Bitcoin has been facing price drops for the past year since its all time high (ATH) and many have left the market in fear of losing their investment. However, while this is all happening projects are being built that were funded by Initial Coin Offerings in 2016 and 2017. Some of these projects turned out to be duds, empty shells producing nothing of value and others that have yet to prove their worth. ChromaWay is one of these projects that considers itself to be a Blockchain pioneer and sustainable, but only time will tell. One of the advantages ChromaWay has is its partnerships with the public and private sector, specifically in real estate and finance.
Some of these projects include “Sofitto” a Swedish project aiming to build an e-currency. The project is currently under evaluation by the bank of Sweden. UIH – Universal Identity Hub is a solution for the United Nations Women Blockchain Live Test and Simulation and the goal is to connect women and families in “fragile contexts” they work with Abt Associates another social impact organization and Cadasta, a technology platform focusing on land and resource rights in developing countries such as Indonesia.
ChromaWay has strategic partnerships with well known non profits and social impact organizations like Habitat for Humanity, Seed Change, Uttaran, Landesa, Jei, Namati, and more. Some of these organizations have outlets throughout the world and have considerable influence on these various communities.
Dapps for Social Impact
The idea of Blockchain and what it enables organizations and people to do is vast. One of the best use cases is the supply chain. ChromaWay is focused on Social Impact and organizations that improve humanity and I see this as a real need in the world today. One of ChromaWay’s undertakings is called the “Green Asset Wallet” and this will be used to validate investments in the green sector. Trusted verification is needed and this will be a major contributor to the development of these goals. ChromaWay is partnering with the German Federal Ministry for Economic Cooperation and Development, GIZ and Emerging Markets Dialogue on Finance.
Postchain – another project being built by ChromaWay will be the worlds first consortium database. It is a more mature blockchain with advanced and powerful features for managing validation and integrity and other features that make databases ubiquitous. It will be SQL and make it easier for developers to become Blockchain developers, security that is BFT enabled (Byzantine Fault Tolerance) and will allow developers to build on top of it.
Real Estate Transactions
In 2016 ChromaWay investigated how Blockchain and Smart Contracts could be used for real estate transactions along with Mortgage Deed Transfers. This project gained attention globally and pursued further development of this niche. What is cool about ChromaWay is that they actually have working test results and a demo of this project available for anyone to try. ChromaWay is clearly focused on Swedish markets and some parts of Europe and if they can manage to gain a user base and a successful working product it could become useful for verifying transactions.
Chromapolis – “Where Dapps Thrive”
ChromaWay developed a second platform called Chromapolis focusing on decentralized apps. It will use ChromaWay’s Blockchain tech to bring Dapps mainstream. It is whats called a “Relational Blockchain” meaning it will allow developers to understand how to build on it universally in large and small formats (enterprise, games etc) Some of the features are:
- Mainstream Scale – horizontal scaling with side chain sharding, flexible governance
- Programming – Ad hoc queries and complex constructs
- Virtual Worlds – Interchain asset and data transfer, processing power
Some of use cases are games, such as game assets and business applications using their own “Esplix” business contracts allowing businesses to implement Smart Contract workflows without running their own private Blockchain. The team behind ChromaWay is quite accomplished and includes one of the first Bitcoin Devs pioneering Bitcoin 2.0. The team has several accomplished scholars in the field and some other well known figures such as Vinny Langham and Litecoin’s Charlie Lee. The market has looked quite bad in terms of price of the past year but this is definitely one of the projects to keep an eye on.
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