Chromia Ico Review : New blockchain platform for decentralized applications

About Chromia

Chromia 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. Its is the brainchild of ChromaWay, a pioneering blockchain company. After working for several years in building the perfect mix between relational databases and blockchain, they decided to build platform for everyone with the same underlying technology.

Chromia offers level of openness, transparency, decentralization as other public blockchains. In Chromia miners are replaced with providers. Providers own nodes that produce blocks. It has been suggested that the four largest mining pools of both Bitcoin and Ethereum could exert significant control over those networks if they colluded.

Token Basic Information

From Games to Enterprise, Chromia makes it really easy to do mainstream applications

Chromunity

Chromunity. Operating entirely on top of the Chromia relational blockchain making it the melting pot for the Chromia community. It is our take on a fully decentralized social media platform where users engage on their own terms by voting mechanisms and other cool features.

Mines of dalarnia

An action-adventure platform-mining game where the player controls a character and guides them through various blocks of earth, to discover and collect minerals of multiple rarities. Includes a blockchain based real-estate market. Play Mines of Dalarnia

Green asset Wallet

The Green Assets Wallet is the first enterprise blockchain platform for green bond validation and impact reporting. Co-created by a unique consortium of leading capital market actors, green finance experts and technology innovators formed under the lead of Stockholm Green Digital Finance, the Green Assets Wallet is designed to inject efficiency and transparency to the green debt market. The Green Assets Wallet is the first Enterprise dapp on Chromia.

History

Chromia is the brainchild of ChromaWay, a pioneering blockchain company. After working for several years in building the perfect mix between relational databases and blockchain, they decided to build a platform for everyone with the same underlying technology.

Back in 2012, Alex Mizrahi the CTO started working together on what can be called the first implementation of user-defined assets on a blockchain, called colored coins. This creation was absolutely revolutionary. We are sure you have heard about tokens.

Since 2014, three co-founders have been working on solutions for banks, enterprises, governments and private institutions and have built a team with people from all over the world. ChromaWay is a free and open source software company since always, and will not be controlling Chromia which is a true decentralized platform.

Problem

• Limited capacity. Because network capacity is limited, and usage fees are proportional to load, transaction fees can be $1 or more for complex applications. This cost, typically paid for each interaction with an application, makes most applications too expensive to be practical.
• Prohibitively expensive I/O operations, for the same reason. For example, a contract cannot iterate through a list of users since the cost of this action would exceed the block gas limit. Thus developers have to jump through hoops to implement something as simple as an interest payment to a list of users.
• Poor data modelling tools and poor support for queries. Application developers have to resort to centralized indexing and caching layers, or using third party services which do not provide the same security guarantees as the base layer.
• Error-prone contract language which has resulted in many high-profile heists.
• No provision for contract upgrades at the platform level, this functionality has to be implemented as a separate layer which further increases complexity.
• Users are required to pay a fee for every interaction and confirmations are slow. This results in poor User Experience (UX).
• Poor light client support. Three years after beginning development efforts the Ethereum Foundation was still struggling to offer a production-quality light wallet.

Chromia solves this issue

• Each dapp has its own blockchain (sidechain)
• Fees (collected to maintain nodes) are paid by the dapp as a whole, not by end-users directly

Consequently, dapps are free to implement their own resource management policies, which can be aligned with economic rather than technical needs.

Every blockchain needs an anti-spam mechanism, but this mechanism doesn’t have to be tied to
fees. For example, a dapp might allow only 1 action from a user each 15 seconds, thus a single user won’t be able to spam the blockchain with billions of transactions. A dapp can also mitigate Sybil attacks through limiting new user registration to some reasonable rate and/or requiring invitation or a deposit.

Governance

Chromia supports different governance structures on the system and application levels.

Chromia system governance

• System updates, that is, updates to system blockchain structures, their rules and so on.
• Tuning parameters such as the price of running a dapp according to economic realities.
• Acceptance of new members into the system.
• Exclusion of bad actors.

Business uses

Based on our experience with enterprise blockchain applications, we believe Chromia can be used in applications where data is either open, or can be openly hosted in encrypted form, or only
commitments (hashes) need to be revealed. This can be particularly relevant in applications which
are connected to transparency. Indeed, publishing data via a private blockchain hardly makes
things more transparent.

ChromaWay is planning to offer Chromia-based storage option for its Esplix business contract
platform, thus allowing businesses to utilize Esplix contracts without a hassle of running their own
blockchain nodes.

Blockchain

Blockchain is a simple list of transactions. Finding anything there requires you to search everything from start to end. A relational database is the tech that powers your social network, your bank, all your non-trivial applications. Our technical solution is for the real world.

Chromia goal is to provide an opportunity for you to create a fully decentralized application (dapp) on your own terms. In short, Chromia is ready to be used by anyone having the cool ideas, not only by those having the technical skills.

So we created RELL, our take on a universal language that is easier to learn and more efficient to work with. It’s based on SQL, which most developers know. Rell is highly efficient permits fewer lines of code than other blockchain languages.

Features of Chromia

Block Explorer

Chromia Block Explorer allows users and developers to retrieve data from any block on the blockchain at maximum speed, thanks to our relational blockchain technology, which means that it does not need an external server to index information.

Chromia Vault

The Chromia Vault keeps all your dapps and assets in one place. Its functional design allows you to go from one dapp to another without ever having to log out, lose any data or cancel any transaction. The Vault is constructed to make the user experience and interaction a simple ride, not a marathon.

Single Sign On

The Chromia Vault Single Sign On (SSO) is a unique feature created to reduce password entering without compromising your security. It is in many ways easier than any other existing unified login system, centralized or not.

Light client security

Most Chromia users will use light clients which do not process entirety of blockchain data. They will have to rely on Chromia nodes to query data from blockchain state, and supply confirmation status of transactions and payments. How can light client users authenticate this data? In short, they have to trust validator nodes. Each block is signed by a BFT majority of all 24 validator nodes. Thus, to confirm an invalid transaction, more than two thirds of validator nodes would need to be compromised.

Light client security isn’t significantly worse than full node security. Just over one third of nodes
need to be compromised to produce a fork, but more than two thirds need to be compromised to
produce an invalid block. The first scenario is far more likely, and light clients are protected
against it to the same extent as full nodes.

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This article is writing on 16 May 2020 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: support@coinworldstory.com Or Whatsapp Us- +13098896258

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