How To Buy Chromia (CHR)?

A common question you often see on social media from crypto beginners is “Where can I buy Chromia?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process.

Step 1: Create an account on an exchange that supports Chromia (CHR)

First, you will need to open an account on a cryptocurrency exchange that supports Chromia (CHR).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Chromia (CHR) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Chromia (CHR)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Chromia (CHR) or Chromia (CHR) trading pairs. Look for the section that will allow you to buy Chromia (CHR), and enter the amount of the cryptocurrency that you want to spend for Chromia (CHR) or the amount of fiat currency that you want to spend towards buying Chromia (CHR). The exchange will then calculate the equivalent amount of Chromia (CHR) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Chromia (CHR) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Chromia (CHR)?

Chromia is an open source public blockchain conceived of by Swedish company Chromaway AB. The Chroma token (CHR) was launched in May of 2019. The technology behind the Chromia blockchain is adapted from an earlier technology called ‘Postchain’, a solution provided by Chromaway AB for enterprise clients.

How does Chromia work?

Chromia is a standalone Layer-1 blockchain and EVM compatible Layer-2 enhancement for Binance Smart Chain and Ethereum. It is designed to enhance existing dApps and allow for the creation of next-generation dApps by providing scalability, improved data handling, and customizable fee structures.

The blockchain uses a unique architecture called relational blockchain, as well as a custom programming language called Rell. Rell is designed to code and function very similarly to SQL, allowing developers to leverage the security and immutability of blockchain while storing and handling data with the efficiency of a relational database.

Each dApp running on Chromia operates on its own sidechain which is rooted in the main blockchain. This allows each application to scale more efficiently and gives each application developer the freedom to choose from a variety of fee structures. For example, one application may require users to pay transaction fees in CHR (similar to how Ethereum or Bitcoin work), while another application could stake enough CHR to reserve computational power and allow their users to make unlimited transactions without paying any fees at all.

What applications have been built on Chromia?

Chromia already has a wide variety of applications building upon their blockchain, using their chain as a decentralized storage layer, and using their Layer-2 enhancements. These applications range from DeFi options trading platform Hedget, to open world farming game My Neighbor Alice, to government land registry initiative LAC PropertyChain.

One of the latest features in development is a new NFT standard called Chromia Originals, which will operate both as a native standard on Chromia’s chain as well as an enhancement layer for existing ERC-721 and BEP-721 tokens. Work on these Layer-2 enhancements are being developed in cooperation with My Neighbor Alice.

Who are the founders of Chromia?

Chromia’s core team consists of industry veterans Or Perelman, Henrik Hjelte and Alex Mizrahi. All three have deep roots in the crypto space, going back to the early days of Bitcoin and Ethereum. For example, Alex published several early academic papers on Proof of Stake consensus and was also one of the key figures behind Colored Coins, one of the first projects to develop the idea of ‘tokens’ that would later be brought to prominence by Ethereum.

In summary, Chromia is a Layer-1 and Layer-2 blockchain solution under active development, with the goal of delivering enhanced features and data handling and storage capabilities to decentralized applications. 

What is the  Chroma (CHR) token?

Similar to how tokens are used in Ethereum to pay transaction fees and compensate block producers, Chroma tokens are used in Chromia to compensate block-producing nodes. But there is a difference: in the Ethereum model, fees are paid directly by users who make transactions. In Chromia, fees are paid by dapps, which can in their turn collect fees from users.

Chroma development updates in 2023

Chromia, a blockchain platform designed for developing decentralized applications (dApps), has seen various developments throughout 2023. The key updates include:

• Launch of Chromia Shared Appnet: In October 2023, Chromia launched the Shared Appnet, a ‘closed beta’ version of Chromia that allows early dApps to build a user base and demonstrate the potential of Chromia’s technology. This included the introduction of migration tools to facilitate the transition from Appnet to the public mainnet​​.

• Public Testnet Upgrade: The testnet upgrade completed in 2023 included features like Precise Configuration Updates, import/export tooling for dApp migration, auto expansion of clusters via the Directory Chain, and improved node analytics​​.

• FT4 Cross-Chain Transfers and Bridge Integration: Chromia implemented cross-chain token transfers within its FT4 Protocol. Additionally, a beta version of EVM asset bridging became available for individual Appnet projects​​.

• Chromia Vault Development: The development of Chromia Vault, the official wallet interface, progressed well with a preview article featuring more information and screenshots expected in late November​​.

• Native Fee System Development: The development of a native fee system was underway, which will allow staking CHR on Ethereum or Binance Chain to claim tCHR on Chromia and use it for deploying Testnet dApps​​.

• Staking System Updates: In June 2023, a new Staking System went live, offering 15% APR from October to December 2023, and 10% APR for the entire year of 2024​​​​.

• Ecosystem Development: Several projects made notable progress. ‘My Neighbor Alice’ concluded Alpha Season 3 and launched a staking program. The launch of ‘VfB Stuttgart’s Digital Collectibles Marketplace’ was another highlight. Mines of Dalarnia released their Terraformed Update and introduced the idle game Dalarnia Modbots using Chromia tech​​​​.

• Educational and Development Support: Chromia Learn was launched, offering resources for both new and experienced developers. This includes courses such as the ‘Rell Masterclass’ and tutorials for building dApps​​.

• Marketing and Awareness Efforts: Chromia’s marketing activities included participation in crypto conferences and publications in various outlets. The BLK DNM “Connected Fashion” campaign was one such project that garnered attention from both fashion and cryptocurrency news outlets​​​​.

These updates showcase Chromia’s commitment to enhancing its blockchain infrastructure, supporting a dynamic ecosystem of dApps, and fostering developer engagement and education.

Official website: https://chromia.com/

Best cryptocurrency wallet for Chromia (CHR)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Chromia (CHR)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).