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What is Chromia (CHR) and how does it work?
Chromia, it says, is both an independent layer-1 blockchain and an Ethereum-compatible layer-2 scaling solution.
CHR is Chromia’s native currency. It’s used by developers to pay network fees and is also a means of rewarding security-provisioning validators, as well as for additional general purposes across the two-tier system.
Designed as a “network of networks,” Chromia facilitates the creation of bespoke decentralized applications (dApps) secured via sidechains connected to the project’s Proof-of-Work (PoW) ledger.
According to Messari, Chromia is designed to enable dApps to scale to millions of users while at the same time improving the experience of all those users. The network is trying to cater to developers and create basic, shared standards so dApps can flourish.
Founded in 2014 by three Swedish blockchain engineers, Chromia originally gained traction within the crypto space through the launch of a proprietary “relational blockchain” solution known as the Postchain. According to the project’s whitepaper, the Postchain’s unique technical architecture enables the network to operate at speed/scale while maintaining near instant finality.
As of April 2022, Chromia, per its website, said it was hosting a number of community-led projects and engaged in several enterprise-focused endeavors, including LAC PropertyChain, an open-source application for property transactions.
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