Popular blockchain infrastructure, Chiliz is now live on mainnet. In a Wednesday blog post, Chiliz confirmed the development. According to the announcement, the project manifested to support web3 infrastructure and encourage greater interaction among sporting actors.
Worthy of note that Chiliz remains the blockchain tech that pioneered the development of Socios.com and Fan Token’s digital sports ecosystem. The ecosystem housed about 2M+ wallets. Likewise, it facilitates cordial relationship between sports teams and their global audiences.
As revealed, various sports teams and brands can leverage the blockchain expertise to create highly engaged digital communities. Also, Chiliz native token $CHZ can be used to build next generation experiences, products and services.
Chiliz Chain is the next stage in Chiliz development
Worthy of note that the Chiliz Chain remains the next stage in the Chiliz project. Chiliz Chain is designed as a Layer-1 EMV-compatible, Proof-of-stake Authority(PoSA) blockchain. The protocol will introduce a system of 11 active proof of Stake Authority (PoSA) node validators. This includes some of the most reputable names in blockchain and leading sport properties. According to the announcement, the first node validator to be revealed are Jump Crypto, Paribu and Just Mining (Now Meria). The protocol also plans to bring more industry giants on board as time goes on.
Meanwhile, the PoSA provides lower fees for miners and supports shorter mining time. Also, its blockchain model utilizes less energy and supports Chiliz’s dedication to expanding its technology sustainably. As revealed, all transactions on the Chiliz Chain will be rewarded for using the native token $CHZ.
Another, integral part of the PoSA model is staking. As revealed, staking remains an important tool that users wield to delegate their tokens to secure the network. As such, holders of $CHZ play their role in the improvement of the ecosystem and get their reward for staking their $CHZ on the chain.
Blockchain firm to foster web3 development in sporting sector – CEO
Notably, Chiliz CEO, Alexandre Dreyfus made some comments on the development. The CEO described the mainnet launch as a remarkable milestone for the sport blockchain firm. According to him, the firm has been working towards this feat for a long time. Also, Dreyfus believes that the protocol possesses the potential to become the backbone of Web3 in the sport sector through its long years of commitment to innovation. He further that the blockchain firm aims to support the upcoming generation of products, experiences and services for teams, brands, and their fans.
Read More: