During times of high volatility and outright chaos, it can be easy to lose sight of the bigger picture. The blockchain industry is still in its formative stages, and periods of rapid expansion inevitably come with painful contractions. Let’s take a deep breath and hear from the three founding members of the project as they share their thoughts on the road ahead for both Chromia and the crypto space as a whole.
Henrik Hjelte, CEO
When there is uncertainty in the market, it is understandable for people to be concerned about the long term viability of the projects they are stakeholders in.
As a matter of principle, we follow strict guidelines regarding budgeting and accounting and hold a large part of our operational budget outside of the cryptocurrency ecosystem. Of course, as a blockchain project it is necessary to hold operational exposure to crypto assets, including stablecoins. As an extra precaution in light of the recent UST situation (don’t worry, we were not affected in any way), we have completed a risk assessment of all our assets and adjusted them accordingly to ensure that the whims of the market do not impact our business operations.
In my experience, interest in blockchain on the institutional and corporate level continues to increase rapidly, regardless of the ups and downs experienced by the wider market. Looking back to when we founded ChromaWay in 2014, I am amazed by the growth of our industry and have absolutely no doubt that this growth will continue as time goes on. We look forward to continuing the expansion of our ecosystem and realizing the vision that started us on our journey.
Alex Mizrahi, CTO
As a tech guy who spends most of his time coordinating development efforts, I feel most comfortable speaking to the technical side of things. One thing is for sure, the development team works the same way every day regardless of the price of Bitcoin, or anything else.
As shared in a recent update, we have added to our core development team. At the moment, we have a few separate teams dedicated to modules required for the upcoming mainnet. While one team is primarily focused on ICMF, another is focused on L2 EVM functionality, and another on the Chromia Originals NFT standard.
In general, we develop with the idea that a useful and secure product will be valuable. While it can be fun to “move fast and break things” in the name of innovation, every once in a while the crypto space gets a harsh reminder that popularity and price action can quickly take a backseat to protocol design when things don’t work the way they should.
While we are eager to complete and release our mainnet, I have always believed that things have to be done ‘the right way’, without compromising on key details. The development team will continue working to deliver an innovative and secure platform that can power decentralized applications for years to come.
Or Perelman, COO
The last year has been a huge positive for our brand from a networking and business development standpoint. Chromia and related projects have made countless appearances and acted as sponsors of major events, resulting in a wider awareness of the work we are doing.
The ecosystem around Chromia is shaping up nicely, and I am looking forward to the announcement of additional projects who will be joining us over the coming months. Mainnet launch will bring another wave of activity, as new projects are built on our Layer 1 and new and existing projects take advantage of the features we offer as a Layer 2 enhancement.
The crypto market is very sensitive, with a high correlation between assets. On top of this, there is an emerging correlation with traditional markets which have also had difficulties of their own lately. This can be a blessing when sentiment is high and everyone is enthusiastic, but also a detriment when the market is fearful. I won’t lie, I do get frustrated at times that the value of CHR can swing so wildly for reasons beyond our control. However, this is just the ‘nature of the beast’, and we simply need to focus on the things we can control.
I can assure everyone in the community that business development will not stop, rain or shine. We still have a long way to go to bring Chromia to where we want to be, and we are determined to get there.
The Road Ahead
In short, our goals remain the same for the remainder of 2022 and beyond:
- Build and strengthen our existing partner network in both crypto and other relevant industries such as gaming and finance
- Continue raising awareness of our brand and our products
- Complete and launch mainnet, and continuously improve it thereafter
- Expand the ecosystem by attracting and incubating new projects
Whether you are a long time supporter, on the fence, or checking us out for the first time, we encourage you to stick with us for the long run. Cryptocurrency and blockchain aren’t going anywhere, and neither are we. Onwards!