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AMA Highlights – Chromia

By 28-Feb-2020 March 1st, 2020 No Comments

AMA Highlights – Chromia

By Daniel Dal Bello, Director.

February 29, 2020 – 7 min read.

On Wednesday 26 February, we welcomed both Henrik Hjelte and Or Perelman of Chromia into the Hillrise Capital Telegram chat for an AMA. Henrik is the CEO, and Or the COO, both are co-founders.

Chromia is a blockchain platform built specifically for decentralized applications. Their solution has been developed in reply to some of the shortcomings of existing platforms and includes both a blockchain and a relational database.

Chromia is by ChromaWay, a company with a uniquely long-standing history in the blockchain community.

In this post, we have compiled key questions and answers from the event.

Daniel Dal Bello
Welcome to you both. Staking is something I’m curious about. Over the past 12 months staking has become quite a talking point generally. Can you talk to us about who ‘Providers’ are in your ecosystem, the different tiers involved, and the unique identity requirements?

Or Perelman
Yep, Providers will be a mix of top tier staking companies, database centers, and exchanges. We will allow investors to stake as well by non-custodial delegation to the Providers. The annual yield is 20%, which is paid monthly.

Henrik Hjelte
On stake/providers. Yes, a Provider, at least the initial ones when bootstrapping, is a professional company capable of running “cloud-like” infrastructure. As the system grows, there will be more Providers invited and maybe not everyone will be “equally professional”. But then they can be judged by various ratings, metrics etc.

@Sentti_official
Hey Or and Henrik! 👊🏼

First off, keep up the great work guys, can’t wait to see all the future progress happening in Chromia.

About the business development: Green Asset Wallet, aka GAW, is absolutely an amazing starter in the Chromia blockchain! I would like to hear how you guys see the future business development possibilities in the next 3/6/12 months? Is there specific business areas, and also maybe geographical locations, which you want to focus on most?

Or Perelman
Most of our clients are ~75% from real estate, ~25% capital markets, and now we will try to expand to other verticals such as supply chain. We think focus is a big thing and we want to continue owning in the verticals that we are already working on, we recently signed IADB to a two-year contract and we will be building a consortium of banks in South America together with land registries, hopefully MOUs will be signed soon with the banks.

@meh10gn
What are the utilities of Chromia and what purpose does the Chromia coin serve?

What sparked the creation of Chromia and it’s idea, how did you first feel when you presented your project to investors and VCs? Was it hard to convince them to invest in your idea?

Henrik Hjelte
First, in Chromia there can be as many blockchains as you want, and a single app can be composed of several blockchains. That is the start of the scalability solution that we do. Others talk about scalability too, some may succeed based on tradeoffs with decentralization, however we will have scalability and decentralization.

Second, on scalability. What is a ‘transaction’? Moving a coin between two people? In Chromia, a transaction is a database transaction. That can mean a complex operation, paying out dividends to one thousand shareholders = one transaction. Multiplying by a large number, x1000 or so. We think 20,000 cell updates, hardware sets limits.

Dr Cobra
Why Chromia and CHR over Ethereum’s ETH 2.0?

Or Perelman
Easy – the relational aspect. Relational databases are run by 75% of the enterprise market at the moment, way above any key value store. No SQL at the backend etc, which makes it easier for enterprises to integrate our tech stack to their legacy systems without the need to redo them like in most cases where blockchain pilots have failed. That’s why we had success with 2 deployed customers which are live in the Chromia network. It’s very easy for developers to deploy dApps because they already know relational programming. Keep in notice that we worked with customers and developers to build our tech stack while solving problems for them.

We didn’t built something unneeded, we had proof of validation from the market.

Henrik Hjelte
What is the Chromia’s biggest advantage compared to Ethereum or EOS? They do not handle data as well as a database does. And blockchain is about managing data. We use 30+ years of real world implementation and a mathematical foundation.

@DonnieBigBags
What in your eyes are the top 5 most impressive partnerships/dApps/achievements for the team so far? This question goes to Henrik.

Or Perelman
I know it goes to Henrik but in my eyes, IADB, GAW, Daimler are the top 3. 😁

@Sentti_official
What are your current partnership statuses with Daimler and Tech Mahindra?

Or Perelman
Mahindra is ongoing, super great to have them and we are discussing with them to hopefully run a node as well on the public network. Daimler is still a work in progress, but we are cracking down the politics. 😁

@Sidonpee
How soon should we expect Mines of Dalarnia, and are there any plans to launch it on mobile once released?

Or Perelman
MOD is almost ready. Some latest bugs need to be fixed. I actually played it today and it works very nice.

Daniel Dal Bello
We talked super briefly about Mines of Dalarnia, so maybe this is a bit of an extension of that.

This question is on ChromaWay’s acquisition of Antler Interactive. This is an interesting and well-aligned acquisition as you were originally focused on gaming with Chromia, and Antler had already ventured into what we might call blockchain-enabled games—allowing CryptoKitties players to use unique in-game items based on cat attributes. Secondly, you note that Antler will stay independent, so what exactly is the nature of the relationship moving forward between both entities?

Or Perelman
Our goal is to make and shift all Antler titles to the Chromia network, which has over 70,000 downloads and will boost our transaction volume.

Henrik Hjelte
Well they are an independent team, but their next games will run with Chromia integration. Exactly how? We’ll see. Also Antler Interactive are
cooperating with us on doing demos for developers, to show how cool our technology is.

@MichaelStev
Do you guys have any governance mechanisms in place for your system, if not do you plan to introduce it in the future?

Henrik Hjelte
We do not yet have governance in place. But of course we plan to add it, that is the point. We can’t do a decentralized network that we control. But also, we need to start somewhere.

@Grills_R
How would you currently describe the CHR token’s utility? And are you looking into adding more utility to the token in the future, any ideas yet?

Henrik Hjelte
Stake/collateral for providers, CHR can be used to move assets between dApps, and also auto-converted to ETH. And CHR is used to pay for running the dApps (normally by the developer, not the user, so we support free-to-use apps).

Or Perelman
It is used by dApps to pay hosting fees, thus compensating the nodes, also is used as a “standard” currency within the Chromia economy. As dApps can collect it as
fees, or use as reserves to peg their own tokens, etc.

It is used to make sure that providers have a stake in the Chromia ecosystem thus offsetting incentives to collude. Since Chromia tokens are used for stake and reserve purposes we expect a significant amount to be taken out of circulation and “locked”.

@Grills_R
What are some upcoming marketing strategies/ideas you have planned to attract more developers into trying out to build on Chromia?

Henrik Hjelte
We are gradually improving the onboarding experience for developers. Like a webIDE to try it, an Eclipse IDE for professional developers. And good documentation/tutorials. But, we need to work more in inspiration. Soon there will be some games, to show scalability and attractive UX for ‘users’. But developers like stuff that are good for users.

Additionally, we are identifying scenarios where we can kickass technically. We are planning a game with the complete logic on-chain as a demo. And there are actually some other developers also doing a real game with logic on-chain. I think that will be interesting for developers. Also show how EASY it is to develop, do more examples of the power we have. For example, we have a blog post now showing how Rell is 1/10 shorter than Cosmos code. Then we do hackathons and workshops and things–normal marketing.

Dr Cobra
What are you guys trying to achieve as an end goal? The next Ethereum? Or the next enterprise version of Ethereum? Or something different?

Henrik Hjelte
We started with blockchain before Ethereum. We always wanted to explore the potential of this technology and do good. The mission we have is to make “Technology that enables to create a fair world”. Sums up our values. Then we now want to explore the region between blockchain and proper working databases, for us a no-brainer that this is a fantastic spot.

Or Perelman
The platform that will bring crypto mass adoption. The Ethereum community is very small compared to any other open source project in the space, according to researches it has between 7k to 15k developers. I don’t think we need to spend too much time on converting Ethereum developers. For example, when you go to a Samsung developer conference 95% won’t know what blockchain is.

Another example, was speaking with a cso of a big 500 fortune company and had no idea what it is why he should care.

Henrik Hjelte
Yes, actually I measured this on GitHub, there were 30 times more SQL projects (PLSQL + TSQL) than Solidity. So it is very much used technology.

@Grills_R
Revenue last year was close to 1M. What is the prospected revenue for Chromia in 2020?

Or Perelman
Double!

Henrik Hjelte
Chromia is the project. ChromaWay have revenues, they are increasing but it is impossible to say exactly how much.

Daniel Dal Bello
Thanks for staying up late guys, we know it’s nearing midnight for you

Henrik Hjelte
Thank you everyone for your questions, this was awesome!

Or Perelman
All good! Our pleasure.

The text in this summary has been edited to correct grammatical errors and for presentation purposes. We thank both Henrik and Or for joining us for this AMA. For more information on Chromia, visit https://chromia.com/.