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All You Need To Know About Chiliz - CHZ

BitForex Editor
Mar 17, 2021

Since the inception of blockchain technology, there have been different innovative ideas that have dominated different industries globally. As a result of how secure and private blockchain technology is, many brands have taken advantage of it and built multiple concepts around it. Whether it's aviation, food, art, or sports, the use of blockchain technology is undeniable.

Non-fungible Tokens (NFT) have slowly become more and more popular as the days go by. Although available since 2017, they started becoming popular in 2020. And so have different brands built around NFT. NFTs are digital assets that can be exchanged in the digital world, regardless of location. This freedom and privacy make it easy for people to build a brand and get clients from anywhere in the world. This is exactly the case with Chiliz and other blockchain-based services.

Chiliz (CHZ) is one of the major brands popularly known as a fintech provider in the sports entertainment industry. This brand recently built and developed an engagement platform called Socios on the** Chiliz** blockchain for private interaction and exchange. Think of it as a secure platform for you to enjoy your favorite sports however you like it. The Chiliz team has been working on developing this product and services since early 2018 and was able to raise about $66 million, which was used to create the Socios.com fan engagement. The funds were also used to issue rewards for fans' applications.

In this article, you'll be enlightened about the Chiliz blockchain, the interactive platform "Socios.com" and unique token.

What is The Chiliz Blockchain?

Like every NFT project, Chiliz is a cryptocurrency platform that offers users blockchain-powered products and services related to the sports industry. Focusing more on football, Chiliz is supported by a few big names in the sports industry and provides excellent engagement experiences to different consumers. Essentially, consumers can make a huge amount of money just from participating. This service is targeted at football fans all over the world who are very passionate about different teams in multiple leagues.

As a result, this brand produced fan tokens for different fans to monetize their engagement with ease.

Fan tokens offerings (FTOs) are created to help new partnerships launch Fan tokens on the Socios.com engagement platform. Similar to crypto launchpads, a fixed price is agreed upon before launching each fan token. The users of socios.com end up getting a portion of the total fan token amount before it is further listed on the open market. This strategy gives dedicated football fans access to token launches first before anyone else.

Asides from the value of each fan token,  every token offering also communicates other important details to the users such as;

1.The start and end of the Fan Token offering

2.The opening price of the token

3.The fully diluted market cap

By sharing these details, investors can make well informed decisions before parting with their money.

What Are The Chiliz Token?

The Chiliz token is the major currency of the Chiliz platform, without which you cannot process any transactions.  The CHZ token is an ERC-20 and BEP-2 compatible utility token that powers the entire Chiliz digital system. The Chiliz exchange and Socios.com platform cannot run without the CHZ token because it is the major currency and base asset across the blockchain. So, whether it's the voting mechanism, buying and selling of tokens, none of it can be possible without the CHZ token.

Since the beginning of this year the market cap of the CHZ tokens have continuously increased and have reached (and possibly crossed) $1.3 billion. This is all thanks to the token distribution which was carefully planned to ensure the entire project is profitable and sustainable at once.

How Does The Chiliz Exchange Work?

The Chiliz exchange is the designated crypto exchange of the Chiliz ecosystem. Specifically used to process only transactions with fan tokens, this platform allows fans to trade fan tokens that represent popular sports stars. The Chiliz exchange works similarly to other online crypto exchanges. You can trade your fan tokens on the exchange platform by downloading the app or logging on to chiliz.net. The app is compatible with both Android and iOS and features a simple and easy-to-understand interface.

The Socios.com Engagement Platform

As mentioned earlier, the socios.com platform was created on the Chiliz blockchain to promote engagement between football fans globally. Considered the first of its kind, this platform makes it easy to purchase branded fan tokens from popular teams such as Juventus, AC Milan, FC Barcelona, etc. You can also get tokens from Mixed Martial Arts (MMA) and Ultimate Fighting Championship (UFC) via this platform.

Casting a vote for a specific team is done using smart contracts. These votes can influence decisions about merchandise designs, celebration songs, and the name of a training ground directly. Aside from the fact that this interactive platform can make you a part of the decision making process, you can also get a lot of rewards. These features and bonuses definitely set this interactive platform apart from so many others.

Why Is The Chiliz Ecosystem So Special?

The Chiliz ecosystem offers a platform for both sports teams and fans of different teams to interact, which has never been done before. Also, this platform is amazing because;

1.It gives fans the opportunity to play a part in the decision making process

2.It's a fresh way for fans to support their favorite teams

3.The fans enjoy VIP experiences and incentives simply for engaging

4.It's a brilliant way to spread the knowledge of cryptocurrency

Conclusion

With more industries adopting blockchain technology in delivering their services and products, It's about time the sports industry has its own platform. Although there have been blockchain-based platforms that offer users the option to bet on their best teams, there has never been anything like the Chiliz ecosystem. By giving the fans and sports teams an avenue to interact and exchange tokens, every party involved gets to increase their revenue.

Also, with the losses in the sports industry as a result of the pandemic, the CHZ token is the perfect way to bridge that gap.

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