Chromia updates CHR staking authorization mechanism

About Chromia

Chromia (CHR) is a blockchain platform that combines the technology of blockchain and relational databases for decentralized applications, formed to meet the shortcomings of existing platforms and designed designed to enable a new generation of dApps that scale beyond existing capabilities. Chromia was formerly known as Chromapolis. The project's goal is to build its own blockchain network that allows easy, efficient development of dApps with high throughput.

In December 2023, Chromia posted its roadmap for 2024, with the most important event being mainnet deployment. During this important period, the project's new updates mainly focus on realizing that roadmap, as well as Chromia's appnet and some other news.

Announcement of staking system

Chromia in mid-January posted a notice requiring CHR staking users to re-authorize validators before March 3, 2024 to continue receiving staking rewards. Please see more details here.

According to the latest data, only 60% of staking tokens have been re-delegated. The project encourages users to quickly check their activities to avoid unwanted interruptions.

Introducing Economy Chain

A new term that has appeared in the Chromia ecosystem and will be used a lot in the near future is "Economy Chain". This is a chain system similar to Directory Chain and Anchoring Chain. Economy Chain will become an important part of Chromia, helping the project accomplish the following goals:

- Is the foundation layer for paid dapps, allowing users to rent resources and receive CHR in return, as well as allocate fees to network providers.

- Is the destination to connect via cross-chain bridge, specifically to transfer CHR from Ethereum and BNB Chain.

- Is the starting point for CHR tokens to be put into circulation in the Chromia ecosystem.

Economy Chain also plays many functions not mentioned in the mainnet roadmap, such as allowing users and dapps to register FT4 accounts to receive payments in the form of CHR. Details of this new series will be announced in February.

Technical updates

In preparation for the mainnet roadmap, Chromia is in the process of building and perfecting features including:

- FT4 bridge to help transfer CHR tokens from Ethereum and BNB Chain to Chromia;

- Native fee to allow renting resources on Chromia using CHR tokens;

- The Chain Archival system effectively stores dapp data after the resource rental period ends, and can restore data when extending the rental period.

- System linked to Ethereum.

- Chromia Vault is a connection portal for users to access applications on Chromia and transfer assets.

- The service provider network on Chromia has increased to 15 units, operating 32 nodes across the Public Testnet and Appnet networks.

Update on Chromia Appnet

Chromia's Appnet networks in January 2024 achieved many encouraging progress:

- Alpha Season 4 of My Neighbor Alice has recorded more than 1.4 million transactions and is constantly increasing;

- VfB Stuttgart's collectibles marketplace is selling many on-chain assets from Filechain, Filehub and many other platforms;

- In the coming weeks, Chromia will introduce more dapp clusters to prepare for future deployment.

Chromia appoints new APAC Director

Mr. Yeou Jie Goh, former Director of Portfolio Growth at DeFiance Capital, has joined Chromia as Head of Asia-Pacific. Mr. Yeou Jie's experience is expected to help the project attract more users, development teams and partners in this potential area.

In the phase leading to mainnet, Chromia will mainly complete the goals set out on the development roadmap, as well as other important strategies.

Updated from the Chromia ecosystem February 2024

In February 2024, Chromia completed the following updates to serve the mainnet deployment process:

- Store blockchain data, update the development roadmap and estimated timelines for mainnet.

- Cross-chain bridge security verification by Quantstamp and Cure 53.

- Integrating FT4 bridge, supporting additional functions including automatically supporting transactions when interacting with EVM chains, allowing dapps to transfer data to other blockchains, automatically updating the EVM bridge list,...

- Continue programming the function that allows using CHR as a fee token on the mainnet, as well as transferring CHR from Ethereum to the new blockchain.

- Added more features to Chromia Vault wallet.

- Require users to re-authorize CHR staking before March 3.

- Updates from appnets:

My Neighbor Alice Alpha Season 4 has recorded more than 1.7 million transactions.

VfB Stuttgart's Marketplace has achieved over 25 thousand transactions, using Filechain and Filehub for on-chain digital asset transfer.

- Chromia announced a partnership with RSTLSS, a startup that digitalizes fashion and jewelry accessories, opening up more opportunities for on-chain game projects like My Neighbor Alice.

- My Neighbor Alice announced the roadmap for Beta Season 1, focusing on many new development aspects and project decentralization.