Theoretically, platforms such as Ethereum can enable the implementation of any type of application. In practice, however, many limitations prevent decentralized applications from becoming mainstream. Chromia provides developers with the tools they need to create secure dApps using familiar paradigms. The platform aims to enable dApps to scale to millions of users while enhancing the user experience. It achieves this by rethinking blockchain architecture and introducing relational databases.
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What is Chromia (CHR crypto)?
Chromia describes itself as a relational blockchain platform that makes it easy for people to create dApps in the real world. The modern everyday world is powered by relational databases, social networks, banks, the web, and this technology makes data management easier because it’s based on a mathematical foundation with decades of optimization.
Chromia combines relational databases with blockchain technology to facilitate dApps with the usability, power and logic of a proper database. Developers can use the platform’s tools to create a range of applications, and Chromia can be used as a private, public or hybrid blockchain.
The native token, Chroma (CHR), is designed to power the platform and connect users, developers and investors in a mutually beneficial relationship. As well as being a platform currency, CHR can be used to pay for hosting fees, staking and other system-wide purposes.
How does Chromia (CHR crypto) work?
Chromia places a blockchain in a database and adds a lightweight software layer to manage voting and consensus. This creates nodes, which are distributed among various independent participants. When a data write request is made, it goes to one of the nodes, which shares it with the others. The nodes inspect the request and, once they agree, the data is written and stored on the blockchain.
Blockchain data and application status are stored in a relational database, offering flexibility, versatility and consistency. This makes Chromia ideal for use both as an enterprise blockchain and as an independent public blockchain. Chromia can also be used as a Layer 2 to Ethereum, making development and transactions cheaper and faster.
Developers can create a range of applications using Rell, an efficient, universal programming language created by Chromia and based on SQL.
Who are the founders of Chromia (CHR crypto)?
Chromia was co-founded by CEO Henrik Hjelte, COO Or Perelman and CTO Alex Mizrahi. Team members had previously founded the blockchain token protocol Coloured Coins and the Bitcoin wallet Safebit. The project also had prominent backers in the blockchain space, such as 21M Capital, Arrington XRP Capital and Neo Global Capital.
The project began in 2012 when the founders started working on tools to provide a publicly hosted application infrastructure that is truly aligned with user needs. In 2014, the team founded ChromaWay, a free and open source software company that pioneered blockchain 2.0 technology providing a platform for smart contracts, issuing and transferring digital assets. This led to the creation of Chromia in 2018, which is a decentralized platform not controlled by ChromaWay.
What makes Chromia (CHR crypto) unique?
Chromia differentiates itself from other blockchain platforms through the use of relational databases that provide decades of real-world enterprise technology used across industries. The platform’s Rell programming language is easier to learn and more efficient than other blockchain languages. It allows fewer lines of code, enabling developers to code seven to ten times faster.
Chromia Vault is wallet software that provides users with a place to manage their tokens and dApps on the Chromia blockchain, while Chromia Vault Single Sign On is a unique feature that reduces the need to enter passwords without compromising security.
What makes Chromia (CHR crypto) valuable?
The CHR token derives its value from its utility within the Chromia ecosystem. DApps can use CHR to pay hosting fees and as a reserve to dock their own tokens. It can also be used to pay fees to dApps and for staking. This creates demand for CHR from dApps and users of the Chromia blockchain, and with maximum supply finite, the expansion of the Chromia ecosystem and wider adoption of its dApps could potentially mean an increase in the price of CHR.
How many Chromia (CHR crypto) coins are in circulation?
CHR has a maximum supply capped at 1 billion coins, which were created when the Chromia system was launched. Around 22% of the supply was sold to investors and 10% was allocated to founders, team and advisors. Around 38% was allocated to the Ecosystem Fund and 25% to the Promotional Fund, with the remainder going to the system’s node clearing pool and automatic conversion contract. CHR is published in the outstanding offering on a monthly basis, according to a publication schedule that will see tokens distributed until 2025 and beyond.
Other technical data
Chromia is based on the Postchain framework, which is designed to store blockchain data in a relational database. It is implemented largely in the Kotlin programming language and runs on the Java virtual machine, which is oriented towards server use cases and has a large number of libraries available. This framework enables Chromia to meet the requirements of high-performance dApps, namely a confirmation time of one second, a transaction rate of at least 500 TPS per sidechain and an input/output capacity of at least 100,000 updates and reads per second.
How do I use Chromia (CHR crypto)?
The Chromia platform is designed for the creation of dApps and has already been used by many developers and companies. Applications built on Chromia include the decentralized crypto options tool Hedget, the digital certificate platform Lingon and the blockchain-building game My Neighbor Alice.
The CHR token is used as the standard platform currency in the Chromia economy, and dApps can collect it as a fee or use it as a reserve to stow their own tokens. It is also used by dApps to pay hosting fees, thus compensating for nodes. Anyone can help secure the network by staking CHR, and Chromia has special CHR token accounts for system-wide purposes, such as the development pool, the system node compensation pool and the ERC-20 token anchor.
How do I choose a Chromia Vault?
Chromia Vault is the project’s own wallet software where users can store their keys and manage their tokens.
As an ERC-20 token, CHR can also be stored in any wallet that supports Ethereum, and the wallet you choose will probably depend on how you want to use it and how much you need to store.
Hardware wallets or cold wallets like Ledger or Trezor offer the most secure option for storing cryptocurrencies with offline storage and backup. However, they may require more technical know-how and are a more expensive option. As such, they may be better suited to storing larger amounts of RHC for more experienced users.
Software wallets offer another option and are free and easy to use. They can be downloaded as smartphone or desktop applications, and can be either proprietary or non-privetary. With custodial wallets, private keys are managed and stored on your behalf by the service provider. Non-custodial wallets use secure elements on your device to store private keys. Although convenient, they are considered less secure than hardware wallets and may therefore be better suited to smaller amounts of RHC or more novice users.
Online or web wallets are also free and easy to use, and can be accessed from multiple devices using a web browser. They are, however, considered hot wallets and may be less secure than hardware or software alternatives. As you’re probably relying on the platform to manage your RHC, you should select a reputable service with a proven track record for security and safekeeping. As such, they’re best suited to holding small amounts of cryptocurrencies or for those who trade more frequently.
Key facts
Chromia fills the many gaps in other blockchain platforms by combining blockchain technology with relational databases. Its unique architecture facilitates the creation of secure, user-friendly dApps that can scale to millions of users, while Chromia’s unique tools and programming language are designed to improve developer productivity and efficiency.
The platform’s native token, CHR, fosters a mutually beneficial relationship between users, developers and investors, while providing utility as a platform currency and to pay for hosting fees, staking and system-wide goals.
Numerous applications have already harnessed Chromia’s technology for enterprise, gaming and decentralized finance. As blockchain becomes more prevalent in everyday life, we could see even more projects turning to Chromia for its efficiency and versatility. This could lead to Chromia’s ecosystem and cryptocurrency becoming more valuable in the future.
