What is Chiliz ?
Chiliz was launched on the ERC-20
blockchain on February 14, 2018 . Chiliz is the digital currency of the Socios.com network that aims to connect clubs with their fans. The main purpose of the platform is to strengthen the interaction of fans with the teams they support. It strives to achieve this connection through events, rewards, campaigns and privileges offered on the network.
Built on the socios of Spanish football teams, where creating an annual subscription provides access to voting rights within the football club and early-discounted tickets to matches, Chiliz has combined blockchain technology with sports fans and players from clubs they are fans of.
Chiliz’s market cap is $1,001,726,422. Its maximum supply is set at 8,888,888,888, while its total circulating supply is 6,136,927,196 CHZ. CHZ’s initial coin offering ended on June 30, 2018.
Chiliz (CHZ), which cooperates with different clubs from different sports, allows fans to have a say in many issues that interest fans, such as who is the favorite player, the club’s products and jersey designs. In this regard, chiliz is provided by giving token holders the opportunity to create “parties tokens”.
During his popularity, Chiliz partnered with clubs such as Barcelona, Juventus, Paris Saint-Germain, Atletico Madrid, Roma, Galatasaray and Trabzonspor.
Storing CHZ tokens, or If you want to stake
, you can download the app of the Chiliz platform. In order to trade, you must of course transfer CHZ to your account. After purchasing the fan token of the club of your choice, you can use your fan tokens by logging into the mobile application of the Socios platform to participate in events.
What is Proof of Authority (PoA) with Chiliz?
The generated fan tokens are generated on Socios’ sidechain through a Proof of Authority consensus algorithm and are then verified by the algorithm.
While PoA is considered a less decentralized consensus method, it is often used by blockchain networks that want to be more scalable and efficient. Energy Web Token (EWT) and VeChain (VET) are examples of other platforms that use the Proof of Authority consensus mechanism.
To mention another innovation for Chiliz, we should add that Chiliz has partnered with Oracle network
Chainlink
. What does this mean for CHZ?
Thanks to this partnership, the player will be able to commemorate in real time events that can be counted as special such as championship wins and world cups
NFTs
can be created with.
