Chromia is a project designed to combine the best of two worlds: the convenience and reliability of relational databases and the cryptography-based security of blockchain. Many analysts believe that this gives this project strong fundamentals and a promising future. You can read what those experts think in this article, containing their Chromia coin price predictions for 2021 and beyond.
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Chromia Fundamental Analysis
Chromia is an open-source blockchain network that allows people to build dApps with real utility, including blockchain-based games. The unique characteristic of Chromia is that it is also a relational database, so the project’s backends are written in a specialized language that is coherent with the relational model. The project was updated from an earlier technology named “Postchain” and was named Chromapolis at first.
Its goal is to overcome the limitations contemporary blockchains are facing, such as low-level security, high fees, and poor user and developer experience. The crew behind the project believes that when the goal is achieved it will accelerate blockchain projects to the mainstream.
Chromia was introduced by the Swedish company Chromaway AB. The platform works as a standalone Layer-1 blockchain and also as a Layer-2 enhancement for Binance Smart Chain and Ethereum. Chromia Chains are anchored to the Proof-of-Work blockchain like Bitcoin or Ethereum.
Chromia can be used for building any types of dApps and especially suitable for the cases involving management of complex data sets, for example massive multiplayer online games. It already hosts projects like Hedget, which allows users to trade crypto options, LAC property Chain, the government land registry enterprise. In 2021 Chromia collaborated with decentralized NFT Gaming platform My Neighbour Alice and provided a dedicated node to complete relational blockchain validation within the game.
The platform is powered by CHR — native token that was created in May 2019 to strengthen the relationships between all the network participants: users, developers and investors. It has a total supply of 978 million tokens with 567 million of them currently being in circulation.
Chromia Live Price Chart
CHR token was experiencing bullish trends from the beginning of the year. Its price almost doubled in January from $0.02 to $0.04. For the next 2 months, coin didn’t gain much value, but also didn’t lose it while the whole crypto market was quite uncertain.
In March when general bearish trends had loosened up, CHR went almost vertical, skyrocketing to $0.83 in a single day and showing over 4000% of increase since the beginning of the year. The correction came straight after, dipping the price to $0.17 for a short time. CHR recovered its value in April but was again corrected in May following bearish tendencies and experiencing a 38% pullback on May 23. It exactly matches the time when Bitcoin and other major crypto saw the crash.
After that, the price stayed down and was bouncing around $0.25 till the mid of July. By the end of July, though, the bullish rally took another turn that lasted till early September. Following the overall market correction, the token price declined to $0.258. It stayed bouncing between $0.29 and $0.34 till the end of October when suddenly it went up, reaching an all-time high of $1.23 on November 10.