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Chiliz: Overview & History

Chiliz: An Introduction

Chiliz is the top digital currency for sports and entertainment provided by the Malta-based FinTech company of the same name. It operates Socios, a blockchain-based platform that allows users to have a say in the decision-making of their favorite sports brands. Socios.com offers various fan tokens, allowing fans to engage and connect with their favorite clubs while also unlocking new revenue streams.

Through surveys and polls, fans can actively participate in club-related decisions, such as choosing messages for the captain's armband. This bridges the gap between passive and active fandom. Chiliz has partnered with major sports institutions including FC Barcelona, Manchester City, Juventus Turin, Paris Saint-Germain, UFC, and gaming organizations. Fans who purchase CHZ gain access to a range of fan tokens and have a stake in their club.

Chiliz: What Sets It Apart?

Each sporting organization utilizing Chiliz technology offers a limited supply of fan tokens through an initial FTO (fan token offering). These tokens are available on a first-come, first-serve basis, with Chiliz disclosing the opening price and fully diluted market cap in advance. The native CHZ token is used to acquire fan tokens and serves as the internal currency of the platform. Fans can vote on the Socios platform using their fan tokens, facilitated by smart contracts. The level of influence fans have is determined by the clubs, ranging from decisions on jersey designs to exhibition game matchups.

Chiliz has pioneered direct participation for average sports fans in club and organization decision-making processes. The company constantly introduces innovative ways for fans to engage, including the establishment of the Chiliz Blockchain Campus, a privately-owned crypto incubator aimed at accelerating blockchain technology adoption in Asia and Europe. Despite already having partnerships with 80-100 teams by the end of 2021, Chiliz believes it is only at about 10% of its potential.

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