Blockchain technology has been one of the unique innovations of recent times, and the whole world is crazy about it. But, there are some limitations, which doesn’t make it enterprise-friendly. For example, it is difficult for blockchains to interact with off-chain software and relational databases.
Relational databases, or RDBs, are data recording and organising systems in which data is recorded in a combination of tables and columns. Each table and column has defined relations and is organised systematically, which helps find the right data at the right time.
Based on mathematical foundations and years of optimisation, relational databases have become a preferred option for enterprises for daily data analysis. For example, Relational Database Management Systems (RDBMS), like the Structured Query Language (SQL), is preferred by enterprises globally.
This is where Chromia fills the gap. It combines relational databases with blockchain technology, enabling dApps to be built with the power and logic of proper databases.
Its native token, CHR, has made good progress in the last 12 months, marking an increase of over 7000% in value, from $0.02758 (₹2.15) to a peak of $1.5 (₹119.95).
Key Token Metrics
- Coin Rank: #138
- Coin Market Capitalisation (as of 20th Jan 2022): $466.5 million
- Coin Economics: Fixed Supply
- Coin Total Supply: 1 billion CHR
- Coin Circulating Supply: 567 million (57% of total supply)
Technical Analysis: CHR Price Analysis
The overall strength in the counter is a bit weak to break higher. The $0.91546 (₹72.32) level seems like a strong resistance level and has failed to break above twice. RSI is also indicating a weak momentum in the counter, and the price of CHR may correct in the short term.
Below, strong support zones are the 50 day EMA line and 61.8% (₹60.80) of the Fibonacci Retracement scale. If it breaks the support, we may see the $0.5623 (₹44.42) level in the short term.
Keep a close eye around the support levels. If it holds on successfully, it may bounce back.
Disclaimer: Insights and Data mentioned are Time Sensitive. Kindly DYOR to stay safe.
A Brief About Chromia
Chromia is a relational blockchain platform designed for scalability and performance. Its blockchain programming language Rell is integrated with a relational database query language and is designed very similarly to conventional programming languages. One can find Rell shares many similarities with MySQL and PostgreSQL.
This makes creating dApps on Chromia a much more familiar and simple process for developers all over the world.
Furthermore, Chromia has a Layer-2 architecture, which is EVM and Binance Smart Chain compatible. It enhances the capabilities of existing dApps and the creation of next-generation dApps, by providing improved scalability, data management, and a lower fee structure.
Layer 1 is referred to the primary blockchain network, whereas Layer 2 is an overlaying network that lies on the top of the primary blockchain network. The primary objective of layer 2 chains are to improve scalability and lower transaction costs.
How does Chromia Work?
Compared to other blockchain platforms, Chromia operates a tad differently. It puts blockchain inside a database and adds a software layer for voting and consensus.
This process creates a set of validator nodes, which runs on the Byzantine Fault Tolerance (BFT) consensus mechanism. So, when a request to write data is raised, a validator node relays the request with other nodes, and once they agree with the data to be written, it is added to the blockchain.
Further, the transactional data is anchored to proof-of-work blockchains like Etheruem and Bitcoin. Once the block is anchored, the network consensus is further strengthened.
Anchoring of blocks to the primary chain ensures immutability, resulting in improved security and transparency of dApps.
Another feature that makes Chromia a unique blockchain network is- the blockchain data and application state are stored in relational databases. This makes Chromia suitable for enterprise blockchain and independent public blockchain.
CHR Token Economics
CHR is an ERC-20 standard token and has multiple use cases, which helps it to drive its value.
CHR tokens are used within dApps to pay hosting fees, transaction fees to block producers, staking, and use as a reserve currency to peg their own tokens to dApps.
This results in demand for CHR from both dApps and users on the Chromia blockchain. With a fixed supply of tokens, an increased level of adoption of the Chromia network means a rise in CHR value.
The token distribution is even, with no founders having enough stake in the project. The project’s founders’ stake is only 4.5% of the total supply. However, 25% and 37.20% of the total supply of CHR is earmarked for the Promotion Fund and Ecosystem Fund.
By 2024, Chromia will release the total supply of 1 billion CHR into the market.
Chromia Future Growth Potential
Chromia is one of the most actively developed crypto projects in the market and has attracted some of the well known VC funds as its investors, including 21M Capital, Arrington XRP Capital, bitscale capital, etc.
At present, Chromia is actively improving its presence in NFTs, blockchain gaming, finance, and healthcare space. Recently, it launched Chormia Originals, a new NFT standard that will operate as a native standard on the Chromia network, and enhancement layers for ERC-721 and BEP-721 tokens. And its plan includes focusing on dApps involved in the supply chain, IoT, and enterprise services.
With its unique capabilities, we may see more dApps leveraging on Chormia’s technology in the future for improved efficiency and flexibility.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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