Chromia Deploys MVP Mainnet And Introduces CHR Token
In Brief
Chromia deployed its MVP Mainnet, representing the foundational release for the Chromia network and introduced its native CHR token.
Layer 1 relational blockchain platform Chromia (CHR) unveiled the deployment of its minimum viable product (MVP) Mainnet, which serves as the foundational release for the Chromia network and introduces the native CHR token.
“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,” said Henrik Hjelte, co-founder of Chromia. “After years of development, we are thrilled to see the concept of relational blockchain become a reality,” he added.
The launch will facilitate the migration of the current CHR token, previously issued as ERC-20 on Ethereum and BEP-20 on BNB Chain, to the MVP Mainnet. Additionally, after the deployment, the MVP Mainnet will activate core functionalities of the CHR token crucial for the network’s operations and security, encompassing handling payment network hosting fees as well as payouts to providers within the MVP Mainnet infrastructure.
Chromia’ Relational Blockchain Transforms On-Chain Data Structuring
It operates as a Layer 1 relational blockchain, employing a modular framework designed to offer individuals dedicated decentralized application (dApp) blockchains, customizable fee structures, and digital assets. It provides natively queryable data indexed in real-time, thereby enhancing interaction and bolstering new Web3 business models.
Crafted by ChromaWay, relational blockchain technology transforms on-chain data structuring, streamlining sophisticated searches and calculations on the blockchain. This approach allows for circumventing third-party indexing services, data availability layers, and RPC servers.
Moreover, Chromia challenges traditional blockchain economics by enabling builders to lease resource containers and generate their own revenue, which simplifies interactions for end users, improving the user experience within its blockchain.
As the MVP Mainnet defines the core functioning of the network, the forthcoming stage of its evolvement will witness a rise in network activity. In particular, the total value locked (TVL) growth is anticipated as various ecosystem projects will launch dApps and additional assets will be enabled to bridge from EVM blockchains to Chromia.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
