Chroma (CHR) is the native utility token of the Chromia blockchain platform, designed to facilitate decentralized applications (dApps) by combining relational databases with blockchain technology. It serves as the primary unit of account and utility, enabling various functions such as paying hosting fees, staking, and other system-wide purposes within the Chromia ecosystem.
Chroma (CHR) is the native cryptocurrency of the Chromia blockchain platform. It serves several purposes within the Chromia ecosystem:
Payment of Fees: CHR is used to pay fees for various transactions and operations on the platform, including hosting fees and gas fees for decentralized applications (dApps).
Token within dApps: CHR can be utilized as a token within dApps, allowing developers to create CHR-backed coins and earn CHR based on the traffic generated by their applications.
Staking: CHR tokens are used for staking, which provides a layer of security and incentivizes node operators to behave honestly. Staking also allows users to earn passive income.
Governance: CHR token holders have governance rights, enabling them to make proposals and vote on platform decisions through the Chromia Proposals program.
Reserve for dApps: dApps can save CHR tokens as a reserve to peg their own tokens to, ensuring stability and value.
Exclusive Benefits: Some gaming applications built on Chromia offer exclusive benefits to CHR token holders or stakers, enhancing their experience and engagement.
Overall, CHR plays a central role in facilitating the operations, development, and governance of the Chromia ecosystem.
To store Chroma (CHR) tokens, you have several options:
Chromia Vault: This is the project’s own wallet software where you can keep your keys and manage your tokens. It acts as a wallet and allows you to manage your tokens and dApps hosted on the Chromia platform.
ERC-20 Compatible Wallets: As CHR is an ERC-20 token, you can store it in any wallet that supports Ethereum. This includes hardware wallets like Ledger or Trezor, software wallets like smartphone or desktop apps, and online wallets or web wallets. Hardware wallets are considered the most secure option but require more technical knowledge and are more expensive. Software wallets are free and easy to use but are seen as less secure than hardware wallets. Online wallets are also free and easy to use but are considered hot wallets and can be less secure than hardware or software alternatives.
Cryptocurrency Exchanges: You can also store your CHR tokens on cryptocurrency exchanges like CoinEx, Binance, CoinDCX, WazirX, Huobi Global, and KuCoin. These exchanges allow you to buy, sell, and store your CHR tokens.
When choosing a wallet, consider factors such as security, ease of use, and your level of experience with cryptocurrencies.
To buy Chromia (CHR) tokens, you can follow these steps:
Create an Account:
- Register on a cryptocurrency exchange platform such as Pionex, Kraken, or CoinDCX.
- Complete the Know-Your-Customer (KYC) verification process.
Choose a Payment Method:
- On Pionex, you can use credit cards, debit cards, bank wire, or ACH transfer. Some methods are specific to US citizens.
- On CoinDCX, you can deposit funds using UPI payment.
Select the Trading Pair:
- On Kraken, select your desired CHR trading pair.
- On CoinDCX, go to the 'Spot Market' section, search for CHR, and select the 'CHR/INR' pair.
Buy CHR:
- On Pionex, choose your preferred method to buy CHR.
- On Kraken, start trading with your selected pair.
- On CoinDCX, enter the amount of CHR you want to buy, set the limit price, and confirm the transaction.
Store Your CHR:
- Use a secure Chromia wallet like the one offered by MyEtherWallet and Enkrypt to hold and manage your CHR tokens.
Additionally, you can also buy CHR on decentralized platforms like SimpleSwap and PancakeSwap by swapping other cryptocurrencies for CHR.
