Chromia is a standalone Layer-1 protocol with scalability to enhance the capabilities of Ethereum as a Layer-2 protocol.
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Blockchain technology, while revolutionary, is called by some a “dumb” technology because it basically processes and stores data to serve and interact with users. If the user is looking to find information faster, build it in an improved way and build large applications on it, then a ledger may not always be the best. Relational databases that most companies have used for decades now are the answer to the technology shortcoming mentioned above.
Building on a decades-old and improved mathematical foundation, relational databases, when adapted with a light software layer dealing with voting, consensus and the blockchain, form a relational blockchain – a database with a blockchain. Chromia uses relational blockchain dynamics to power real-world applications such as land registries and electronic currencies. Let’s explore the platform today.
Chroma: an introduction
Chromia is a Layer 1 blockchain and an optimization compatible with Layer-2 EVM for the Ethereum and Binance smart chain. With its foundational relational blockchain and custom programming language – Rell – it helps improve existing dApps and create new ones by allowing for improved scalability, customizable graphic structures and improved data processing. Its programming language, Rell, is similar to SQL in its functionality and is designed for coding. During storage, developers can take advantage of the stability and security of the blockchain, and while processing data, they can rely on the efficiency of a relational database.
Chromia was built by the leading blockchain company ChromaWay in May 2019. The core team of Chromia is made up of long-standing industry experts, including Henrik Hjelte, Or Perelman and Alex Mizrahi. Chromia was built with a vision of building the infrastructure of publicly hosted applications for a reformed Internet, and giving sovereignty to users. The founders have been actively involved in building solutions for banks, governments, businesses, and private institutions to reduce corruption and inefficiency. Chromia can be used as a private, public, or hybrid blockchain.
Any dApp running on Chromia has its own side chain rooted in the main blockchain. This arrangement allows dApps to scale more efficiently while developers are free to choose from a variety of fee structures. The Chromia blockchain already supports a wide variety of applications, including:
● Defi options trading platform like Hedge
● Open world farming games like My Neighbor Alice, Chain of Alliance and Mines of Dalaria
● Institutions such as LAC PropertyChain, Lingon and CapChap
● Apps like Green Assets Wallet, Chromunity, etc.
Chromia Originals is another latest feature on the Chromia blockchain. It is a new NFT standard that will serve as the original standard on the Chromia blockchain and a layer 2 standard that leverages ERC-721 and BEP-721 tokens.
CHR Coin: The Basics
CHR is the native currency of the Chromia blockchain designed to enable the Chromia platform while fostering mutually beneficial relationships between developers, users, and investors. Besides serving as a currency on the Chromia platform, it also serves as a payment method for hosting fees and facilitates other purposes at the system level. It also helps Chromia community members earn passive income through the ecosystem stabilization process.
It has a circulating supply of over 567 million tokens and a maximum of 1 billion tokens. It has a current market capitalization of $502.77 million and has a rating of #145 on the cryptocurrency charts.
short term technical analysis
The current price of the CHR token is $0.8803, indicating a decrease of 1.8% over the previous day. Chromia is currently building a bullish wedge, which is basically a bearish pattern. If that happens, CHR could drop by about 40% to the support near $0.53.
Source: TradingView, Binance
However, CHR overturned the 382nd correction of its decline in November and December to find the support at $0.7 which could play a spoiler for the bears. If this support holds, CHR will have a higher resistance at $0.96 and $1.04 just to worry about in the short term.
Chromia supports a wide range of enterprise-grade dApps and applications to solve real-world use cases relevant to current and future contexts. Besides being a standalone Layer-1 protocol, it also lends scalability to enhance Ethereum’s capabilities as a Layer-2 protocol.
The next Defi wave, web3 internet, metaverse, and NFT boom – Chromia is covered in its experience with unlocking the next generation of internet infrastructure. Chromia is already plotting an upward trend on the price charts and holds great potential for growth and appreciation in the coming years.
Disclaimer:This article was written by Giottus Cryptocurrency Exchange as part of a paid partnership with The News Minute. Crypto-asset or crypto-currency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your research before investing and seek independent legal/financial advice if you are unsure about investments.