Welcome to the third monthly update of 2023! These monthly updates are provided to track the progress of the Testnet Expansion Phase, while also keeping you informed about all the news from around the world of Chromia.
In the coming weeks, there will be a major Testnet upgrade, significant changes to staking, and an update to the roadmap on the website. Check out the details below - but before you do, please take a minute to join our official Discord server, Chromia Lounge.
This section shares important progress on development objectives, and also gives users a heads-up about upcoming changes that may require specific action.
Upcoming Staking System Changes
Changes will be coming to the staking system. A separate article will be released covering this topic, but in the interest of reaching as many community members as possible, we will also include an overview of the essential information here:
- An additional step will be added to the staking process which requires users to delegate their stake to a network provider.
- APR will be decreasing from 25% to 20%.
- Rewards will begin being calculated in weekly epochs - to receive rewards for an epoch, you must be eligible (staked and delegated) for its entire duration.
- Users will still be required to enter a withdrawal request and wait 14 days before removing their tokens. However, under the new system, you will be ineligible for rewards during the 14 day waiting period.
- Outstanding rewards earned under the old system will be automatically paid out when the new system rolls out.
- March saw developers complete Postchain v3.9.0, which will be part of a major Testnet upgrade which will also take place in the coming weeks. The upgrade will add the following:
- Multi-cluster support
- Cross-cluster communication via ICMF (Interchain Messaging Facility) and ICCF (Interchain Confirmation Facility)
- Cluster and system level anchoring (anchoring that takes place on the Chromia Network)
- Please note that as a result of the upgrade, data from the previous version of the Testnet will be lost and the network state will start again from scratch. This is expected behavior and will happen with each upgrade until the ‘final version’ that will precede mainnet launch.
Upcoming Roadmap Changes
- The objective labeled ICMF has been changed to “Cross Chain Communication” and now includes ICMF as well as ICCF. After the testnet upgrade, this objective will be marked as ‘Done’.
- Hierarchical Anchoring will be split into two objectives, “Cluster and System Level Anchoring”, and “External Chain Anchoring”.
- After the Testnet upgrade, “Cluster and System Level Anchoring” will be marked as ‘done’.
- External Chain Anchoring will be given the status ‘In Progress’. It will be developed and integrated later in the Testnet Expansion Phase.
- A new objective will be added, Precise Configuration Update. PCU improves the functionality and stability of chain upgrades in a multi-cluster environment.
Provider Network Growth
This section shares progress on the ongoing growth of our provider network.
- As the Testnet progresses, providers will be further categorized into system providers and node providers. System providers can participate in clusters that run system chains as well as dapp chains, while node providers can only participate in clusters that run dapp chains.
- We currently have 5 providers onboarded (ChromaWay, Sunube, Dwellir, AM Cloud Sweden and Snowbridge), all of whom will act as system providers.
- Two additional system providers will be onboarded in the near future: NGC Ventures, and another to be determined.
- After the first 7 system providers are onboarded, we will continue expanding the network by adding node providers. Some agreements are already in place for this, while others are in the works.
This section shares news from new and existing projects, announcements from Chromia Innovation Lab and other incubation efforts, and highlights from our mid-month Developer Experience updates.
- The third Developer Experience Team Update was published on our blog. Providing developers with high quality tooling and documentation is critical to building a thriving ecosystem. This month’s highlights included a new documentation section called ‘Chromia Overview’ and the completion of the CLI CodeGen tool for TypeScript.
- On March 3rd, the Chromia Innovation Lab published this blog post, listing 17 projects that have been accepted to the 2023 Incubation Program. News and spotlights regarding select projects will be shared over the coming months through our official channels.
- On this front, we recently posted this Tweet, sharing Stable Battle’s progress on an Android mobile app.
This section shares news related to Chromia marketing. Appearances at crypto conferences, articles published on third-party outlets, ongoing promotions, highlights from the previous month’s content, and more.
- On March 7th, we published a blog post exploring the distinction between Layer 0, Layer 1 and Layer 2 platforms while addressing where Chromia fits into the discussion. Check it out here.
- On Wednesday March 8th, ChromaWay CFO Ebba Theding appeared on a Binance Webinar titled “Women in Crypto in the Nordics” to celebrate International Women’s Day. A full replay can be seen here.
- On Thursday March 9th, ChromaWay’s CEO and Chromia Co-Founder Henrik Hjelte participated in a video AMA on LinkedIn. Check out this Tweet which includes the full interview!
- On March 21st, we published this blog post covering the risk of arithmetic overflow hacks on Ethereum and how Chromia fixes the problem through its custom programming language, Rell.
- ChromaWay’s CSO Zara Zamani attended Paris Blockchain Week (March 20-24) along with several team members from My Neighbor Alice, who ran a booth dedicated to the Chromia Ecosystem game.
Looking Ahead to April
- The new staking system which reduces the rewards rate to 20% APR while introducing delegated staking will be rolled out.
- The Testnet will undergo a major upgrade, adding multi-cluster support and enabling cross cluster communication through ICMF and ICCF.
- Further updates regarding Incubation Program participants.
- More news and updates as they become available!
Modern society runs on data, and every online service you’re using is built upon underlying databases - ranging from your online bank to music streaming and gaming. Chromia is a relational blockchain - a combination of a relational database and a blockchain - making it easy to develop user-friendly decentralized apps for almost any industry, including DeFi, NFTs, gaming, and more.
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