Chromia
Chromia is a blockchain platform that aims to solve the problem of scaling for decentralized applications (dApps). The platform is a network of interconnected blockchains. dApps can be created in a manner that is familiar to developers everywhere, whether they work on enterprise-scale programs, games, or smaller projects. Similar to how Ethereum's sharding works, each blockchain in Chromia is connected to a set of validator nodes, which is a subset of all nodes in Chromia. This group of nodes runs a consensus algorithm called Byzantine Fault Tolerance (BFT). The network's consensus is enhanced further by anchoring Chromia's transaction history to Proof-of-Work (PoW) blockchains like Bitcoin and Ethereum - once a block is anchored, it is regarded as finalized.
Chromia was formed by the CEO Henrik Hjelte, the COO Or Perelman, and the CTO Alex Mizrahi. Team members have previously established the blockchain token protocol Colored Coins and the Bitcoin wallet Safebit. The project also had major blockchain-related supporters, including 21M Capital, Arrington XRP Capital, and Neo Global Capital.
The journey began in 2012 when the company's founders started working on the tools needed to create a public-hosted application infrastructure that meets users' needs. The team launched ChromaWay in 2014, a free and open-source software firm that was an early pioneer of blockchain 2.0 technology and provides a platform for smart contracts and the issuance and transfer of digital assets. This resulted in the 2018 establishment of Chromia, a decentralized platform that is not managed by ChromaWay.
Chromia solves problems with scalability, security, and the user experience in both the enterprise and blockchain sectors. Chromia primarily aids in the onboarding of developers. The entire protocol was designed to facilitate the development and deployment of decentralized applications (dApps) by anyone. As part of this plan, the developers built the Rell blockchain language, which improves the development of decentralized applications (dApps) by decreasing the required amount of code.
Chromia integrates a blockchain into a database and adds a thin layer of software to manage voting and consensus. This results in the formation of nodes, which are then distributed among multiple independent individuals. When a request to write data is made, it goes to one of the nodes, which then shares it with the others. The nodes check the request, and if they all agree, the data is written and stored in the blockchain. The blockchain data and application state are kept in a relational database, which offers flexibility, adaptability, and consistency. This makes Chromia appropriate for usage as both a business blockchain and a public blockchain with independent governance.
There are four primary uses for the CHR token in the Chromia ecosystem.
First, it is used by decentralized applications to pay hosting fees, similar to how Ethereum tokens are utilized.
Second, it is considered to be the standard currency in Chromia. CHR can be used by dApps to collect fees or as a reserve currency to peg their token to.
Third, the token gives providers an incentive not to work together, since they all have a stake in the ecosystem.
Fourth, Chromia makes use of CHR for its overall system.
DATE NEWS/EVENTS IMPACT 07/05/2022 TerraUSD and LUNA both collapsed, and as a result, a number of crypto platforms folded in the aftermath -47% Decrease 27/03/2022 Chromia announced its sponsor status for Miami NFT week from April 1-3 +30% Increase 31/10/2021 Revolve games partners with Chromia +95% Increase 09/03/2021 The Alice token, the native token of My Neighbor Alice which is built on Chromia is going to be listed on Binance +310% Increase
Chromia overcomes many of the problems of current blockchain platforms by integrating blockchain technology and relational databases. Its unique architecture enables the creation of safe, user-friendly decentralized applications (dApps) that can expand to millions of users, while Chromia's unique tools and programming language are meant to increase developer productivity and efficiency.
The platform's native token, CHR, makes it easier for users, developers, and investors to work together in a way that benefits everyone. CHR is also useful as a platform currency and for paying hosting fees, staking, and system-wide purposes.
