What is Chromia (CHR) | What is Chromia token | What is CHR token

What is Chromia (CHR) | What is Chromia token | What is CHR token

Chromia is a blockchain platform that aims to solve the scalability problem for dApps. The platform consists of a network of relational blockchains. dApps can be written in a way that is familiar to developers all over the world, whether they work on large enterprise applications, games, or smaller projects.Similar to sharding in Ethereum, each blockchain within Chromia is associated with a set of validator nodes, which is a subset of all nodes belonging to Chromia. This subset of nodes runs a Byzantine Fault Tolerance (BFT) consensus algorithm. The network consensus is further strengthened by anchoring Chromia's transaction history to Proof-of-Work (PoW) blockchains such as Bitcoin and Ethereum - once a block is anchored, it will be considered final.CHR is Chromia's native utility token. Users can use CHR tokens within dApps and the dApps in turn pay transaction fees to block producers using the CHR token. Chromia allows dApps to issue CHR-backed tokens, while investors of dApp projects can be compensated in CHR through a profit-sharing contract. For developers, Chromia offers the opportunity to derive income from their dApps, with popular dApps generating more income demand for tokens owned by the developer.Current implementations of dApps on Chromia involves finance, gaming, real estate, and healthcare. In the future, Chromia will also focus on dApps involving supply chain, enterprise services, and IoT. What is Chromia (CHR) | What is Chromia token | What is CHR token

What is Chromia (CHR)?

Chromia is a blockchain platform that aims to solve the scalability problem for dApps. The platform consists of a network of  relational blockchains. dApps can be written in a way that is familiar to developers all over the world, whether they work on large enterprise applications, games, or smaller projects.Similar to  sharding in Ethereum, each blockchain within Chromia is associated with a set of validator nodes, which is a subset of all nodes belonging to Chromia. This subset of nodes runs a  Byzantine Fault Tolerance (BFT) consensus algorithm. The network consensus is further strengthened by anchoring Chromia's transaction history to Proof-of-Work (PoW) blockchains such as Bitcoin and Ethereum - once a block is anchored, it will be considered final.CHR is Chromia's native utility token. Users can use CHR tokens within dApps and the dApps in turn pay transaction fees to block producers using the CHR token. Chromia allows dApps to issue CHR-backed tokens, while investors of dApp projects can be compensated in CHR through a profit-sharing contract. For developers, Chromia offers the opportunity to derive income from their dApps, with popular dApps generating more income demand for tokens owned by the developer.Current implementations of dApps on Chromia involves finance, gaming, real estate, and healthcare. In the future, Chromia will also focus on dApps involving supply chain, enterprise services, and IoT.

Bubbles

Recent news

  • April 2020: participated in #HackTheCrisis, a hackathon in Sweden.
  • March 2020: released version 0.8 of Chromia's programning language, Rell.
  • February 2020: released Chromia Vault, Single Sign-On and Explorer in testnet.
  • February 2020: released Rell tutorials on YouTube.

Economics and supply

  • Private Sale: it was conducted from May 1st to August 20th 2018 for 0.05 USD / CHR at an average rate of 7,736.75 USD = 1 BTC, 270.21 USD = 1 ETH and raised a total of 9.70MM USD. The Private Sale was conducted in USD, BTC, and ETH, and raised a total of 138,351.25 USD, 23.37 BTC, and 34,717.57 ETH.
  • IEO Sale: it was conducted on May 28th 2019 via KuCoin for 0.05 USD / CHR at an average rate of 1.10 USD = 1 KCS and raised a total of 2.00MM USD. The IEO Sale was conducted in KCS only, and raised a total of 1,818,181.82 KCS.

Token supply distribution

The token supply distribution is as follows:

  • Private Sale tokens comprise 19.40% of total supply.
  • IEO Sale tokens comprise 4.00% of total supply.
  • Team tokens comprise 2.98% of total supply.
  • Founders tokens comprise 4.50% of total supply.
  • Advisors tokens comprise 1.92% of total supply.
  • Promotion Fund tokens comprise 25.00% of total supply.
  • Ecosystem Fund tokens comprise 37.20% of total supply.
  • Automatic Conversion Contract tokens comprise 3.00% of total supply.
  • Compensation Pool tokens comprise 2.00% of total supply.

*The Automatic Conversion Contract enables users to trade CHR with ETH in an automatic way, allowing ETH holders to engage in the CHR economy smoothly.

CHR token distribution (%)

CHR token release schedule

The following chart represents the number and breakdown of all CHR tokens that are to be released into circulation on a monthly basis. This chart does not include the aforementioned  token burn. The Promotion Fund, Ecosystem Fund, and Conversion Contract tokens will continue to be distributed after December 2024.

CHR token release schedule

Strategy overview

Chromia will initially focus on community building in China, Korea, US and Europe. The focus of community growth will gradually expand to other markets as the project gains popularity.Current community growth strategies of Chromia include:

  • Launching Chromia blockchain project incubator.
  • Hosting blockchain gaming conferences, workshops, and meetups to engage with potential users.
  • Providing online and face-to-face tutorials to engage with dApps developers.
  • Developing relationships with corporate clients and integrate Chromia into their existing services.
  • Launching incentives programs to encourage system providers to run nodes on the Chromia blockchain.
  • Enabling staking for the CHR token.
  • Constantly engaging with the community via social channels.

Future community growth strategies of Chromia include:

  • Partnering with more gaming studios, startups and enterprises.
  • Building local communities with Ambassador Programs.
  • Partnering with external incubator and accelerators.
  • Continuing to organize hackathons around the world to attract more developers.

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How and Where to Buy Chromia (CHR)?

CHR has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy CHR

You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)...

We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.

Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.

Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)

SIGN UP ON BINANCE

Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)

After the deposit is confirmed you may then purchase CHR from the exchange.

Exchange: Binance, Huobi Global, Upbit, Bithumb, and Binance JEX

Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once CHR gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!

Top exchanges for token-coin trading. Follow instructions and make unlimited money

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Find more information CHR

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🔺DISCLAIMER: The Information in the post isn't financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.

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