The Good Tech Companies - Blockchain Without Fees? Chromia's Groundbreaking Model Explained

Episode Date: August 5, 2024

This story was originally published on HackerNoon at: https://hackernoon.com/blockchain-without-fees-chromias-groundbreaking-model-explained. Or Perelman, Chromia co-founder, discusses the platform's innovative relational blockchain technology, and fee-free transactions. Check more stories related to web3 at: https://hackernoon.com/c/web3. You can also check exclusive content about #behind-the-startup, #or-perelman, #chromia-co-founder, #bitcoin-wallets, #chromia-hosting-fee-structure, #chromia-mainnet, #relational-blockchain, #good-company, and more. This story was written by: @ishanpandey. Learn more about this writer by checking @ishanpandey's about page, and for more stories, please visit hackernoon.com. Or Perelman, co-founder of Chromia, talks to TechCrunch's Ishan Pandey. Chromia's mainnet recently launched, and the company is working on new initiatives. The company has received investment from a number of notable VC groups. The platform is designed to be interoperable with other chains, allowing projects to utilize unique features.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. Blockchain without fees? Chromia's groundbreaking model explained by Ashan Pandey. R. Perelman, co-founder of Chromia, discusses the platform's innovative approach to blockchain technology, including its relational blockchain concept and elimination of direct gas fees. He shares insights on Chromia's development, partnerships, and vision for the future of blockchain adoption. Ashan Pandey. Hello or Perilman, it's a pleasure to welcome you to our Behind the Startup series. You have a notable history in the blockchain space, including being featured in TechCrunch's first article about Bitcoin and co-founding one of the

earliest Bitcoin wallets. How did your early experiences in blockchain influence your journey at Chromia? Thank you for having me, Ashan. My journey with Chromia really began from the same curiosity that drew me to Bitcoin early on. I like to keep an eye out for new technology, and then it always leads to the same question. What can we build with it? Ashan Pandey, Chromia introduces innovative concepts like relational blockchain and eliminating direct gas fees for users. What inspired these unique features, and how do they address the limitations you observed in traditional blockchain technologies, are perilmen. Chromia isn't a fork of anything, but a new

blockchain concept built from the ground up. The best thing about that is we could look at existing platforms and ask ourselves what we would want to do differently. The relational blockchain concept was inspired by traditional relational databases, which are excellent at handling complex queries and structured data. By integrating these concepts into a blockchain framework, we allow for more efficient data handling. Eliminating direct gas fees was driven by the need to improve user experience and adoption. Traditional gas fees can be a barrier, especially for new users. Ashant Pandey, Chromia's model eliminates direct gas fees for users. How has this model, along with Chromia's predictable weekly hosting fee structure,

impacted both user adoption and developer engagement compared to traditional blockchain platforms or parallel. When people hear about no gas fees, it really grabs their attention and starts a conversation. When we designed the system, we began with a reordering of traditional blockchain economics. Chromia is still in its early stages, but I believe that in the long term, it gives us an advantage over other layer ones. The reason is that you can start using a Chromia-based DApp and not even realize until later that you were using a blockchain. Ashan Pandey. Chromia has received investment from several notable VC groups. How have these partnerships influenced Chromia's development and market strategy? Or Perelman, having a well-developed network of partners, both in technology and investment, is crucial for success in Web3. The connections

we've formed in the industry have been instrumental in integrating us into the larger crypto ecosystem. That said, we've also been selective, turning down some OTC investment offers. We have received help from our private investors and also new liquid funds who bought dollars CHR with regards to potential partnerships with external projects. Ashant Pandey, with Chromia's mainnet recently launched, what are the immediate and long-term goals for the platform? How do you plan to expand the ecosystem? Or Perelman, for the next rest of the summer, we are refining some of our core components and completing the migration of our staking system from EVM to Chromia. From an ecosystem perspective, we have a very well-developed gaming sector, and I think the most common perception of Chromia is that we

are a gaming chon. While this is true, we are also a fully featured Layer 1 Thajan run all kinds of dApps. As the year progresses, we expect to see other areas like DeFi become more developed. Also, I can't say too much but we are working on some new initiatives that will open up Chromia to a whole new range of use cases. Long term, we are ambitious and plan to have a significant presence across multiple verticals. Ashan Pandey. As a pioneer in relational blockchain technology, how do you see Chromia influencing the broader blockchain industry in coming years? Our perilmen.

Most blockchains, regardless of their scalability, struggle with handling complex datasets. Relational blockchain aims to address this and cloud-establish a new standard for blockchains. Chromia is designed to be interoperable with Ethereum and other EVM chains, allowing projects on other chains to utilize our unique features. As more projects and developers recognize its benefits, we anticipate an increase in the adoption of the relational model. Ashant Pandey Finally, where do you see the future of new technologies such as blockchain heading, and what strategies do you believe are crucial to promoting its widespread adoption or parallel. I believe the most important step in promoting adoption is

making blockchain more intuitive. This includes easier account handling, gas-free transactions, and streamlining the onboarding process. While progress is being made, there's still a long way to go. At Chromia, we're committed to contributing to this evolution and improving the user experience. Don't forget to like and share the story. Tip Vested Interest Disclosure. This author is an independent contributor publishing via our business blogging program. Hacker Noon has reviewed the report for quality, but the claims herein belong to the author. Hashtag D-Y-O-R. Thank you for listening to this HackerNoon story, read by Artificial Intelligence. Visit HackerNoon.com to read, write, learn and publish.