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Investing In Chromia (CHR) – Everything You Need to Know

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Chromia (CHR) is a multi-layered public blockchain that leverages relational database features. The protocol was designed to provide developers with more programmability and gamers with more scalability. Uniquely, Chromia can operate as a standalone layer 1 blockchain or a layer 2 scaling solution for Ethereum. Consequently, it is seen by some as a reliable and easy-to-implement solution for Ethereum’s current congestion issues.

What Problems Does Chromia (CHR) Attempt to Fix?

Chromia brings some much-needed solutions to a variety of problems found in both the enterprise and blockchain sectors. Primarily, Chromia helps with developer onboarding. The entire protocol was built to make it easy for anyone to create and deploy Dapps. As part of this strategy, the developers created the Rell blockchain language that improves Dapp development by reducing the amount of code required.

Chromia (CHR) - Twitter

Chromia (CHR) – Twitter

Ethereum Restrictions

Ethereum set the pace for the crypto revolution but in terms of technical capabilities and functionality, it’s limited. Chromia was designed to also function as a layer-2 protocol which expands the capabilities of the Ethereum network considerably. For example, it’s much cheaper to complete basic transactions and smart contract computations using Chromia as a layer 2 versus Ethereum’s mainnet.

Benefits of Chromia (CHR)

Chromia is an open-source blockchain. Anyone can join the network and build on the user experience. The network operates as a publicly hosted application infrastructure with a focus on developers and end-users. By enabling developers to create Dapps faster, the protocol helps drive adoption through usability and functionality.

Relational Database

Another unique aspect of Chromia is the use of relational database programming. This style of database coding is among the most popular in the world. For example, the top four databases in the world are relational. As such, these systems have decades of proven success. Today, rational database language is more popular than Java, Python, PHP, C#, C., and all other blockchain languages.

Chromia (CHR) - Homepage

Chromia (CHR) – Homepage

Flexible

Chromia is a flexible platform that pushes the boundaries of blockchain integration. It provides developers with the ability to create protocols that require private, public, or hybrid blockchains. Providing developers with the ability to create applications that can access private and public blockchains opens the door for more use case scenarios.

You can also create these networks directly using the Layer 1 features. These sub-chains can have unique tokens, consensus mechanisms, and community governance systems. This flexibility makes Chromia a popular choice for developers seeking more advanced programmability in a blockchain.

Easy Sign In

As part of the developer’s desire to reduce the technical barriers for users, the network introduces the Chromia Vault Single Sign On (SSO) feature. Users can save time logging in or verifying actions using the SSO protocol. The goal of the feature is to enable users to frequently utilize Chromia without the hassle of retyping in long passwords every session.

Passive Income

Chromia supports CHR staking. Staking is a DeFi feature that enables you to secure low-risk rewards. To participate in staking protocols you need to lock your crypto into a network smart contract. The great thing about staking protocols is that your rewards are predetermined based on your stake. You can improve your payout by simply staking more tokens. In this way, staking provides users access to passive income.

How Does Chromia (CHR) Work

Chromia’s multi-layered approach is loosely based on a previous concept called Postchain. In the Chromia version, the layer one blockchain operates as a standalone and fully programmable blockchain. Developers can launch tokens or create other networks using this protocol. Chromia was designed to support the latest DeFi and enterprise-level applications from day one.

When Chromia is used as a Layer 2-solution, it expands Ethereum’s scalability. In this form, Chromia operates as a light software layer that handles computations that would normally be done on the Ethereum mainnet. It can also be used to speed up voting and consensus.

Rell

Chromia leverages the custom-built Rell programming language. This advanced developer-centric code is based on the SQL programming language. The creators of the coding tout its simplicity versus other protocols. It provides more efficiency and was built specifically for decentralized blockchain networks. Notably, Chromia offers a Rell workshop for developers eager to learn more about its benefits.

Chromia Explorer

The Chromia Explorer provides users with more transparency. This multi-chain explorer can be used to monitor Chromia, its sub-chains, and Ethereum’s mainnet. This strategy provides you with the ability to verify the state of the blockchain or transactions in seconds at no charge.

Chromia Vault

You can monitor all of your digital assets using the portfolio management systems provided by the Chromia Vault. The vault serves multiple roles for users. It keeps you informed on your holdings and simplifies Dapp interactions.

Chromia (CHR) - CoinGecko

Chromia (CHR) – CoinGecko

CHR

CHR is the utility token for Chromia. This token can be used to pay fees or traded on any ERC-20 compatible DEXs (decentralized exchanges). Developers can create applications that utilize CHR as tokens as well. Notably, anyone can use CHR as a means to collateralize the issuance of new tokens on the Chromia blockchain.

History of Chromia (CHR)

Chromia is the work of the Swedish blockchain firm, Chromaway AB. The Chromia project officially launched in May 2019 and was immediately seen as a project of interest for multiple reasons. For one, the network’s developers include some well-known crypto stars. For example, Alex Mizrahi, the project’s CTO invented the colored coins concept way back in 2012.

Or Perelman, another co-founder on the project has been involved with Bitcoin for over a decade. He worked on one of the first Bitcoin wallets and is mentioned directly in one of the first articles published on Bitcoin. The article was featured in TechCrunch.

How to Buy Chromia (CHR)

Chromia (CHR) is available on the following exchanges: 

BinanceBest for Australia, Canada, Singapore, UK and most of the world. USA residents are prohibited from buying Chromia (CHR). Use Discount Code: EE59L0QP for 10% cashback off all trading fees.

KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens.  It is often the first to offer buying opportunities for new tokens.  This exchange currently accepts International & United States residents.

WazirX – This exchange is part of the Binance Group, which ensures a high standard of quality.  It is the best exchange for residents of India.

Chromia (CHR) – A New Concept and Great Timing

Chromia provides Ethereum users with multiple options to help relieve their woes. It’s also a standalone advanced public blockchain that supports the latest functionalities people desire. These factors, plus the network’s unique multi-layer technical structure, make it a project to watch in 2022.

David Hamilton is a full-time journalist and a long-time bitcoinist. He specializes in writing articles on the blockchain. His articles have been published in multiple bitcoin publications including Bitcoinlightning.com

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