Chromia is a standalone Layer-1 protocol while lending scalability to enhance Ethereum capabilities as a Layer-2 protocol.

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Blockchain tech, even though revolutionary, is called a ‘dumb’ technology by some since it essentially only processes and stores data to serve and interact with the users. If a user seeks to find information faster, structure it in an optimized way and build large applications over it, a ledger may not always be the best bet. Relational databases that have been used by most enterprises for decades now are the answer to the tech insufficiency stated above.

Based on a mathematical foundation and optimized for decades, relational databases, when conditioned with a light software layer handling voting and consensus and a blockchain, constitute a relational blockchain - a database cum blockchain. Chromia uses the dynamics of relational blockchain to power real-world applications such as land registries and e-currencies. Let’s explore the platform today.

Chromia: An Introduction

Chromia is a Layer-1 blockchain and a Layer-2 EVM-compatible enhancement for Ethereum and Binance Smart Chain. Via its foundational relational blockchain and its custom programming language - Rell - it helps in enhancing the existing dApps and creating new ones by allowing for enhanced scalability, customizable fee structures and improved data handling. Its programming language Rell is very similar to SQL in terms of its functions and is designed to code. While storing, developers can leverage the immutability and security of the blockchain, and while handling data, they can rely on the efficiency of a relational database.  

Chromia was built by the pioneering blockchain company ChromaWay in May 2019. Chromia’s core team comprises industry veterans, including Henrik Hjelte, Or Perelman, and Alex Mizrahi. Chromia was built with a vision of building the publicly hosted application infrastructure for the reformed internet, granting sovereignty to the users. The founders have been actively involved in building solutions for banks, governments, enterprises and private institutions to reduce corruption and inefficiencies. Chromia can be used as a private, public, or hybrid blockchain.

Any dApp that runs on Chromia has its own sidechain rooted in the main blockchain. This arrangement allows the dApps to scale more efficiently while the developers have the freedom to choose from a variety of fee structures. The Chromia blockchain already supports a wide and diverse range of applications, including:

● Defi options trading platform like Hedget

● Open world farming games such as My Neighbor Alice, Chain of Alliance and Mines of Dalaria

● Enterprises such as LAC PropertChain, Lingon, and CapChap

● Applications such as Green Assets Wallet, Chromunity, etc.

Chromia Originals is another latest feature on the Chromia blockchain. It is a new NFT standard that will operate both as a native standard on the Chromia blockchain and a layer-2 standard enhancing the ERC-721 and BEP-721 tokens. 

CHR token

CHR Coin: Fundamentals

CHR coin is the native of the Chromia blockchain designed to empower the Chromia platform while fostering mutually-benefitting relationships between developers, users and investors. Besides acting as a currency on the Chromia platform, it also serves as a payment mode for hosting fees and facilitates other system-wide purposes. It also helps the members of the Chromia community to earn passive income via ecosystem staking. 

It has a circulating supply of over 567 million tokens and a maximum supply of 1 billion tokens. Its current market cap stands at $502.77 million and has a ranking of #145 on cryptocurrency charts.   

Short Term Technical Analysis

The current price of the CHR token is $0.8803, noting a 1.8% decline from the previous day. Chromia is currently building an ascending wedge, which is a fundamentally bearish pattern. If it plays out, CHR could dip nearly 40% to the support level near $0.53.

Chromia chart

Source:TradingView, Binance

However, CHR has flipped the .382 retracement of its November-December dip to support at $0.7 and that may play spoilsport for the bears. Should that support hold, CHR will only have resistances above at $0.96 and $1.04 to worry about in the short term.

Future Potential

Chromia supports a wide array of dApps and enterprise-level applications solving real-world use cases relevant in the current and future context. Besides being a standalone Layer-1 protocol, it also lends scalability to enhance Ethereum capabilities as a Layer-2 protocol.

The upcoming Defi wave, web3 internet, metaverse and NFT boom - Chromia has got all covered in its tryst with liberating the next-gen internet infrastructure. Chromia is already charting an upward trend on the price charts and holds great potential for growth and appreciation in the coming years.

Disclaimer:This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.

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