Blockchain technology has incredible potential. In the years since Bitcoin was born, countless breakthroughs and improvements have transformed outlook and pushed this space forward. Businesses worldwide are becoming increasingly interested in leveraging blockchain technology.
However, as it stands, businesses aren’t taking the leap to blockchain. The hesitancy spawns from a number of pain points that could be seriously stunting the adoption and growth of this space.
Chromia, a media partner of The Daily Chain, is tackling these issues head on, aiming to drastically improve the reach and adoption of decentralized applications (dapps) by rectifying existing limitations of blockchain platforms.
Who are Chromia?
Chromia is a cryptocurrency project, previously named Chromapolis, that is owned by Chromaway, a blockchain technology company with a strong history in this space dating back to 2014.
CHR is the native token and lifeblood of the Chromia platform. Its used as the standard currency within the platform and to maintain consensus. Without CHR, the Chromia platform would be unable to function.
Pushing for dApp Adoption
Chromia has identified that existing platforms have a combination of poor user experience, inadequate security and high fees. Alongside this, the Chromia team recognise the frustrating development experience that other platforms have, which could be actively dissuading development work that would otherwise contribute to the progression of dapps. Together, we see platforms that aren’t desirable to consumers, that also cannot progress at speed because of lackluster development environments.
The Chromia platform is geared specifically to fixing these limitations, aiming ultimately to create a platform for a new wave of decentralized applications that will be able to scale further than currently possible. With Chromia the aim is to achieve real adoption.
Solving the Problems
One of the main focuses of Chromia is to create an environment within which development can thrive. A relational programming language known as RELL is used to write decentralized applications on the platform, which is purported to increase developer productivity and encourage consistency between applications.
Swift Dapp Load
Dapps on Chromia can achieve parity with centralized applications in terms of ease of use and make user onboarding process much simpler. Dapps which require complex UI, such as games, can be implemented using a separate client delivered as a web or mobile application. In this case security can be controlled through the use of sub-accounts.
The dapp client will receive a private key of a sub-account which belongs to a user and will be able to sign transaction on behalf of the user. This means that the user can perform game actions in a natural way, similar to how “normal” games work.
Lightning fast transactions
PBFT-style consensus enables transactions confirmation within seconds. Chromia aim to support 50 million token transfers per day per blockchain in MVP version of software. Transfers can be confirmed within 2 seconds which should be enough to support in-person payments.
Dapps can quickly retrieve information they need directly from nodes running the application. Dapp blockchain logic can perform complex queries without performance degradation. Thanks to rich indexing and query capability the entire dapp state relevant to the user can be transferred to the client in a matter of seconds.
The platform is built for scalability. Each dapp will have its own blockchain, or multiple. This is known as horizontal scaling, which can vastly increase throughput and overall scalability of a network.
All elements of the Chromia platform were meticulously designed with security in mind.
The whitepaper goes into explicit detail regarding Chromia’s development choices and the associated security implications. Every decision is evaluated and justified, with potential issues explained and rebuked.
For example, Chromia uses a PBFT-style consensus algorithm to build the blockchain, where a block must receive more than two thirds of all votes from validator nodes to be verified. It is then acknowledged that a 34% attack could potentially occur for a particular blockchain, where over one third of the validators fail, preventing a consensus being reached.
To rectify this issue Chromia will have a number of fail-safes in place that would reduce network impact if a 34% attack were to occur. Beyond this, Chormia will leverage multi-level anchoring which can boost confirmation strength of one blockchain by using another.
The node structure of the network also deters foul play with financial penalties and possible legal action.
Chromia has a unique fee structure. There is no system-wide fee policy. Dapp developers control their own fee policy, which enables dapp creators to craft custom fee structures that can be perfectly targeted towards growth and adoption.
Chromia is a general purpose platform with a number of key selling points that make the platform appealing in a number of areas.
The flexibility, speed and scalability of Chromia lends itself perfectly to enterprise needs. Chromia could be used for enterprise blockchain applications, providing data is open or can be openly hosted in encrypted form.
Taking blockchain gaming to a new level, Chromia can host entire game worlds within the blockchain thanks to competitively high read/read capacity and good support for the complex data schemas that would be required to host a blockchain game world.
With high capacity, low latency and impressive platform flexibility, Chromia could be an excellent platform for token creation.
Partnerships and Adoption
Strategic partnerships are key to growth and adoption. Fortunately, Chromia are ahead of the game and have secured an impressive amount of partnerships. Let’s take a look.
NGC, one of the largest institutional players in crypto, initially participated in the Chromia private sale before becoming a strategic partner of Chromia. NGC believes in the long term potential of the project and has begun assisting Chromia to build relationships with developers, academia, and business across Asia.
Chromia Studios, a games unit of Chromia, is collaborating with Workinman Interactive, a US-based market leader that specializes in cross-platform games using high performance engines and high resolution custom art. Workinman Interactive has worked with Disney, Atari, Marvel, NBC Universal, Nickelodeon, Nintendo and more.
Parent company ChromaWay secured a pilot with the Inter-American Development Bank (IADB) to put land registration and lending in Bolivia, Peru, and Paraguay on a blockchain. The option is there to deploy the project on Chromia.
A platform for green investments, Green Assets Wallet (GAW), is releasing on Chromia.
“Chromia is much more convenient for us as developers. It has made it easier for us to vastly improve user experience, the reporting system and search functionalities. In the future, we will investigate how to add information to the GAW even more efficiently. This would be especially useful for issuers with many green projects,” said Kirill Kirikov, partner at 4ire Labs, key developers for the GAW.
Chromia is a powerful platform that is steaming speed ahead, aiming to achieve large-scale decentralized application adoption. With a number of key benefits and some impressive strategic partners, Chromia is certainly a project to watch.