ChromaWay ICO ICO Review

ChromaWay ICO

A platform for smart contracts, issuing and transferring assets through a blockchain.

ChromaWay ICO Score



Chromapolis is a new blockchain Platform/Infrastructure for Dapps. Similar to other upcoming ICO Platforms, Chromaway ICO wants to address the current problems with existing platforms, such as the limitation of scaling, bad user experiences and high costs.   Chromapolis ICO by Chromaway is creating a full stack development kit that will supply blockchain developers with all of the necessary tools to build dApps that can scale to millions of users. The goal is to enable developers to build safe, decentralized applications with minimal effort.   Some of Chromapolis’ main features include:
  • Horizontal scaling
  • High I/O throughput
  • Practical Byzantine Fault Tolerance consensus
  • Giving Dapps high degree of freedum

REVIEW VIDEO

TOKEN SALES

METRICS

Full breakdown

What do Chromaway Tokens do?

Chromaway aims to support over 50 million tps per day on their public Blockchain already with their minimal viable product, which is planned to launch in October of 2018. Token transfer should be completed within 2 seconds, similar to how Steemit is currently running. Unlike Ethereum that has a standard transaction fee, Dapps that build on Chromaway have the posibility to customize their fees. Since every decentralized application built on Chromaway has its own blockchain, atomic swapping will be integrated in the ecosystem. Interblockchain transfers is planned to be effortless. Chroma tokens are used in Chromapolis to compensate block-producing nodes, however fees will not be paid by the user, but instead by the dapp developers.

What are Chromaway Tokens used for?

  • Allows dapps to pay hosting fees.
  • Currency within the Chromapolis economy, as dapps can collect it as fees, or use as reserves to peg their own tokens
  • Chroma tokens are used for stake and reservation, reducing circulating supply.

Chromaway Token Metrics

A total of 1 billion tokens will be generated at the launch of the mainnet. 15% (of all tokens) will be sold initially to select partners.The rest will be locked and released slowly over time. Up to 22% will be unlocked during the first year. After launch, up to 12% per year will be released. This creates long-term incentive for Chromapolis development. After three years, Chromapolis development and governance must transition to a decentralized model.
Thus percentage of tokens in circulation changes over time:
At start: up to 22%, After 1 year: up to 54%, After 2 years: up to 78%, After 3 years: up to 96%, After 4 years: 100%

Green lights

  • They have the first Western government exploring blockchain for Land Registry with the Swedish Lantmäteriet.
  • Company was founded in 2014, many years working towards their goal.
  • Piloting the 1st project in Sweden to model a property purchase using blockchain & smart contract technology.
  • MVP – Postchain which is a consortium database technology which combines the capabilities of enterprise databases with private blockchains.
  • Mainnet Launch 1 month after Private Sale.
  • Massive amount of awareness about the project.
  • Low circulating supply at exchange listing.

red flags

  • It’s a tough industry to infiltrate on a global scale.
  • Team has proven incompetence in regards to PR and handling the community outrage regarding the Ian Balina Pool.
  • Chromaway’s SAFT is not opened to subselling of tokens, however there is a massive amount of illegal pooling going on.
  • Chromaway’s CEO has made a horrible impression on every AMA, quote by CEO  – “Or you do realize, I don’t care? Our goal is only to collect money to finish the development of the platform. We don’t care about hype, people making OTC deals, etc. If they can profit from it, it’s their right.”
  • General lack of marketing and understanding psychology of running ICOs
  • Ian Balina & Ben Godenzi known as advisors then declaired not, uncertainty about different unlock vesting schedules for some investors.
Full overview

Chromapolis ICO & Chromaway Review

Chromaway ICO Overview

Chromapolis is a new blockchain Platform/Infrastructure for Dapps. Similar to other upcoming ICO Platforms, Chromaway ICO wants to address the current problems with existing platforms, such as the limitation of scaling. Chromapolis ICO by Chromaway is creating a full stack development kit that will supply Blockchain developers with all of the necessary tools to build dapps that can scale to millions of users. The goal is to enable developers to build safe, decentralized applications with minimal effort. The current user experience that comes with Dapps is not acceptable and prevents cryptocurrencies to reach mainstream adoption. Chromaway wants to change that. There will be no fee for transactions and no waiting times. The Chromaway team believes that the blockchain main role serves as a shared database of any information within the given ecosystem. A blockchain stores the data, secures it, democratizes it, stopping centralized powers from altering information. Some of Chromapolis’ main features include:
  • Horizontal scaling
  • High I/O throughput
  • Practical Byzantine Fault Tolerance consensus
  • Giving Dapps high degree of freedom

What is the Relationship between Chromaway and Chromapolis?

Chromapolis is implemented on top of the existing Postchain, designed by Chromaway. With a Postchain, a blockchain solution can be implemented by a SQL developer. For more details please read the full breakdown.

Chromaway compared to other Blockchain Platforms

Chromapolis boasts reduced fees compared to Ethereum, faster confirmation times, easier app development and more practical data access. Each dapp has its own blockchain (sidechain). Chromaway’s new language called Rell will be used for dapp programming. Rell will allow coders to describe Scemas, Queries and Procedural application codes.   Chromapolis uses the PBFT consensus algorithm (hardened by anchoring), a relaxed version of BFT that can handle more fault tolerance and allows transactions to be confirmed in seconds. When the number of blockchain’s validator nodes is 3f+1, a block must receive 2f+1 “votes” to be confirmed.  

ChromaWay ICO
DETAILED ANALYSIS

ICOs Found

ADVISOR SCORE

Medium

– Rain Löhmus is a serial entrepreneur and the co-founder of two banks. Hansabank was sold to Swedbank in 1999 and then LHV Bank . He is an Investment Manager and Member of Management Board of AS LHV Capital.

TEAM SCORE

High

– Team show good experience in their relative sector as well as being early Cryptocurrency adopters with blockchain experience.
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Chromapolis TEAM

Chromapolis is being developed by ChromaWay, a Blockchain company operating in Sweden founded in 2014. Chromaway’s main focus lies on blockchain platforms with public and private sectors. One of the strongest traits the Chromaway & Chromapolis ICO have going for them, is the massive amount of experience the team holds in Cryptocurrencies. All of the members have been working on fundamental projects in the blockchain space since 2013 or longer.

CTO & Co-Founder Alex Mizrahi

Alex was the original creator of the colored coin project in 2012. ColoredCoins is an open source community dedicated to build a universal framework for digital currencies on top of a Blockchain.
  • MSc in applied mathematics from Donetsk National University, graduated with honors.
  • Author of several academic research papers regarding Bitcoin and other cryptocurrencies, examples here.
  • Legendary bitcointalk member, extremely active since early 2011.
Based on the overall information we found on Alex as well going through much of his content in reddit, bitcointalk and others, as well as speaking to him, we came to the conclusion Alex is one a whole other level, in regards to Blockchain development and consensus algorithms.

Co-Founder & CEO Henrik Hjelte

25+ years as a developer and 10+ years as an entrepreneur. Ex. Senior consultant in Finance and IT. MSc Economics from Uppsala University. Full interview with Henrik. Henriks Github here

COO Or Perelman

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. Co founder of Coleredcoins Co-Founder of Safebit Bitcoin

Chromapolis Advisor

Charlie Lee

Charlie Lee is the founder of Litecoin, the second biggest cryptocurrency after bitcoin, and an early Coinbase employee.  

Vinny Lingham

Vinny Lingham is a South African entrepreneur who is the co-founder & CEO of Civic and previously Gyft. Also a blockchain celebrity and a dragon in the South African edition of the Dragons Den TV-show.  

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.  

Richard Brown

Richard Brown is Head of Technology, R3 CEV. Previously Executive Architect, Industry Innovation, Banking and Financial Markets for IBM UK. We recommend his blog.
Full List of the Chromaway Advisors here
 

HYPE SCORE

High

Probably the most hyped project of 2018. Telegram channel opened only few days ago, already very active. Due to massive controversy regarding a Ian Balina Chromaway pool, a lot of news articles went viral. Almost all influencers talk about Chromaway. Lots of controversy regarding insider dealings, fake allocations, unlocked tokens and more. Most investors know about Chromaway, and the user sentiment is very undecided. Chromaway’s recent incompetence left many people weary of investing.  

TOKEN SCORE

Medium

Token metrics yet to be released at the time of writing – 27th July 2018. Only 15% will be circulating at the inital exchange launch, with all the hype around this ICO there is a good chance that the price will peak quite a bit on the day of exchange listing. Low circulating supply is good for initail token appreciation, however the team is inflating the token supply by 85% over 4 year. Chromapolis is evaluated at 100 million USD, which is quite reasonable for a project of this size. Long vesting periods, for Team, advisors and Private sale Investors  

Github & Tech

Chromapolis uses a relational model so that the data can be easily accessed by an application programming interface (API) and indexed and queried without performance degradation (using Rell, a query language similar to SQL).

Scaling is solved horizontally so that each dapp gets its own blockchain, run by its own nodes. Expected transaction time of >500 TPS per sidechain.

Chromapolis uses the PBFT consensus algorithm (hardened by anchoring), a relaxed version of BFT that can handle more fault tolerance and allows transactions to be confirmed in seconds. When the number of blockchain’s validator nodes is 3f+1, a block must receive 2f+1 “votes” to be confirmed.

As dApps are not built as smart contracts, Chromapolis does not charge transactions fees, but instead “collects fees from a dApp as a whole”.

TEAM

HENRIK HJELTE

CEO

OR PERELMAN

COO

ALEX MIZRAHI

CTO

CONCLUSION

Chromapolis & Chromaway Review Conclusion

ChromaWay started with the pioneering work done by Alex Mizrahi on the original colored coins project since 2012, when he made the first implementation. Alex led the colored coins open source project until 2014 when he, together with Or Perelman, Iddo Bentov and Henrik Hjelte, formed Chromaway. Since then ChromaWay has kept innovating and is behind projects and services such as Postchain, a private blockchain that combines the power of a SQL database with the security of a private blockchain. ChromaWay has also been a pioneer within using blockchain technology, being part of the first project to have a bank issue a currency on the Bitcoin Blockchain with LHV Bank in 2014. ChromaWay is also the first company to have the first Western government exploring blockchain for Land Registry with the Swedish Lantmäteriet. Their head office in Stockholm is situated in one of the most emblematic buildings of the city, the Central Station. The underlying technology for this project is Chromaway’s two innovative products. First is Esplix, the smart workflow middleware which enables processes and workflows to be described using code and then enforced by the participants in the system. Second is Postchain, a consortium database technology which combines the capabilities of enterprise databases with private blockchains. The solution in this project is about streamlining and securing the process leading up the transfer of a property title.

ICO DOG Statement Regarding Chromaway

Team Chromaway team has proven that running an ICO requires more than raw knowledge and skill. They have been quite incompetent dealing with the recent drama around their project. Also, the fact that they have worked with both Ian Balina as well as Benn Godenzi, made a lot of investors question their motives. When asked why they are not opened to a public sale, the CEO as well as the CTO of Chromaway answered that they want to protect retail investors, however they bring two of the biggest ICO shiller publicly onto the projects and delegate around 20% of the hardcap to such people. The community sentiment is currently pretty bad around Chromaway. Eventhough their review on a fundamental level is excellent, they still have to work much harder on a human level, if they want to achieve mainstream adoption of their Blockchain. Becoming the mainstream adopted Blockchain is currently the biggest race of our lifetime. The Chromaway team has more competition than any other industry. Personally, I found it a big mistake that the CEO of this company will not be open to any help he can get.

Chromaway as an Investment Opportunity

Short Term Outlook: (Positive)

Due to massive hype, all the shillers on board and a very limited token supply at a very low token price, this project is categorized as a perfect Pump & Dump ICO. The main reason why the project might not do as well is that there is a very uncontrolled gateway in private and public pools around Chromaway. Also, the amount of fear that the public has about this project is unheard of.  

Long Term Outlook: (Very Positive)

The Chromaway team already proved several times that they are very skilled in blockchain and public ledger technologies. Their whitepaper is well structured, their product has been under construction long before their ICO. With a somewhat stable currency due to the inflation model, as well as the flexible dApp fees for developers, I can see a lot of developers and projects jumping on board of the Chromapolis platform.

7.3

ADVISOR

6.7

TEAM

7.2

HYPE

7.8

TOKEN

platform

CATEGORY

All information including our "Grading system" rating, is provided merely for informational purposes. ICO DOG does not provide investment advice (read more).

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