Chromapolis ICO Review

WhaleBlocks
Sep 6, 2018 · 6 min read

Project Overview & Value Proposition
Today we’re going to take a closer look at Chromapolis, which is a blockchain platform for decentralized applications, (dApps). It was created to address the limitations of existing platforms, especially in terms of scaling.

The Basics: How are Postchain, Chromapolis, and ChromaWay related?
ChromaWay is an international start-up based in Sweden specializing in blockchain and Coloured Coin technologies.
Postchain is a consortium database, which offers a convergence of database and blockchain technologies.
Chromapolis is implemented on top of the existing Postchain framework developed by Chromaway.
Before we delve into analysing the feasibility of Chromapolis, let’s understand some needs of dApps developers.
1. Scalability to support mainstream acceptance.
2. Free usage of a platform for developers to create dApps

Scalability has always been an issue. Transaction times are taking far too long, especially when contrasted with mainstream systems like Visa, which manages 1667 transactions per second. Bitcoin provides 7 transactions per second, while Ethereum manages 20 transactions per second.
This is where Chromapolis comes in.
Chromapolis wants to utilise the relational model and merge it with blockchain’s capabilities to provide scalability and allow dApps to freely implement resource management (fees collecting from end-users) to align with their economic needs, rather than technical needs.

How do they set themselves apart from the crowd?
Their programming model is based on the Postchain framework. This means they are able to use existing open source SQL database software. Postchain also allows multiple blockchains to be hosted in one database. Chromapolis uses PBFT (Practical Byzantine Fault Tolerant) consensus algorithm. The need to encode queries as well as operations gave rise to their language-centric approach, called Rell.
Rell will be used for dApp programming. According to their white paper, this language allows programmers to describe data model/schema, queries, and procedural application code. It is compiled as an intermediate binary format, which eventually lets Chromapolis nodes to translate queries into SQL and execute the code.
The promise of Rell to overcome some shortcomings of existing comparables include: type safety/static type checks; safety-optimisation; concise, expressive, and convenient; and allows for meta-programming.

Peer comparables
Of course, they’re not the only kids on the block looking to overcome the oft-cited drawbacks of other blockchain infrastructure; such as Ethereum. As Rell is a new developer-centric language developed by Chromapolis, they are arguably the first of their kind. However, there are peers who have been working on the same problems, with different solutions.
Bitshares and Graphene have good throughput but are not smart contract suitable. Eos intends to completely remove transaction fees, and claim to be able to conduct millions of transactions per second.

Meet the team behind Chromapolis
They’re the same guys behind ChromaWay.
HENRIK HJELTE — CEO
25+ years as a developer and 10+ years as an entrepreneur. Ex. Senior consultant in Finance and IT. MSc Economics from Uppsala University.

OR PERELMAN — COO
Bitcoin expert focused on marketing and growth. Co-founder of Safebit, an early user-friendly bitcoin wallet. Extensive Blockchain marketing experience and contacts. Law (LLB) degree from College of Netanya.

ALEX MIZRAHI — CTO
Did the first implementation of Bitcoin 2.0 in the world. Lead the open source colored coins project from 2012. MSc in applied mathematics from Donetsk National University, graduated with honors. Author of several academic papers about Bitcoin. Also known as “killerstorm”.

Advisors
YISEUL CHO

An MIT graduate and ex-Facebooker. She is a venture partner at FBG Capital and the founder and organizer of Hyperledger London. Yiseul is a Managing Director at Zen9, a London based blockchain research firm founded in 2015.

GUY COREM
Guy has deep experience with startup financing, cybersecurity, and cryptocurrencies. In addition, he has worked with leading enterprises and ventures including Intel, Boxee, and Voltaire.

DANNY YANG
A Harvard graduate with a PhD in Computer Science from Stanford. He is the founder of BlockSeer, an analytics tool for blockchain based transactions and applications, and Maicoin, a bitcoin services platform with offices in Taipei and Palo Alto.

Token Metrics

Hardcap: USD 15M
Softcap: None
Tokens Created: 1b Chroma Tokens

Token Distribution

70% owned by Chromaway to be sold, awarded to team members, invested or used in any other way. [25% (of total distribution) private sale, 17% unlocked after the first year, up to 12% in subsequent years]
3% put into an automatic conversion contract on Ethereum blockchain to enable Chroma token to ETH conversion.
2% system node compensation pool
25% for promotional use

Chromaway team/advisor tokens are released over one year, 1/12 per month. Founder tokens are released over 4 years, and there is no lockup for private sale tokens.

Roadmap

The team has not officially released its roadmap, and it was nowhere to be found on the whitepaper. This image was shared in their Telegram group by their CTO, stating that it is an “Approximate roadmap”. That said, the roadmap is subject to changes at the discretion of the team.

Hype
Good ratings on several reputable review platforms:
CrushCrypto: Long-term holding [A], Flipping [A]
ShinChan ICO Alerts! : 90.27%
Sergio: 91/100
Diddy Carter: Excellent

Investors
Chromapolis is only running a private sale, and cannot disclose details about investors.

Our Opinions
We think that the team’s strong technical background in the blockchain space gives us confidence that they will be able to deliver what they promised. The community management team is very responsive on Telegram, and any queries regarding the project were answered within minutes. However due to the recent FUD, when questions were raised regarding Ian Balina’s allocation, the CM team seemed to react in a hostile manner [see attachment below].

The hardcap is very reasonable compared to other blockchain projects. We plotted a graph with the hard caps of a few blockchain infrastructure comparables.

We think that they have a very aggressive lockup schedule, which is certainly a good prevention measure against dumping. Another anti-dumping measure they took was to raise funds only from private sale, from which they could handpick their investors. Private investors were carefully selected to ensure that they were interested in the project long-term, and a conscious effort was made to avoid investors who were looking for a quick flip. Listed below are a few comparables and their lockup schemes.
- TomoChain [No lockup]
- Zilliqa [3 year lockup only for company, team, agencies. No lockup for TGE]
- Vite [20% monthly release for 5 months for public, 2 years for team]
- Quarkchain [2 year lockup for team, gradually released]

We like the look of the roadmap. The MVP will be released by the end of this year, and the first full version will be released in April 2019. Not much can be said about whether or not the team is on task, as they are currently on the first task which is the private sale phase. In terms of overall duration, the project’s timeframe is fairly short, with the final version releasing in August 2019, which we think is a very reasonable timeframe.

Chromapolis received a lot of attention after they were ranked top 5 in a few reputable review sites. However, in recent news, there were a lot of stories/rumours that spread FUD in the community. The FUD was mainly centered around multiple phishing campaigns and rumours that Chromapolis advisors, Ian Balina and Benn Godenzi, had access to an unlocked funding round of 2.5M.
Or Perelman, COO of Chromaway, wrote a statement to address the FUD stating measures to prevent getting scammed and refuted the claims of the 2.5M allocation to the aforementioned advisors. We think that the damage control was well done.

Overall, we have a great impression on the project and we will be keeping a close eye on their progress.

— Review published by Ziman Ong and See Yi Ze

For bite-sized information on ICOs do head over to: https://t.me/whalereviews


  • The above information is conducted by the research team from WhaleBlocks and is not considered professional investment advice.
  • This is in no way a buy/sell call. Please do your own due diligence before investing in any ICOs.
  • WhaleBlocks is not liable for any losses.

WhaleBlocks

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We assist and invest in blockchain-enabled projects.

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