AMA Recap: CRYPTO MINERS X CHROMIA
Chromia is an open source public blockchain conceived of by Swedish company Chromaway AB. The Chroma token (CHR) was launched in May of 2019. The technology behind the Chromia blockchain is adapted from an earlier technology called ‘Postchain’, a solution provided by Chromaway AB for enterprise clients. Chromia is a standalone Layer-1 blockchain and EVM compatible Layer-2 enhancement for Binance Smart Chain and Ethereum. It is designed to enhance existing dApps and allow for the creation of next-generation dApps by providing scalability, improved data handling, and customizable fee structures. The blockchain uses a unique architecture called relational blockchain, as well as a custom programming language called Rell. Rell is designed to code and function very similarly to SQL, allowing developers to leverage the security and immutability of blockchain while storing and handling data with the efficiency of a relational database. Chromia already has a wide variety of applications building upon their blockchain, using their chain as a decentralized storage layer, and using their Layer-2 enhancements. These applications range from DeFi options trading platform Hedget, to open world farming game My Neighbor Alice, to government land registry initiative LAC PropertyChain.
We hosted an AMA session with Chromia on 14th August.
Miss Uzma was the host from Crypto Miners and Miss Anastasia and Mr. Vaibhav was the guests. They have shared briefed knowledge and information about Chromia.
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Segment 1️⃣: Introduction
Uzma || CRYPTO MINERS:
Hello everyone 👋🏼
Welcome to the Special AMA session with the one and only Chromia
We have Mr. Vaibhav and Miss Anastasia plane from Chromia
Lets welcome them 🔥
Anastasia:
Hello everyone 👋
Vaibhav Gupta:
Hello Everyone 👋
Uzma || CRYPTO MINERS:
Welcome here guys 🤗
Hope you both are doing well and great today 😊
Anastasia:
All great, how are you today? 😉
Vaibhav Gupta:
Yes absolutely doing great, hope you and the community enjoying the markets
Uzma || CRYPTO MINERS:
Yeah. Am fine too….
So can we start our AMA session
If you guys are ready 😃
Vaibhav Gupta:
Yes please
Uzma || CRYPTO MINERS:
Firstly give us a concise and brief introduction to ‘Chromia’. Tell us the features of Chromia that makes it superior and special as compared to its competitors?
Anastasia:
Thank you for the question. I will answer that one
Chromia is a public blockchain based on the idea of integrating a traditional database with a blockchain, in order to give you the flexibility of a relational database together with the security of a blockchain.
Chromia is a general purpose blockchain with full smart contract capabilities. Where Chromia stands out is how much easier it is to code, even complexer applications.
You code with an easy to learn new programming language that combines the power of SQL and normal languages. We like to think that if SQL would be built from scratch today, it would work in a similar way. The amount of code to do something complex takes about 1/10 code-lines vs other blockchains.
Another benefit of combining a blockchain with a relational database is that many developers feel comfortable from day 1 since relational databases and SQL are pretty much used in every single organization today. We want to provide a platform for our users to develop fully decentralized apps in a secure way. Our goal is for Chromia to be seen as the number one infrastructure for decentralized applications.
Uzma || CRYPTO MINERS:
Now tell us about the native token $CHR, what are its usecases and utilities in Chromia ecosystem?
Anastasia:
The native CHR token serves a critical role in compensating block-producing nodes. But it works differently from what you are used to in for example the Ethereum blockchain.
Chromia believes in a more flexible transaction fee model, and instead of the users paying for each transaction, it’s the dapps themself doing it. We believe that it is highly beneficial for a dapp to be able to decide how to monetize and pay for its cost.
That way you can have a completely free to use blockchain from a user perspective. Or, you could also structure it similarly to Ethereum where the users pay for each transaction, it’s flexible and you can choose depending on what works best for your dapp.
Uzma || CRYPTO MINERS:
Lastly, what important updates and developments we’ll get in coming months and years in Chromia ecosystem? Also tell us about applications that are built on Chromia?
Anastasia:
Great question! 🙂
Every month we release Development Updates to our blog. About July 2022 Recap and Development Update you can read here: https://blog.chromia.com/july-2022-recap-and-development-update/
We have a lot of exciting applications in many different sectors such as finance, gaming, real estate and healthcare.
A few examples are My Neighbor Alice, Mines of Dalarina, Chains of Alliance, Stadio Plus & Bloqhouse. We are also really excited about a project in fashion-tech and more details will be announced on that very soon! 😉
Uzma || CRYPTO MINERS:
Awesome 👌🏻
Vaibhav Gupta:
No one could have answered those questions better than Anastasia!
Uzma || CRYPTO MINERS:
True…
That is the end of introduction segment
Now moving to the Twitter Questions
Anastasia:
It’s a team effort 🙂
Uzma || CRYPTO MINERS:
If you are ready, can we start!!
Anastasia:
Yes, let’s go!
Segment 2️⃣: Twitter Questions
Uzma || CRYPTO MINERS:
1: Current implementations of dApps on Chromia involves finance, gaming, real estate and healthcare; Can you tell us what in Chromia has attracted developers to build their dApp on Chromia?
Anastasia:
Thank you for your question! I will answer that
There are many attractive features of Chromia that attract developers. The key ones are the flexible transaction fee model, which is very crucial for gaming.
If you are to build a game, fully on the blockchain, you can’t require the user to pay for each individual transaction, it’s a really bad user experience.
Other game studios have noticed this during the My Neighbor Alice Alpha Season 1 (https://myneighboralice.medium.com/the-alpha-season-1-is-here-742c6598c2cb) and have expressed interest in building on Chromia instead of other alternatives.
Another key aspect is the scalability with our sidechain solution. Do you need to support more transactions? No problems, scale horizontally by adding more sidechains.
Uzma || CRYPTO MINERS:
2: Could you tell us about your security strategies, audits and every measure that might protect your users funds and protect their privacy?
Anastasia:
Thanks for asking! 🙂
It’s hard to have missed all the recent bridge hacks in the blockchain ecosystem, and it hasn’t gone unnoticed by us. As a technology provider we do our part by prioritizing security over speed, and one example of this is our hardened bridge where we set a very high standard of confirmations and checkpoints before assets are transferred.
The hardened bridge is also decentralized which adds another layer of security compared to other solutions.
Uzma || CRYPTO MINERS:
3: What are the ways for your project to generate revenue in the long run? What is the progress of business development and what are some of your commercial partnerships,?
Vaibhav Gupta:
Nice! I will answer that one.
Firstly we generate revenues through the dapps built on chromia through various programs mainly through application fees models and hosting fees. Then there are are multiple enterprise partnerships that we provide our blockchain solutions to. Already some of the best projects like My Neighbor Alice , Mines of Dalarnia, Hedget, have launched on chromia with tons of project in pipeline for the launch. Once our mainnet is live(very soon 👀 ) you all will see many world class projects buidling on chromia. Some of the notable partnerships are Tech Mahindra, Funderbeam, Stockholm Digital Finance,Landshypotek Bank, Pangara, IDB.
Uzma || CRYPTO MINERS:
4:What does the “Chromia” name stand for? There are interesting stories behind every successful project, and of course you have to work hard ever day. Can you share one of these interesting stories with us?
Vaibhav Gupta:
My favorite question to answer!
We did a rebranding long ago, and that is what came out from a joint collaboration with our branding agency Snask and thus the name Chromia. Alex joined Or and Henrik to build first token protocol ‘Colored Coins’ in 2012(Concepts of NFTs back then 🤯) and later they co-founded Chromaway which is the caretaker company of chromia. Alex ,our CTO, has worked closely with Vitalik Buterin as his senior before he departed to form Ethereum. This TRIO has been working restlessly since 2012!
Uzma || CRYPTO MINERS:
5)As per your roadmap you have done many things and the next one is ETHEREUM L2 BASE SUBSYSTEM, Can you tell me what facilities will the base set of L2 functionality in CHROMIA consists of? and How does the facilities work?
Here’s the last question from twitter
Anastasia:
I am happy to answer this question.
We are launching something that we refer to as Ethereum Interoperability Framework (EIF) which will allow Chromia to interoperate with Ethereum and other EVM-based chains such as BNB Smart Chain, Polygon, AVAX C-Chain & more.
EIF will allow a dapp to listen for events that are triggered by the EVM-based smart contract and then act on those events. This is extremely powerful as it will for example allow a dapp to bridge & integrate any token in a completely decentralized and secure way.
Uzma || CRYPTO MINERS:
Thankew guys for your brilliant and briefed answers 🙌🏻
Thats the end of Twitter segment
Now we are close to the last and most exciting part — Live QnA
Segment 3️⃣: Live QnA
(In this segment group was opened for 60 seconds and Miners sent hundreds of questions. Guests choose some best to answer)
1) Aqib Sindhi:
Why did CHROMIA chose the unique programming language “Rell” while there are so many others available, such as solidity, C++, java, etc. What distinguishes the Rell Language from other languages?
Anastasia:
Hello 👋 Because no one made a blockchain that integrates so tightly with a relational database. RELL really makes it feel like you are working natively with the database.
2) Itz Abhi ⚡️ :
Vaibhav, you are the leader of South Asian Business. So, what do you think about the South Asian Market? Do South Asian people have most of the experience in Crypto? also Are you looking for peoples from South Asia to work in your team?
Vaibhav Gupta:
Hello, very nice question.
We obviously see South Asian market with great potential and thus we have dedicated communities for India, Pakistan, Bangladesh, Sri Lanka.
The South Asian market is growing rapidly and people are getting educated about the crypto/blockchain industry very rapidly. That’s the territory we need to tap.
Yes ofcourse a lot of people from South Asian region works in our team and we would be happy to see someone from this region to join our team. We are planning meet-ups, seminars, summits in this region very soon.
3) Muskan:
Do you have any plans to add Nft’s to your ecosystem as this is the hottest topic in the crypto space?
Anastasia:
Hi 👋 Yes, we’ve already done that. It is called Originals. Originals is NFTs but much more powerful than regular plain NFTs. You can read more about it here https://blog.chromia.com/chromia-originals-using-ricardian-contracts-to-strengthen-ownership/
4) jerii:
Chromia world Said that book your flights, hotels, and activities with $CHR on Travala Travel
Do we books tickets from every part of the world?
Do you have any discounts ?
Vaibhav Gupta:
Yes you can book all the tickets, places available on Travala’s website through Chromia.
Discount?!🫣 Hmm that could be a nice idea, lemme pitch it to the team.
Also you can more here:
https://blog.travala.com/travala-com-partners-with-chromia-to-integrate-chr/
5) Snow | The False Cassette 📼:
What is the “flexible transaction fee model” of Chromia which is very crucial for gaming? How about the Transaction fees for new game builder?
Vaibhav Gupta:
In Chromia, users pay fees indirectly:
1. The dapp pays to nodes hosting fees. Fee is paid from dapp token account on a daily basis
and depends on computational resources requested by the application and used data
volume.
2. The dapp itself can collect fees from users according to its own policies.
This means that there’s no system-wide fee policy for users. Dapp developers are free to
implement any policy they want. We believe following fee models might be relevant:
1. Classic model: fees are paid for each performed action. Unlike in Bitcoin and Ethereum the
price can be fixed, fees do not need to be demand-based.
2. Subscription model: user pays a subscription and then can perform actions without
additional payments, however, these actions should be rate-limited to prevent abuse. For
example, on a Twitter-like service a user might be restricted to 50 messages per day.
3. Freemium model: certain action might be performed for free, but other actions might
require paid subscription. The freemium model is very common for internet businesses.
4. Subsidized model: an application might collect no fees from users, and instead rely on a
pre-funded account provided by a sponsor. This can work well when sponsors derive
benefit from users outside of blockchain, e.g. the dapp might be available only to users
who bought a physical product. This model could work well with manufacturers of IoT
devices sponsoring users who bought the device for use of a related dapp.
5. Donation-based model: wealthy donors might donate tokens to provide services to users
for free.
6. Gameplay-connected: user can pay fees indirectly when they perform game actions:
a. Buy in-game items, land, etc
b. Convert tokens to “game gold”
c. Trade items
d. Pay in-game taxes
Sorry for the long answer, but it needed to be explained 👀
*This segment ends here*
Uzma || CRYPTO MINERS:
Thankeww so much guys for your well detailed information
It was a pleasure to hosting you here ☺️
Anastasia:
Thank you for your questions, and thank you for having us! We wish you a great rest of your day 😉 Please check our channel for more detailed information about Chromia and its ecosystem
Vaibhav Gupta:
Pleasure was ours coming here. So good to see such an enthusiastic community here.
Would love to come again. Thanks to all of you for having us.
Uzma || CRYPTO MINERS:
We’re honoured to have you 🤗
Is there anything else you guys want to share with us?
Anastasia:
Stay in touch. We have a lot of news coming soon!
Vaibhav Gupta:
Keep an eye on Chromia and it’s ecosystem projects 😉 Great stuff coming up
Uzma || CRYPTO MINERS:
Thankeww again for being here 😊
And best of luck for the future
Time to conclude this AMA session
Learn more about Chromia here:
Website: https://chromia.com
Twitter: https://twitter.com/chromia
Telegram: https://t.me/hellochromia
LinkedIn: https://www.linkedin.com/company/chromia
Blog: https://blog.chromia.com
Facebook: https://www.facebook.com/teamchromia
Instagram: https://www.instagram.com/chromiateam/
Reddit: https://www.reddit.com/r/Teamchromia/
YouTube: https://www.youtube.com/channel/UCthgZB_6KcdT6DnaBbhhG8g
Podcasts: https://spoti.fi/3Kv756C
Medium: Chromia
