Chiliz is a cryptocurrency that lets sports fans conduct one-of-a-kind interactions with their favorite teams.
Chiliz uses blockchain technology to offer a new sort of direct involvement between fans and their favorite sports teams, inspired by the socios of Spanish soccer teams, where an annual membership grants supporters access to early ticket and club voting privileges.
Fans can buy Fan Tokens for their favorite teams with the CHZ token, which is the Chiliz experience’s native cryptocurrency. Socios.com, the crowd management platform that powers the Chiliz experience, sells Fan Tokens for CHZ.
Understanding Chiliz (CHZ)
Chiliz is a project that aims to strengthen and bridge the gap between elite sports, sports teams, and esports and their global supporters. Chiliz is a subsidiary of Mediarex Group, a multinational sports and entertainment company created in 2006 and based in Malta. This business is on a quest to change the way the world interacts with technology. It believes that the full potential of blockchain technology may be achieved if it becomes a part of people’s daily lives in the real world.
Since 2016, the Chiliz team has been developing the product concept. Early in 2018, the crew began actively working on the project. After two years of innovation and development, the team generated 8.8 billion Chiliz tokens ($CHZ), the native token, in October 2020.
The CHZ token is a cryptocurrency that powers the world’s first scalable fan engagement and rewards platform.
Alexander Dreyfus, the company’s current CEO, is the brains behind Chiliz. He’s also a co-founder of a number of other IT companies. When he co-founded Winamax, the first French online poker room and sports betting website, in 2004, it is said that he gained a particular interest in sports involvement. The Chiliz team now consists of more than 80 specialists from 27 different countries. Through exclusive polls and ratings conducted on the platform, you can become an active participant in critical sports club decisions with Chiliz.
Chiliz provides solutions to sports and esports companies through ongoing innovation. It’s changing the way fans around the world connect with their favorite teams and athletes. Fans are no longer just observers, but also active participants in their favorite sports teams.
In 2018, the business established Socios.com, a dedicated portal for the sports and entertainment industries. It has catapulted bitcoin into the mainstream of sports culture. With the launch of Socois.com, the company has broadened its ambition for an exceptional fan experience.
How it Works
On the Ethereum blockchain, the CHZ token is an ERC20 token, and on the Binance Smart Chain, it is a BEP2 token. Chiliz.net, the platform’s own exchange, as well as world-class cryptocurrency exchanges like Kraken, sell CHZ tokens.
Once a fan has purchased CHZ tokens, they can use them to purchase Fan Tokens from Socios.com for their favorite teams.
Fan Token Offerings (FTOs) have been held by dozens of teams and sports organizations throughout the world, including FC Barcelona, the Golden State Warriors basketball team, and the Aston Martin Cognizant Formula One team. The pricing, supply, and distribution of Fan Tokens, as well as the specific prizes and skills that Fan Token provides, can all be customized by each franchise.
Fan Tokens, for example, can be used to gain access to exclusive meet and greets, memorabilia, and direct voting on each team’s direction.
Importantly, Fan Tokens can be burned or removed from circulation based on the team’s performance, which means that winning games or scoring points might make Fan Tokens more scarce and valuable.
Proof of Authority (PoA)
A Proof of Authority consensus technique is used to produce and verify Fan Tokens on the Socios sidechain.
Proof of Authority (PoA) differs from other consensus algorithms like Proof of Work and Proof of Stake in that it relies on a smaller number of authorised verifiers rather than a distributed network of anonymous nodes to maintain the network’s veracity.
While PoA is a less decentralized consensus mechanism, blockchain networks that want to be more scalable and efficient frequently utilize it. Other platforms that use the Proof of Authority consensus process include Energy Web Token (EWT) and VeChain (VET).
Chiliz has announced a collaboration with Chainlink, a decentralized oracle network that offers real-time data to smart contracts. Chiliz hopes to use this relationship to develop one-of-a-kind non-fungible tokens (NFT) that can be used to commemorate significant events such as player milestones or championship victories in real time.
If you’re wondering where you can get Chiliz, look no further. Allow me to assist you with this. Chiliz is currently available on all major cryptocurrency exchanges, but some of the most popular ones include Huobi Global, Binance, Mandala Exchange, FTX, and OKEx. Check browse our other guide articles on our website to learn more about various cryptocurrencies. Thank you for your time, and if you found our content useful, do share it with others.