Chromia is a popular layer 1 blockchain that combines the benefits of a relational database with blockchain efficiency. The network continues to expand its services with some of its latest upgrades that add more usability and security to its ecosystem. Here’s some valuable insight into what Chromia has been up to this year and why it’s a good fit for your portfolio.
The Chromia Appnet is an important milestone for the platform that will act as a testnet for Dapp development. Testnets are more popular than ever and for good reason; they allow developers to see how their creations will work in a real environment.
The Chromia Appnet allows Chromia developers to thoroughly test their protocols, including security and scalability testing before releasing them on the mainnet. The testnet is already helping to ensure that all DeFi, NFTs, gaming and token protocols built on Chromia meet strict standards.
Improved EVM capabilities
The main reason for the testnet is to streamline the new EVM-compatible Chromia technology stack. This digital environment allows Ethereum developers to seamlessly migrate their protocols into the ecosystem. It also allows developers to deploy, test and finalize their creations.
This interoperability upgrade could boost Chromia adoption. The developers have stated that creators can configure the environment to meet specific scenarios. In addition, the system supports the transfer of assets between both the Ethereum and Binance Smart Chain.
In order for the Appnet to function properly without affecting the rest of the network while providing specific parameters to developers, the system uses special clusters of nodes. This setup allows for a working demonstration that helps improve security, functionality, and UX design. Once all these factors are done, the Dapp can migrate to the mainnet.
Ledger Digital Asset Protocol (LDAP)
Chromia has upgraded its Ledger Digital Asset Protocol (LDAP), making it much easier for people to create, transfer, audit and whitelist tokens. The goal is to improve tokenization on the Chromia blockchain. This decision would bring the network into line with today’s advanced, fourth-generation networks that provide easy tokenization of nearly any asset on or off-chain.
The upgrade will help expand the entire ecosystem as it significantly improves user capabilities. Chromia now supports easy onboarding, custom board structuring, simplistic digital asset and network creation, and capital raising options.
Tokenization and the ability to create compatible tokens and Dapps have made Chromia popular options for those looking to tokenize big ticket items such as real estate. The network recently partnered with multiple companies to offer partial ownership of properties.
Part ownership of real estate brings many benefits. First, it is easier to sell real estate using tokens because there are fewer financial and regulatory barriers. Users can purchase partial ownership of the property, which is registered on the blockchain. The system automatically ensures that your ownership rights remain immutable and all rewards earned are automated.
Programmable Compliance has long been at the forefront of Chromia’s business strategy. The developers have gone to great lengths to ensure that the network remains transparent and flexible enough to handle specific use case scenarios.
Ledger Digital Asset Protocol (LDAP) also improves performance. The network now enjoys real-time settlements that are cryptographically signed to improve security. The upgraded system also uses timestamps to improve throughput and multi-signature wallets. The latter improves security by requiring multiple people to approve transactions before sending.
Another major advancement that the upgrade brings is EVM compatibility. Ethereum continues to be the market leader in Dapp and DeFi options for users. Chromia users and developers enjoy easy onboarding and much greater interoperability thanks to the decision to go ERC compliant.
This critical improvement will allow users to trade on more DEXs, leverage popular wallets, and even convert ETH-based platforms to Chromia. The maneuver will improve usability and integration for the entire community. It also adds more liquidity to the Chromia ecosystem by providing instant access to the massive Ethereum network.
New staking system is live
Stakers on the Chromium network now benefit from higher ROIs thanks to a new staking system. The community has recently upgraded to a delegated proof-of-stake (DPoS) system, which has brought many benefits. DPoS systems offer greater scalability and performance as they reduce the number of network nodes required to approve a transaction.
The upgrade allows users who don’t have enough tokens to stake to delegate their tokens to other stakers. The delegation process allows the user to receive a share of the staker’s rewards based on the percentage of their total stake you provided. Notably, the upgrade allows users to claim rewards the moment they appear in your balance.
The upgrade also adds more flexibility to delegators. For example, you can now convert your tokens to other validators without penalty or loss of ROIs. This feature has long been sought after by community stalkers as it ensures they can always find an active node to support. This way, more people can participate in the validation components of the Chromia network, helping to drive decentralization.
There are no more deadlines for delegation with this new approach. Stakers can select the desired nodes and start staking without worrying about missing the deposit schedule. Each staker’s period is now set to their start time.
NGC Ventures system provider node
NGC Ventures, a leader in blockchain infrastructure and integration, has announced support for the Chromia blockchain this year. The group has launched a network node as part of its commitment to the platform. The launch of the node follows the successful launch of the testnet in the first quarter of 2023.
Chromia – A flexible enterprise-grade blockchain that expands its network
Chromia continues to prove that its community remains committed to success. The platform’s recent upgrades improve its performance and make it a more favorable option for those looking for cheap Dapps and fees. For these reasons and more, Chromia remains a network to watch.
For more information about this project, view our Investment Guide HERE.