Blockchain Firm ChromaWay Secures $15M USD In Private ICO

Blockchain, ICO News, News | October 26, 2018 By:

Blockchain firm ChromaWay has secured $15 million in a private sale of its Chroma token.

Founded in 2014, ChromaWay provides a platform for smart contracts and issuing and transferring assets through a blockchain. It has been working with the Swedish Land Registry and other institutions and financial companies to provide smart contract solutions for the real estate field.

The new capital will be used for the development of Chromapolis, a database centric decentralized application (DApps) oriented platform with a different approach to token economy. The company said the platform will supply developers with all the necessary layers to build complete blockchain applications.

Chromapolis is built on Postchain, a private blockchain that combines the power of a SQL database with the security of a private blockchain. The platform will reportedly utilize Postchain’s relational blockchain model, which allows application state to be stored in a relational database.

“Decentralized applications have complex data structures and Chromapolis introduces relational databases to address this,” the company said. “Since Relational databases are common in software engineering it is an easy transition for developers working on decentralized applications.”

The company said that they intend to showcase the power of Chromapolis with truly decentralized games in which the complete game logic is executed on the platform with full operative transparency.

ChromaWay added that the funds will help them launch the Chromapolis testnet and mainnet in the coming months. Some of the funds will also go towards scaling up its team. It is actively recruiting in Stockholm, Kiev, Tel-Aviv, Washington D.C., as well as on a larger global scale.