Chromia Review: The Blockchain Platform You Need to Know About in 2023!

This Post Contains

• What Is Chromia?
• What Is Chromia Used For
• Chromia Partners
• Chromia Coin Review
• Is Chromia Coin A Good Investment?

Since the Advent of Blockchain technology, we have witnessed the emergence of interesting blockchain technology innovations. The Ethereum blockchain being the leading blockchain has set the pace for other blockchain projects to follow with different projects building on Ethereum's success and methods to create their own ecosystem.

The development and growth of blockchain technology as gotten to an extent where we now have various consensus mechanisms such as Proof of Work (PoW, used by Bitcoin and most blockchains), Proof of History (PoH Solana blockchain comes to mind), Proof of Stake (PoS, Proof of Activity (PoAct), Practical Byzantine Fault Tolerance (PBFT) & Proof of Vote etc.

 Without further ado, let's discuss what Chromia is doing differently (some blockchains are just clones of Bitcoin & Ethereum ecosystem) and how Chromia will add value as a blockchain people can use.

What Is Chromia?

Chromia is a blockchain platform created with the aim of addressing the scalability problems of previous platforms used to create dapps. Formerly known as Chromapolis, Chromia is an open-source blockchain platform adapted from Postchain technology. 

The blockchain platform uses a relational database feature that enables Unlimited scalability of new and existing decentralized applications (dapps). While also ensuring ease of use and creation of the new dapps through Familiar data structures and a developer friendly programming language (Rell).

Chromia's relational blockchain is fast, efficient and Interoperable with it's EVM compatible Layer-2 enhancement for Ethereum blockchain designed to ensure faster, more secure and more scalable transactions on the Ethereum ecosystem.

Decentralized applications on Chromia's blockchain operate on their own sidechains which are connected to the main blockchain. 

This allows dapps to operate faster and more efficiently and at the same time implement Chromia's customizable fee structure.

The customizable fee structure allows developers to decide whether their users will pay transaction fees in Chromia (CHR) token for each transaction or make unlimited transactions without paying any fees at all (while the developers stake enough CHR to allow users of their application make those transactions).

Also Read: Walking In VR: Virtual Reality Equipments To Enhance Your VR Experience

What Is Chromia Used For? (Usecase/Utility)

1. Creation of dapps: Chromia is primarily used for the creation of Decentralized applications (dapps). Chromia can be used to create all kinds of dapps, Applications such as Blockchain games, DeFi trading platforms and metaverse platforms can be built on Chromia blockchain. 

My Neighbor Alice (Game), Hedget (Trading platform), LAC PropertyChain (Enterprise platform) and Chromia Originals (NFTs platform) are applications that have been built on Chromia.

4. Layer-2 Implementation: Chromia is also EVM compatible which means it can be used as a means to faster, more secure and cheaper transactions on Ethereum blockchain.
5. Multiblockchain Utility: Chromia can be used as a Public, private or hybrid blockchain.
6. Management of complex data sets: Chromia's relational database allows management of Large and complex data sets with the dapps being able to scale millions of users and execute large transactions without risks of insecurity of the information processed.

Top Chromia Partners

2. 21M Capital:
   

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   21M Capital is an advisory firm for startups developing blockchain technology, the Investment firm invests in Blockchain Networks offering them support the company was founded in 2018.

3. Arrington XRP Capital: Arrington XRP Capital is a digital asets management firm for blockchain networks, the hedge fund uses XRP coin as its currency to invest in blockchain technology and has five years of experience in the blockchain industry.
4. Bitscale Capital: Bitscale is a venture capital fund that invests in blockchain startups, as well as Cyber security, Internet of Things, Financial technology and other aspects of the technology sector. The firm has special interest in blockchain platforms used for the creation of decentralized applications in DeFi, Gaming and NFTs.
5. Factblock: Factblock is a blockchain accelerator and consulting firm, focused on providing support for blockchain startups and introducing them to the Korean market.

Chromia (CHR) Coin Review

Chromia (CHR) is the native Cryptocurrency of the Chromia blockchain, Chromia coin acts as the platforms currency which developers and Users can use for payment of transaction fees, payment of hosting fees and Ecosystem staking across all dapps on the Chromia network.

Currently, CHR is an ERC20 token. However, once the active updates of the Chromia blockchain is done and the Chromia mainnet is launched, there will be a transition from an ERC20 token to the Chromia blockchain where CHR will act as the governance token.

Chromia (CHR) Coin Information

Current Price: $0.52

Market Cap: $297,515,179 (As at time of writing)

Circulating Supply: 567,369,439.00

Total Supply: 471,970,667 (Max supply; 1,000,000,000)

Exchanges:

CHR staking: https: //chromia.com/staking/

Staked CHR; 75,608,472 CHR

Websites: Chromia.com & Chromapolis.com

Community: blog.chromia.com, https://twitter.com/Chromia?s=20 & http://t.me/hellochromia 

Is Chromia Coin A Good Investment?

No one can predict the future, that being said if we look at the foundations that has been laid for the Chromia blockchain, Chromia coin as great potential and we may see a surge in price once the Chromia mainnet is launched which will skyrocket the demand for CHR coin.

The Utility of CHR coin is another factor to be considered, Chromia is a blockchain's native currency and has so many Usecases.

It can be used as a means of transaction validation, reward to investors, staking across DeFi platforms on the ecosystem and used by developers for the payment of hosting fees.

In view of the above, it all depends on how long you're willing to hold but Chromia is a long term investment.

Conclusion

Chromia is a blockchain you should consider for your Cryptocurrency project Rell (the programming language used on Chromia) is a programming language that is simple and not as complicated as the languages used to create dapps on other blockchains.

For investors, proper and in-depth research is required before investing in a project as you'll be putting yourself at risk financially. Chromia is a project with great potential and you should consider investing in the blockchain.