Sports such as soccer, tennis, and volleyball are widely popular and beloved by many enthusiasts around the world. In order to enhance the development of fintech blockchain in the sports and entertainment industry, and to stay ahead of the web3 advancements, Chiliz has been established.
In the field of sports entertainment, particularly in the eSports economy, there are currently significant challenges in managing teams and clubs. One specific example is:
- Fans do not have voting rights in the management of the club.
- The club’s internal elections are not transparent and reliable.
- Difficult to control, manage crowds, fans.
- The current eSports platform is still centralized.
In order to enhance the daily experience and interactions of entertainment enthusiasts, and as a solution to replace traditional payment methods, Chiliz has implemented the consensus mechanism Proof of Authority (PoA) in the field of sports with a formal and informative tone.
Discover the intricacies of Chiliz and what distinguishes it from other ventures by joining Allinstation in delving into its features. Additionally, enlighten yourself on the tokenomics of CHZ coin by delving deeper into this article.
What is CHZ coin?
ChiliZ is the first blockchain platform to apply social tokens in the realm of esports, catering to the sports entertainment industry. With ChiliZ, fans have the ability to vote and participate in managing various clubs, games, tournaments, events, and the like. Furthermore, sports teams, tournaments, and events worldwide can gain profit from fans’ votes.
The Socios.com platform is being developed through the utilization of Blockchain technology. This project offers users the ability to both own cryptocurrency assets and possess voting rights, allowing them to participate in management activities such as club administration, games, and competitions. This feature transforms ordinary fans from passive spectators to active contributors, fostering greater engagement and promoting the growth of their beloved clubs.
Highlights of Chiliz Coin
In today’s era of rapid development in sports in general, and electronic sports in particular, the management of clubs and teams has become increasingly challenging, resulting in various issues such as difficulties in coordination, communication and financial management.
- Managing a crowd of fans poses numerous challenges.
- Presently, the level of concentration in the eSports industry is an important consideration worthy of analysis.
- Fans are not entitled to contribute to the opinions and decisions in the management of the club.
- The internal club elections are not transparent and trustworthy.
Chiliz is currently in the process of developing three primary products, namely Chiliz Exchange, Socios.com, and Chiliz Chain 2.0 Testnet “Scoville.”
The project is backed by a development team with over 20 years of experience in website and platform development, including payment and entertainment solutions. The team employs the consensus mechanism Proof of Authority to authenticate new blocks on the Blockchain, enabling capabilities such as: [insert list of capabilities]. This team’s expertise and use of advanced technology will ensure the success of the project.
- Supporters will take an active role in voting on management decisions of their beloved club.
- To ensure transparency and openness in the electoral process.
The task of managing and controlling crowds has become more manageable and easier to handle.
The safety and efficiency of transactions have been enhanced.
The products belonging to Chiliz are an array of offerings which the company provides
At present, Chiliz is in the process of developing three primary products, which consist of Chiliz Exchange, Socios.com, and Chiliz Chain 2.0 Testnet “Scoville”.
Chiliz Exchange facilitates trading activity by allowing users to buy and sell Fan tokens which represent their preferred sports teams. Additionally, users can participate in the issuance of Fan tokens through the Fan Token Offering feature.
At present, Chiliz Exchange boasts a wide variety of Fan tokens, which distinguishes it from other exchanges such as Binance that feature only a handful of Fan tokens available for trade. However, it’s important to note that in order to buy Fan tokens on the Chiliz Exchange. Users will need to utilize $CHZ as the primary form of payment. This underscores the need for prospective traders to factor in the cost of $CHZ when considering trading on the Chiliz Exchange.
Socios.com is an interactive platform for sports fans that has been built on Chiliz technology and utilizes CHZ as its exclusive currency on the platform. Through Socios, fans can purchase Fan Tokens and cast their votes for well-known and highly-regarded sports teams worldwide such as FC Barcelona, Juventus, Paris Saint-Germain, AS Roma, and Galatasaray.
The purchase of fan tokens on Socios allows users to exert influence on their respective teams through voting. In addition to receiving rewards and recognition from the group based on their level of engagement. All fan tokens are minted through the Chiliz blockchain. And all voting on the platform is carried out in the form of a series of smart contracts running on the Chiliz blockchain.
Presently, Chiliz is in the process of developing Chiliz Chain 2.0 Testnet named “Scoville”. As of now, Scoville is still in its initial Testnet phase.
This is a semi-decentralized blockchain that can be scaled and managed, specifically designed for established and startup sports and media organizations at an enterprise level.
Benefits of holding CHZ tokens
The CHZ token has been implemented in the following scenarios:
- The currency unit exists on the Socios and Chiliz Exchange platforms.
- Please cast your vote for the proposals on the Socios platform.
- Participate in the Fan Token Offering by purchasing Fan tokens.
Overview of CHZ token and tokenomic
- Token Name: CHILIZ.
- Ticker: CHZ.
- Blockchain: Ethereum & Binance Chain.
- Token Standard: ERC-20.
- Contract: 0x3506424f91fd33084466f402d5d97f05f8e3b4af
- Token Type: Utility, Governance.
- Total Supply: 8,888,888,888 CHZ.
- Circulating Supply: 5,344,064,580 CHZ.
CHZ Token Allocation
- Token Sale & Pre-Sale: 34.5%
- Userbase Reserve: 20%
- Marketing Operations: 15%
- Strategic Acquisitions: 15%
- Seed Investors: 7.5%
- Team: 5%
- Advisory Board: 3%
CHZ Token Sale
In 2018, Chiliz launched a funding round specifically for seed investors. The project was successful in raising a total of $66 million in exchange for 3.17 billion CHZ tokens. It is noteworthy that there have been no additional token sales, including a Public sale, since this funding round.
CHZ Token Release Schedule
Chiliz, a sports-oriented cryptocurrency initiative, recently declared the forthcoming launch of its blockchain to the public on May 10th, as evidenced by an announcement made on March 28th. The Chiliz layer-one was launched on February 8th, 2023, and following the public release of the blockchain, developers and other stakeholders will be able to commence building on it.
Their current focus in the year 2022 is on the development of Chiliz Chain 2.0, with the aim of enhancing its performance and functionality.
Chain Features & Programs Coming in 2023:
Chain staking utility for all CHZ holders:
- Royalty security/ safeguarding via multi-chain NFT royalty standard
- Wrapped stablecoin support
- Multi-chain digital asset bridging
In-house Smart Contract Asset Bridging via ChilizBridge:
- Chiliz blockchain <> Ethereum bridge for $CHZ tokens
- Chiliz blockchain v1 (CC1) <> Chiliz blockchain v2 (CC2)
bridging for Fan Tokens
- BNB Chain <> Chiliz blockchain v2 bridging for Fan Tokens
- Bug bounty program
- Crypto ecosystem-wide chain integration and support by exchanges,
wallets & NFT marketplaces
Developer & Client Utilities Coming in 2023:
- LiveNFT™ to allow standardized real-time metadata augmentation
(eventual on-chain operation)
- GameUsed Authentication-as-a-Service
- Direct $CHZ staking features
- Native ‘PepperSwap’ general-asset DeFi exchange
- Fan Token-centric DeFi swapping portal
- Turnkey API library & API toolkits for Socios.com wallet
connection to 3rd parties
- Turnkey API library & API toolkits for 3rd party wallet
connection to Socios.com utilities (fan voting, staking etc.)
- ‘Plug & play’ loyalty & rewards access solutions for
Fan Token Holders in external environments
Project team, investors & partners
Project team Chiliz
The Chiliz project team boasts a diversified pool of expertise, consisting of over 250 multi-disciplinary professionals hailing from 27 different nationalities. With a wealth of knowledge and hands-on experience spanning over 20 years in web development, platform-building, and payment and gaming solutions, the team stands equipped to offer unrivaled expertise.
- CEO – Alexandre Dreyfus: He has previously established and expanded various technological projects, such as Mediartis, Webcity, Winamax, and Chiligaming.
- COO – Emma Diskin: The individual has previously held executive positions as Chief Information Officer, Chief Marketing Officer, Global Communications Director, and Chief Operating Officer in various media and technology companies.
In 2018, Chiliz raised capital from notable investors including Binance, OK Blockchain Capital, and FBG Capital.
Chiliz collaborates with various renowned partners in the sports industry, encompassing:
- UFC: The United States-based Association of Mixed Martial Arts (MMA) organizes competitive fights, and its headquarters is located in Las Vegas. Through a collaborative partnership, the Ultimate Fighting Championship (UFC) gains access to a massive audience of sports enthusiasts and introduces features such as Fan Voting and reward programs.
- Enjin: The software enables developers to create and manage software on Ethereum. As part of the cooperative partnership, NFTs will be provided to Dota 2, Juventus, and other major partners of Socios.
- FTX: The second largest global trading floor, CEX, has established a partnership allowing FTX to list Fan Tokens such as INTER, GAL, PSG, and CITY on its exchange. Moreover, this collaboration grants Socios access to FTX’s platform.
Furthermore, Chiliz has formed partnerships with renowned sports teams from around the world such as FC Barcelona, Juventus, Paris Saint-Germain, AS Roma, and Galatasaray, as well as with numerous other organizations including The Story Mob, Gallagher Premiership, NFL & MLS, and Enjin.
CHZ Token exchange & storage wallet
CHZ Token storage wallet
Individuals have the option to securely store their CHZ tokens on a variety of reputable wallets including Ledger, Trust Wallet, Metamask, Binance Chain Wallet, and Atomic Wallet.
Exchange to buy and sell CHZ
CHZ is currently being traded on multiple platforms including Binance, Mexc Global, Uniswap, and Sushiswap, among others.
Chiliz’s potential assessment
As many acquaintances may already be aware, Chiliz is considered a major player in the current Fan Token market. With numerous product offerings and hundreds of tokens representing various football clubs and national teams, Chiliz currently holds a prominent position as one of the top Fan Token exchanges in terms of high trading volume.
As a result, the potential of this platform could be closely tied to major soccer events, such as the recent 2023 World Cup, where CHZ tokens experienced significant gains alongside other Fan Tokens.
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