There has been whispers of a ChromaWay ICO all around the internet after Charlie Lee (founder of Litecoin) and Vinny Lingham (founder of Civic) joined their advisory board. Chromapolis, a platform blockchain created by ChromaWay, is an attempt to address the scaling and usability issues associated with platform protocols such as Ethereum. First off, we invite all of you to read their whitepaper when it’s publicly available, as this fundamental analysis is a high-level overview of the most big-picture aspects of their project.
The Chromapolis team, led by CTO Alex Mizrahi, identified a number of issues with existing platform protocols, namely limited capacity, prohibitively expensive transaction fees, poor data modeling tools, error-heavy contract language, rigidity of contract upgrades and developments, and poor light client support. Applications, according to Chromapolis, must be designed with a large audience in mind in order to be flexible and responsive.
With consideration to the governance of decentralized applications, Chromapolis (along with many other establishments in blockchain) believes that developers would make both front-end and back-end code open source. Chromapolis will then include optional governance mechanisms to allow users to control various aspects of application functionality, such as code upgrades. Postchain, which we reviewed here, is ChromaWay’s golden egg that will shake up the entire blockchain industry.
“Many database systems have been around for years and are trusted in production by enterprises around the world. This means that with Postchain, a blockchain solution can be implemented by a SQL developer. There is no need for specialized blockchain developers or an experimental codebase. Postchain has been built from the ground up to support the consortium database architecture.”
With that being said, I want to end with a fun little snippet of a thread on BitcoinTalk from 2012. Looks like Alex Mizrahi’s dream will be coming into fruition soon, and we wish the team the best of luck.