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Chromia

What is Chromia ?

Chromia is an open-source, decentralised blockchain network created by a Swedish company called Chromaway AB. The token was first launched in May 2019. ChromaWay provides a platform for creators engaged in developing smart contracts and other digital assets. Chromia’s chief competitor is the Ethereum blockchain, the leader in the smart contract space.

Since Ethereum has its limitations – high gas fees and low transaction times, Chromia was created to address these challenges efficiently. In response, Chromia lets dApps built on its network have sidechains and access to the main blockchain. This means that Chromia dApps can utilise a separate network to deal with congestion and high user traffic, making the overall usage more efficient.

Primary features of Chromia

  • Efficient creation of dApps: allows developers to engage and interact with the CHR community to develop decentralised applications.
  • CHR can be used to pay network fees: users can pay block developers on the network with CHR directly.
  • Integration of multiple sectors into one: dApps on Chromia involve finance, gaming, real estate, and healthcare, spanning several sectors and industries.

Is Chromia a promising cryptocurrency?

Chromia is an up-and-coming cryptocurrency. The blockchain network of Chromia utilises a unique architectural approach called relational blockchain and a custom programming language called Rell. Developers using Rell can leverage the scalability and immutability of the blockchain when developing smart contracts and dApps, allowing these technologies to scale much faster than other networks.

How to use Chromia coins?

  • dApps developed on Chromia can use CHR coins to pay host fees.
  • CHR coins can also be used to store value as investments.
  • Users can stake CHR coins to earn staking rewards at regular intervals. At writing, Chromia stake participants can earn up to 25% APR on their investments.

Pros & Cons of Chromia coin

Pros

  • The Rell network could open many doors for Chromia, including dApps integrations for numerous IT-related fields.
  • Chromia is an undervalued cryptocurrency relative to other comparable coins.
  • Chromia places a high value on security with Chromia Vault, where users can store their coins safely without having to worry about hacks.

Cons

  • Chromia is not very well established in the smart contract space yet.
  • The range of its applicability in finance and IT hasn’t panned out in the real world yet.

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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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CHR is the native token of the Chromia ecosystem, used to develop scalable smart contracts and dApps.