In this guide, you will be introduced to Chiliz (CHZ) – the world’s leading blockchain provider in sports. Explore the Chiliz platform, its functioning, and find details on the Chiliz (CHZ) token.
The world’s first cryptocurrency exchange for sports that allows crypto-enthusiasts and traders to speculate and trade Fan Tokens is Chiliz (CHZ). Striving to elevate everyday experiences, Chiliz prides itself on providing sports and entertainment entities with blockchain-based tools to help them engage and monetize their audiences. It is also famous for its sports fan engagement platform Socios.com.
Chiliz is a blockchain-based platform that allows sports fans and players to engage and have a unique first-time experience of monetizing the participation of the fans. At its core, Chiliz addresses two issues: funding and engagement. The platform not only allows fans to invest in and control sports organizations but also provides sports companies access to vital funds, allowing fans to feel more connected to teams.
The Chiliz team comprises experienced experts in regulated gaming, sports-centered business development, and gaming technology. But its major focus is on football.
Chiliz has a vision of providing sports fans with a means to purchase a direct vote in their preferred organization. It also envisions creating a crowd management platform for games, leagues, teams, and events across various areas. With headquarters in Malta, Chiliz runs a development office in Lyon, France, and has active operations in Turkey, Spain, South Korea, and Brazil, with team members also active in the UK and Sweden.
History and Founders of Chiliz
Chiliz commenced its operations in early 2018. It was founded by Alexandre Dreyfus, the founder of interactive tourism guide platform Webcity and co-founder of the largest online poker site in France Winamax. The Chief Technology Officer of Chiliz is Thibaut Pelletier, the Chief Strategy Officer is Max Rabinovitch.
Chiliz has a dedicated team of more than 40 sports, e-sports, and gaming industry experts. Since 2018, it has been working hard to develop the best product and services. Back then, Chiliz team managed to raise $66 million through a private investment round. It helped to fund the development of the world’s first fan engagement and rewards platform Socios.com.
Technology Behind Chiliz Blockchain
The technology behind Chiliz allows fans to obtain direct votes in their favourite sports organizations. This is available due to the utility infrastructure of scalable, blockchain-based Fan Tokens and the secure placement of tokenized voting rights performed by smart contracts on the platform.
To guarantee truthfulness, the Chiliz team comes out with their own Ethereum (ETH) blockchain case. This permitted sidechain is the core of Socios.com. It hosts every team, league, game title, or any other organization that connects with the platform, together with each organization’s crowd voting mechanisms running as a Semiautonomous organization on this blockchain. In addition, Chiliz blockchain relies on a proof-of-authority (PoA) sidechain consensus mechanism to ensure security. Unlike proof-of-work (PoW) and proof-of-stake (PoS), PoA uses the reputability of already established validators for the creation of new blocks. Apart from being a scalability solution, this system also ensures transparency as Socios.com’s PoA sidechain will be publicly auditable.
The first consumer-facing product of Chiliz was Socios.com. This scalable, mainstream hub allows fans to buy tokenized voting rights in their favourite teams. Being a first-of-its-kind platform, Socios.com not only provides the right to vote, but also gives access to unique rewards – once-in-a-lifetime experiences, exclusive merchandise, prediction games, match-day challenges, etc.
Based on Chiliz blockchain, Socios.com allows every joining club to generate Fan Tokens – fully fungible tokens that give this voting…