Chromapolis ICO Overview
The Chromapolis ICO and token sale are raising funds to launch a full-stack decentralized development platform and protocol. As a full-stack development framework, Chromapolis supplies developers with all of the necessary layers to build complete applications, integrating the flexibility of relational databases with distributed ledger technology.
Chromapolis is developed by ChromaWay, a Swedish blockchain firm that has been strongly involved in the industry since 2014. There is an indirect, but notable, relationship between ChromaWay and the development of an e-currency by the Swedish National Bank.
Chromapolis ICO Value Proposition
Users of existing distributed networks like Ethereum ostensibly must pay for every interaction that occurs on a given dApp, in proportion to the resources required for each transaction. This results in a precedent where dApps cannot experiment with alternative models for data and computational resource management.
One such example is the “freemium” model, which dApps built on Ethereum cannot exploit. Chromapolis addresses this issue through the introduction of a new model, delegating resource management to the level of individual dApps. The fees which are collected to maintain nodes hosting dApps are paid by the dApp providers, and not end-users.
The latitude offered through management of computing and storage resources at the individual dApp level opens up a variety of fee models which are not possible on other blockchain networks.
Further toward the aim of expanding dApp development possibilities, Chromapolis utilizes a relational blockchain in conjunction with a hyprid consensus protocol and innovative developer-oriented features to enhance the experience of both dApp users and developers. The relational model of the blockchain allows for data and application state to be stored in a relational database.
Each dApp within the Chromaplis ecosystem possesses its own sidechain, facilitating both horizontal scaling while allowing applications to exist in isolation and therefore, operate in a manner that does not impact other dApps running in parallel. dApps requiring multiple execution threads can utilize sharding for inclusion of additional sidechains.
Chroma tokens provide the mechanism for incentivization within the Chromapolis ecosystem. Nodes must stake a certain amount of Chroma tokens to participate in the network. The unique approach Chromapolis takes toward the token economy of the ecosystem means it is largely dApp providers themselves who reward nodes for participation. dApps which deploy native tokens have the option of backing their tokens with Chroma, to increase liquidity and allow for easier exchange of value between other dApps within the ecosystem.
Chromapolis ICO Team
Henrik Hjelte (CEO) is the CEO and Co-founder of parent company Chromaway, developing advanced blockchain solutions for clients in the finance and government sectors. Along with his Co-founders, he was responsible in 2012 for the creation of ColoredCoins, a pioneering way to use Bitcoin infrastructure to transfer any asset that holds value, including gold, fiat and property.
Or Perelman (COO) has an extensive background in the cryptospace, beginning in 2011 when he co-founded and developed Safebit, a multi-chain wallet and collaborative platform for crypto asset management. Or went on to co-found ColoredCoins, and also served a brief stint as CMO with bitBlu, a crypto portfolio app. He resumed his work with his partners at Chromaway in 2013, serving as COO until present.
Alex Mizrahi (CTO) has decades of experience as a full-stack developer. From 2000 to 2012, Alex worked as a software developer on a myriad of projects in fields such as 3D graphics, machine learning, and mobile software. In 2012, he joined up with Henrik and Or to develop ColoredCoins and moved on to co-found Chromaway, where he now serves as CTO.
Chromapolis ICO Strengths and Opportunities
Chromapolis introduces relational databases to blockchain to tackle the increasingly complex data structures of decentralized applications. A relational model also allows Chromapolis to leverage the power of SQL database management systems, a staple mechanism for data management with a history of proven usage. Sophisticated query planning, advanced data structures and caching capabilities allow for expedited code queries.
As relational databases are a common component in software engineering, the familiarity should, in theory, ease the transition for developers working on decentralized applications. Performance issues from individual querying instances are isolated to dApp sidechains, so that slow queries do not affect the entire network.
With Chromapolis, users pay fees indirectly and are therefore spared the pay-per-transaction model that is nearly universal in the blockchain space. As an alternative, dApps built with Chromapolis pay make direct payments to noders on a daily basis, depending on the amount of computational resources and data volume consumed by the users.
This structure unlocks a variety of options for dApp developers themselves to deploy more user-friendly payment methods, such as through a subscription model, freemium offering with in-app purchases, or other structures specifically adapted to game-play scenarios.
Such flexibility presents an appealing feature for developers and users alike, as dApps built on Chromapolis can offer payment models that are more familiar to the average consumer.
Chromapolis ICO Weaknesses and Threats
Chromapolis is positioned as a general-purpose platform suitable for most types of dApps, especially cases that require the capacity to handle high-volume, complex data sets. Gaming is one particular use case where the capacity to handle complex data sets opens up the possibility for hosting entire games on the Chromapolis network. The oft-repeated example of Crypto Kitties still serves to demonstrate the current impracticality of hosting gaming on the blockchain.
To demonstrate the true capacity of Chromapolis at handling complex data-sets onchain, the go-to-market strategy of the project will initially target blockchain gaming. Chromapolis plan to develop a Massive Multiplayer Online Game as a way to showcase the expanded range of possibilities offered by the platform.
As a development platform with such a wide variety of possible initial use case scenarios, a gaming-based GTM strategy may sell the project short by failing to reach a broad enough audience of consumers and developers alike.
A dApp competition or similar strategy that harnesses the immense creativity of the developer community could provide a much more expansive pathway toward simultaneously showcasing a wide variety of use case scenarios for Chromapolis, especially considering the reach and strength of the parent ChromaWay company.
The Verdict on the Chromapolis ICO
The Chromapolis ICO offers a new approach to dApp development that addresses the shortcomings present in many current blockchain networks.
While still at an early stage, the Chromapolis ICO possesses indicators that point to a solid project, backed by a team with extensive experience developing blockchain products. With prior experience deploying blockchain to fields such as finance, the current gaming-focused go-to-marketing strategy may not present the most compelling road to adoption.
That said, at such an early stage, there is plenty of room for repositioning if necessary.
We have been in discussions with the Chromapolis ICO team and our ratings are based on conversations and information that they have asked us to keep confidential. We should also explain that the project is not actively marketing at this time, therefore we cannot share a website or other materials. Please note that our review does take into consideration the token data that has been shared with us, but we have been specifically requested not to share the token metrics that we have seen at this point. We will share them as soon as they are made available by the team.
Despite being a Top 10% rated ICO, we have decided not to participate.
Learn more about the Chromapolis ICO from our Telegram Community by clicking here.
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CHROMAPOLIS ICO REVIEW SCORES
The Chromapolis ICO presents some interesting ideas, which don’t entirely seem to add up… yet. The core notion of introducing relational databases should, in theory, appeal to mainstream developers who have not switched to blockchain – which in turn may develop a larger community, with the endgame of a broader ecosystem of users and developers. It worked for Apple. (This would also help prevent network congestion from mega-dApps, and introduce more flexible payment options.) Their go-to-market strategy, while still formative, may rely too heavily on one subset of users – gaming is a tough market and although it can pay off in a big way, perhaps gamification should not be the only strategy used to advance Chromapolis’ interesting take on dApp development.
Progress To Date……………………8.0
Community Support & Hype…..8.8
Price & Token Distribution……..5.1
- Core team has exceptional experience in blockchain development
- Introduction of new resource management models to blockchain
- Hype level considerably high for early-stage project
- Go-to-market strategy may not prove effective
- Details of proposed token economic model still vague
Today’s Date: 8/9/18
Project Name: Chromapolis
Token Symbol: TBA
Website: Parent Company Chromaway Website
White Paper: TBA
Additional Information: TBA
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This category accounts for the leaders, developers, and advisors.
Poor quality, weak, or inexperienced leadership can doom a project from the outset. Advisors who serve only to pad their own resumes and who have ill-defined roles can be concerning. But great leadership, with relevant industry experience and contacts, can make the difference between a successful and profitable ICO, and a flub.
If you don’t have a team willing and able to build the thing, it won’t matter who is at the helm. Good talent is hard to find. Developer profiles should be scrutinized to ensure that they have a proven history of working in a field where they should be able to succeed.
What is the technology behind this ICO, what product are they creating, and is it new, innovative, different – and needed?
The IOTA project is a spectacular example of engineers run amok. The technology described or in use must be maintainable, achievable, and realistic, otherwise the risk of it never coming into existence is incredibly high.
Tokens which have no actual use case are probably the worst off, although speculation can still make them have some form of value.
The best tokens we review are the ones that have a forced use case – you must have this token to play in some game that you will probably desire to play in. The very best utility tokens are the ones which put the token holder in the position of supplying tokens to businesses who would be able to effectively make use of the platforms in question.
There doesn’t have to be a market in order for an ICO to score well in this category – but if it intends to create one, the argument has to be extremely compelling.
If there is an existing market, questions here involve whether it is ripe for disruption, whether the technology enables something better, cheaper, or faster (for example) than existing solutions, and whether the market is historically amenable to new ideas.
Most ideas have several implementations. If there are others in the same field, the analyst needs to ensure that the others don’t have obvious advantages over the company in question.
Moreover, this is the place where the analyst should identify any potential weaknesses in the company’s position moving forward. For instance, a fundamental weakness in the STORJ system is that the token is not required for purchasing storage.
With many ICO ideas, the timing may be too late or too early. It’s important for the analyst to consider how much demand there is for the product in question. While the IPO boom funded a lot of great ideas that eventually did come to fruition, a good analyst would recognize when an idea is too early, too late, or just right.
Progress To Date
Some of the least compelling ICO propositions are those that claim their founders will achieve some far-off goal, sometime in the future, just so long as they have your cash with which to do it.
More interesting (usually) is the ICO that seeks to further some progress along the path to success, and which has a clearly-identified roadmap with achievable and reasonable milestones along the way. Founders who are already partially-invested in their products are generally more invested in their futures.
Community Support & Hype
Having a strong community is one of the fundamental building blocks of any strong blockchain project. It is important that the project demonstrates early on that it is able to generate and build a strong and empowered support base.
The ICO marketplace is becoming more crowded and more competitive. While in the past it was enough to merely announce an offering, today’s successful ICO’s work hard to build awareness and excitement around their offering.
Price & Token Distribution
One of the biggest factors weighing any analysis is price. The lower the price the more there is to gain. But too low of a price may result in an under capitalized project. It is therefore important to evaluate price relative to the individual project, its maturity and the market it is going after.
The total supply of tokens should also be justified by the needs of the project. Issuing a billion tokens for no reason will do nobody any good.
Communication is key. The success of a project is strongly tied to the project leaders’ ability to communicate their goals and achievements.
Things don’t always go as planned but addressing issues and keeping the community and investors in the loop can make or break a project.