Chromia is a blockchain platform that has ambitions of doing away with problems of scalability for decentralized apps. It runs on a set of validator nodes, which are based on the Byzantine Fault Tolerance algorithm.
The project has been developed by Swedish company Chromaway AB. Interestingly, the technology behind Chromia has been adopted from ‘Postchain’, which Chromaway AB provided for enterprise clients.
Chromia is based on a standalone Layer-1 blockchain and EVM compatible Layer-2 enhancement for Binance Smart Chain and Ethereum. By catering to issues such as data handling, scalability and customisable fee structures, it aims to enhance existing dApps and aid the development of future ones.
What is the Chromia token?
CHR was introduced in May 2019 and has since hit an all-time high of $1.50. It peaked in November 2021, and at the time of writing, is valued around half that amount, at $0.728.
The circulating supply, at the time of writing, is over 560 million. The maximum supply is set at one billion CHR. Investors have received a 617% ROI since the launch of the token almost three years ago. Throughout 2020, the coin was at its lowest point, but it made a strong comeback in 2021, which has continued into the new year.
Top Benefits and Use Cases of Chromia
Here are the pros of the Chromia project and coin:
Wide Array of Apps on Blockchain
The primary function of Chromia is to host apps on their decentralised blockchain and use their Layer-2 benefits. Several apps have been built on the blockchain, such as the government land registry initiative LAC PropertyChain, NFT-based open-world farming game My Neighbor Alice and Hedget, the DeFi trading platform.
Relational blockchain is the unique concept used by Chromia, alongside its own programming language called Rell. It is quite similar to SQL and allows users to store and manage data on relational database software, with increased security due to it being blockchain-based.
Chromia is working alongside My Neighbor Alice to develop Chromia Originals, which will function as an enhancement for existing ERC-721 and BEP-721 tokens. It is an NFT standard and will work as a native standard on Chromia’s chain.
The Chromia coin serves as a payment method for hosting fees and other purposes related to the system. It mainly acts as a currency on the Chromia platform and is expected to develop beneficial relationships between developers, users and investors.
Price Analysis for Short and Long Term
Over the last month, Chromia’s performance has been quite positive, rising from $0.55 to the current value. Although there was a dip in value during December, the coin has recovered well and is on the up again.
According to WalletInvestor, the coin will be worth $1.46 in one year and will rise to $4.5 in five years.
For those looking to invest long term, PricePrediction estimates the coin to be worth $17.13 at the beginning of 2030.
Lastly, GovCapital expects the price to rise to $1.49 in one year and jump to $7.54 by 2027.
The chart graph indicates that the price has been on a rise recently. However, the chart seems to follow the head and shoulders signal, and the next pattern will indicate better whether the chart will see a jump or even decline.
The Chromia project and token is a very unique offering and has tremendous potential for growth. This is because it has tie-ups in the NFT, DeFi and metaverse. All these niches are expected to experience a massive boom in the upcoming years.
Several popular apps are already making use of the features offered by Chromia. It is a standalone Layer-1 protocol, but can also extend to Layer-2. So, with all these factors already in its favor, it is only a matter of time before the coin starts reflecting the growth of the project.