Chromia Price (CHR)

What Is Chromia (CHR)?

Chromia is a relational blockchain platform that aims to make it easy for people to build decentralized applications (DApps). It was founded by ChromaWay, a company that has been working on blockchain solutions since 2014 for various sectors such as finance, real estate, gaming and public services. ChromaWay is also known for creating colored coins, which are user-defined assets on a blockchain that can represent anything from currencies to stocks to collectibles.

Chromia’s vision is to enable a new generation of DApps that can scale beyond what is currently possible and address real-world problems in various domains such as gaming, social media, finance, healthcare, education, governance, and more.

Some examples of DApps on Chromia include: My Neighbor Alice (ALICE), a multiplayer blockchain game; LAC PropertyChain, a land registry system; Green Assets Wallet, a platform for green bond verification; Hedget (HGET), a decentralized options protocol; Corite (CO), a music streaming service; Chain of Alliance (COA), a strategy game; Vault12, a digital asset custody solution; Domenation, a blockchain gaming project.

Who Are the Founders of Chromia?

Chromia was founded in 2018 by three blockchain pioneers: Henrik Hjelte, Or Perelman and Alex Mizrahi. They had previously worked together on Colored Coins, one of the first protocols to enable user-defined assets on a blockchain, and Safebit, a user-friendly Bitcoin wallet. They also founded ChromaWay, a company that provides blockchain solutions for various sectors such as finance, real estate, gaming and public services.

Chromia has raised three funding rounds so far:

The first round was a private sale that took place in 2018 and raised $3 million from NGC Ventures, FBG Capital, JRR Crypto, DFG Capital (Dynamic Fintech Group), OK Blockchain Capital (OK Group’s investment arm), AlphaBit Fund (ABCFund), LD Capital (LD Investments), Du Capital (DuCapital), Bitrise Capital Partners (Bitrise Capital), Chaince Capital Partners (Chaince Labs), Waterdrip Capital Partners (Waterdrip Capital).

The second round was a public sale that took place in 2019 and raised $2.5 million from KuCoin Spotlight, a platform that showcases high-quality blockchain projects.

The third round was a seed round that took place in 2019 and raised an undisclosed amount from one investor: Binance Labs, the venture arm of Binance.

In addition to these rounds, Chromia also received a strategic investment from Animoca Brands, a leading global developer and publisher of mobile games and blockchain gaming platforms, in 2020.

What Makes Chromia Unique?

Chromia is a blockchain platform that supports the deployment of decentralized applications using smart contracts. Some of the features that make Chromia unique are the following:

It uses a relational blockchain architecture, which means that each node in the network has its own relational database that can store and query data efficiently. This allows for faster transactions, lower fees, and more scalability than traditional blockchains. Unlike other blockchains that use a global state, Chromia uses a local state for each DApp, which reduces the complexity and overhead of consensus.

It is an open-source development landscape that enables anyone to create DApps for various use cases, such as gaming, finance, social media, and others. Developers can use familiar languages like SQL and JavaScript to code their DApps on Chromia. They can also leverage Chromia’s built-in features such as authentication, encryption, indexing, querying, etc., without having to write complex logic or rely on third-party services.

It can be used as a public, private, or hybrid model blockchain, depending on the needs of the users and developers. This gives 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. Developers can also customize their fee structures and reward mechanisms for their DApps.

It 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 also create hierarchically interconnected blockchains that can share data without compromising security or performance. Chromia can handle up to 100,000 cell updates per second.

Related Pages:

Check out The Sandbox (SAND) — an open-world blockchain game inspired by Minecraft.

Check out Decentraland (MANA) — another open-world blockchain game.

Read our deep dive into MyNeighborAlice.

Learn about the basics of NFTs.

Find out more about decentralized applications (dapps) with CMC Glossary.

Get the latest crypto news and latest educational insights with CoinMarketCap Alexandria.

How Many Chromia (CHR) Coins Are There in Circulation?

Chromia has a native utility token called CHR, which is used for paying fees, staking, governance, and accessing DApps on Chromia. CHR holders can also benefit from the growth and adoption of Chromia by receiving rewards from DApp providers. CHR is compatible with other blockchains such as BNB Chain and Ethereum through bridges and sidechains.

CHR has a total supply of 1 billion tokens, of which 20% were sold in a private sale and an IEO in 2018 and 2019 respectively. The rest of the tokens are allocated as follows: 25% (promotion fund); 20% (team and founders, vested over four years with a one-year cliff); 15% (ecosystem fund); 10% (reserve fund); 5% (advisors, vested over two years with a six-month cliff); 5% (automatic market making).

CHR tokens can be used for: paying fees for hosting DApps on Chromia nodes; staking to secure the network and earn rewards; participating in governance and voting on proposals.; accessing DApps and receiving incentives from DApp providers.

How Is the Chromia Network Secured?

Chromia is secured by a combination of cryptographic techniques, consensus mechanisms, and economic incentives. It uses public-key cryptography to ensure that transactions are signed by their senders and verified by their receivers. Chromia also uses encryption to protect data from unauthorized access and tampering.

Furthermore, the blockchain uses Byzantine Fault Tolerance (BFT) algorithms to ensure that nodes agree on the state of the network and the validity of transactions. BFT algorithms can tolerate up to one-third of malicious nodes without compromising security or finality. Finally, CHR tokens act as a means of rewarding nodes for providing hosting services and securing the network.

Where Can You Buy Chromia (CHR)?

If you would like to know where to buy Chromia at the current rate, the top cryptocurrency exchanges for trading in Chromia include Binance, BingX, Bybit, BTCEX and Bitget. You can find others listed on our crypto exchanges page.