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.
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:
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:
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:
In there:
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:
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.
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.
Updating.
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.
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CHZ token will be applied in the following cases:
Updating.
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
Website: https://www.chiliz.com/en/
Twitter: https://twitter.com/Chiliz
Telegram: https://t.me/chiliz_io
If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.
Issac
Coincu Ventures
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