Knowledge You Can Build On — Est. 1998
CrCoNi
I encountered an interesting article on progress in high entropy alloys with very high toughness.
https://phys.org/news/2022-12-toughest-material-earth.html
The article claims 5 times the toughness of "the best" steels, without sacrificing strength or increasing brittleness, even at very low temperatures. However, I don't expect this research to have any practical effects on chisel, plane and saw toughness, or other edge properties, in the near feature.
The best tool steel is not just tough
For woodworking tools we require an optimization of tough and hard.
Re: CrCoNi
It's hard to tell if there would be anything useful as far as tools go. This stuff was available in "medium entropy" form and studied apparently half a dozen years ago? i don't know what those words imply. the big difference in toughness appears to be at "cryogenic temperatures", but the chart for the medium entropy stuff suggests that with some straw hardness and toughness tests, the potential is slightly above tool steel.
to get "acceptable toughness" at high hardness is potentially useful, especially with white collar buyers who will look at stats, but I've not been able to find any benefit of excess toughness at a given hardness.
There may actually be some detriment. 52100 and other higher toughness alloys make great knives, but they've been a disappointment in woodworking tools because they're too slow to let go of what's deflected.
there could be a big benefit in toughness for woodworking on the dark side of the moon (vs. woodworking to the dark side of the moon).
wait...
..I thought the implication was that the three elements mentioned (two with stainless but hardenability and toughness improvements in iron and a third used generally to increase hot hardness, and also that increases top end potential hardness - but at the expense of toughness).....I thought they were mentioned in the same spirit as "chrome vanadium steels".
I think I'm seeing that the material is actually just cobalt, chromium and nickel? (there's another that had iron included).
If so, it will make magnacut and other small particle CPM stock look cheap.
Re: CrCoNi
Yeah, a total waste if it isn't for chisels 
Re: The best tool steel is not just tough
Yes, I understand that. I suspect that just about everyone who follows this forum appreciates it. The reason I found the article interesting was its implication that this alloy, at least under the test conditions, has a drastically increased toughness without a proportional decrease in hardness. If you read the article, you will however notice that these conditions include cryogenic temperatures. I did not go further to study the scientific paper on which the article was reporting, as I am not a metallurgist, and I suspect most of the details would just fly over my head. Also, the paper, https://www.science.org/doi/10.1126/science.abp8070 is behind a pay wall.
Re: wait...
Yes, to form this alloy these elements are not just added to tool steels that are mostly Fe. The three metals are mixed in equal (or roughly equal) proportions.
Your other point is also well taken: Trees don't grow on the far side of the moon (or even better, the dark side of Mercury) ;^) In this case, "where the rubber meets the road" just ain't gonna happen.
So, after all the experiments in exotics ...
... is the goal to find a steel alloy that 1, holds hair splitting keenness after 400 feet of use on wood; 2, the above, with two-minutes of honing refreshment, or; 3, 8000 feet of use on wood before the two-minute honing refreshment?
I need to be a bit sarcastic, having been one who chased steel guided by hardness/toughness in the above goals. All my own efforts in the search for Excalibur yielded little overall benefit due to tradeoffs in sharpening effort, toughness, final keenness, and hardness.
