ICO REVIEW: CHROMAPOLIS

Hi everyone, it’s CryptoGabby from Crypto Round Table.

There’s been a lot of hype recently surrounding Chromaway as influential bloggers such as Ian Balina and Ben Godenzi have rated this project quite high and recently come on board as advisors. The all-star advisor team also includes Charlie Lee (co-founder of Litecoin) and Vinny Lingham (co-founder and CEO of civic). A dedicated website for Chromapolis hasn’t been made live yet so there is limited information available regarding this project

Please note that this review is based on my own personal opinion and research and I have not been paid in any form. This review is also not to be taken as financial advice and it is recommended you do your own research to factor in your own personal circumstances.

What is Chromapolis?

  • ChromaWay is a blockchain technology company and the parent company of Chromapolis. Founded in 2014, they have been developing and refining their industry-defining blockchain technology platform. They work with public and private sector actors to build applications on their platform, mainly around real estate and finance.
  • Chromapolis is designed to solve the shortcomings of existing platforms and enable a new generation of dapps to scale beyond what is currently possible. These shortcomings that competitors experience, such as Ethereum, include bad user experience, high fees, frustrating developer experience & poor security.
  • Chromapolis solves these shortcomings by allowing dapps to scale to millions of users. For users there are no fees for every interaction and no waiting time. For developers there will be powerful tools and familiar processes for building secure applications efficiently.
  • Chromapolis is implemented on top of the existing Postchain framework developed by ChromaWay. Postchain is the first implementation of a consortium database and works together with the most widely used database systems since it is open-source. This blockchain solution can be implemented by a SQL developer so there is no need for specialized blockchain developers or an experimental codebase.

Main Features of Chromapolis

  • Chromapolis is designed with the following features to solve the shortcomings listed previously:
  • A relational model : Blockchain data and application state are stored in a relational database. This model is considered to be best in class in terms of flexibility, versatility and consistency.
  • Horizontal scaling: Each dapp gets its own blockchain and each blockchain is run by a subset of nodes. This means that total throughput can be increased when the number of nodes is increased. Splitting into multiple blockchains helps Chromapolis to achieve horizontal scalability as each node will only need to work with data corresponding to blockchains it needs to work with, thus increasing the number of nodes and blockchains can increase scalability. This architecture also makes updates simpler, as an update of a single blockchain will have no effect on others.
  • Rich indexing and querying: Dapps can quickly retrieve information they need directly from nodes running the application. Dapp blockchain logic can perform complex queries without severe performance degradation.
  • A relational programming language: Chomapolis will be using a new language called Rell (Relational Language) for dapp programming. As mentioned previously, Chromapolis is implemented on Postchain as it allows usage of existing open source SQL database software to implement data store and query capabilities. The issue this raises is that dapps can’t be allowed to perform arbitrary SQL queries as they might be unsafe, ambiguous or lead to excessive resource use. The way it works is that Chromapolis nodes will translate queries contained in this Rell code into SQL and execute the code as needed using an interpreter. Rell was designed in such a way that it is similar to other languages such as JavaScript. Their internal tests show that a familiar language is easier to adapt to and programmers can become proficient after several days.
  • High I/O throughput: data queries and updates are delegated to a heavily optimized relational database, allowing dapps to perform a large number of queries and data update operations
  • PBFT2 -style consensus: Preliminary testing of the Postchain framework demonstrate that Chromapolis is able to achieve a confirmation time of 1 sec, more than 500TPS per sidechain and IO capacity of more than 100K updates and reads per sec.
  • First-class dapps: Dapps do not arise from “smart contracts” in Chromapolis, but are considered first-class entities. Chromapolis gives dapp developers a high degree of flexibility and control. For example, Chromapolis does not charge dapp users for each transaction they make, instead collecting fees from dapps as a whole. This leaves developers free to create their own fee and resource use policies.
  • Each dapp has its own blockchain (sidechain) and will run on a certain set of nodes. This removes resource metering overhead (we no longer care how many instructions were executed, as an application cannot use more resources than it was given) allowing dapps to perform faster and scale better.
  • Fees (collected to maintain nodes) are paid by the dapp as a whole, not by end-users directly
  • Thus dapps are free to implement their own resource management policies, which can thus be aligned with economic rather than technical needs
  • Chromapolis is a general-purpose platform which is suitable for almost all kinds of dapps, especially those which require high I/O capacity or involve management of complex data sets. An example of this would be Massively multiplayer online games (MMOGs). MMOGs are currently out of reach because no existing blockchain platform can support them. Chromapolis have said they are capable of hosting entire game worlds in the blockchain, making sure that they evolve according to predetermined rules and ensuring that no one can cheat. Chromapolis believes this is the way to showcase the abilities of this platform but has not stated how they will prevent cheating and ensure evolvement so it will be interesting to see how they will achieve this.
  • Chromapolis offers the same level of openness transparency and decentralization as other public blockchains by replacing ​miners with ​providers. These providers own nodes which produce blocks. In their whitepaper, Chromapolis has stated that initially they will select of set of providers. Eventually the goal is for these providers to vote for new providers to be added so that Chromaway is no longer the gatekeeper. This raises such questions like what criteria will be used to choose the initial set of providers and how will they choose future providers.
  • The team are also developing ChromaWallet, which is a wallet which can be used to hold Chroma tokens as well as any tokens on any Chromapolis blockchain and follows the Flexible Tokens standard. It will also provide an ability to interact with dapps using a simple form-based interface and to manage dapp accounts. ChromaWallet will be provided in desktop, mobile, and web app formats and will target hardware wallet integration.

The Chroma Token has the following roles in Chromapolis:

  • It is used by dapps to pay hosting fees, thus compensating the nodes.
  • It is used as a “standard” currency within the Chromapolis economy, as dapps can collect it as fees, or use as reserves to peg their own tokens, etc.
  • It is used to make sure that providers have a stake in Chromapolis ecosystem thus offsetting incentives to collude.
  • The team expects a significant amount of tokens to be taken out of circulation and locked for staking and reserve purposes. This should generally lead to an increase in value of tokens over time based on simple supply and demand.

Token Metrics

  • Hard Cap: $17 million. This hard cap is reasonable considering the current market conditions
  • Token distribution: October 2018
  • Private Sale: TBC
  • Vesting Period: 40% of the Tokens will be freely accessible after the Launch. Every month afterwards, 1/6 will be released.
  • We are unsure if there will be a public sale, but at this point it does not seem likely there will be.

Community

  • There is no community at the moment as they do not own any Telegram channel or groups and are only communicating via email.
  • They are also not holding a crowd/public/open sale of any kind. Please be cautious as any contact offering or soliciting ChromaWay/Chromapolis/Chroma tokens is fraudulent.
  • Despite not having built a community prior to the start of their sale, Chromaway has done an excellent job in marketing considering all the hype surrounding this project despite not releasing much information about their project. They have been rated highly 7/17 times by bloggers on top 7 ICO.

Roadmap:

  • September 2018- Chromapolis testnet is released.
  • October 2018- Chromapolis MVP is released: Rell compiler, JavaScript SDK, tokens, sidechains, BFT + anchoring consensus, dApp provisioning.
  • December 2018- Developer tools: Chromapolis IDE, ETH Gateway, Unity SDK, in-memory database, Rell-optimized runtime.
  • February 2019- Chromapolis v1.0: Decentralized governance, support for business applications, custom DB implementation.
  • July 2019- Chromapolis v1.1: dApp marketplace, dApp templates, parallel processing, automatic sharding.

Team:

According to their website, Chromapolis will be run by the 10 members of the parent company Chromaway.

  • The team is led by 3 co-founders. Henrik Hjelte is the CEO and has spent the last 25+ years as a developer and 10+ years as an entrepreneur. Aside from helping to create the Chromawallet, which is an open source coloured coins wallet, he is also founder & CEO of Stix To.
  • Or Perelman is the second co-founder and he is a Bitcoin expert focused on marketing and growth. He is also a co-founder of Safebit, which is an early user-friendly bitcoin wallet. Prior to Chromaway, he also helped to co-found ColouredCoins which was the first ColouredCoins protocol and wallet.
  • Alex Mizrahi is the CTO and did the first implementation of Bitcoin 2.0 in the world. He has a strong background in mathematics, computer science, algorithms, object-oriented design and programming language theory. Prior to Chromaway, he has worked with both Henrik and Or on their previous businesses.
  • There are 7 executives which make up the rest of the team. Their profiles can be found on Chromaway’s official website.
  • This is a very strong team who all clearly demonstrate previous blockchain experience that’s evidenced by their previous projects.

Advisors:

  • Some of the advisors for Chromaway include Charlie Lee who is the co-founder of Litecoin, Vinny Lingham the co-founder and CEO of Civic. Influential bloggers such as Ian Balina and Ben Godenzi have also just jumped on board as advisors.

Investors:

  • At the moment the only major VC we are aware of who has invested in this project is FBG. The main concern this raises is how it affects the price of this token in the short run as FBG has gained a bad reputation for dumping when listing.

Questions:

After analysing this project, these were some of the questions I was still left with. I’m going to reach out to the team directly to see if they are able to answer these questions.

  • The team says it can process more than 500 TPS per side chain. How many chains in total can there be?
  • Chromapolis has stated that initially they will select of set of providers. What criteria will be used to choose the initial set of providers and how will they choose future providers.

Pros & Cons:

Pros:

  • Chromaway integrates its block chain inside the database server and so minimises the time to write. It also saves the costs to hire a block chain developer to write reports on the block chain as the existing database developers can access the blockchain information without learning a new language
  • no need to hire a new blockchain expert to develop reports.
  • added redundancy layer through Byzantine fault tolerance

Cons:

  • It does slow down transactions a fraction. It’s not specified how much.

Summary:

  • Short term: I believe this project has the potential to flip well in the short run due to all the hype it has generated in the lead up to the launch. It is also lead by a strong team of co-founders who all have previous blockchain experience and have built working frameworks e.g. Post chain.
  • Long term: Due to the early stage and lack of marketing, there is not much information about this project available. If they are able to achieve what they intend to do, this project has the potential to perform well in the long run as I believe the experienced leaders will provide good guidance.

Subscribe to the following for new updates and my reviews about the latest projects:

Leave a Reply

Your email address will not be published. Required fields are marked *