Chromia, an independent Layer-1 blockchain, is set to debut its Minimum Viable Product (MVP) Mainnet on July 16th.
This announcement follows Chromia’s recent launch of its incentivized testnet, featuring a reward pool of 250,000 CHR tokens. The MVP Mainnet launch signifies a pivotal milestone in Chromia’s network evolution, heralding the introduction of its native token, CHR. The transition involves migrating current CHR tokens from ERC-20 and BEP-20 standards to the MVP Mainnet, as disclosed by the Chromia team.
Key functionalities integral to Chromia’s operational framework and security, such as network hosting fee payments and provider payouts, will also be incorporated into the MVP Mainnet.
What sets Chromia apart?
Developed by ChromaWay AB, a Swedish blockchain firm, Chromia operates as both an L1 relational blockchain and an EVM-compatible L2 enhancement for Ethereum and Binance Smart Chain.
According to Henrik Hjelte, co-founder of Chromia, the MVP Mainnet launch represents the culmination of a 12-year journey:
“Our journey began twelve years ago with Colored Coins, the world’s pioneer token protocol. Following this, we introduced a bank-backed stablecoin and recognized the potential of integrating relational databases with blockchain, which inspired the creation of Chromia. After years of development, we are excited to witness the realization of the relational blockchain concept.”
Chromia’s technology and its benefits for dApp developers
Chromia’s L1 network leverages relational blockchain technology to revolutionize on-chain data structuring for next-generation decentralized applications (dApps). Through a modular framework, users and developers gain access to advanced on-chain computations and searches. Dedicated dApp chains enhance data management, scalability, and customizable fee structures and digital assets.
The L1 blockchain eliminates reliance on third-party indexing services, RPC servers, and data availability layers.
“Chromia integrates blockchain architecture with concepts from cloud computing and database theory, offering a comprehensive toolkit for delivering exceptional user experiences,” stated Alex Mizrahi, co-founder of Chromia. “This launch establishes the foundation for our network’s future growth and development, and I eagerly anticipate the innovative creations developers will produce with our technology.”
Following the MVP Mainnet launch, Chromia aims for a gradual increase in network activity, with a focus on expanding the platform’s total value locked (TVL).
Over the past 24 hours, the CHR token has surged by 12%, experiencing a notable spike on Tuesday that lifted its value from $0.23 to $0.26.