What is Chromia?

Chromia is a popular choice among investors looking to trade altcoins. However, before you Trade CHR, it is essential that you know what you are investing in. Let's find out what's Chromia and how it works.

Chromia is a public blockchain that was created by the Swedish business Chromaway AB. In May 2019, the Chroma token (CHR) was introduced. The Chromia blockchain is based on a solution developed by Chromaway AB for its commercial clients using an older technology known as "Postchain."

Chromia is an independent Layer-1 blockchain that is also backward compatible with Binance Smart Chain and Ethereum as a Layer-2 improvement using the Ethereum Virtual Machine. Offering scalability, enhanced data processing, and flexible charge structures, it is made to improve current dApps and pave the way for the development of next-generation dApps.

The blockchain is programmed in a special language called Rell and employs a special architecture called a relational blockchain. In this way, developers may take use of blockchain's immutability and security, as well as the efficiency of a relational database, all while writing code that is almost identical to SQL.

Every dApp on Chromia runs on a separate sidechain based on the main blockchain. As a result, developers have greater leeway in determining the best pricing model for their apps, while users benefit from faster scalability. For example, one application may force users to pay transaction fees in CHR (similar to how Ethereum or Bitcoin function), but another application may stake enough CHR to reserve computing capacity and let users conduct infinite transactions with no fees at all.

Many different apps are being developed on top of Chromia's blockchain, utilizing the platform as a decentralized storage layer and taking advantage of Layer-2 improvements. These apps include DeFi options trading platform Hedget, the open-world farming game My Neighbor Alice, and LAC PropertyChain.

The Chromia Originals NFT standard is new to the platform, which will serve as both a native standard on Chromia's chain and an improvement layer for already existing tokens based on the ERC-721 and BEP-721 standards. These Layer-2 improvements are being created in collaboration with My Neighbor Alice.

How is Chromia different?

Chromia's blockchain runs on Rell, a specialized programming language built just for the blockchain. In terms of features, it is very close to SQL. It was developed solely as a tool for programmers. Coders can make dApps more scalable, better at handling data, and more flexible in terms of pricing, among other improvements. When compared to other blockchain languages, Rell's learning curve is much lower, and programmers may achieve 7-10x quicker development speeds with just a few lines of code.

Furthermore, tokens and decentralized applications (dApps) on the Chromia blockchain may be safely managed with the use of the Chromia Vault, a piece of wallet software. Single Sign On, a feature exclusive to The Vault, does away with the need for users to repeatedly input passwords while accessing their accounts without compromising security in any way.

How many CHR tokens are in circulation?

CHR tokens have been distributed as follows:

• Promotion Fund: 25.00% of the total supply.
• Private Sale: 19.40% of the total supply.
• Founders: 4.50% of the total supply.
• IEO Sale: 4.00% of the total supply.
• Team: 2.98% of the total supply.
• Advisors: 1.92% of the total supply.
• Compensation Pool: 2.00% of the total supply.
• Ecosystem Fund: 37.20% of the total supply.
• Automatic Conversion Contract: 3.00% of the total supply.

Founders

Chief Executive Officer Henrik Hjelte, Chief Operating Officer Or Perelman, and Chief Technology Officer Alex Mizrahi established the Chromia blockchain in 2018. Earlier, the founding team was credited with the creation of the Colored Coins system and the Safebit Bitcoin wallet. 21M Capital, Neo Global Capital, and Arrington XRP Capital are among some of the most notable investors in the Chromia project.

Where Can You Buy CHR?

CHR is available on the licensed cryptocurrency exchange CryptoForce and several other national and international exchanges.

Disclaimer: Cryptocurrencies are highly volatile and subject to market, technical, and regulatory risks. Crypto trading requires one’s own diligence, and Cryptoforce will not be responsible for any losses incurred. Any information provided here should not be regarded as Cryptoforce’s technical or financial advice.