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Chromia is a popular layer 1 blockchain that combines the advantages of a relational database with blockchain efficiency. The network continues to expand its services with some of its latest upgrades adding more usability and security to its ecosystem. Here is some valuable insight into what Chromia has been up to this year, and why it may be a good fit for your portfolio.

Chromia Appnet

The Chromia Appnet is a major milestone for the platform which will operate as a testnet for Dapp development. Testnets are more popular than ever and for good reason; they enable developers to see how their creations will operate in a real-world environment.

Source – Chromia Homepage

The Chromia Appnet enables Chromia developers to conduct in-depth testing of their protocols including security and scalability testing before release on the mainnet. Already, the test net is helping to ensure that all DeFi, NFTs, gaming, and token protocols built on Chromia meet strict standards.

Improved EVM Capabilities

The main reason for the testnet is to streamline the new EVM-compatible Chromia tech stack. This digital environment enables Ethereum developers to migrate their protocols over to the ecosystem in a seamless manner. It also enables developers to implement, test, and finalize their creations.

This interoperability upgrade could drive Chromia adoption moving forward. The developers have stated that creators can configure the environment to meet specific scenarios. Additionally, the system will support the transfer of assets between both the Ethereum and Binance Smart Chain.

For the Appnet to function correctly without affecting the rest of the network while providing specific parameters to developers, the system leverages special clusters of nodes. This setup allows for a working demonstration which helps improve security, functionality, and the UX design. Once all of these factors are ready, the Dapp can migrate to the mainnet.

Ledger Digital Asset Protocol (LDAP)

Chromia upgraded its Ledger Digital Asset Protocol (LDAP) which makes it much easier for people to create, transfer, monitor, and whitelist tokens. The goal is to improve tokenization on the Chromia blockchain. This decision would put the network in line with today’s advanced fourth-generation networks that offer easy tokenization of nearly any on, or off-chain, asset.

The upgrade will help the entire ecosystem expand as it improves the capabilities of users significantly. Chromia now supports easy onboarding, custom governance structuring, simplistic digital asset and network creation, and capital-raising options.

Tokenization

Tokenization and the ability to create compliant tokens and Dapps have made Chromia popular options for those seeking to tokenize large ticket items such as real estate. The network has recently partnered with multiple firms to offer fractional ownership of properties.

Fractional ownership of real estate brings many advantages. For one, it’s easier to sell property using tokens as there are fewer financial and regulatory barriers. Users can purchase partial ownership of the property, which is registered on the blockchain. The system automatically ensures that your ownership rights remain unalterable and all rewards earned are automated.

Programmable Compliance

Programmable Compliance has long been at the forefront of Chromia’s business strategy. The developers have gone to great lengths to ensure that the network remains transparent and flexible enough to handle specific use case scenarios.

Ledger Digital Asset Protocol (LDAP) improves performance as well. The network now enjoys real-time settlements that are cryptographically signed to improve security. The upgraded system also leverages timestamps to improve throughput and multi-signature wallets. The latter improves security by requiring multiple people to approve transactions prior to sending.

EVM Compatibility

Another major advancement that the upgrade brings to the table is EVM-Compatibility. Ethereum continues to lead the market in terms of Dapp and DeFi options for users. Chromia users and developers enjoy easy onboarding and far more interoperability thanks to the decision to go ERC-compatible.

Users can trade on more DEXs, leverage popular wallets, and even convert ETH-based platforms to Chromia, thanks to this vital improvement. The maneuver will improve usability and integration for the entire community. It also adds more liquidity to the Chromia ecosystem by providing direct access to the massive Ethereum network.

New Staking System is live

Stakers on the Chromium network now enjoy higher ROIs thanks to a new staking system. The community recently upgraded to a delegated proof-of-stake (DPoS) system which has brought with it many advantages. DPoS systems provide more scalability and performance because they reduce the amount network nodes needed to approve a transaction.

The upgrade enables users who don’t have enough tokens to stake to delegate their tokens to other stakers. The delegation process enables the user to receive a portion of the staker’s rewards based on the percentage of their total stake you provided. Notably, the upgrade enables users to claim rewards the moment they appear in your balance.

The upgrade adds more flexibility to delegators as well. For example, you can now convert your tokens to other validators without any penalty or loss of ROIs. This feature has long been sought out by community stakers as it ensures they can always find an active node to support. In this way, more people can participate in the validation components of the Chromia network which helps to drive decentralization.

There are no more deadlines for delegation using this new approach. Stakers can select the nodes they prefer and begin staking without worrying about missing the deposit schedule. Each staker’s period is now set to meet their start time.

NGC Ventures System Provider Node

NGC Ventures, a leader in blockchain infrastructure and integration, announced support for the Chromia blockchain this year. The group has launched a network node as part of its commitment to the platform. The node launch comes on the heels of the successful testnet launch in Q1 2023.

Chromia – A Flexible enterprise-grade blockchain expanding its network

Chromia continues to prove that its community remains dedicated to success. The platform’s recent upgrades improve performance and make it a more favorable option for those seeking low-cost Dapps and fees. For these reasons and more, Chromia remains a network to watch.

To learn more about this project, check out our Investing Guide HERE.