September 10th, 2018
Table of Contents
- Project name: Chromapolis
- Token symbol: TBA
- Website: https://chromapolis.com/
- Introduction video: Coming shortly
- Public ICO start date: No public ICO
- Crowdsale: No Crowdsale
- Hard cap: $15,000,000
- Total number of tokens: 1,000,000,000
- Total number of ICO tokens: 150,000,000
- Price per token: $0.10
- Percent of total supply: 15%
- Bonus structure: 30% and 25% discounts offered.
- Countries excluded: US
- Private sale/whitelist: Selected investors
- ERC20 token: Yes pegged 1 to 1 to the native token
This project scored above an 88.62% for its token metrics, therefore, it is being considered an all-star ICO. It has a great idea; the project is its own independent blockchain where each dApp gets its own sidechain allowing for network effects. The team is solid it has three all-star team members. There are also two all-star advisors. They are only trying to raise $15M leaving room for tremendous upside potential. There are 5600 members in the telegram community. The unique idea of a relational blockchain makes this project very interesting as it has the chance to disrupt the whole blockchain industry as we know it.
Because of this, we have invested in the project. This is not financial advice do your own research and consult a legal advisor.
Idea - (3 points out of 3)
ChromaWay is the company, Postchain is the blockchain framework. Built on top of the Postchain framework is Chromapolis, which is the public blockchain infrastructure. The investment is in the Chroma token, to be used on the Chromapolis platform. The innovative idea that makes this project so unique is the consortium database Chromapolis uses. A consortium database is just as good at managing data as a database and as good at being a secure distributed ledger as a blockchain. (https://chromaway.com/products/postchain/ )
Chromapolis attempts to solve the problems with Ethereum such as a bad user experience, high fees, and a frustrating developer experience. It addresses these problems while offering the same level of openness, transparency, and decentralization as other public blockchains.
Its objective is to form a new ecosystem that will allow dApps to scale to millions of users, while being as easy to use and develop on as modern centralized applications. For users, there will be no fees or wait time unless the model stipulates otherwise, and for developers, there will be tools and processes for building dApps efficiently.
Chromapolis is unique among the blockchain world because of its relational database. Both blockchain data and application state are stored in the relational database. The relational database model is considered best in class concerning flexibility, versatility, and consistency. This model makes Chromapolis a full stack decentralized development platform, meaning it has all the layers to build complete applications. Chromapolis also uses horizontal scaling, meaning each dApp gets its own blockchain (Chromapolis Whitepaper).
- Decentralization- Open, transparent and decentralized as other blockchains.
- Horizontal scaling- Every dApp gets a sidechain.
- Hybrid Consensus (PBFT/ Staking/ Anchoring): Transactions get confirmed within seconds. PBFT is further hardened by anchoring to make sure that finality is as sharp as the finality of PoW blockchains.
- Specialized language:
7Xmore compact than SQL. It uses Rell input which is safe, flexible, and simple to use.
- Innovative fee structure: You do not have to pay per transaction, and dApp developers are free to create new economic models. DApp developers have to pay the fees associated with the dApp (Page 2 Chromapolis Whitepaper).
The problem it's solvingWhy other blockchains are not as good:
- Decentralized applications are dealing with increasingly complex data structures. Most blockchains use key-value data stores (Ethereum and NEO). Key-value data stores are very low-level making it harder for app developers.
- In common blockchain platforms, it is tough to search for queries. (Page 3 whitepaper)
- End users have to pay for every interaction with their dApp.
- Most users are not ready to pay for every single click.
- Developers can’t fix the dApp unless they retain full control. Making it not quite decentralized.
Why Chromapolis works better:
- Relational models work better for the complex data structures in the blockchain. Most software engineers are already familiar with relational models so they will not have to learn new concepts for implementation and application.
- Leverages the power of SQL database management systems which have been optimized for decades. Instead of dApp code that traverses memory cells one at a time, you can send a query to DBMS and let it use its query planning to carry out this query as fast as possible.
- Each dApp has its own sidechain
- Chromapolis does not charge dapp users for each transaction they make, instead it collects fees from dapps as a whole
- DApps are free to create resource management policies that can be aligned with economic needs.
- Upgrades can be deployed through a built-in governance mechanism.
Chromapolis- Is suitable for all kinds of dApps, but it is most advantageous when the management of elaborate data sets and/or high I/O capacity is required. The best example of this is massively multiplayer online games. No other blockchain platform can support these games. It could also be used for real estate dApps, supply chain dApps, a decentralized LinkedIn, prediction market, or other applications.
Type of Project – (2 points out of 2)
This is a blockchain ecosystem. Postchain is the blockchain framework and built on top of it is Chromapolis. Chromapolis is the public blockchain infrastructure that developers can build applications on allowing for network effects.
Technology – (6 points out of 6)
- They have a testnet coming out one month after the private tokens sale
- Here is the code they have for Postchain, Chromapolis code is not public yet- https://bitbucket.org/chromawallet/postchain2/src/master/
- Mainnet MVP end of September (Chromapolis marketing team)
- Multiplayer online games wholly or partially migrated to blockchain technology may become next step for the whole crypto industry.
- ChromaWay uses an innovative economic model of daily/monthly fees for "decentralized hosting" of dApps instead of each action being paid by the end user like in ETH+CryptoKitties.
- It deserves more emphasis from advanced crypto investors.
- It uses Rell Language. Rell is based on relational Eg. SQL
- The blockchain is also a database.
- The full network can have almost unlimited TPS.
- There is anchoring to proof of work for extra security.
- Uses BFT/Staking
- This project is intended to host only massive projects like MMORPG games. Simple games do not need such a complicated and expensive solution. The minimum entry fee for the developer will be costly (hosting at least four nodes per dApp), so indie developers may miss this opportunity.
- It will be complicated to reach higher performance and more convenient machine code for developers than the centralized solutions that already exist.
- The database synchronization method is broadcast in fact, without transaction integrality, so only certain user interaction model dApps can be hosted on Chromapolis.
- User session and other required programming tools are not planned yet within this project.
- There is no way to protect any dApp from being spammed with thousands of registrations. Interacting with dApps is almost free, each dApp pays itself for hosting. It will be possible to create many wallets and register many accounts in any dApp and overload its nodes unless the dApp has some internal protection plan such as paid registration.
- The team says their code is 70% ready. This kind of solution is complicated to develop, test, and roll out to the public. It is not just a blockchain, but it is a blockchain mixed with a token for payments, which interacts with ETH/BTC blockchains for storing/validating hashes. The primary purpose is also to store decentralized databases and smart contracts that can interact with this database. Depends on the team whether they will be able to implement everything.
- Kotlin for server-side sounds pretty good and it uses a very fashionable superstructure of java language.
- It is a Postgresql reliable and high-performance database.
- Their custom machine code looks easy to read, write & understand.
Team – (4 points out of 4)
This is an all-star team with the following team members working full time on Chromopolis. Not added in this list is Alex Mizrahi who does not meet our specific criteria to be considered an all-star but he is very noteworthy. Alex helped create the first implementation of Bitcoin 2.0 which was a forerunner to Ethereum.
- Henrik Hjelte https://www.linkedin.com/in/henrikhjelte/
- Role- CEO
- Prior Job
- Company- Eniro and Kambi
- Title- Consultant
- Expertise- Developed an HTML5 interface for Unibet and other sports betting sites using CoffeeScript, Backbone, BEM and modern tools
- Years- 1 year four months at Eniro and 11 months at Kambi
- Market cap- Eniro $300 million and Kambi $5.4 billion
- TianLin Shao https://www.linkedin.com/in/tianlinshao/
- Role- VP of Asia Business Development
- Prior Job
- Company- Bank of China Stockholm
- Title- Business Development
- Years- 4 years
- Market-cap- $1.1 Trillion
- Todd Miller https://www.linkedin.com/in/toddmiller4linkedin/
- Role- VP of US Business Development
- Prior Job
- Company- Hewlett- Packard/EDS and Fannie Mae
- Title- Sr. Manager and Sr. Manager
- Expertise- Created and led an innovative partnership integration program through which the US. Treasury, investors, financial service partners, and vendors coordinated and implemented technical and program change across HAMP and partner platforms
- Years- 4 years and 7 years 3 months
- Market-cap- $37.46 Billion and $1.61 Billion
Advisors – (2 points out of 2)
- Name- Guy Corem https://www.linkedin.com/in/vcorem/
- Prior Job
- Company- Intel
- Title- Software Architect
- Expertise- Software Architect at Intel Atom SoC group
Software Architect and lead firmware developer at Perceptual Computing group
- Years- 2 years 7 months
- Yiseul Cho https://www.linkedin.com/in/yiseulcho/
- Prior Job
- Company- HSBC and Facebook
- Job title- Blockchain Data Specialist and Data Analyst
- Expertise- Starting, leading, and managing the international project team
- Years 9 months and 1 year 4 months
- Supply capped at 1 billion Chroma
- Looking to raise $15 million in private sale. There may be a crowdsale depending on the legal status
- 15% will be sold privately to investors, in two batches: first batch 30% discount ($0.07 a token), second batch 25% discount ($0.075).
- 10% will be distributed to the team including advisors: frozen initially, phased release
- ChromaWay reserves 40% of tokens. At most 10% will be sold each year at a price higher than or equal to the base price
- 2% allocated to core node compensation fund
- 3% is for the automatic conversion contract Chroma <> ETH
- 30% of tokens reserved for promotional purposes, at most 10% per year
- Legal jurisdiction is in Estonia
- PWC is auditing them and doing the legal around the token sale (Chromapolis marketing team)
Interesting Data Points
- The lead developer of Chromopolis Alex Mizrahi designed the specs and implemented the first wallet for colored coins. Colored Coins was a concept that would have been the first implementation of Bitcoin 2.0. Vitalik came on board months after Alex and forked Alex’s protocol into a protocol barely anybody used.
- Vitalik says that colored coins inspired him to create Ethereum
- Since then Vitalik has moved to start Ethereum (market cap of $36B), and Alex began working on Chromaway (market cap of $100M)
- Alex has also written many academic papers with many notable blockchain figures including Charlie Lee, the founder of Litecoin and an advisor to ChromaWay.
- Two notable blockchain figures have also worked under Alex on Colored coins
- Jimmy Song
- Araoz Manuel (founder of Zepplin)
The Chromapolis token value will only increase for projects that are built on its blockchain. Projects built on top of Postchain are different, they will bring attention to Chromapolis and give it good PR and marketing, but this will not increase the value of the Chroma.
The Chroma is used in the following ways:
- Tokens are used to compensate block-producing nodes, unlike Ethereum where fees are paid directly by users per transaction.
- To become a node and host Chromapolis blockchain you must have a token stake.
- The dApp pays hosting fees to the nodes. This is dependent on computational resources requested by the application and used data volume.
- Then the dApp can collect fees from users according to its policies
- Dapp developers can implement any policy they would like to.
- Classic model- fee per transaction
- Subscription model- fees paid monthly
- Freemium model- Some actions have fees some are free
- Subsidized model- fees paid by a sponsor
- Donation based- fees paid by a donor
- Hosting fees do not depend on resources consumed by an application. They depend on resources allocated for an application.
- Hosting fees are paid on a daily basis and are split into categories
- Percentage of processing time
- Number of transactions
(Page 21 Chromapolis Whitepaper)
Comparable Projects to Chromapolis
- Language RELL catered to most of the developers in the world who already know databases languages like SQL, Postgres, etc.
- Can currently validate 160 TPS working on getting it up to 500-1000 TPS for one side chain. The full network can have almost unlimited TPS
- Data stored in the store procedure of the relational DB and NOT in key-value store and trees like other blockchains
- Querying, indexing, and ad hoc in second
- No Gas fees, only hosting fees for the dApp developers
- Anchoring to proof of work for extra security
- They can host a full dApp on root chain; they are using practical Byzantine fault tolerance algorithm
- Language C++ less than half of the developers know this language
- Currently peaking at around 2500 transactions per second. Promises to increase transactions significantly
- Data stored in RAM which uses a table like structure. EOS also has a key-value database, and it does not support complex queries
- Querying is in RAM and indexed with primary and secondary keys, and it has millisecond queries
- Transactions are free, but everyone who wants to perform transactions must hold EOS token
- No anchoring to proof of work. Uses 21 supernodes
- EOS does not have side chains. They store all the dApps on chain (Eos Developer telegram group)
- Language Solidity very few developers know this language
- Can validate 15 TPS
- Raw data no database
- Querying takes a minute
- Everyone has to pay gas fees for transactions
- Uses proof of work, they plan to change to proof of stake
- Does not have side chains, stores all the dApps on chain
Areas of Concerns
Relational models have disadvantages such as:
- Performance is hard to predict and depends on the query planner. This is only on a problem on a per dApp basis not a full system basis.
- Imposing hard bounds on query execution time is impossible. Only affects the dApp that issues slow queries.
- Parallelization of SQL databases is a complex area of active research. As far as we know, no blockchain platform offers 100% fully automatic parallelization on a massive scale. Thus there's no evidence that a relational model is worse than other models. We believe that the relational model makes logical sharding and sidechain mechanisms easier to implement (Page 5 Chromapolis whitepaper).
We are very excited about this blockchain project only raising $15M (USD). It scores an 88.62% on our spreadsheet making it the highest scoring project since we scored Sparkster four months ago. The team is an all-star team with a very experienced blockchain developer who worked on the beginning implementations of Blockchain 2.0. The advisors are all-stars. We believe in this project and its revolutionary consortium database blockchain technology that will pave the way for the next generation of dApps that can manage data. We would like to see the testnet released to make our final opinion.
Because of this, we have invested in the project. This is not financial advice do your own research and consult a legal advisor.
For the short term this private token sale could do great. The tagline "decentralized blockchain database (hosting)" may be useful for the short term. The unique relational database idea that is entirely different from anything any other blockchain has done will attract investors. The reason being that there is familiarity with relational databases in the real world which will increase investor confidence in the token. Additionally, the lead developer Alex Mizrahi worked with Vitalik Buterin on colored coins before Vitalik split off to create Ethereum.
For the long term it should do well depending on the roadmap implementation. The fact that Massively Multiplayer online games can be migrated to blockchain technology could be the next step for the whole cryptocurrency industry. Instead of every action being paid by the end user the innovated economic model of daily fees for decentralized hosting is a great idea. The custom machine code is easy to read write and understand. Just like with all other projects, the long term value depends on if they are able to build a strong network of users.
https://chromapolis.com/papers/chromapolis%20-%20platform%20white%20paper.pdf (Chromapolis Whitepaper.)
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