How Does It Work like a High-Speed Dual System

Despite Ethereum’s theoretical ability to implement any type of application, in practice, there are many limitations. These include poor user experience, high gas fees, frustrating developer experience, and poor smart contract security. As a result, decentralized applications (DApps) are either severely limited or often fail to gain widespread adoption.

What is ChromaWay?

Since 2013, ChromaWay has made significant progress. It culminated in the release of Chromapolis, the first dev-test, in December 2018. Postchain and Rell were already being built for public release at this point. In April 2019, the native CHR token was launched and the project roadmap was outlined.

Chromia functions as a dual system: a PBFT consensus system enables a high-speed blockchain network where nodes maintain data in a relational data block structure. 

The need for a PBFT system means that the network operates through a staking scheme, where high-speed generator nodes are used. These nodes are designed to maintain a decentralized operation and are solely dedicated to the DApps that run on them.

For instance, 100 Chromia nodes can be dedicated to create a sidechain for a specific DeFi application. These nodes are responsible for managing the operations of the dApp while the final data is stored in a larger network, the Chromia mainchain.

In all of these cases, the network operates under the staking scheme and PBFT consensus to ensure high performance.

The Chromia Token

The native token of ChromaWay, Chromia(CHR) plays a crucial role in the network economy. Firstly, it can serve as a guarantee for the installation of new nodes, deployment and payment of dApp commissions, staking systems, and a financial reward system for network actors.

Additionally, developers can create CHR-backed tokens that can interact with dApps in various industries, including finance, gaming, real estate, insurance, and healthcare. Investors in ERC-20 CHR tokens can receive various profit-sharing contracts.

Chromia partnered with “My Neighbor Alice”, a decentralized NFT gaming platform, in 2021 to provide a dedicated node for blockchain relational validation within the platform’s NFT digital world.

Tokenomics of CHR

Chromia’s tokenomics are simple. A total of one billion tokens will be created without any further issuance in the future. ChromaWay will initially own 70% of all tokens, which will be sold, awarded to team members, invested, or used in some other way.

The remaining 3% will be put into the contract for automatic conversion between CHR and ETH, and vice versa. An additional 2% will be locked in a system node compensation fund and 25% will be used for promotional purposes.

Chromia is an independent Layer1 blockchain, but it can also function as an EVM-compatible Layer2 for networks such as Ethereum or BSC. In this way, Chromia can increase the scalability of these applications within these networks by leveraging its capabilities.

Summary

Chromia is a high-speed blockchain network with a PBFT consensus system and a native token called CHR. It offers various benefits to network actors, including new node installation, DApp commission payment, staking, and a financial reward system. Each dApp runs on Chromia’s sidechain.

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.