Chromia is a blockchain protocol that aims to provide a decentralized, developer-friendly platform for building dApps and games. It is built on top of a relational blockchain, which enables more flexible and powerful data handling compared to traditional blockchains. The Chromia (CHR) token is a main component for participating in dApps and games built on the Chromia blockchain. It needs for transaction fees, node running fees, staking rewards, and using CHR as a medium of exchange.
Proof of Stake
$CHR Transaction fees: CHR is used as a means of paying for transaction fees incurred by users when they trade dApp tokens on the Chromia protocol. Hosting fees: dApps and games directly pay node providers with CHR for hosting services they provide. Medium of exchange: CHR is used as a medium of exchange for buying dApp tokens on the market. Validator staking: CHR is required to be staked to create a validator and secure the network. Governance: CHR is used as a governance token, enabling holders to participate in important decision-making processes on the network.
Yield Farming: Crypto investors seeking high-yield investments will buy and hold $CHR to participate in yield farming opportunities. Medium of Exchange: Gamers will hold $CHR to buy in-game currencies on games built on the Chromia protocol. DApp Hosting Fees: DApp developers will hold $CHR to pay for hosting fees to keep their apps running on the Chromia network. Node Provider Collateral: Node providers will hold $CHR as collateral to validate blocks on the Chromia network. Governance and Voting: Future holders of $CHR will be able to participate in governance and voting on the Chromia protocol.
Chromia offers efficient and cost-effective side-chains for decentralized applications (dApps) and games. Its competitive advantage is low transaction fees and high throughput. Users would use CHR for transaction fees like ETH does now. Games and dApp developers were attracted by the capabilities to deploy their apps on Chromia sidechains quickly and collect aforementioned fees directly from users.
Value accrual to token: Chromia does not have a direct mechanism for value accrual to the token. Instead, all fees collected from users for token swaps go to dApp developers. Value accrual to the protocol: A percentage of transaction fees goes to the System Node Compensation Fund to cover the expenses of system node providers who don't get paid by dApps. No other value accrual mechanism exists for the Chromia protocol treasury.
The business model for Chromia Protocol: Revenue comes from: the sale of CHR tokens, which are used to pay for transaction fees and storage on the network. Revenue is denominated in: CHR tokens, which are the native currency of the Chromia blockchain. Revenue goes to: Validators and node operators. None goes back to the protocol itself.
|Problems & Solutions
Problem: High transaction fees and slow transactions limit the scalability and adoption of traditional blockchains. Solution: Chromia protocol offers a decentralized platform with a relational blockchain architecture that enables fast and affordable transactions. The CHR token is crucial for participating in the ecosystem, providing staking rewards, transaction fees, and node running fees. This makes Chromia an attractive solution for developers to build decentralized applications and games.
Ethereum: Ethereum is a decentralized blockchain platform that allows developers to build and deploy smart contracts and dApps using its native programming language, Solidity. EOS: EOS is a blockchain protocol that provides a decentralized platform for developing and hosting dApps using its native programming language, C++. It is known for its high transaction speed and scalability. TRON: TRON is a blockchain-based operating system that allows developers to create and deploy dApps using its native programming language, Solidity. It also enables seamless interaction with other blockchain networks.
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Token generation event on Kucoin exchange.
Due to hack of Kucoin CHR token was forked on Ethereum blockhain