including MyEtherWallet, Guarda, Mist, Exodus, Edge, Trezor, and Ledger. 

Final Thoughts 

Chromia introduces the unique concept of a relational blockchain to solve the thorny issues plaguing existing DApp platforms. Even if that doesn’t reel users in, its exciting projects should do the trick. Chromia is one to watch.

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