ChromaWay

//ChromaWay

Chromapolis by ChromAway

– A blockchain platform for dApps based on relational distributed database

The company exists for several years and Chromapolis project started to gain hype just recently. Project has no marketing, whitepaper, webpage or social channels and most of the info about it is being passed P2P way. That’s just the way how crypto seed rounds are done in 2018.

The company exists for several years, a recent Chromapolis project started to gain hype just recently. There are no marketing, whitepaper, webpage or social channels and most of the info is passed P2P way. That’s just the way how crypto seed rounds are done in 2018.

Update 26/08/2018.

As the original review of the ChromAway was done on 05/08/2018.  the update is needed as the information was either not available at the time of writing or given information got corrupted during the process of the seed round negotiation. Please read the drama around the project caused by greedy advisors and foolish project management.

https://telegra.ph/Chromawa-Uncut—The-REAL-Story-Balina-Caught-Pooling-25M-USD-Godenzi-Fired-CTO-confirms-cashgrab-08-26

The Company — ChromaWay

ChromaWay started with the pioneering work done by Alex Mizrahi on original colored-coins since 2012 when he made the first implementation. Alex led the colored coins open source project until 2014 when he, together with Or Perelman, Iddo Bentov and Henrik Hjelte, formed Chromaway.

Since 2014, it appears that ChromaWay has been busy developing several products without raising money from a single ICO. They have SofiWay, a network for immediate settlement of payments which supports the development of E-krona, a digital currency project launched by the Swedish Central Bank. Another product is the Universal Identity Hub, a project that aims to connect women and families living in danger.

The Green Assets Wallet was also built to ensure that investments for green projects ended up where they were supposed to go by a trusted verification and validation infrastructure; this technology is currently being used by the German Federal Ministry for Economic Cooperation and Development (BMZ). Andhra Pradesh’s land registry pilot and the Swedish land registry for future house sales are ChromaWays projects with a possibility they will be using Chromapolis platform in the future.

The platform — Chromapolis

Chromapolis will build their own blockchain where each new dApp will have its own sidechain with an expected throughput of 500 tps and dApps will pay hosting fees and will have to peg Chromapolis tokens. There are no transaction fees in the network but nodes that are used to run Chromapolis chain will get rewards in Chromapolis tokens.

Main features of the Chromapolis platform are

  • Uses a relational model so that the data can easily accessed by an application programming interface (API) and indexed and queried without performance degradation (using Rell, a query language similar to SQL).
  • Scaling is solved horizontally so that each dApp gets its own blockchain, run by its own nodes. Expected transaction time of >500 TPS per sidechain.
  • Uses the PBFT consensus algorithm (hardened by anchoring), a relaxed version of BFT that can handle more fault tolerance and allows transactions to be confirmed in seconds.

As dApps are not built as smart contracts, Chromapolis does not charge transactions fees, but instead collects fees from a dApp as a whole.
Chromapolis dApps will be written in Rell, a programming language developed by ChromaWay which should easily be adopted by those who are familiar with SQL.

Distributed database — Postchain

Chromapolis proposes a blockchain where data is organized as a relational database which can be indexed, meaning it will dramatically improve lookup speed and overall throughput for dApps built on it. It will be deployed on top of the existing Postchain database framework, the first implementation of a consortium database uniting relational database performance and blockchain decentralized characteristics.

A Postchain is the first implementation of a consortium database. Postchain claims to be the first true consortium database that is: 1) SQL based; 2) Secure; 3) Flexible; 4) Easy to Use; 5) Tested; and lastly, 6) Enterprise Driven. A consortium database that is effective, safe and enterprise-focused could have huge implications in many pretty much every industries and market in existence today.

Postchain is a logical part of a database managed by a DBMS which is shared between a number of nodes in a network. Postchain is designed to be DBMS agnostic and to work with the most widely used enterprise systems on the market. All modifications to the state of the consortium database are recorded as a sequence of authenticated and deterministic transactions in a blockchain-like data structure. The block data is recorded in the database, meaning that the state of the blockchain and the state of the database can never diverge.

Consensus over the block data is achieved with a BFT consensus algorithm, tolerating even malicious behavior from a limited number of consortium members. This means that as long as two thirds of the nodes in the network are functioning correctly, consensus will be achieved. If a node falls out of sync it can retrieve the lost data from its peers and rejoin the consensus process.

Token

Metrics:

  • 1 000 000 000 tokens (ERC20 initially with further swap)
  • 150 000 000 tokens for sale
  • rumors that hardcap is between $13 500 000 and $18 000 000
  • rumors that token price is $0.09-$0.1

Tokens distribution:

  • 15% sold privately (private sale to have 3 traches -> 35%, 25% and 20% discount)
  • 10% team/advisors
  • 40% ChromaWay reserve (at most 10% will be sold each year)
  • 2% core node compensation fund
  • 3% marketing
  • 30% airdrop

As a simple example for the token economy, if a user wants to buy app tokens, an algorithm creates them while locking the CHROMA tokens and adjusting the price (think Bancor). A fee can be taken for this conversion. This also creates an incentive for users to buy tokens of new undiscovered apps/games that can grow in popularity.

Team

The founders of ChromaWay have been developing blockchain applications for a very long time.

Henrik Hjelte — CEO, 25+ years as a developer and 10+ years as an entrepreneur. Ex. Senior consultant in Finance and IT. MSc Economics from Uppsala University.

Or Perelman — COO, is interviewed in the first ever TechCrunch article about Bitcoin (mind you, this is 2011). Bitcoin expert focused on marketing and growth. Co-founder of Safebit, an early user-friendly bitcoin wallet. Extensive Blockchain marketing experience and contacts. Law (LLB) degree from College of Netanya.

Alex Mizrahi — CTO, blockchain pioneer: created first token protocol (colored coins, Vitalik also worked on it), also made world’s first token wallet and decentralized exchange protocol in 2012. MSc in applied mathematics from Donetsk National University, graduated with honors. Author of several academic papers about Bitcoin. Also known as “killerstorm”.

Todd Miller — VP Business developement — Sr. manager at Fannie Mae for 4 years ($ 1.6B public company); 4 years at HP and 5 years at PwC

These guys have been publishing research on blockchain technology since 2011 — this team is the real deal.

ChromAway is a company with 15-20 employees at the moment and they are hiring more people.

Advisors

Besides having an experienced and proven team, Chromaway advisors/investors include some of the big names from the crypto world like:

  • Charlie Lee (Litecoin)
  • Vinny Lingham (Civic)
  • Correy Voo (ex CTO at UBS, president and chairman at the Open Data Center Alliance, and global head of applied business and strategy at Bank of America)
  • Yiseul Cho (Venture partner FBG and co-founder of Hashed)
  • Guy Gorem
  • Danny Yang
  • Asse Sauga

Whitepaper

Public version is not out yet

Roadmap

Chromapolis testnet is not yet running and is planned for September, just before their TGE and the MVP release. This will immediately be followed by a release of the developer tools, with the full platform release in Q1 of 2019. The short roadmap is a good sign that the team is developing the project for some time now.

Note that ChromeWay defines MVP as the mainnet, while the Chromapolis v1.0 adds the decentralized governance.

  • July 2018 — private sale
  • September 2018 — testnet
  • October 2018 — MVP (Rell compiler, JS SDK, sidechains, tokens, BFT) and TGE
  • December 2018 — developer tools (IDE, ETH gateway, Unity SDK, in-memory DB)
  • February 2018 — mainnet (decentralized governance, support for business apps, custom DB implementation)
  • July 2019 — next protocol improvements like dapp marketplace, dapp templates, parallel processing, automatic sharding

Social media

Webpage: https://chromaway.com/

Twitter: https://twitter.com/chromaway

Chromapolis website, together with public WP and TG group is coming soon

Verdict

The project is still in stealth mode and is just starting to get the hype in the crypto circles. Names behind the company are considered to be blockchain pioneers and together with well known advisors, they are the main reason why the hype is building up with minimum information available. There are still many questions that need to be answered and hopefully, it will become available in the following weeks. Until then a deeper insight into the project is not possible.

We are keeping an eye on the project as there may be something more about the project at such an early stage.

By |2018-08-27T02:59:22+00:00August 25th, 2018|Reviews|0 Comments

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