Chromia

What is Chromia (CHR)?

CHR is the native token of Chromia, an open source blockchain that allows users to develop decentralized applications (dApps). Offering improved data processing, scalability and flexible pricing, it aims to improve existing decentralized applications and enable the development of improved future decentralized applications. If you want to know the current CHR value, take a look at the Chromia price chart above.

Decentralized applications built on Chromia can be easily scaled because Each decentralized application runs on its own sidechain. This is also the reason why developers can choose their own fee structures rather than using the one used on the main chain.

Besides allowing users to develop dApps, Chromia offers several other features. For example, it provides users conductor block a feature that allows them to track transactions and activities happening on other chains.

Additionally, it has a new standard token protocol created specifically for NFTs. The protocol is called Chromia originals. It is unique because it not only allows users to tokenize digital assets, but also allows them to tokenize real assets.

Additionally, he has a wallet called Chromia Storage. The wallet allows users to store and manage their assets as well as decentralized applications.

Founders of Chromia

The Chromia crypto project was founded Henrik Hjelte, Alex Mizrahi and Or Perelman. Henrik Hjeltheis is the CEO, Alex Mizrachi is the CTO, and Or Perelman is the COO of Chromia.

Considering Henrik Hjelte has a degree in business administration and economics, Alex Mizrachi has a degree in mathematics, and Or Perelman has a degree in law, Chromia’s founding team is quite diverse.

In addition to founding Chromia, they also co-founded Colored Coins, a blockchain token protocol, and ArmoryX, a Colored Coins wallet.

How does Chromia work?

The Chromia blockchain architecture is completely unique. It uses the relational blockchain model. It is based on the concept of relational databases developed in the 80s. The ability to organize and manage data is the main benefit of a relational database. In the case of relational blockchain, the blockchain is a database.

In addition, Chromia uses its own programming language called Rell.. Due to its design, it works very similar to Kotlin and SQL. Rell allows developers to manage data with the efficiency of a relational database, while taking advantage of the security and immutability of blockchain technology.

Chromia voting and consensus are handled using a lightweight software layer on top of the blockchain, which is stored in a database. Nodes are created in this way and distributed among numerous independent participants.

When someone requests to write data, one of the nodes receives it and shares it with others. The data is recorded and recorded on the blockchain when nodes review the request and come to an agreement.

Overall, Chromia itself is a layer 1 blockchain, so it is often used as the basis for creating dApps. However, it also provides users with Level 2 enhancements compatible with Ethereum Virtual Machine (EVM). Therefore it works well with Ethereum and provides users with a better dApp development experience.

Additionally, due to its relational architecture, blockchain can also be used as a decentralized storage layer.

Purpose of CHR tokens

CHR, also known as Chroma, is the native utility token of the Chromia network. If you’re interested in the current price of CHR, check out the Chromia price chart above. Below are the main use cases for Chromia tokens:

• Staking. CHR holders can stake their tokens to secure the network and receive rewards. However, stakers must freeze their tokens for at least 2 weeks to receive the staking reward.
• Chromia Accounts. Chromia has many unique accounts with CHR tokens. This includes accounts dedicated to ERC-20 token binding, development pool, system node compensation pool, etc.
• Control. Users can participate in decision-making processes in the Chromia ecosystem by staking CHR tokens.
• Hosting fee. dApps developers cover hosting fees with CHR tokens, thus compensating nodes for block production.
• Standard platform currency. DApps developers can use CHR tokens for various use cases. This includes using CHR as a way to pay fees in their dApps or as a reserve for pegging their own tokens.

Tokenomics of CHR tokens

The maximum supply of Chromia tokens is 1 billion. This means that no new tokens will be issued in the future. During the private sale, approximately 17.94% of the tokens were used. Another 4% was dedicated to initial exchange offerings (IEOs).

The remainder of the supply was dedicated to the advertising fund, ecosystem fund, team, founders, consultants, system node compensation pool, and automatic conversion contract (CHR to ETH). However, please note that these tokens were not released all at once, instead they will be released gradually over time.

If you are planning to invest in Chromia coins, keep in mind that the price of CHR is subject to fluctuations. Why? Essentially, this occurs as a result of the price of Chromia being affected by the general fluctuations of the entire crypto market in the same way as the prices of other digital assets.