CHZ coin or Chiliz is a virtual currency prevalent in the world of the sports and entertainment industry. It’s an Ethereum-based utility token that acts as the official cryptocurrency of the Socios.com network. CHZ lets sports fans conduct one-of-a-kind interactions with their favorite players. Chiliz uses blockchain technology to offer a new sort of direct involvement between fans and their favorite sports teams, inspired by the social of Spanish soccer teams, where an annual membership grants supporters access to early ticket and club voting privileges.
CHZ Explained
Fans can buy Fan Tokens for their favorite teams with the CHZ token, which is the Chiliz experience’s native cryptocurrency. Socios.com, the crowd management platform that powers the Chiliz experience, sells Fan Tokens for CHZ.
Chiliz allows each team to tailor the real-world experiences that its Fan Tokens give to holders. Fan Tokens can also provide holders influence over decisions made by the team. For example, new uniform designs, celebration songs, stadium names, and, in certain cases, starting lineup decisions. Fans could only interact with their favorite teams before Chiliz by watching games or purchasing goods. Chiliz and its accompanying Fan Tokens provide sports fans a direct role in the operations of their favorite clubs, as well as a unique say in how decisions are made. Meanwhile, Chiliz enables sports teams to monetize their fan bases. And that too in novel ways while also giving unique experiences to their most ardent supporters.
Brief History of Chiliz (CHZ coin)
The makers of Chiliz sought to bring the parties closer together. The reason is the current passive interaction between teams and their fan bases in the world of sports. Chiliz was founded in Malta in 2012.
Chiliz’s goal is to create a coin for buying direct voting power in their favorite football clubs for millions of sports and esports enthusiasts. As a result, fans move from being passive observers to active participants in the club.
Alexandre Dreyfus is the CEO and co-founder of Chiliz and Socios.com. He has held a number of CEO positions throughout his career. Additionally, he also founded Webcity (a city tour guide platform) which is used all over Europe. He was a founding member of Winamax, the first online fire-stirrer platform in France. Alexandre Dreyfus graduated from Lycee Jean Perrin in 1995 with a certificate.
Emma Diskin is Chiliz’s chief operations officer. She joined the company in 2018 as a communications director and has worked her way through the ranks since then. Her well-known career began in 1999 at Freud Communications as an accounts manager. Her engagement with companies including the Daily Mail and ITV since then, before joining Chiliz and Socios.com.
Max Robinovitch is the chief strategy officer for Chilliz and Socios.com. He earned a bachelor’s degree in visual arts and psychology from the University of Colorado Boulder in 2008. Rabinovitch began his professional career as a chief copywriter at Intersog in 2010. After a year as the creative director of ComboApp Inc., Rabinovitch joined the Chiliz team in 2014.
How does chiliz or CHZ coin work?
The CHZ token is an ERC20 token on the Ethereum blockchain. Likewise, the BEP2 token is on the Binance Smart Chain. Chiliz.net, the platform’s own exchange, as well as world-class cryptocurrency exchanges like Kraken, sell CHZ tokens.
Whenever a fan purchases CHZ tokens, they can use them to purchase Fan Tokens from Socios.com for their favorite teams. Such a website has features that provide a great user experience, like identifying your PC no regardless of how long you leave your account inactive, always recognizing you when you return, and saving all the rewards you’ve unlocked. You’ll be curious about where the startup data is saved on your PC, specifically in your browser.
Fan Token Offerings (FTOs) have been held by dozens of teams and sports organizations throughout the world. This includes FC Barcelona, the Golden State Warriors basketball team, and the Aston Martin Cognizant Formula One team. The pricing, supply, and distribution of Fan Tokens are customizable for each franchise. Ass well as the specific prizes and skills that Fan Token provides are customizable too. Fan Tokens, for example, are in use to gain access to exclusive meet and greets, memorabilia, and direct voting on each team’s direction.
PoA- Proof of Authority
A Proof of Authority consensus technique that produces and verifies Fan Tokens on the Socios sidechain.
Accordingly, Proof of Authority (PoA) differs from other consensus algorithms. Such as Proof of Work and Proof of Stake in that it relies on a smaller number of verifiers who have authorization rather than a distributed network of anonymous nodes to maintain the network’s veracity.
Furthermore, PoA is a less decentralized consensus mechanism. Blockchain networks that want to be more scalable and efficient frequently utilize it. Energy Web Token (EWT) and VeChain are two more platforms that use the Proof of Authority consensus process (VET).
The primary features of CHZ are as follows:
- Fan Token Offerings and Locker Rooms are necessities for CHZ (the initial sale of Fan Tokens).
- Fan Tokens’ purpose is to be fan-centric, allowing fans to participate in the success of their favorite sports teams. On the Chiliz in-house exchange, Fan Tokens are available to buy and sell for CHZ.
- The coin is extremely liquid, trading on multiple of the world’s top cryptocurrency exchanges, and currently ranks 38 on CoinMarketCap.
- Only Socios.com, a consumer-facing website, uses the token CHZ coin.
Conclusion
- CHZ is a utility token for sports and entertainment.
- Fan Tokens, which allow fans a say in top sports and esports organisations, are purchased with CHZ.
- Fan Tokens are on the Ethereum Proof-of-Authority protocol (Chiliz Chain).
Alexandre Dreyfus created the Socios platform in 2018 with the goal of converting all 3.24 billion gamers worldwide into team influencers with decision-making power rather than merely spectators.
To put it another way, this unique form of engagement aims to put fans in charge – or, as the official Socios white paper puts it:
“A global ‘crowd-control’ engine for sports and esports that allows fans to vote on management and strategic choices for their favorite teams.”
