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Introduction to Chiliz (CHZ): Crypto Option for Sports Platforms

UTC by Isaac Danso · 6 min read
Introduction to Chiliz (CHZ): Crypto Option for Sports Platforms
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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 Overview

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.

Socios.com Platform

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 right. Fan tokens are exclusive utility cryptographic tokens that have the imprint of the cooperating sports team or organization they relate to. Fan Tokens gives fans the ballot power to take part in the decision-making, feedback polls, and surveys concerning sports teams or organizations. They can be solely traded using Chiliz Tokens.

Chiliz (CHZ) Token

Chiliz (CHZ) token is a cryptographic decentralized token launched by Chiliz used by sports fans to purchase Fan Tokens. Based on the Ethereum protocol (ERC20 token), Chiliz tokens are generated and distributed on the Socios.com platform to help make Fan Token transactions.

In 2019, Chiliz tokens became available for public buy on exchanges. Upbit, Binance, Paribu, OKEx, HBTC, Huobi Global – these exchanges added support for CHZ.

A total CHZ supply makes up 8,888,888,888 tokens. 34.5% were distributed through a pre-sale event and additional token sales. Another 20% of tokens served as a userbase reserve to future users of the Socios.com platform. Around a sixth of all tokens went for strategic acquisitions. About 7.5% of CHZ tokens became an incentive to seed investors. The team received 5% of tokens as rewards, and advisors got 3%.

Chiliz Exchange

Chiliz.net exchange has full integration with Socios.com, meaning users can transfer Fan Tokens in a Socios wallet. The exchange uses state-of-the-art software and facilitates the 24/7 trading of digital assets from the biggest sporting brands in the world. Among them are Juventus, Paris Saint-Germain, Atletico de Madrid, Galatasaray, and more.

Benefits of Chiliz

Chiliz has a lot of benefits to offer to both the sports world and crypto space. It is opening the crypto industry to billions of football fans worldwide and stands as a significant agent for the mass adoption of cryptocurrency. With its Socios.com platform, a worldwide sports community is brought together.

Chiliz also prides itself on utilizing innovative technology that boosts the interaction of fans and teams. Explicitly, the concerns of fans can not directly affect the club’s decision-making. However, fans’ votes via the Socios.com platform benefit the clubs to have a fair idea of exactly what the fans want. This is an exclusive method of spurring support around a team and a way for fans to feel a part of the team they support.

Conclusion

As crypto adoption proliferates in all industries, blockchain technology in the sports industry keeps expanding. In the case of Chiliz, blockchain presents the avenue for exclusive fan engagement and new experiences.

During the Covid-19 pandemic that brought global lockdowns, sports teams could not maximize revenue. However,  Chiliz (CHZ) aided both the clubs and their supporters. It helped to get at least a fair percentage of the lost revenue by bringing fans and clubs together to partake in a unique and thrilling opportunity.

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FAQ

What is Chiliz?

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.

Who created 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. 

What is Chiliz token?

Chiliz (CHZ) token is a cryptographic decentralized token launched by Chiliz used by sports fans to purchase Fan Tokens. Based on the Ethereum protocol (ERC20 token), Chiliz tokens are generated and distributed on the Socios.com platform to help make Fan Token transactions. 

Which exchanges support Chiliz (CHZ) token?

Upbit, Binance, Paribu, OKEx, HBTC, Huobi Global — these exchanges added support for CHZ. 

Is it worth investing in Chiliz?

Chiliz has a lot of benefits to offer to both the sports world and crypto space. It is opening the crypto industry to billions of football fans worldwide and stands as a significant agent for the mass adoption of cryptocurrency. With its Socios.com platform, a worldwide sports community is brought together.

As crypto adoption proliferates in all industries, blockchain technology in the sports industry keeps expanding. In the case of Chiliz, blockchain presents the avenue for exclusive fan engagement and new experiences. Therefore, this platform is worth investing in. 

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