Chromapolis ICO Review

 · 14 mins read

Chromapolis is a blockchain platform for dApps where the data is stored in a relational database. The project has every chance to occupy this niche, given that its creators already have a serious weight in the industry and experience in bringing the product to the market.

 

Intro and Overview        

Product description

Technology

Ecosystem         

Tokenomics       

Market and competitors             

Overview           

Delivery

Roadmap and Whitepaper           

Token distribution and token sale details            

Hype     

Website review

Media and community  

Conclusions and editorial opinion           

Risks and Potential         

Investment prospects

Rating  

Intro and Overview

Chromapolis (by Chromaway) is a blockchain platform for dApps where the data is stored in a relational database.

Chromapolis is created by ChromaWay, Sweden-based blockchain technology company established in 2014. They already have several working blockchain solutions with a focus on real estate and finance.

Project name

Chromapolis

Token symbol

CHROMA

Type of token

utility

Network

Ethereum, ERC-20

Website

Not available yet, Parental site: https://chromaway.com/

White paper

Not available yet

Hard cap

$15 million

Price

TBA

Total Cap Size

1,000,000,000 CHROMA

Country

Estonia

Team

10 core members / 7 advisers

Public Sale Date

Not planned

Total Token Offered

150,000,000

Private sale Date

TBA

Product description

Technology

Chromapolis is built on the top of existing framework Postchain, a blockchain consortium database based on SQL, that is currently being used by Swedish Land Registry. Initial tests of Postchain shown that it can exceed 500 tps and 100k reads and updates ps with confirmation time of approximately 1 second. The main goal of the project and the basis of the platform is a blockchain decentralized database. This will give dApps the possibility to solve the scalability issue.

The platform is designed to solve the issues current dApps platforms have to face:

  • users paying high transaction fees,
  • Security problems
  • Front-end weakness
  • Insufficient scalability

To reduce programming errors and control resources use, a new language called Rell will be introduced for dApp programming. Rell is claimed to be seven times more compact than SQL and allows meta-programming from templates and handles overflow errors. Unlike Ethereum, the built-in governance mechanism allows fixing dApp errors on the fly.

 

Ecosystem

Chromapolis differs from other dApps platforms by introducing innovative fee structure. Unlike the traditional model (as in Ethereum), applications are not based on smart contract technology and will be able to create their own side-chains. Fees for nodes maintenance will be collected from dApps profit and not from users. This will provide scalability, which is one of the key problems on the market today.

Chromapolis will use Practical Byzantine Fault Tolerance (PBFT) to enable transactions to be confirmed within seconds.

 

Tokenomics

Chroma token is native platform token and is used to incentivize various platform users:

  • Providers: own nodes which produce blocks and host dApps. Providers need to stake their tokens in order to incentivise good node behavior. Staked tokens will get locked to limit the circulation token supply. Providers will get compensation for hosting their dApps on the platform.
  • Application developers: pay fees for nodes’ maintenance, implement payments for users using dApps, fee policy will be established by developers. DApp native tokens can also be backed by Chroma tokens which should help to provide liquidity and create a demand on a specific dApp token.
  • Users - Pay in-app, transaction or subscription fees to use various dApps on the platform.

 

Market and competitors

Overview

Chromapolis is one more blockchain platforms for dApps. If we consider it in this vein, then the circle of competitors will be as wide as possible: Ethereum, NEO, EOS, NEM, Lisk, MenloOne, GenEOS and many more.

But Chromapolis also focuses on putting relational databases on blockchain. There's also quite a wide list of competitors willing to do that. For example, IBM has recently got a patent for “Managing a Database Management System using a Blockchain Database”. The companies like IPFS, Storj, BigchainDB and Filecoin use P2P system for their projects.

Chromapolis main difference is that it’s building a blockchain on top of SQL  DBMS (Data Base Management System) technology to deploy complex indexing and querying methods without losing throughput, few blockchain databases can boast of this. Therefore, the project has every chance to occupy this niche, given that its creators already have a serious weight in the industry and experience in bringing the product to the market.

 

Delivery

Roadmap and Whitepaper

The project Roadmap is not sufficiently developed and is a short list of 6 items. There is a working Postchain solution, which is a combination of SQL database and secure distributed ledger. It’s already implemented for land registry in Switzerland and India.

Chromapolis testnet is not ready yet and will be released in September 2018. The full platform release is planned in Q1 of 2019.

 

The whitepaper is not published yet and the team didn't share any information about the date when they are planning to release it. Nor are MVP details available for the public.

 

Team and advisory board

Chromapolis is being created by Chromaway team, which is operating since 2014 and have several successful and working projects.

Executive team

Henrik Hjelte (CEO) is the CEO and Co-founder of Chromaway, has a strong experience of developing blockchain solutions for the financial and government sectors. In 2012 he was creating a revolutionary ColoredCoins project that used Bitcoin for different assets transactions, including gold, fiat money, and property.  Linkedin profile

Or Perelman (COO) also has a profound crypto experience, starting in 2011 with a product named Safebit, a wallet and platform for crypto assets He was also a co-founder of ColoredCoins and a CMO at a crypto portfolio application bitBlu. Linkedin profile

Alex Mizrahi (CTO) has decades of experience as a full-stack developer. From 2000 to 2012, Alex worked as a software developer on a myriad of projects in fields such as 3D graphics, machine learning, and mobile software. In 2012, he joined up with Henrik and Or to develop ColoredCoins and moved on to co-found Chromaway, where he now serves as CTO. Linkedin profile

Jorgen Modin (Chief Solutions Architect) specialize on Internet software solution and has more than 20 years of development experience. He is a Partner of Webworks Sverige AB and previously worked for NIR, Informa, IBC Euroforum DK, and Sipri. Linkedin profile

August Botsford (Technical Director) is a specialist in information security, completed his master’s degree in 2017. Linkedin profile

 

Advisors

There are currently 7 advisors for Chromapolis, including:

  • Charlie Lee (Advisor) – Founder at Litecoin, Ex-Director at Coinbase Linkedin profile
  • Ryan J. Orr (Advisor) – Co-Founder at Chronicled, Associate Professor at Standford University, Serial entrepreneur. Linkedin profile
  • Rain Lohmus (Advisor) – Chairman of the Supervisory Board at LHV Capital, LHV Group. Linkedin profile
  • Yiseul Cho (Advisor) – Venture Partner at FBG Capital, CEO at Perceptra. Linkedin profile

Partners

 

Token distribution and token sale details

Total Token Offered

150 mln of 1 bln

Private sale Date

TBA

Public Tokensale Date

Not planned


Chromapolis is not planning any public sale at this stage, only private sale is planned, but not scheduled yet. Hardcap is $15 mln, only 15% of token supply will be sold, with 30% (up to 10% per year) reserved for airdro
 and promotional purposes. These details are subjected to changes with more information to be released soon.

Token lock-up

Tokens for the team and foundation will be locked up for at least 3 years, which is aligned to the full transition towards a decentralised model. 22% of the total tokens are unlocked after launch with a circulation supply schedule of 54%, 78%, 96%, 100% in the following years.

 

Hype

Website review

Chromapolis own site hasn’t been launched yet.

The project’s parental company site https://chromaway.com/ has good visits figures, with increased activity in July. Most traffic comes from United States and it’s usually Direct or Search traffic source.

Media and community

There is no social media yet.

There’s almost no marketing activity shown on the Internet, but it’s obvious that the team is preparing a campaign: there’re already at least 3 detailed analysis reviews published in July-August 2018.

 

Conclusions and editorial opinion

Risks and Potential

 

Advantages:

  • The project has a very strong team with well-known blockchain veterans: Chromapolis is being developed by ChromaWay, a technology company operating since 2014 in Sweden, working on blockchain platform with public and private sector actors and focused on real estate and finance such as: e-Krona, Universal Identity Hub, Postchain, The Swedish Land Registry. Besides having an experienced and proven team, Chromaway advisers/investors include 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) and Yiseul Cho (Venture partner FBG and co-founder of Hashed)
  • The transaction fees will be collected not from users but from dApp providers. dApps will decide for themselves if they want to collect fees from users and establish network policies choosing suitable fee models (a classical model, subscription model, donation-based model or freemium model).
  • DApp developers have the freedom to decide their own pricing models, which better for different use cases. This provides more flexibility and a better user experience than most competing blockchain protocols, which are designed for only one payment method.
  • A new language called Rell will be used for dApp programming. Rell is claimed to be seven times more compact than SQL
  • Chromapolis uses a relational model where data can be easily accessed without loss of performance. As the platform is database-centric, it could be better suited for data-intensive apps.
  • Chromapolis uses horizontal scaling, so each dApp has its own multiple blockchains with expected speed of 500 tps per sidechain. Anyone interested in running a node can choose which dApps they are interested in and sync only the corresponding blockchain data.
  • Chromapolis is not built from scratch. It is based on the Postchain framework, that is being used by Swedish Land Registry.
  • Testnet planned to be launched in September 2018

Disadvantages:

 

  • The project is still in stealth mode
  • Initially, there will be only a few node providers, that will be chosen by ChromaWay, so it will start as a centralized platform
  • There is no alpha, Github or MVP yet (The testnet is scheduled for September 2018)
  • Details of the proposed token economic model are still vague
  • Most members of the project team are working on several projects under
    ChromaWay, which could hinder the development progress of Chromapolis

 

Investment prospects

The Chromapolis ICO offers a new approach to dApps development that addresses the shortcomings present in many current blockchain networks. Chromapolis is focusing on business oriented dApps that need reliable and fast database storage and do not require paying high fees for every transaction.

The team is highly strong and experienced and core members work together since ChromaWay creation in 2014. They have several strong working projects, adopted by financial and government institutions.

A serious concern is the fact that the project will not be decentralized on its early stage as providers will be selected by the parental company ChromaWay. After the adoption period, it is promised that decentralization will appear. But even then Chromaway will still affect the choice as new providers will be selected by the community built entirely on the Chromaway choice basis.

We also have to point out that the project has a lot of projects to compete with (including such whales as IBM entering the market) and the success of the project will seriously depend on the speed of release and quality of the product, as well as partners who will be ready to use the platform for their own purposes.

While still at an early stage, the Chromapolis ICO possesses indicators that point to a solid project. It is hard to say whether the project will be successful or not until we see features of the testnet, that is coming in September 2018.

By now Chromapolis has moderate risks and very high investment potential.

 

Rating

  • Site: 0 
  • Team: 95
  • Project idea: 90
  • Whitepaper: 0 
  • Technology: 100
  • Media: 0