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What is Chiliz?

CHZ

Chiliz (CHZ) is a cryptocurrency and ecosystem dedicated to connecting the world of sports with the world of blockchain technology. It offers a platform for creating tokens for fans, NFTs…

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What is Chiliz?

Chiliz (CHZ) is a cryptocurrency and ecosystem dedicated to connecting the world of sports with the world of blockchain technology. It offers a platform for creating tokens for fans, NFTs and sports-related services. It is a token project on the Ethereum network that aims to become a reference for all sports fans in the blockchain world. The idea was promoted by Socios.com, a popular participation platform for sports fans, and HX Entertainment Limited, a sports and entertainment group. To achieve this goal, Chiliz intends to position itself as a currency for purchasing products and services related to its platform. This includes the purchase of merchandise, fan tokens, NFTs, sports betting, payment solutions, among others.

In addition, to cope with the escalating value of Ethereum fees, Chiliz has prepared its own blockchain to increase the scalability of its token, enabling fast transactions. The technology of this blockchain is based on Ethereum via the Proof of Authority (PoA) protocol, which enables interoperability with the network where this token was originally created. In this way, Chiliz aspires to be a global currency with a wide range of applications related to the world of sports.

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Chiliz story

Chiliz was developed by Mediarex Group, which is part of HX Entertainment Limited and in which Alexandre Dreyfu and Fiobian Manicolo are affiliated – in cooperation with Socios.com. With the idea already embodied, its creators managed to publish the Chiliz project in October 2018. Since then, Chiliz has begun gathering support and partners to realize its exciting vision. Shortly after the launch of Chiliz, the Socios.com platform began operations. It debuted with the launch of interesting features such as the issuance of phantokens. The first of these, i.e. the Juventus soccer team fan token, was followed by the successful issuance of tokens for:

  • Paris-Saint Germain,
  • Atlético de Madrid,
  • Galatasaray,
  • AS Roma,
  • FC Barcelona.

With such clubs, the platform quickly attracted the attention of a wider audience, which was reflected in a significant increase in operations with this token. But the interest didn’t stop there, and national teams such as Argentina joined the project,

Portugal, as well as other Premier League teams such as:

  • Manchester City,
  • Arsenal,
  • Everton,
  • Leeds
  • Aston Villa.

In addition to the world of soccer, it has also attracted other sectors such as Formula One, the UFC and even the NBA – these are the ones who have joined the effort to create their own Chiliz fan tokens, a testament to the strong interest in the platform, which is already promoted by more than a million users.

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What functions does CHZ perform?

Chiliz (CHZ) is a token project on the Ethereum network that aims to become a reference for all sports fans in the blockchain world. Chiliz intends to position itself as a currency for acquiring products and services related to its platform. This includes, but is not limited to:

  • purchasing goods,
  • tokens for fans,
  • NFT,
  • sports betting,
  • payment solutions.

In addition, to cope with the escalating value of fees on Ethereum, Chiliz has prepared its own blockchain to increase the scalability of its token, enabling fast transactions. The technology of this blockchain is based on Ethereum via the Proof of Authority (PoA) protocol, which enables interoperability with the network where the token was originally created. In this way, Chiliz aspires to be a global currency with a wide range of applications related to the world of sports and become a reference in this sector.

What is a fan token?

A fan token is nothing more than a cryptographic token associated with sports entities.

Tokens such as the PSG Token or FC Barcelona Fan Token are just one example of this type of token and the range it can have. For example, the PSG token, launched in June 2020, started with a market price of $2.77 per token, but reached an all-time high of $61.23 (August 2021), representing a return of more than 500% over the period. In any case, the preferred place to deploy fan tokens is Chiliz, due to its Ethereum-compatible ecosystem, speed and low cost of operations.

Smart contracts and tokens at Chilliz

Being an Ethereum-based network means that Chilliz is able to use advanced smart contracts. To do so, the network uses a specially modified version of the Ethereum virtual machine, customized for the Proof of Authority protocol. This allows us to see smart contracts written in Solidity within this powerful blockchain. For these reasons, Chiliz is able to create fungible tokens (using the ERC-20 standard) and non-convertible tokens (using the ERC-721 standard) within its blockchain.

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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