Chiliz is an attempt to transform the passive relationship between sports, sports clubs and their global fans through tokenization. Founded in Malta in 2018, the company’s goal was to provide millions of sports and esports fans with a token that would allow them to purchase a token influential stake in their favorite sports or esports clubs.
In other words, it is a fan engagement platform that allows you to influence certain decisions made by your favorite team. According to its official media channel, the CHZ token is a digital currency for the tokenization of sports, powering “ the world’s first scalable fan engagement and rewards app where fans can buy and redeem branded Fan Tokens, as well. than vote in polls and club-based. polls. ‘
The token exclusively powers Socios, its consumer-oriented platform where fans can use their Fan Tokens to participate in polls and polls and be rewarded with active participation.
- CHZ is a utility token for sports and entertainment.
- CHZ is used to purchase Fan Tokens, allowing fans to share their influence with major sports and esports organizations.
- Fan Tokens use an Ethereum-based proof of authority chain (Chiliz Chain).
The CHZ token
The Chiliz token is a digital currency used in the world of sports and entertainment platforms, named by the abbreviation CHZ.
Specifically, it is a utility token that started on the Ethereum blockchain and is used as the official cryptocurrency of the Socios platform.
Main features of CHZ
CHZ is required to participate in the Fan Token and Costume Offers (the initial Fan Token sale).
The purpose of Fan Tokens is to be fan-focused, allowing viewers to become active contributors to their sports clubs.
Fan Tokens can be redeemed on Chiliz’s internal exchange for CHZ.
The token is very liquid and is traded on some of the largest crypto exchanges; ranking 38th on CoinMarketCap at the time of publication.
How it works?
Fan Tokens exist on an authorized Proof of Authority (PoA) chain (Chiliz Chain);CHZ operates on the Ethereum and Binance Chain network (but not on Binance Smart Chain) via exchangeable ERC20 and BEP2 tokens. It is built on the Chiliz blockchain and uses $ CHZ as the exclusive currency on the platform.
Fans can download the Socios app available on iOS and Android to use their share of influence (Fan Tokens). In return, they get access to exclusive club offers and rewards.
Put it all together
Chiliz has a simple reason that defines his existence: spectator engagement in sport. It brings the sport closer to its fans, who can be a part of the game; make decisions and get to know their favorite players.
In mainstream sports; the idea of having a large number of fans directly handling high-level decisions has been discussed without ever having a potential solution. With CHZ and its Fan Tokens; this exercise to improve fan engagement is now a reality for all who want it.