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Chromia to launch its MVP mainnet on July 16

chromia-to-launch-its-mvp-mainnet-on-july-16
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Chromia to launch its MVP mainnet on July 16

Chromia, a standalone Layer-1 blockchain, will launch its Minimum Viable Product (MVP) Mainnet on July 16.

The announcement follows Chromia’s launch of its incentivized testnet, offering a 250,000 CHR token reward pool.

By going live, the MVP Mainnet will mark the foundations of Chromia’s network development and introduce the native token CHR. The current CHR tokens issued on the ERC-20 and BEP-20 token standards bridged to the MVP Mainnet, the Chromia team announced.

Also coming to the MVP Mainnet are core functions that are integral to Chromia’s operation and security, including payment of network hosting fees and provider payouts.

What is Chromia?

The Chromia blockchain is developed by ChromaWay AB, a Swedish blockchain company. Apart from being a L1 relational blockchain, Chromia is also an EVM compatible L2 enhancement for Ethereum and Binance Smart Chain.

According to Chromia co-founder Henrik Hjelte, the MVP Mainnet launch is a culmination of a 12-year journey.

“Our journey began twelve years ago with Colored Coins, the world’s first token protocol. Following this, we launched a bank-backed stablecoin and recognized the potential of integrating relational databases with blockchain, inspiring the creation of Chromia. After years of development, we are thrilled to see the concept of relational blockchain become a reality.”

Chromia’s technology and how it benefits dApp developers

Chromia’s L1 network leverages the relational blockchain technology to essentially change how data is structured on-chain for next-generation decentralized applications (dApps).

By using a modular framework, the platform allows users and developers to perform complex on-chain calculations and searches. Users can tap into dedicated dApp chains for improved data handling, scalability and customizable fee structures and digital assets.

The L1 blockchain’s technology helps remove the need to rely on third-party indexing services, RPC servers and data availability layers.

“Chromia combines blockchain architecture with ideas from cloud computing and database theory to provide a full spectrum of tools needed to deliver an amazing end user experience. This launch sets the stage for the future growth and development of our network, and I’m excited to see what developers can create with our tech,” Chromia co-founder Alex Mizrahi said in a statement.

After the MVP Mainnet launch, Chromia will target a gradual bump in network activity, with this next phase also aimed at growing the platform’s total value locked (TVL).  

CHR token price has spiked 12% in the past 24 hours, with a sharp surge on Tuesday pushing it from lows of $0.23 to $0.26.