Chromia (CHR): Making dapps Rell-y easy
Among the numerous cryptocurrencies, you might not have heard of Chromia. But, dig deeper into the crypto list, and you’ll find hidden gems beyond Bitcoin. So, is Chromia one of the diamonds you need for your investment list?
First, we’ll talk all about the basics of Chromia and its functions. Then, we’ll explain what sets this crypto apart from the other coins. Finally, we’ll go through the pros and cons to determine if Chromia is a good investment.
If you stick with the top 10 cryptocurrencies, you’re limiting your portfolio. Blockchain powers all crypto, and it has far more uses than just internet money. You might find that Chromia is a colorful investment you need!
What is Chromia?
Photo Credit: Chromia.com
It started from the minds of Henrik Hjelte, Or Perelman, and Alex Mizrahi. They started in 2012 when they wanted an app infrastructure that aligns with users’ needs.
They had help from an expert team. The members previously worked on blockchain projects like Colored Coins and Safebit. Two years later, they founded the software company ChromaWay.
It is a free and open-source software business. Specifically, ChromaWay provides a platform for digital assets and smart contracts. In 2018, they created the decentralized platform Chromia.
It uses the cryptocurrency called Chroma (CHR). It performs important functions in the Chromia network. You can buy some in major crypto exchanges like Binance.
How does it work?
Most people think of digital money when they hear the word “cryptocurrency.” Yet, so many other cryptos or altcoins want to be so much more.
Some provide solutions for other fields like art and video games. Others want to be better than particular cryptos. Specifically, Chromia aims to beat Ethereum.
ETH is #2 on the crypto list, right next to Bitcoin. It’s nowhere near perfect, though. For example, users dislike the high gas fees. Meanwhile, developers may struggle to create new dapps.
That’s unfortunate since it allows Ethereum to be useful in several fields. Solving these issues could make the top 2 cryptos become more helpful.
In response, Chromia lets all decentralized apps have sidechains. In other words, they could have a network that is separate from Chromia’s main chain.
The main network helps the dapps function. In exchange, it receives payment from the dapp as a whole. The dapp will decide how it will collect fees from its users.
What makes Chromia special?
Two systems set it apart from some cryptos: Rell and the Byzantine fault-tolerant network. The former stands for Relational Language. It allows more programming languages for making dapps.
This allows more developers to make a variety of programs. Also, they won’t have to make everything from scratch. Rell provides templates to facilitate making dapps.
What’s more, the Byzantine network relies on distinct and non-colluding providers. These are individuals or groups who will give computing power to the Chromia software.
Moreover, they must meet two conditions. First, each provider must be different from one another. Second, they must not band together and take control of the system.
This system is not foolproof, though. The creators knew this, so they added another layer of security. They tethered Chromia blocks to other proof-of-work crypto networks.
The Chromia whitepaper cited Bitcoin and Ethereum as examples. These cryptos can protect the Chromia chain further. It also noted how affordable this method would be.
What are Chroma (CHR) coins?
When you check the crypto list, you’ll see hundreds of options. All of them serve a specific role in their blockchains. The coin and the network are separate from each other.
For example, the Tezos network uses XTZ coins or “tezzies” as its cryptocurrency. It’s not just for buying and selling stuff. Owning some lets, you vote on changes to the network.
The Chroma (CHR) token serves a different purpose. Dapps pay to host fees in CHR coins. So if they have different coins, they could peg it to CHR.
What’s more, users can stake their Chroma bucks. This funds the network. In turn, they can earn a regular yield. Chromia staking nets 25% APR, but this may change soon.
Pros of Chromia
Two factors make Chromia promising crypto. First, the Rell system could open the network to numerous applications. Second, it may get more dapps for numerous fields.
Right now, certain industries benefit from Chromia. These include finance, real estate, healthcare, and gaming. With more updates, this list could expand.
Second, it has an online wallet for Chroma tokens called the Chromia Vault. Users can store their coins tied to their accounts. Also, they may log back in without typing passwords.
The Single Sign-on feature does this while providing high security. Yet, a cold wallet may be a better option. It lets you hold your coins offline. This way, hackers can’t touch them!
Cons of Chromia
The founders hand-picked the first providers. After that, their whitepaper said the users could recommend new ones. However, this original bunch has the final word on these suggestions.
According to Chromia’s creators, they have the right know-how for the job. But, unfortunately, this reduces the power of choice for the users. Other cryptos let coin holders choose their validators.
Polkadot is one of those. In addition, people with DOT coins can elect DOT council members. These are fellow coin holders who will serve important roles in the network.
What’s more, other cryptos seem to be better investments. Some are similar to Chromia, but they’re higher on the crypto list. For example, take Chainlink (LINK) and Polygon (MATIC).
Both of them apply in multiple fields outside finance. Yet, LINK is #14, and MATIC is #17 in the crypto list at the time of writing. Meanwhile, Chromia lags at #357.
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Final thoughts
You may think Chromia is a no-no for your portfolio. This will depend on your investment goals and research. Be clear on what you want from cryptocurrencies before you buy any coin.
Then, understand how cryptos work. This will help you get investment ideas. Next, find the cryptos that suit those ideas. Then, study how they work to see if they have a chance in the market.
Check Coinmarketcap to see their past and current performance. You may view cryptos according to market cap. Also, you may see their price movements for the last 24 hours.
With the right updates, Chromia’s price may propel it closer to the top 10. For example, people may soon create NFTs with Chromia. This could encourage more investors.
Learn more about Chromia
Where is the HQ of Chromia?
You may find the Chromia office in Sweden. If you have any questions, you can reach them on social media sites like Facebook, Twitter, and even Reddit.
What is Chromia used for?
It helps people make dapps. These are programs that benefit from cryptos. This allows Chromia to become more useful in multiple fields.
How do you get Chromia?
You can buy Chroma coins from Binance. It’s not in the other major platforms like Coinbase and Kraken, though. Please check if you’re allowed to buy cryptos in your country before purchasing.
