Chroma

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Discover Chroma's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Chroma?

Chroma (CHR) is the native utility token of the Chromia blockchain platform, designed to facilitate decentralized applications (dApps) by combining relational databases with blockchain technology. It serves as the primary unit of account and utility, enabling various functions such as paying hosting fees, staking, and other system-wide purposes within the Chromia ecosystem.

How is Chroma used?

Chroma (CHR) is the native cryptocurrency of the Chromia blockchain platform. It serves several purposes within the Chromia ecosystem:

  1. Payment of Fees: CHR is used to pay fees for various transactions and operations on the platform, including hosting fees and gas fees for decentralized applications (dApps).

  2. Token within dApps: CHR can be utilized as a token within dApps, allowing developers to create CHR-backed coins and earn CHR based on the traffic generated by their applications.

  3. Staking: CHR tokens are used for staking, which provides a layer of security and incentivizes node operators to behave honestly. Staking also allows users to earn passive income.

  1. Governance: CHR token holders have governance rights, enabling them to make proposals and vote on platform decisions through the Chromia Proposals program.

  2. Reserve for dApps: dApps can save CHR tokens as a reserve to peg their own tokens to, ensuring stability and value.

  3. Exclusive Benefits: Some gaming applications built on Chromia offer exclusive benefits to CHR token holders or stakers, enhancing their experience and engagement.

Overall, CHR plays a central role in facilitating the operations, development, and governance of the Chromia ecosystem.

How do I store Chroma?

To store Chroma (CHR) tokens, you have several options:

  1. Chromia Vault: This is the project’s own wallet software where you can keep your keys and manage your tokens. It acts as a wallet and allows you to manage your tokens and dApps hosted on the Chromia platform.

  2. ERC-20 Compatible Wallets: As CHR is an ERC-20 token, you can store it in any wallet that supports Ethereum. This includes hardware wallets like Ledger or Trezor, software wallets like smartphone or desktop apps, and online wallets or web wallets. Hardware wallets are considered the most secure option but require more technical knowledge and are more expensive. Software wallets are free and easy to use but are seen as less secure than hardware wallets. Online wallets are also free and easy to use but are considered hot wallets and can be less secure than hardware or software alternatives.

  3. Cryptocurrency Exchanges: You can also store your CHR tokens on cryptocurrency exchanges like CoinEx, Binance, CoinDCX, WazirX, Huobi Global, and KuCoin. These exchanges allow you to buy, sell, and store your CHR tokens.

When choosing a wallet, consider factors such as security, ease of use, and your level of experience with cryptocurrencies.

How to buy Chroma?

To buy Chromia (CHR) tokens, you can follow these steps:

  1. Create an Account:

    • Register on a cryptocurrency exchange platform such as Pionex, Kraken, or CoinDCX.
    • Complete the Know-Your-Customer (KYC) verification process.
  2. Choose a Payment Method:

    • On Pionex, you can use credit cards, debit cards, bank wire, or ACH transfer. Some methods are specific to US citizens.
    • On CoinDCX, you can deposit funds using UPI payment.
  3. Select the Trading Pair:

  • On Kraken, select your desired CHR trading pair.
  • On CoinDCX, go to the 'Spot Market' section, search for CHR, and select the 'CHR/INR' pair.
  1. Buy CHR:

    • On Pionex, choose your preferred method to buy CHR.
    • On Kraken, start trading with your selected pair.
    • On CoinDCX, enter the amount of CHR you want to buy, set the limit price, and confirm the transaction.
  2. Store Your CHR:

    • Use a secure Chromia wallet like the one offered by MyEtherWallet and Enkrypt to hold and manage your CHR tokens.

Additionally, you can also buy CHR on decentralized platforms like SimpleSwap and PancakeSwap by swapping other cryptocurrencies for CHR.

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History of Chroma

Chroma (CHR) is the native token of the Chromia blockchain, a relational blockchain platform designed to facilitate the development of decentralized applications (dApps). The Chromia blockchain was created by Chromaway AB, a Swedish firm, and was launched in May 2019. The platform combines relational databases with blockchain technology to provide a scalable and user-friendly environment for dApp development.

Chromia's founders, Henrik Hjelte, Or Perelman, and Alex Mizrahi, have a long history in the blockchain space, dating back to the early days of Bitcoin and Ethereum. They previously founded blockchain token protocol Colored Coins and Bitcoin wallet Safebit.

The Chromia token (CHR) serves as a standard currency within the Chromia ecosystem, allowing developers to create CHR-backed tokens for use in various applications, including finance, gaming, real estate, insurance, and healthcare. The token is currently an ERC-20 token but will transition to a native token once the Chromia mainnet is launched.

Chromia has been used in several projects, including My Neighbor Alice, a decentralized NFT game platform, and has partnered with the Inter-American Development Bank on a project involving Bolivia, Peru, and Paraguay. The platform's unique architecture and Byzantine Fault Tolerance (BFT) consensus mechanism ensure the security and scalability of the network.

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How Chroma works

Chromia (CHR) is a dual-purpose project that combines a high-speed, low-cost blockchain network (Layer1) with a Layer2 (sidechain) solution that can be integrated into EVM-compatible ecosystems like Ethereum. Here's how it works:

Network Structure

Chromia operates as a double system. It has a high-speed blockchain network enabled by a PBFT (Practical Byzantine Fault Tolerance) consensus system. This network is designed to maintain data in a relational data block structure. The nodes in this network are designed to be decentralized and dedicated to specific decentralized applications (DApps). For example, a series of 100 Chromia nodes can be dedicated to creating a sidechain for a specific DeFi application. These nodes manage the operations corresponding to that DApp, and the final data is stored in the Chromia mainchain.

Consensus and Performance

The PBFT consensus system allows Chromia to achieve high performance. The validation of operations is designed to be completed in a maximum of 2 seconds in networks with high traffic and latency, with an objective of 1 second. The sidechains can operate at variable speeds, adjusting to the needs of the DApps deployed on them. The minimum objective is 500 transactions per second. By using a federation (or sharding) system, the global scalability is practically infinite.

Data Input/Output Capacity

Chromia's relational data structure allows it to have a very high data input/output capacity, exceeding 100,000 operations per second. This capacity scales according to the number of sidechains and the hardware on which it is executed.

Tokenomics

The Chromia token (CHR) plays a fundamental role in the network economy. It can be used as a guarantee for installing new nodes, deploying and paying commissions for DApps, as a staking system, and as a financial reward system for actors within the network. Developers can create CHR-backed tokens to interact with DApps in various industries. The total supply of CHR is 1 billion tokens, with a specific distribution plan in place.

Unique Features

Chromia sets itself apart from other blockchain platforms by employing relational databases, which provide decades of real-world industry experience. The Rell programming language on the platform is simpler to learn and more efficient than other blockchain languages, allowing developers to code seven to ten times faster. The Chromia Vault is a wallet that allows users to manage their tokens and DApps on the Chromia blockchain, and the Chromia Vault Single Sign On eliminates the need for passwords while maintaining security.

Gaming and Other Applications

Chromia is particularly useful for massively multiplayer online games (MMOGs) due to its high-speed data updates. It can update a minimum of 100,000 cells per second, making it a superior blockchain platform for operating multiplayer games. Chromia is also used in various industries such as finance, real estate, and healthcare.

Security

Chromia addresses many of the drawbacks of current blockchain platforms by merging blockchain technology with relational databases. The Byzantine Fault Tolerance (BFT) consensus mechanism is used by the Chromia network, which is made up of validator nodes. This unique architecture makes it easy to construct safe, user-friendly DApps that can expand to millions of users.

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Chroma's strengths

Chroma (CHR) has several strengths that make it an attractive platform for decentralized finance (DeFi) and other applications:

  1. Scalability: Chroma is designed with scalability in mind, allowing it to handle a higher volume of transactions efficiently, making it suitable for applications that require fast processing times and high throughput.

  2. Interoperability: Chroma seamlessly integrates with other blockchain networks, enabling users to easily interact with different decentralized applications (DApps) and transfer assets across different platforms. This interoperability is a significant advantage over its direct competitors.

  3. Enhanced Privacy Features: Chroma utilizes zero-knowledge proofs and secure multi-party computation, ensuring that sensitive data remains private and confidential. This is particularly important for applications that deal with sensitive information or require privacy guarantees.

  1. Robust Security Measures: Chroma uses a consensus mechanism called Proof-of-Formulation, which enhances security and prevents malicious attacks. This strong security framework is an important consideration for users who prioritize the safety and integrity of their transactions and data.

  2. User-Friendly Platform: Chroma offers a user-friendly platform for creating and managing synthetic assets, allowing users to gain exposure to real-world assets in the crypto space. It also facilitates decentralized trading through its automated market maker (AMM) protocol, enabling users to trade their assets directly from liquidity pools without relying on centralized exchanges.

  3. Flexibility and Versatility: Chromia combines relational databases with blockchain technology, making it easy to manage data and build decentralized applications (DApps) with the user-friendliness, power, and logic of a proper database. It can be used as a private, public, or hybrid blockchain.

These strengths position Chroma as a comprehensive solution for building decentralized applications and facilitating seamless integration with other blockchain networks, making it a compelling choice for developers and users alike.

Chroma's risks

Chromia (CHR) carries several risks for investors. These include:

  • Unbonding risk: When staking CHR tokens, there is a 14-day lockup period, meaning investors cannot sell their tokens immediately and must wait 14 days after initiating unbonding before they can be traded again. This can be problematic in highly volatile crypto markets.
  • Protocol security risks: There is an inherent risk that the protocol could contain unknown bugs, which applies not only to staking but also to the investment in CHR.
  • General risks: Like all other crypto assets, CHR is subject to risks such as a short history, volatility, and liquidity risks.

These risks should be carefully considered by investors before deciding to invest in Chromia (CHR).

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Did Chroma raise funds?

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Chroma’s team

  • Henrik Hjelte: CEO of Chromia, co-founder of ChromaWay, and one of the pioneers behind Colored Coins.
  • Or Perelman: COO of Chromia, co-founder of ChromaWay, and a key figure in the development of Colored Coins.
  • Alex Mizrahi: CTO of Chromia, co-founder of ChromaWay, and instrumental in the creation of Colored Coins.

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