The world of cryptocurrency offers a vibrant landscape for the public, not only because it embraces all kinds of innovation but also due to its expression of boundless passion for sports teams. Understanding this, Chiliz Chain was born to maximize the utility of fan engagement in the global soccer community. So, what exactly is Chiliz?
What Is Chiliz (CHZ)?
Chiliz is a cryptocurrency project specifically designed for sports and entertainment. Its goal is to bridge the gap between the sports world and fans through technological advancements and community growth. Chiliz focuses on enhancing fan interaction via tokens, allowing supporters to engage and connect with their favorite clubs.
Recently, Chiliz created its own blockchain called Chiliz Chain. This enables sports clubs and organizations to issue dedicated fan tokens, empowering supporters to participate in various team-related decisions and access rewards and exclusive experiences.
Key Features of Chiliz Chain
EVM Compatibility
Chiliz Chain is a fork of BNB Smart Chain (BSC) and Ethereum. As a result, its Ethereum Virtual Machine (EVM) mechanism, ideas, and concepts are inspired by both BSC and Ethereum. Chiliz Chain remains compatible with Ethereum’s tools, making it simpler and easier for developers to build products on this chain.
Proof of Staked Authority
The consensus mechanism of Chiliz Chain combines Proof of Authority (PoA) and Delegated Proof of Stake (DPoS), resulting in Delegated Proof of Staked Authority (DPoSA). This means Chiliz inherits the following features from BSC’s consensus model:
- Blocks are produced by a fixed number of validators.
- Validators take turns producing blocks, similar to Ethereum’s Clique consensus mechanism.
- Validators are elected through Chiliz’s governance system.
- The Parlia consensus tool interacts with a set of contracts to achieve agreement on activity reduction, revenue distribution, and validator renewal functions.
Staking
Staking is a crucial feature for Chiliz Chain’s consensus mechanism. It requires users to hold CHZ to support Chiliz’s operations, secure transactions, and maintain blockchain integrity. Participants in staking receive rewards in CHZ, incentivizing contributions to network stability.
Components of the Chiliz Ecosystem
ChilizX Fan Token Exchange
ChilizX is an exchange created specifically for trading fan tokens that represent users’ favorite sports teams. As of now, ChilizX lists nearly all prominent fan tokens on the market. Users need CHZ to trade these fan tokens on the exchange.
Socios.com
Socios is a mobile app developed on Chiliz Chain. Through this app, users can get closer to the soccer teams they support by holding tokens and voting on club-related matters. For the clubs, it becomes easier to understand fan preferences regarding jersey designs or gathering opinions on special guests, ensuring each activity remains engaging.
Chiliz Labs
Chiliz Labs is an accelerator and partnership development program by Chiliz. Its purpose is to empower blockchain projects that advance the Web3 sports industry. It provides strategic guidance, funding, and support for project growth. Chiliz Labs supports projects across various fields, including metaverse sports, soccer games, and soccer management.
- Ticketing solution: By offering ticketing solutions, Chiliz Labs addresses challenges like ticket fraud, price disparities, and lack of transparency.
- NFT marketplace: Developers can create a marketplace where users mint, trade, and showcase their NFTs via the Chiliz blockchain.
- Proof of Attendance Protocol (PoAP): PoAP is an NFT that certifies ticket ownership when attending events.
- Securitized fan: Projects can develop tools focused on fan experiences through Socios.com and fan tokens.
- Soulbound token (SBT): Projects can use SBTs to represent a fan’s relationship with their team. SBTs allow users to participate in decisions and access exclusive content and rewards.
Fan Tokens
Fan tokens are utility tokens that enhance fan interaction with their favorite sports teams. This innovation helps bring blockchain closer to the public, connecting users with major organizations and opening new forms of interaction that let fans contribute to their team’s development.
Currently, users can trade over 80 fan tokens in the market. The top tokens by market capitalization include BAR (FC Barcelona Fan Token), PSG (Paris Saint-Germain Fan Token), SANTOS (Santos FC Fan Token), and CITY (Manchester City Fan Token). As of now, the total market cap for this segment exceeds $396 million, with a 24-hour trading volume of over $160 million (according to CoinGecko data).
Basic Information About CHZ Token
| Property | Value |
|---|---|
| Token Name | Chiliz Token |
| Token | CHZ |
| Blockchain | Ethereum, BNB Beacon Chain, Solana |
| Token Standard | ERC-20, SPL |
| Contract | Ethereum: 0x3506424f91fd33084466f402d5d97f05f8e3b4af Solana: 5TtSKAamFq88grN1QGrEaZ1AjjyciqnCya1aiMhAgFvG |
| Token Utility | Utility, Governance |
| Total Supply | 8,888,888,888 CHZ |
| Circulating Supply | 8,888,289,967 CHZ |
CHZ Token Allocation
The CHZ token has been almost fully unlocked and is now in circulation (99.9%).
What Is the CHZ Token Used For?
CHZ is the native token of Chiliz and is used in the following cases:
- CHZ is used to pay gas fees for transactions on Chiliz Chain.
- It helps secure the network through staking and delegating.
Where Can Investors Trade CHZ Token?
Currently, investors can trade CHZ tokens on:
CEX Exchanges: Binance, Bybit, OKX, Gate.io, MEXC, KuCoin, etc.
DEX Exchanges: Uniswap V3 (Ethereum), SmarDex, and Helix.
Development Team
The team behind Chiliz’s success consists of experts from 27 different countries worldwide. With over 20 years of experience in web design and development, the Chiliz team continuously updates features to meet market demands.
Investors
To date, Chiliz has raised a total of $65 million from investors including Binance Labs, Jump Capital, FBG Capital, Ceyuan Ventures, and OK BlockChain Capital.
Conclusion
Above is all the essential information about Chiliz and the features it has brought to the market. Through this article, we hope readers gain a comprehensive overview of Chiliz and its achievements so far.
For those interested in deeper insights or practical tools, 👉 explore advanced blockchain strategies to enhance your understanding.
Frequently Asked Questions
What is the main purpose of Chiliz?
Chiliz aims to bridge the gap between sports organizations and fans using blockchain technology. It allows fans to engage with their favorite teams through fan tokens, voting on decisions, and accessing exclusive rewards.
How does staking work on Chiliz Chain?
Staking involves holding CHZ tokens to support network operations and security. Participants receive CHZ rewards as an incentive, contributing to the blockchain’s stability and efficiency.
What are fan tokens?
Fan tokens are utility tokens that enable holders to participate in club-related decisions, access exclusive content, and engage with their favorite sports teams in a more interactive way.
Is Chiliz Chain compatible with Ethereum?
Yes, Chiliz Chain is EVM-compatible, meaning it supports Ethereum-based tools and smart contracts, making it easier for developers to build and migrate projects.
Where can I buy CHZ tokens?
CHZ tokens are available on major centralized exchanges like Binance and OKX, as well as decentralized exchanges such as Uniswap. Always use reputable platforms for trading.
What is Socios.com?
Socios.com is a mobile app built on Chiliz Chain that allows fans to use fan tokens for voting on team decisions, accessing rewards, and enhancing their overall engagement with sports clubs.