Chromia sets July 16 for MVP mainnet launch

Layer-1 relational blockchain platform Chromia has set July 16 for the launch of its MVP Mainnet. This event will lay the foundation for Chromia’s relational blockchain network and mark the beginning of the native CHR token.

The current CHR token, issued as ERC-20 on Ethereum and BEP-20 on BNB Chain, will transition to the MVP Mainnet.

The MVP Mainnet will activate essential functions of the CHR token necessary for the network’s operation and security. These functions include the payment of network hosting fees and provider payouts, all managed on Chromia’s new mainnet.

Chromia co-founder Henrik Hjelte stated:

“Our journey began twelve years ago with Colored Coins, the world’s first token protocol. After years of development, we are thrilled to see the concept of relational blockchain become a reality.”

Core functions and developer tools

Developed by ChromaWay, relational blockchain changes how data is structured on-chain, making complex searches and on-chain calculations easier. It eliminates the need for third-party indexing services, data availability layers, and RPC servers.

In its press statement, Chromia claims that it redefines blockchain economics. Developers can lease resource containers and create their own revenue streams, reducing friction for end users and enabling new Web3 business models.

Users can interact with decentralized applications (dapps) even if they don’t own any cryptocurrency, offering a more streamlined user experience while maintaining the permissionless and decentralized nature of blockchain technology.

The MVP Mainnet will establish Chromia’s core network functions, leading to a gradual increase in network activity.

This will grow the Total Value Locked (TVL) as ecosystem projects deploy dapps and additional assets become bridgeable from EVM chains to Chromia. Chromia co-founder Alex Mizrahi explained:

“Chromia combines blockchain architecture with ideas from cloud computing and database theory to provide a full spectrum of tools needed to deliver an amazing end-user experience. This launch sets the stage for the future growth and development of our network, and I’m excited to see what developers can create with our tech.”

Chromia’s vision includes a future where blockchain technology is more accessible and efficient. With the MVP Mainnet establishing its core functions, the network will probably see increased activity and growth.

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Reporting by Jai Hamid