Layer 1 Blockchain Chromia Prepares for Launch on MVP Mainnet on July 16

UTC by Bhushan Akolkar · 2 min read
Layer 1 Blockchain Chromia Prepares for Launch on MVP Mainnet on July 16
Photo: Chromia

Chromia is a Layer 1 blockchain network that uses a modular framework and empowers developers and users with dedicated dApp chains, enhanced digital assets, and customizable fee structures.

In an official announcement, Layer 1 blockchain Chromia announced that it will go live on the MVP mainnet ahead of this month on July 16. The MVP mainnet will lay the essential groundwork for the Chromia network along with the inception of the native CHR tokens.

As a result, the current CHR token issued as ERC-20 on Ethereum and BEP-20 on BNB Chain, can be bridged to the MVP mainnet. After going live, the MVP mainnet will activate essential CHR functions required for network operation and security. These include paying network hosting fees and provider payouts, all managed exclusively on Chromia’s MVP Mainnet.

Chromia is a Layer 1 blockchain network that uses a modular framework and empowers developers and users with dedicated dApp chains, enhanced digital assets, and customizable fee structures. It also provides queryable data indexed in real time by fundamentally changing the way how information is structured on the blockchain. Chromia refers to this as a relational blockchain technology.

ChromaWay is the brainchild behind the relational blockchain technology fundamentally changing the way of structuring data on-chain. Thus, it makes it easier to perform complex searches and other on-chain calculations. Furthermore, relational blockchain technology also reduces dependency on third-party indexing services, RPC servers, and data availability layers. Speaking on the development, Chromia co-founder Henrik Hjelte said:

“Our journey began twelve years ago with Colored Coins, the world’s first token protocol. Following this, we launched a bank-backed stablecoin and recognized the potential of integrating relational databases with blockchain, inspiring the creation of Chromia. After years of development, we are thrilled to see the concept of relational blockchain become a reality.”

Here’s How Chromia Differs from Existing Blockchains

By reimagining traditional blockchain economics, Chromia differentiates itself from the existing platforms. Chromia developers can easily lease resource containers while creating their own streams, removing friction for users and enabling new Web3 business models.

As a result, Chromia’s relational blockchain technology is able to offer a streamlined user experience without compromising on the decentralized and permissionless nature of the blockchain. Moreover, Chromia users can interact with dApps even if they don’t own any cryptocurrency.

With the MVP Mainnet establishing Chromia’s core network functions, the next phase of its evolution will involve a gradual increase in network activity. This will help grow the total value locked (TVL) as ecosystem projects deploy dapps and additional assets become bridgeable from EVM chains to Chromia.

Blockchain News, Cryptocurrency News, News
Related Articles