What is Chromia (CHR)?

Chromia (CHR) is a blockchain that enables the development and deployment of decentralized apps by programmers. This onboards many developers, as anyone can join the network. This blockchain functions as a layer-2 for the Ethereum blockchain and Binance Smart Chain. Thus, smart contract computations and transactions are completed at a faster rate. This helps in reducing the congestion of Ethereum’s mainnet.

This blockchain uses relational database programming. Not only is it one of the most used programming languages in the world, but many popular databases also adopt it.

Another great feature of Chromia (CHR) is that its token holders can stake their CHR tokens to earn rewards. This makes it a great passive income source.

Who Created Chromia (CHR)?

Launched in May 2019, Chromia (CHR) is a product of Chromaway AB blockchain, headquartered in Stockholm, Sweden. It was founded by a team of crypto enthusiasts who have made notable achievements in the industry. They are Henrik Hjelte, Alex Mizrahi, and Perelman.

This utility token can be traded on decentralized exchanges compatible with ERC-20, such as Gemini, Coinbase, CoinSmart, Kraken, etc.

How Does Chromia (CHR) Work?

Chromia (CHR) works from a multi-layer viewpoint. Just like a club sandwich with different layers of fillings, each layer gives a unique taste to each bite. This blockchain technology was designed according to the earlier Postchain concept.

The Chromia layer-1 is a standalone blockchain that is programmable. This means developers can create decentralized applications and launch tokens on this layer. This serves as a support structure for decentralized finance and enterprise-level apps.

Layer-2, on the other hand, is a software layer that enables speedy transaction per second (TPS) on Ethereum and Binance Smartchain. Chromia’s layer-2 performs smart contract computations, which would have been done on Ethereum’s mainnet faster. This allows Ethereum to expand its scalability.

Chromia (CHR) tokens can be staked to earn passive income. They can also be used as collateral on the asset’s blockchain.

Is Chromia (CHR) A Good Investment?

The CHR tokens have grown in price and market capitalization within two years since their launch. Chromia (CHR) had a 2000% increase in price value during the first quarter of 2021. While in the second quarter of 2022, CHR increased by 4000% in price value.

These tokens serve as a utility, which holders can use to pay bills, stake to earn passive income, and as collateral on DeFi platforms. Also, the blockchain has an explorer and a vault.

Using Chromia explorer, users can verify the state of their transactions on the blockchain at no extra cost. The explorer can be used to monitor its sub-chains, blockchain, and Ethereum’s mainnet with ease.

On the other hand, the vault helps to keep in check all your digital assets on the blockchain. Users can access simplified interactions with decentralized apps and get information about their holdings.