Chromia's Re-Growth Rocket: Blasting Off into Blockchain's Next Frontier
CHR
TL;DR
- Chromia has built significant potential over the past five years, focusing on its Rell programming language, ecosystem expansion, and focusing on new narratives.
- The platform offers unique advantages for AI and blockchain integration, with its relational database system particularly well-suited for managing large-scale AI model training data.
- With its MVP mainnet launched in July 2024 and a major upgrade planned for Q4, Chromia is positioned to capitalize on the growing demand in many sectors include AI, Depins
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1. Is the attention economy enough for the Web3 ecosystem?
As Delphi Digital's research shows, the current Web3 ecosystem is predominantly driven by an attention economy. With numerous projects popping up every day, capturing and maintaining user engagement is critical. Even bitcoin - which has no cash flow, interest payments, or product roadmap - thrives on narrative. In the Web3 ecosystem, attention is paramount, as evidenced by the rapid valuations of meme coins and NFT projects.
However, for this attention-based value creation to be sustainable, it must be underpinned by real value that goes beyond mere speculative interest. Relying on fads and speculative frenzies can lead to volatility and the risk of significant declines in value after the initial excitement wears off.
Source: Tiger Research
As we have noted in past research, Web3 projects often experience initial growth driven by interest. For this interest to become sustainable, it must be accompanied by the creation of genuine intrinsic value. However, the reality is that many projects fall short of generating this real value.
2. Re-Growth: From decline to growth again
Every business experiences cycles of growth and decline. What is crucial is how well you prepare for the decline period. Businesses that have prepared for the capability to rebound during these periods can emerge stronger and enter a new phase of growth, often surpassing their previous milestones.
Source: Tiger Research
The vast majority of first and second generation Web3 projects have already gone through a cycle, but most of them have given up in the decline phase without stacking their new potential. Some quietly exited the market in a soft rug pull, while others attempted to restart by launching entirely new projects, only to eventually fall out of the cycle without achieving further growth.
A select few projects, however, took a different path. They viewed the decline as an opportunity to leap forward. By rebuilding their ecosystems and accelerating technological development, they focused on making blockchain technology more practical through developer education and collaboration with businesses and governments. Through these efforts, they are positioning themselves once again to recapture market attention. Those that have successfully navigated their decline and continued to build on their potential are poised to lead the blockchain market in the future.
3. Chromia builds on its potential
Chromia is a prominent Layer 1 project that has charted a unique path in the blockchain industry, steadily building its potential. Since rebranding from Chromapolis to Chromia in 2019, the company has made significant strides, including listing on major cryptocurrency exchanges. Over the past five years, Chromia has focused on preparing for its resurgence by prioritizing three key areas: 1) strengthening its technical capabilities around its proprietary Rell programming language, 2) expanding its underlying ecosystem, 3) focusing on new narratives.
3.1. Technical enhancements around the Rell language
Chromia is a relational blockchain platform that integrates SQL, a traditional database technology, into the blockchain environment. This integration showcases a distinct approach to data management and processing.
Traditional blockchains typically utilize a simple key-value storage method, which is effective for basic transactions and token transfers but faces significant limitations when implementing complex applications.
For instance, managing a player's items in a game or implementing complex financial instruments becomes highly inefficient with traditional methods. It is challenging to express relationships between data, and querying or updating multiple pieces of information simultaneously is difficult.
To address these issues, Chromia developed the Rell programming language, designed to fully leverage its relational structure. As the official language of the Chromia platform, Rell incorporates SQL support directly within the language, enabling developers to manipulate blockchain data with common programming expressions without added complexity. Code written in Rell is translated into SQL queries, allowing developers to intuitively harness the power of SQL within the blockchain framework.
Source: Chromia Blog, Tiger Research
One of the key features of Rell is its code simplicity. When defining data models, Rell offers up to 7x more compact syntax compared to SQL. Additionally, compared to languages on other blockchain platforms, Rell requires significantly less code to implement the same functionality. This conciseness contributes to faster development times, more readable code, and reduced chances of errors. These benefits are especially pronounced when developing complex blockchain applications, enabling developers to implement more functionality with less code, thereby significantly increasing productivity.
Moreover, Rell incorporates many characteristics of modern general-purpose programming languages. It includes several features inspired by the Kotlin language, making it easy for developers with existing programming experience to adapt. This versatility means that Rell is more than just a blockchain-specific language; it is a general-purpose and scalable language, well-suited for a wide range of applications.
Source: Chromia
These features provide a strong competitive advantage for the Chromia platform. Developers can leverage familiar SQL-based data processing methods within a blockchain environment while benefiting from the convenience of a modern programming language. This combination lowers the barrier to entry for blockchain application development, enabling more developers to utilize blockchain technology. Chromia currently offers a variety of learning courses utilizing the Rell language, providing an excellent opportunity to experience its benefits firsthand.
The Chromia development team is committed to the continuous improvement of Rell. Upcoming major updates include enhanced compile-time, null checking, better documentation, and improved IDE plugins. In the long term, the team also plans to introduce advanced features such as generic types and functions, lambda expressions, and access controllers. These enhancements will make Rell an even more powerful and flexible programming language, further solidifying Chromia's position in the blockchain space.
3.2. Grow the underlying ecosystem
A robust Layer 1 blockchain ecosystem relies on essential components such as bridges, explorers, wallets, and various dapps. Chromia has excelled in building this comprehensive ecosystem, positioning itself as a stable and viable blockchain platform. With these foundational elements in place, Chromia is well-equipped to support a wide range of applications and drive further innovation within the blockchain space.
Source: Kyros Ventrues
3.2.1. Bridge
Chromia has developed a bridge to the Ethereum ecosystem based on the Ethereum Interoperability Framework (EIF). This bridge enables conversion to a format that adheres to its own token standard, the FT4 protocol, facilitating seamless interaction between the two blockchain environments.
3.2.2 Explorers
Source: Chromia
Chromia's blockchain Explorer, currently available in alpha, allows users to navigate complex data structures in real-time. This tool efficiently monitors transactions and smart contract statuses, providing a clear and user-friendly interface for exploring the blockchain.
3.2.3. Wallet
The Chromia Wallet SDK simplifies the integration of tokens and wallet functionalities for developers. The team is developing an official wallet based on an MVP version of its official wallet, which will include advanced features such as cross-chain balance aggregation, transfer and routing, and integration with the EVM network.
3.2.4. Games
Source: My Neighbor Alice
Iconic games like My Neighbor Alice and Mines of Dalarnia will migrate to Chromia's mainnet after its launch. Chromia's high-performance blockchain can efficiently handle complex game logic and large-scale user interactions, setting new standards in blockchain gaming.
3.2.5 Enterprise Solutions
Chromia will facilitate enterprise adoption of blockchain technology through ChromaWay's Esplix business contract platform. Esplix leverages Chromia's relational blockchain structure to implement complex business processes and ensure compatibility with existing systems. Notably, the company collaborated with Daimler Real Estate to develop a real estate lease contract management system, resulting in cost savings, fewer errors, and greater transparency in managing €800 million in annual rents.
3.3. Steps to a New Narrative
Source: Chromia
While the convergence of artificial intelligence (AI) and blockchain has been gaining traction in the tech industry, Chromia has already been a pioneer in this space. In 2021, Chromia developed a blockchain AI solution for the Swedish government, showcasing an innovative approach to implementing trusted AI models by introducing blockchain signatures to opaque AI models.
Chromia's relational database system is particularly well-suited to managing training data for large-scale AI models. For example, billions of textual data for a natural language processing AI model are stored distributed across multiple nodes rather than on a single server. Each node can be responsible for a specific language or category of data. English documents are stored on one node, Korean documents on another, and so on. This setup is akin to a large library with books categorized in different branches. The power of Chromia lies in its ability to efficiently manage and access this distributed data as if it were a single, unified database. When an AI model requests specific data for training, Chromia can immediately locate and access it.
This approach greatly improves the speed and efficiency of AI models' learning processes while enhancing the security of the data and the scalability of the system. Chromia's flexible fee model allows AI applications to maintain a secure, decentralized database without gas fees, ensuring high throughput with each application running independently.
With these advantages, Chromia represents a new paradigm in the convergence of AI and blockchain. It aims to go beyond merely merging technologies to fully integrating the power of AI into the blockchain ecosystem, thereby creating innovative decentralized applications and services. Chromia's approach is increasing the reliability and transparency of AI while opening up new application possibilities for blockchain technology.
4. The Chromia rocket now launched
Chromia is finally on the launchpad, poised to capitalize on the potential it has steadily built over the past five years. With a strong technical advantage provided by its Rell language and relational blockchain structure, Chromia enables complex data processing and query optimization, continuously solidifying its technological edge.
The ecosystem is primed for success. Core infrastructure components are in place, and the mainnet migration of major gaming projects is imminent. With expansions into DeFi and enterprise solutions, Chromia now stands as a truly comprehensive blockchain platform.
The market opportunity is vast. According to the Messari Report, decentralized solutions currently account for only 0.1% of the data storage market, which is growing at 25% per year. With increasing demand from AI, Depin sectors, Chromia's unique technology positions it to differentiate itself within this expansive market.
Chormia is also accelerating its global expansion, evidenced by its entry into the South Korean market and steady flow of international partnerships. Following the launch of the MVP mainnet in July 2024, a major upgrade scheduled for Q4 is expected to attract a significant influx of users.
After navigating a period of decline and preparing for a significant leap forward, Chromia is set to emerge as a key platform in the blockchain ecosystem. Chromia's trajectory is now headed toward new horizons in blockchain technology, and the future holds great promise for its innovative ecosystem.
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Disclaimer
This report was partially funded by Chromia. It was independently produced by our researchers using credible sources. The findings, recommendations, and opinions are based on information available at publication time and may change without notice. We disclaim liability for any losses from using this report or its contents and do not warrant its accuracy or completeness. The information may differ from others' views. This report is for informational purposes only and is not legal, business, investment, or tax advice. References to securities or digital assets are for illustration only, not investment advice or offers. This material is not intended for investors.
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