Chromia mainnet update: staking and 2020 Q3 roadmap

Chromia mainnet update: staking and 2020 Q3 roadmap

Chromia continues progress towards MVP mainnet launch.

The new version of mainnet, which is going to be deployed this week, will include native representation of CHR tokens and staking mechanism for providers. That is, providers will transfer ERC-20 CHR tokens to their mainnet representation in order to maintain the required stake, which is going to become mandatory in July. Previously, in bootstrap phase I, requirements were relaxed.

In this iteration, native CHR tokens will only be available to providers, end users should still use ERC-20 form of CHR tokens. Native CHR tokens will be enabled for all users and dapps in Q3 2020. however, there would be no need to rush with conversion as ERC-20 will still be kept for as long as ERC-20 standard stays relevant - several years at least.

The Chromia staking budget is also increased. The cryptocurrency staking ecosystem grew a lot since we made plans back in 2018, thus we believe allocating only 2% of tokens for “system node compensation” is not sufficient. Luckily we have ecosystem fund which we can use to grow Chromia’s provider ecosystem by increasing providers’ compensation (staking yield). This would make Chromia more competitive in the staking market. The long-term plan is to increase number of applications paying for being hosted on Chromia, of course.

And here’s a list of features coming to Chromia in Q3:

• Native tokens and Chromia Vault on mainnet.

• ERC-20 token gateway. We believe that integration with Ethereum is strategic for Chromia, as Ethereum network is one of the biggest in terms of liquidity, and is a de-facto standard for certain types of projects, such as NFTs and DeFi. But Ethereum's capacity is severely limited (and fees are skyrocketing), thus developers are looking for a hybrid solution where they can deploy their application on another chain while keeping compatibility with Ethereum tokens. We can extend gateway mechanism from CHR to arbitrary ERC-20 (and, possibly, ERC-721) tokens, allowing Ethereum developers to migrate their apps to Chromia while keeping compatibility with established standards. Thus Chromia can be viewed as "Layer 2" for Ethereum, as well as an independent network.

• Containerized dapp hosting. We decided to adopt container-based model for dapp hosting within Chromia network: that is, a dapp developer would be able to define a container with one or more blockchains to be run on Chromia providers' nodes. This would make it easy for developers to understand resource pricing on Chromia, as the model is similar to hosting apps in the cloud such as AWS and Google Cloud. Another benefit is that resource provisioning will be based on a battle-tested industry standard solution.