Chiliz is the top digital currency dedicated to sports and entertainment, developed by a Malta-based FinTech company of the same name. It powers the blockchain-based sports entertainment platform, Socios, where fans can engage in the governance of their beloved sports teams. Socios.com creates numerous fan tokens to facilitate this interaction. For sports clubs and associations, these fan tokens provide a novel way to engage with their audience and unlock fresh revenue opportunities.
Fans, for example, can take part in club decision-making through polls and surveys, such as choosing the message the captain should wear on his armband. The company's goal is to close the gap between passive and active fan participation. Chiliz has partnered with major sports institutions worldwide, including FC Barcelona, Manchester City, Juventus Turin, and Paris Saint-Germain, as well as the UFC and several gaming organizations. By acquiring CHZ, fans gain access to a variety of fan tokens and acquire a real stake in their favorite club.
Who Founded Chiliz (CHZ)?
Alexandre Dreyfus, who is the current CEO, established Chiliz. With over 20 years of experience in launching and growing web-driven businesses, Dreyfus has quite the resume. He developed Webcity, an interactive travel guide, and ventured into online poker with Winamax and Chilipoker, before eventually founding Chiliz in 2017. His clear mission with the company is to "work harder than ever on our mission to fully establish Fan Tokens as the ultimate fan engagement tool and as a powerful new revenue generator for the sports industry." This mission is evident in the rapid spread of fan tokens, attracting both prominent European football clubs and smaller ones.
What Distinguishes Chiliz (CHZ)?
Every sports organization utilizing Chiliz's technology offers a limited supply of fan tokens through an initial Fan Token Offering (FTO). These tokens are available on a first-come, first-serve basis, and Chiliz provides the starting price and the fully diluted market cap upfront. The CHZ token serves as the platform's internal currency for purchasing fan tokens. With these tokens, fans can cast their votes on the Socios platform, enabled by smart contracts. Clubs decide the extent of fan influence, ranging from new jersey designs to determining team matchups in exhibition games.
Chiliz has set the stage for direct fan involvement in club and organizational decision-making processes. The company is continually inventing new ways for fans to engage, as demonstrated by the creation of the Chiliz Blockchain Campus, a privately-owned crypto incubator aimed at boosting blockchain technology adoption in Asia and Europe. Chiliz estimates that it is only operating at about 10% of its potential, despite planning to include 80-100 teams in its network by the end of 2021.
How Many Chiliz (CHZ) Tokens Are Currently in Circulation?
The total supply of CHZ tokens is capped at 8.8 billion, which were created at the time of its launch in October 2018 and distributed to early supporters, with no public sales beyond what was available on exchanges. The allocation of tokens is as follows:
15 % – Strategic Acquisitions
5% – Team
7% – Seed investors
3% – Advisory board
15% – Marketing
20% – Userbase reserve
34.5% – Token sale
Initially, CHZ was introduced as an ERC-20 token but later adapted to be compatible with BEP-2, reflecting Binance Launchpool’s involvement in releasing fan tokens as part of a strategic collaboration. Furthermore, CHZ is available as a TRC-20 token on the Tron blockchain.
How Does the Chiliz Network Maintain Security?
CHZ is accessible on several blockchains, including Ethereum, Binance Smart Chain, and Tron. Fan tokens are created on its Socios sidechain, which employs a proprietary crowd control system, ensuring fans operate within a secure environment and participate only in publicly audited polls. The sidechain utilizes a proof-of-authority consensus mechanism. This mechanism is often used by private entities with closed blockchains, allowing only ecosystem participants to vote. While it is less decentralized than other systems, it is highly scalable and secure, making it ideal for a sidechain. The CHZ token has undergone auditing by Certik.
When Did Chiliz Start Trading?
Chiliz made its debut in October 2018 on the Ethereum mainnet.
Where Can You Purchase Chiliz (CHZ)?
CHZ is available for purchase on Binance, Huobi, Coinbase, and numerous other exchanges.
