What is Chiliz?
Cryptoforce|Chiliz is a popular choice among investors looking to trade altcoins. However, before you Trade CHZ, it is essential that you know what you are investing in. Let's find out what's Chilis and how it works.
Chiliz, created by the eponymous Malta-based FinTech company, is the top digital money for sports and entertainment. Socios is a blockchain-based sports entertainment platform that gives fans a voice in the governance of their favorite athletes and teams. As an illustration, consider the many fan tokens made available by Socios.com. Fan tokens provide an avenue for teams and leagues to interact with their fans and open up new revenue sources for sports organizations.
By conducting surveys and polls, fans may have a say in matters pertaining to the club, such as what kind of message the captain should display on his armband. In doing so, they want to attract customers who fall between active and passive fan groups. Chiliz has formed strategic alliances with renowned clubs such as FC Barcelona, Manchester City, Juventus Turin, and Paris Saint-Germain. It also has affiliations with the UFC and casino companies. By investing in CHZ, fans may have access to a variety of fan tokens, giving them a real financial interest in the team.
How is Chiliz different?
A certain number of fan tokens are available at the first FTO for any sports league that uses the Chiliz platform (fan token offering). These tokens are available on a first-come, first-served basis, with the introductory price and total market cap revealed by Chiliz in advance.
A CHZ token, the platform's native token, may be exchanged for a given amount of fan tokens. Next, leveraging the power of smart contracts, fans may cast votes using their fan tokens on the Socios platform. Each team's fan base has varying degrees of sway depending on how much power they have within their club. The decisions may include anything from the look of new jerseys to the pairing of teams for preseason contests.
Chiliz was the first platform to allow ordinary sports fans to have a voice in the policymaking processes of their favorite teams and leagues. The formation of the Chiliz Blockchain Campus, a privately held crypto incubator with the mission of hastening the adoption of blockchain technology across Asia and Europe, is just one example of the company's dedication to providing new avenues for fans to become involved.
How many CHZ tokens are in circulation?
Launched initially as an ERC-20 token, CHZ was subsequently updated to be BEP-2 compliant, taking over Binance Launchpool's function in the distribution of fan tokens as part of a partnership. CHZ can also be obtained as a TRC-20 token on the Tron network.
With no public sales other than those made possible through exchanges, 8.8 billion CHZ were minted upon its introduction in October 2018 and dispersed to early investors. The tokens are distributed as follows:
- 15 % – Strategic Acquisitions
- 5% – Team
- 7% – Seed investors
- 3% – Advisory board
- 15% – Marketing
- 20% – Userbase reserve
- 34.5% – Token sale
Network Security
CHZ is supported by many blockchains, including Ethereum, Binance Smart Chain, and Tron. Socios mints fan tokens on its Socios sidechain using a patented crowd control approach to ensure that fans may participate in a secure environment while still voting in publicly verified polls. The sidechain's consensus is based on a proof-of-authority protocol. Private entities with closed blockchains and only users within their ecosystems mainly utilize proof of authority. Though it lacks the decentralization of specific other consensus techniques, its scalability and security make it an excellent option for a sidechain. Certik has audited the CHZ token.
Founders
Alexandre Dreyfus, Chiliz's current CEO, founded the company. Dreyfus has been at the helm of successful online ventures for nearly two decades. He is also the founder of the online poker rooms Winamax and Chilipoker as well as the interactive travel guide Webcity.
Where Can You Buy CHZ?
CHZ is available on the licensed cryptocurrency exchange CryptoForce and several other national and international exchanges.
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