What is Chiliz (Chz)? All about the main cryptocurrency for sports fans

Chiliz was established by an entrepreneur and cryptoenthusian Alexander Drephus in 2018 as a subsidiary of the Maltese company Mediarex Group, working in the sports and entertainment industry.

In 2018, Chiliz attracted $ 66 million through closed investment rounds. The key investors were Binance Labs, Ceyuan Ventures, Jump Capital and Kosmos Capital.

At the end of December 2019, the Chiliz developers team launched a platform for Socios sports fans.COM built using its own blockchain Chiliz Chain. As a basic asset of the platform, Chiliz cryptocurrency (ChZ) is used.

At the beginning of 2020, the centralized Chiliz cryptocurrency exchange began to work.NET, which is positioned as "the world’s first exchange for sports and entertainment".

Currently, the Chiliz team has more than 220 people. The company’s offices are located in Spain, Switzerland and Malta, representative offices in Turkey, USA, France, Great Britain, South Korea and Brazil are also operating.

How does Chiliz Chain blockchain work

To solve the problem of high commissions in Ethereum, to work Socios.COM in October 2019, Chiliz launched his sidechain called Chiliz Chain.

The average generation time of blocks in Chiliz Chain is 5 seconds, and transactions are free. Its main purpose is the emission and the appeal of the fan-Tokens, of which more than seventy have been released.

To achieve maximum performance in the Chiliz blockchain, a consensus protocol Proof-OF-Abority (POA) is used. This is a variant of the Proof-OF-Stake algorithm with the difference that a limited list of trusted network nodes (masternods) takes part in the generation of blocks and approval of transactions, and the rewards for approving the blocks are not issued. For the sake of performance, it was necessary to donate decentralization: Chiliz Chain serve only seven masternodes belonging to the company and its largest partners.

In September 2022, there are more than 1.6 million user accounts on the Chiliz network, which approximately corresponds to the number of downloads of the SOCIOS mobile application.Com.

Since March 2022, a new version of the Chiliz Chain 2 blockchain 2 has been operating in the test network mode.0. This is an independent network of the first level with cheap and quick transactions. According to Chiliz, due to complete compatibility with EVM, the second version of the blockchain will allow developers from the Ethereum ecosystem to release into Chiliz Chain NFT and Fan Tokens, as well as launch Defi services, blockchain games and loyalty programs.

Why do you need CHZ cryptocurrency

Native CHZ Token was released in the fall of 2018 on the Ethereum network and has the ERC-20 standard. The maximum proposal of CHZ is 8.88 billion tokens, of which about 6 billion are in circulation for the fall of 2022. The amount of CHZ in free turnover annually grows by about 94 million CHZ, or 1.6%. Chz holders, according to Etherscan, are about 150,000 addresses.

The initial emission of tokens was distributed as follows:

  • 15% – strategic acquisitions;
  • 15% – marketing programs;
  • 20% – reserve for the user base;
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  • 7.5% – investors of the sowing round;
  • 34.5% – investors of closed tokensil;
  • 5% – the Chiliz and Socios team;
  • 3% – project advisers.

Part of CHZ received from the sale of fan-Tokenes, NFT and collected trading commissions on the Chiliz crypto-story.NET, burned. In total, more than 65 million tokens have already been burned.

Chiliz is used for all calculations and transactions on the SOCIOS platform.Com: how to buy and sell fan-tokens only for Chz. In the future, they plan to re -play token in Chiliz Chain 2.0, after which it will also be used to manage the network, stakeing and payment of transaction commissions.

From January to April 2021, the Chz price increased from $ 0.02 to $ 0.77, that is, more than 38 times. Despite the decline in the cryptocurrency market in 2022, from June to September, the price of CHZ was restored. Chiliz cryptocurrency is the third for the capitalization of the NFT-project token after Apecoin (APE) and Flow with an indicator of $ 1.4 billion.

How the fan-Tokens brought the popularity of the Socios platform

Socios.COM has become the first blockchain project to release digital assets specifically for sports fans. The so-called fan tokens are interchangeable assets of the ERC-20 standard and are available on the Chiliz Chain network.

Each fan-token is “branded” by a specific sports team or organization and gives the owner the opportunity to participate in its life and activities, for example, receive exclusive souvenir products, tickets for matches and closed events and the like.

The first organization to release its fan-token on the Socios platform was the famous football club from Italy Juventus. Following him, dozens of eminent football teams in Europe released their digital assets for fans: Atletico Madrid, Paris Saint-Germain, Roma, Barcelona, ​​Arsenal and others, as well as national teams of Argentina and Portuguese. The full list of "football" tokens is published on the Socios website.

With the help of fan-tokens, you can also:

  • participate in the votes on Socios.COM organized by project partners;
  • bet on the outcome of the games;
  • earn "loyalty tokens" for activity on a platform that can be spent on additional opportunities during matches.

In addition to the Socios platform.COM and Chiliz exchanges.NET, fan-Tokens are traded on several centralized crypto-rhms.

In December 2020, Socios strategic partnership started.COM with Binance cryptocurrency. She carried out the distribution of fan-Tokenes through the Stayking BNB, Busd and CHZ on the Launchpool platform and launched trading tokens of Paris Saint-Germain and Juventus clubs. Later, in the same way, the distribution of a number of fan-Tokenes and their subsequent leaflet on Binance was distributed.

At the end of August 2022, the BYBIT exchange was conducted by several fan-tokens.

What sports are presented on the SOCIOS platform.Com

According to the end of September 2022, Socios partners are more than 150 organizations, teams and associations from 25 countries of the world. In addition to football, fan-Tokena was released for many sports:

  • Mixed martial arts: Professional Fighters League (PFL), Ultimate Fighting Championship (UFC);
  • Car races: Rush Fenway Racing, Aston Martin Cognizant F1, Alfa Romeo F1 Team Orlen;
  • Basketball (USA): Chicago Bulls, Boston Celtics, Los Angeles Lakes and others.
  • Tennis: Davis Cup;
  • American football (USA): Philadelphia Eagles, New York Giants, Chicago Bears and others.;
  • Ragby: The Sharks, Stade Francais Paris, Leicester Tigers and others.
  • Hockey (USA): New York Ranges, Detroit Red Wings, Pittsburgh Penguins and others.;
  • Socker (USA and Canada): Austin FC, La Galaxy, Atlanta United FC, Toronto FC, etc.
  • Cybersport: OG, EndPoint Cex, Vitaly, etc.

Socios mobile application

Socios mobile application -oriented fans.COM is available for smartphones for Android and iOS. This is the main platform for the project. The SOCIOS application has a total of more than 1.6 million downloads and several hundred thousand active users. It is available in different languages, including Russian.

Socios.COM allows fans who own fan-tokens to gain access to exclusive promotions, games and privileges, as well as influence the solutions of their favorite teams and receive awards for their participation in polls, votes, blockchain games and other activity.

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Conclusions and development prospects Chiliz and Socios.Com

As of the end of September 2022 Socios.COM already has more than 150 partners in 27 countries. In addition to dozens of most popular football clubs, sports organizations from many other areas were involved. So, back in 2021, the fan-tokens of the Mixed Martial Arts League UFC were released. Then the sales of the Formula 1 teams of the Aston Martin and Alfa Romeo teams began.

The largest American sports leagues of the NHL and the NBA, who signed the partnership agreement, have not yet launched their fan tokens on Socios.com, but this can happen after starting the main network Chiliz Chain 2.0.

In May 2022, the famous football player Lionel Messi signed a three -year contract with Socios.COM worth https://gagarin.news/news/fiscal-risk-is-extremely-minimal-finance-minister-of-el-salvador-speaking-about-the-fall-of-btc/ $ 20 million and became an ambassador of the brand, participating in advertising campaigns and promotions.

Chiliz develops the direction of metavselny. In August 2022, the blockchain company invested $ 100 million in the digital world of the Barcelona football club through the purchase of a 24.5% stake in Barça Studios, which develops digital content.

The concept of Fan Tokenes found a lively response in the world sports industry. According to the SOCIOS administration, only in 2021 the volume of revenue of sports clubs on the platform exceeded $ 200 million. More well -known sport representatives join the project. Chiliz managed to implement a new way of interaction between sports fans with their idols and create a new market.