What Is Chiliz($CHZ) | Leading Blockchain Fintech Provider For Sports & Entertainment
ChiliZ is one of the pioneering projects in the development of the Social Token trend. So what is ChiliZ? This article will help you understand the highlights of the project and detailed information about the tokenomics of CHZ Token.
What is ChiliZ?
ChiliZ is the first Blockchain platform applied to Esports – a project in the field of sports entertainment. In it, they apply Blockchain technology (Smart Contract) to provide voting rights for fans, so that they can participate in the management of clubs, games, tournaments, and events…
In addition, in the ChiliZ ecosystem, sports world teams, tournaments, and events can all monetize fan demand for voting rights.
With the potential eSports economy in particular and the vibrant sports entertainment sector in general, it is inevitable that there will be difficulties in managing teams and clubs. Here are the existing issues:
- The crowd management control, fans are difficult.
- Fans are not allowed to vote on the management of the club.
- The club’s internal elections are not transparent and trustworthy.
- The concentration of the current eSports platform.
What is the unique selling point?
With a development team with more than 20 years of experience in building web and platforms, including payment solutions and games, the project has adopted the Proof of Authority (PoA) consensus mechanism in the field. sport.
With this mechanism, validators will be able to use their reputation to validate blocks in the blockchain. Some features of this solution:
- Fans will be active in voting on the management decisions of their favorite team.
- Voting will be open and transparent.
- Crowd management made easy.
- Create a new wave in the current e-sports scene.
- Transactions become safer and more efficient.
Components of the ChiliZ ecosystem
ChiliZ is the first project to apply Blockchain technology to the sports entertainment industry, so there will be technological differences compared to other projects. ChiliZ’s ecosystem is divided into four main components:
- The Voice Mechanism: Voice Mechanism.
- The Main Ethereum Blockchain: The Main Ethereum Blockchain.
- The Permissioned Sidechains: The Permissioned Sidechains.
- The ERC-20 ChiliZ Token.
1. Voice Mechanism
All eSports teams operating within the ChiliZ platform will issue a limited amount of “ Voice Tokens ”.
Fans will use CHZ to trade to own Voice Token. After having the Voice Token, users can use it to vote on management issues and elect the chairman board, … for their favorite club.
Voice Mechanism consists of two components:
- Voice Queue: This can be considered as a waiting room for new Voices, created when teams participate in the tournament. This lounge is independent and democratic in nature. According to the ranking order of fans holding CHZ Token, they will convert CHZ Token to Voice Token of their favorite team with the rate “1 CHZ Token = 1 Voice Token”. Alternatively, fans can hold one or more teams in the waiting room.
- Voice Marketplace: This is a platform where fans make trades and redeem their Voices. Fans holding one or more Voice Tokens for any club, eSports provided by the project, have access to the exchange using Voice. It allows fans to auction their Voice Tokens. Based on that, they can exchange Voice Token for CHZ according to the ratio agreed between the fans.
2. The Main Ethereum Blockchain
This is the core of the ChiliZ platform. Everything that happens on the platform in terms of ERC-20 transactions, including the issuance of Voice Tokens, the conversion between CHZ Tokens to Voice Tokens, etc. will be stored and permanently auditable through a public ledger on the Ethereum Blockchain.
3. The Permissioned Sidechains
This is where Voice Tokens are issued and distributed to fans through the Voice Queue or Voice Marketplace.
- Each eSports team will act as a decentralized autonomous organization (DAO) on this Blockchain. Using that model, eSports teams can implement their own rules and poll Voice Token holders on any team decisions.
- Voting votes are made public and auditable in these sidechains. This ensures that the ChiliZ platform and the organizations promoted by it will not be able to manipulate the voting results or ignore the opinions of the fan base.
- Furthermore, running a sidechain can significantly reduce transaction costs by using the Proof of Authority (PoA) consensus mechanism.
Products of Chiliz and Socios
The highlight of Chiliz is its huge network of relationships. Up to now, the platform has linked with more than 65 sports teams around the world, including very famous names such as Juventus, Paris Saint Germain, AS Roma, UFC …
This makes it easy for the project to combine with many sports teams and link with the tournament organizer to deploy many other products such as selling tournament tickets, selling souvenirs representing sports teams, and increasing compatibility. Collaboration between Fans and their favorite sports team through voting rights.
Currently, users can use the platform to choose music to celebrate goals, choose banner designs for buses or scarves, choose banners for sports events, and more.
In addition, Chiliz also implemented an exchange that allows users to buy and sell Fan tokens representing their favorite sports teams and participate in the issuance of Fan tokens through Fan Token Offering.
Currently, Chiliz Exchange only has about 20 Fan tokens and uses CHZ as the main means of payment. With such a large number of partners, the exchange will definitely issue more Fan tokens in the future.
- Token name: ChiliZ.
- Ticker: CHZ.
- Blockchain: Ethereum, Binance Chain.
- Token Standard: ERC-20, BEP-2.
- ERC-20: 0x3506424f91fd33084466f402d5d97f05f8e3b4af
- BEP-2: bnb1cghr4z8ag440tv4wnk3l6wzynytlpvfqltm9ph
- Decimal: 18.
- Token type: Utility Token.
- Consensus: Proof of Authority (PoA).
- Total Supply: 8,888,888,888 CHZ
Chiliz only had one sale for seed investors in 2018. In total, the project raised $66M for 3.17 billion CHZ tokens. Apart from this fundraising, there are no other token sales, including public sales.
Token Release Schedule
Token Use Case
CHZ token will be applied in the following cases:
- Currency on the Socios and Chiliz Exchange platforms.
- Vote for suggestions on Socios.
- Participate in the Fan Token Offering on Fan Token Offering.
Chiliz did not disclose specific investors. However, I did find three investors who poured capital into the project early on: Binance, Jump Capital and Kosmos Capital.
Thus, I have provided you with the latest information about the ChiliZ project and the CHZ Token coin. What do you think about the future potential of this project? Will ChiliZ become more explosive when Social Token becomes Big Trend? Please share your opinion right below to discuss with Coincu News!
Find more information about ChiliZ
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