Chiliz is a dedicated cryptocurrency for the world of sports and entertainment designed by a Malta-based fintech company. The system is a blockchain-based entertainment platform that works with Socios which allows the participants on the network to partake in the governance of their preferred sports brands. Through the medium provided by the system, sports clubs are able to use fan tokens as an additional source of income and to also connect with their fans more deeply.
Through the platform, sports fans are able to participate in the activities of the club in different ways. For example, they can shift the dynamic of a decision of the club through surveys and voting polls. This can be applied in the choice of the message the team captain is expected to wear on his arm. The aim of the company through this platform is to close the gap existing between being an active fan and a passive fan.
Presently, the technology used by Chiliz is considered a major technological innovation as such, several partnerships have been forged with the club. Some of these include Manchester City, Paris Saint Germain, FC Barcelona, and Juventus Turin. The company also boasts of partnerships with other gaming organizations and sports such as UFC.
Who are the Founders of Chiliz (CHZ)?
The Chiliz network was founded by Alexandre Dreyfus and he is also the current CEO of the platform. Dreyfus has been in the business of growing and running several web-based companies for over two decades. Among these include webcity, a system that serves as an intelligent travel guide. Others include Chilipoker and Winamax, both of which are web-based projects for playing poker online. These projects all occurred before Dreyfus founded the Chiliz network in 2017.
According to the platform’s founder and the team, the goal of the project is to establish a system where fan tokens are completely established giving the fans a say in how the teams are run and also serving as an additional source of revenue for the teams.
The whitepaper statement of the platform aligns with its stated goal, resulting in an aggressive expansion of its fan token provision to several major clubs and also a series of small clubs.
What is Chiliz (CHZ) used for?
The Chiliz platform serves different purposes in that for the clubs making use of its technology, there is an added source of revenue and funding. For the players involved, they literally get a stake in the club and have the power to decide what stays and what goes in their favorite clubs.
In addition to this provision made by the Chiliz system, the fans are also open to a money-making opportunity. This is available when the holders of Chiliz coins, CHZ exchange their tokens with other cryptocurrency pairs to make a profit.
What Is the Unique Point of Chiliz (CHZ)?
The token offered to the sports fans by the respective sporting organization has limited supplies. The tokens are then offered to fans on a first-come, first-served basis via a Fan Token offering procedure. Before this occurs, the fully diluted market cap and the opening price would have been determined by the Chiliz network. CHZ itself is the native token of the Chiliz platform and can be used within the network to purchase fan tokens.
The fans are then able to access and vote via the Socios platform by using their fan tokens acquired either at the FTO or by purchase with CHZ tokens. The entire process in operation here is made possible due to the integration of smart contracts into the system. However, the fans do not have all the power with their tokens, the clubs are the determinant of how much power the fans have over the decision-making process. This power can range from deciding the jersey design to the matchups of the team in exhibition games.
The Chiliz system made it possible for average fans to access the decision-making process of sporting organizations and clubs. The company is consistently looking for innovations to breach existing gaps in the world of sports. One of the innovations is the creation of the Chiliz blockchain Campus. The Campus was created to accelerate blockchain technology across Europe and Asia. Even though the company will likely have around 80-100 teams across these locations as part of its network, the company states that it has only reached 10% of its potential.
How many Chiliz (CHZ) coins are in circulation?
In total, the Chiliz network has a total supply capped at 8.8 billion tokens which were minted at its launch back in 2018. The tokens were distributed to early supporters of the platform with the public having limited access to tokens outside what is offered by exchanges. In its apportionment process, 15% of the total tokens were assigned to Strategic acquisitions of the network, 7% assigned to seed investors, 8% was split between the team and advisory board, with the team taking 5%.
The marketing aspect of the network was assigned 15% of the supply, 20% was assigned to the user base reserve. The last 34.5% of the supply was dedicated to token sales on the platform.
At the early stages of the platform’s creation, it was designed under the ERC-20 specifications. However, it was later redesigned to be BEP-2 compatible as such securing the role of Binance in the strategic release of the fan tokens via the platform as a partnership agreement. The platform is also available under the Tron network’s TRC-20 specifications.
Is the Chiliz (CHZ) Network secured?
The Chiliz platform is currently available across several blockchains including The Binance smart chain, the Tron network, and the Ethereum platform. The fan tokens issued on the platform are minted via the Socios sidechain. The system also added a proprietary crowd control function to ensure that the votes of fans are secure and only executed on polls that are publicly audited.
The platform’s sidechain mechanism operates under a proof of authority consensus algorithm. In the current age of technology, the proof of authority mechanism is majorly used by organizations having closed blockchains, most of which are private as the system only allows users within its ecosystem to participate.
The proof of authority consensus algorithm generally has less decentralization than other mechanisms, however, it makes up for this shortcoming by providing high levels of security and scalability on the platform using it. As such, this makes the mechanism well suited for the sidechain platform. Over the years, the Chiliz network has been audited and certified by Certik.
How do I buy Chiliz (CHZ)?
The Chiliz network has been able to offer a service that has never before been seen in the world of cryptocurrencies. Its application revenue generation for the sports organizations joined with its inclusion of fans in the decision-making process through a seamless network has made it a well sought-after token. As such, its adoption rate has increased and is now available across several exchanges all over the world. To buy CHZ tokens, the steps below provide the right direction to purchasing its tokens.
- Open an account with the crypto trading platform.
- Transfer the specific amount of your fiat currency to your account.
- Wait for your deposit to be confirmed and Buy CHZ through your trading account.
Which Cryptocurrency Wallet Supports Chiliz (CHZ)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Chiliz token. Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their Chiliz wallet because offers a simple and interactive interface making it easy for people to navigate its system.