1. What is Chromia?
Chromia is a relational blockchain platform designed to enable a new generation of dapps to scale beyond what is currently possible.
2. What is the mission and vision of Chromia?
Chromia (by ChromaWay) is a new blockchain platform for decentralized applications, conceived in response to the shortcomings of existing platforms and designed to enable a new generation of dapps to scale beyond what is currently possible. Chromia is both a blockchain and a relational database. This means that decentralized applications (dapps) can be written in a way that is familiar to developers all over the world, whether they work on large enterprise applications, games, or smaller projects.
3. Who is part of the core team? Backgrounds?
Alex has been programming since he was 10 years old; about everything ranging from 3D graphics and user interfaces, down to low-level performance optimizations in assembly. He has a strong background in mathematics, computer science, algorithms, object-oriented design, and programming language theory.
Alex graduated with honors (MSc) in applied mathematics from Donetsk National University. He got into crypto in 2011 by building the first-ever decentralized exchange which he never launched.
Alex was one of the sidechain concept inventors which Blockstream later popularized — he also appeared in one of Adam Back’s white papers,
Alex invented Coinjoin before Greg Maxwell -
[additional] Alex profile infographics
Finished LLB in Law from College of Netanya, used to work at his family-owned company Chemipal LTD which is the biggest pharma distribution company in Israel today. He served a few years in the marketing division and also served in the Israeli army for three years. He started building websites since he was 13 years old and was involved in gaming cracking groups just for the hack of it, trying to study reverse engineering.
Co-founded one of the first user-friendly bitcoin wallets in 2011 which was called Safebit with Stefan Thomas as its CTO (up until recently, Ripple’s CTO) and was the first-ever bitcoin company to be featured in tech-crunch — https://techcrunch.com/2011/10/24/the-business-of-bitcoin-entrepreneurs-see-opportunities-in-alternative-currencies/
He co-founded the coloredcoins project, with Alex and Henrik.
Henrik has been a developer for 30 years, Finished Master’s degree in business administration and economics from Uppsala University, worked at Nordea, Swedbank, Six Financial, Eniro, Nasdaq, Kambi sports solutions and more. Henrik has been into crypto since 2012. Before venturing into crypto, Henrik had worked with Alex in a company Henrik founded, which was a web 2.0 startup called Stix.to, Henrik was a developer on the coloredcoins project, a big cornerstone project in the crypto industry which was the first issuance platform for tokens on top of bitcoin. Henrik contributed his first open-source project in 2002, the first unit-testing framework for SQL Server.
4. What current partnership does Chromia have and what will be its purpose?
Chromia partnerships are mainly coming from ChromaWay projects. We are also partnering with a few startups that started building their dapps on Chromia. Another partnership to mention is with Kucoin; they will become our system node provider for the mainnet.
5. What makes Chromia unique, better than the other coins, and why will it thrive?
First of all, Chromia is not a coin; Chromia is an ecosystem for dapps. Chroma (CHR) is a native currency of Chromia. This currency is a fuel for the platform with unlimited potential, which is why we truly believe it will be in demand.
6. Is a token ultimately needed? Why?
The token will be used as a native payment mechanism so that dapps can interact and pay each other with the native currency. It will also be used to pay for dapp hosting and other services on the Chromia network. The token is used to create incentives for the network consensus to work by rewarding block producers who follow the rules and punish those that try to cheat.
7. How will Chromia simplify the usage of crypto for mass adoption?
We work to give decentralized dapps a chance to become massively adopted, not “crypto.” We believe that the current situation with the Internet controlled by massive centralized giants should be changed.
8. How will Chromia simplify the usage of smart contracts?
In Chromia, dapps are more than just a collection of “smart contracts.” Each dapp has its own blockchain, a sidechain, which runs on a specific set of nodes. Each dapp can have its own tokens, monetization, and governance. A dapp pays for hosting, not for every transaction. This gives dapp developers a high degree of flexibility and control. In Chromia, every dapp has full freedom to make its own choices.
Dapps on Chromia can achieve parity with centralized applications in terms of ease of use and make user on-boarding process much simpler.
Data queries and updates are delegated to a heavily optimized relational database, allowing dapps to perform a large number (100k+) of queries, data retrievals and updates operations from blockchain within seconds.
Chromia allows dapps to scale to millions of users via horizontal scaling with sidechain sharding. Each dapp has its own blockchain(s).
Dapps can quickly retrieve information they need directly from nodes running the application.
Chromia has Dapp level provisioning. It means the freedom of dapps to create their own fee and resource use policies. It also allows token economics to be integrated with the fee model, i.e. fees are taken from profits “earned” by an application. It also supports mechanisms for governance and dapp updates which are built-in to the platform.
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
Unlike many other dapp platforms, Chromia dapps can be updated without forking.
9. How will Chromia tackle scalability? How will it stack up versus the rest?
Chromia uses side-chains to enable each dapp to be its own blockchain and therefore, scales much better than other systems that run all dapps on one blockchain such as Ethereum. In theory, the system should be infinitely scalable as the restrictions are only on the nodes running each individual dapp blockchain.
10. CHR specs and how this translates to English for non-crypto speakers?
Chromia is a relational blockchain platform designed to enable a new generation of dapps to scale beyond what is currently possible. Chromia is the product of the many lessons we have learned over the years. Every problem that we have encountered has led to solutions and best practices that we have endeavoured to incorporate into Chromia so that users of the platform can focus on what is important: building world-changing dapps.
11. How was Chromia funded?
Chromia raised roughly 13 million USD pre-sale and an additional 2 million USD during IEO.
12. How will funds be invested?
Majorly funds raised are invested in developing Chromia technology and Rell. Also some proportion of the funds goes to promoting Chromia ecosystem.
CHR distribution is following:
- 70% owned by ChromaWay to be sold, awarded to team members, invested or used in any other way
- 3% put into an automatic conversion contract on Ethereum to enable Chroma <-> ETH conversion .
- 2% put into system node compensation pool
- 25% is allocated for promotional use: to be given to users to try dapps on Chromia.
13. What does the roadmap look like?
We are currently reworking our roadmap and have yet to release the new one. We have already released our testnet and invited a select number of users to test it and give us feedback. Soon our bootstrap mainnet will be live as well.
14. Plans for exchanges?
Sorry, but we can’t comment on such issues :)
15. What is/will be Chromia marketing plan?
Our strategy is to onboard as much 3rd party teams as possible. It is much easier when you have the tech which is more developer-friendly than anything else on the market. More dapps means more adoption and more demand for Chroma as a native token of the ecosystem.
Of course we are also working with different tech opinion leaders, journalists, bloggers and alike to promote our platform.
16. What will the governance of Chromia be like by 2022?
This is not something we have carved in stone, we will allow our ecosystem participants: developers, users, node providers to decide
17. Coding wise very ambitious goals have been set for Chromia, what measure are being taken to guarantee bullet proof and safety of the pioneer code being developed and well-being of investors?
The security of Chromia is our top priority, our strategy from the start have been to use already existing technology such as SQL and relational databases as well as having a language, Rell, which is both easier to write and read, which is not Turing complete. Our consensus mechanism and system nodes selection process with the combination of stakes incentives provides highly resilient solution
18. In your view, for Chromia, what will be the biggest challenge to champion?
As to all blockchains the biggest challenge is adoption and usage — we believe though that with our track record and past experience with the Coloredcoins and Chromaway unlike other platforms we have real knowledge and know-how.
19. Why should anyone invest in Chromia?
We can not give investment advice, our focus is on developing a great technology and a great platform, once that is in place the community will do the rest. But generally we recommend instead of “investing in crypto”, invest your time in gaining knowledge in the domain to distinguish great tech from crap.
- Website: https://chromia.com/
- Whitepaper: https://chromaway.com/papers/A-blockchain-based-property-registry.pdf
- Official Telegram: https://t.me/hellochromia
- Bitcointalk: https://bitcointalk.org/index.php?topic=5050964.0
- Twitter: https://twitter.com/teamchromia
- Facebook: https://www.facebook.com/teamchromia
- Reddit: https://www.reddit.com/r/Teamchromia/
- Linkedin: https://www.linkedin.com/company/chromia/
- Youtube: www.youtube.com/channel/UCM_FvcRzwoZUmc60fYFjdSQ?view_as=subscriber
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This is not a financial advise and you should do your own research before investing, and understand if you are willing to lose this investment, as there is always risk in innovative markets as technology, fintech, and cryptocurrencies, due to regulations, geopolitical issues, and what not. That being said, besides being invested in Chromia, I am being compensated for my time writing this article.