What is Chiliz (CHZ)?
Chiliz (CHZ) is the ERC-20 token native to the Chiliz decentralized network. Chiliz is a platform that provides financial technology (FinTech) services for the sports and entertainment industries. The most recent Chiliz price data can be viewed above.
Chiliz is the network behind Socios.com, a platform for sports enthusiasts. It’s known for its Fan Tokens, special utility tokens that can be purchased with CHZ and used to show support for and engage with soccer teams. The Fan Tokens allow users to have a real influence on the governance of the teams and feel like a part of the sports community.
Who Is the Founder of Chiliz?
Chiliz was founded by Alexandre Dreyfus, web entrepreneur and CEO of the company. He has over two decades of experience in financial technologies and gaming, having been involved in the poker scene before expanding his ventures.
Although the Chiliz FinTech services were launched in 2012, the team started working on a blockchain project in 2018. The platform aims to tap into the gaming & esports market, which has been relatively unexplored by blockchain projects. It presents a vision of the next stage of esports evolution, introducing fan-driven leagues.
Ethereum was chosen as the blockchain for Socios.com as it allows open-source development and decentralization as well as encourages community building. Furthermore, the consensus algorithm allows for a fair consortium, where each fan can contribute their proposals and vote on suggestions regarding the team.
Prior to the official launch, Chiliz held a private token sale for investors. The CHZ price volatility has remained relatively low, and as of June 2022, it has not exceeded $1. The Chiliz crypto project reached unicorn status in 2021, becoming one of the biggest blockchain-based apps not for exchange purposes.
What Are the Features of Chiliz?
Chiliz tokens have a limited max supply with a hard cap at 8,888,888,888. This makes the asset deflationary, meaning that the Chiliz price is set to increase as it becomes more scarce. Although it was initially developed as an ERC-20 token, it can be used cross-chain as a BEP-20 and TRC-20 asset on the Binance Smart Chain and Tron, respectively.
The primary purpose of the Chiliz token is to be used to purchase Fan Tokens on Socios.com. Some of the teams that are affiliated with the Chiliz crypto network are Juventus, Paris Saint-Germain, and FC Barcelona. The platform has also partnered with the Italian national soccer team to create the ITA Fan Token.
Much like the Chiliz tokens themselves, the Fan Tokens have a limited supply and are issued on a first-come-first-serve basis. The costs of the Fan Tokens are based on the Chiliz price and are subject to change according to market conditions. Fan Tokens can also be acquired for free by participating in polls and being an active community member.
The platform enables fans to have a direct impact on their favorite team. Fans can vote on team-wide and league-wide decisions, determining the tournament directions, such as team drafts, the length of the season, and the matchmaking system. In the case of esports, fans have a say on team character skins and game maps.
Chiliz and, by extension, Socios.com work as a decentralized autonomous organization (DAO). Users that hold Chiliz tokens can acquire Voices – voting rights that they can use to make decisions regarding their team or choice or the wider platform. The DAO follows democratic principles and uses smart contracts to ensure transparency and integrity.
Alongside governance and peer-to-peer interactions, Chiliz also enables esports streams. The platform offers special Twitch overlays that allow for audience management and live decision-making. The low Chiliz price and the wide utility of the asset in both traditional and electronic sports can make it a lucrative asset for investors.