Kroma has been named as the latest Layer 2 solution for Ethereum solving scalability problems and lowering transaction fees. For the same reason, being a rollup-based blockchain, Kroma is a more effective and financially sensible solution for developers and users when compared to the Ethereum mainnet. KRO is a native token of the project that has become more popular in the cryptocurrency market; price: $0.03315, volume: $1,890,848 during the last 24 hours.
The Optimism, although Kroma approaches the system, requires EVM compatibility to onboard existing Ethereum developers in a more fluid manner than, for instance, ZK rollups. The project intends to develop through a dual to process of transitioning initially to an optimistic rollup and consequently to an EVM equivalent zk rollup. This gradual migration strategy enables Kroma to take advantage of the strengths of both technologies while containing the problems associated with each technology.
That is why decentralisation is one of the primary principles in Kroma since decentralisation is widely used in the blockchain sphere. The Sequencer is currently in the active process of decentralization: the team is working with leading researchers to come up with fresh approaches. This commitment to decentralization is entirely consistent with the objective of the project, which is to create a more booming, scalable, and organically run Layer 2 ecosystem.
Kroma’s future plans are stated in its development roadmap; the recent release of a test net that allows developers to deploy and test their DApps. The team’s vision is to slowly distribute control over nodes and thus extend people’s participation in how the network works. This has open source approach where anyone can add his/her inputs and thus drives innovation by a cross section of the users.
The name, which translates to “chroma” means color in Greek, was chosen as the project targets building a new Layer 2 solution, which is more spirited. Kroma proposes to develop solutions that will help improve the Ethereum ecosystem in terms of speed and cost, while retaining compatibility with existing Ethereum tools and services. This approach presents Kroma as a likely enabler of rising adoption of dApps and related services.
In its continued effort to be a community-centered project, Kroma has brought the KGH NFT venture into the mix. It is a new idea which has created in the good faith to trying and reduce the hitherto threshold effects of network validation which was hitherto only accessible by people with technical knowledge. As for democratization of the validator node operation, Kroma aims to attract a large number of participants in order to be more diverse.
KRO token is the core utility element in the system and functions as the currency and the voting token Kroma. Out of the total supply of 1 billion KRO tokens, Bitball has Danske ID Bank has nicely divided its tokens to help its project to grow in the long term while engaging the community. Even based on the current data regarding the overall market capitalization or the amount of Kroma that is currently in circulation, many people believe that the existence of Kroma is relatively new, and it still holds a great potential in terms of the rates of its acceptance in the market.
Kroma has built a technical architecture using zkEVM for fault proofs and ZK Trie and Poseidon hashes as components. This progressive approach creates the perfect foundation for nZM’s seamless upgrade to a complete ZK Rollup solution once the services develop and their price drops. It also shows that the project is dedicated to growing the “community-driven” nature of zero-knowledge proofs and the wider blockchain industry.
Kroma is on a constant path of growth and diversification which creates potential for growth as well as potential for difficulties. Growth of the users’ demand for scalable Ethereum solutions creates a favorable context for Layer 2 projects such as Kroma. But it also has to be noted that there is significant threat of rivalry in the above mentioned arenas, as there are many well known and new entrants already present in the market. Thus, Kroma’s success will hinge upon its ability to succeed where others have fallen short by providing the technical chops necessary to gain developer and user trust while also finding and engaging an audience.
All in all, Kroma is an attempt on the Ethereum scalability problem that embodies ambitious goal in face of decentralization and community inclusion. As Kroma moves from the testnet phase to mainnet and beyond, it will be very exciting to see the role played by Coda and how the unique approach of Kroma to rollup tech and governance plays out in the L2 space.
