Chromia’s MVP launch will initiate several core functions of its native token $CHR including staking, paying fees and rewards on the mainnet chain.
Layer 1 relational blockchain Chromia is set to launch its minimum viable product (MVP) mainnet early next month – July 16 being the prospective date set. This will coincide with the launch of its relational blockchain network, also set to go live co-currently.
Chromia, developed by blockchain tech company ChromaWay, is a layer 1 blockchain that records structured data in linked relational tables. This innovation makes it easier for developers and users to query data directly on-chain and index blockchain data in real time. This aims to enhance the overall innovation across the Web 3 space, providing a faster and cheaper route to developing decentralized applications (DApps).
Crucially, the blockchain aims to revolutionize how data is structured on-chain. The launch of the MVP mainnet will make it easier to perform complex searches and on-chain calculations. It also removes reliance on third-party indexing services, data availability layers, and RPC servers.
Initiating Core Functions of The Chromia Network
Once launched, the Chromia MVP mainnet will initiate the core functions of its network as well as mark the genesis of the native $CHR token. Users will be able to bridge their ERC20 and BEP20 CHR tokens onto the mainnet, providing more capabilities across the Chromia ecosystem.
"Launching the MVP Mainnet is a pivotal moment for Chromia. It's not just a technical milestone; it's the beginning of something that we believe has enormous potential,” said Chromia Co-Founder Alex Mizrahi.
The launch of the MVP mainnet will initiate several integral capabilities for $CHR token holders, including the staking delegation process, payment of network hosting fees, and provider payouts. These functions will now be exclusively accessed via the MVP mainnet.
In addition, the innovation will reimagine Web 3 economics by introducing better ways for users to pay fees across the platform. Away from paying fees for every transaction, Chromia introduces a ‘lease’ function whereby developers ‘lease’ resource containers, deploy their DApps into them and design their revenue models.
“Our relational blockchain platform is designed to deliver a streamlined and user-friendly experience, and this launch sets the stage for the future growth and development of our network,” Mizrahi added. “We're excited to see how our ecosystem partners and the wider crypto community will leverage our technology."
The MVP mainnet launch will offer users a more streamlined experience in querying data while maintaining the permissionless and decentralized nature of blockchain. Via the ‘leasing’ function, users will be able to interact with DApps without the need to own or hold cryptocurrency.
More developments on Chromia
Currently, Chromia is running an incentivized testnet initiative that is rewarding participants with up to 250K $CHR tokens. In addition, the team also announced the launch of its native fee system and chain archival, which aims to allow users to restore their data even when fees are not paid for a period of time.
These developments are expected to increase the adoption of the network and grow the ecosystem projects’ TVL as more DApps become bridgeable from EVM chains to Chromia.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
