In this article, we tried to answer questions such as what is CHZ coin, what is the cryptocurrency Chiliz (CHZ), how to buy CHZ coin. Here are the details about the CHZ coin review and future…
Chiliz is an attempt to transform the passive relationship between sports clubs and global fanbases through tokenization. CHZ is a utility token for sports and entertainment.
The purpose of Fan Tokens is to be fan-focused and enable spectators to actively contribute to sports clubs.
Fan Tokens can be traded against CHZ on the Chiliz in-house exchange.
The token is highly liquid and traded on some of the largest exchanges in the market and is ranked 38th on CoinMarketCap at the time of publication.
What is Chiliz (CHZ) Coin?
Chiliz is a cryptocurrency that allows sports fans to have unique experiences with their favorite teams.
Inspired by the sociology of Spanish football teams, where an annual subscription gives fans access to early tickets and club voting rights, Chiliz leverages blockchain technology to enable a new kind of direct interaction between fans and their favorite sports teams.
Fans can purchase Fan Tokens of their favorite teams using the CHZ token, the native cryptocurrency of the Chiliz experience. Fan Tokens can be purchased for CHZ through Socios.com, the crowd management platform powering the Chiliz experience.
Any team that partners with Chiliz can customize the real-world experiences that Fan Tokens provide to their holders. Fan Tokens can also empower holders to influence decisions made by the team, such as new jersey designs, celebratory songs, stadium names, and in some cases, decisions on starting rosters.
Before Chiliz, fans could only interact with their favorite teams by watching matches or purchasing items. Chiliz and associated Fan Tokens give sports fans an active presence in the operations of their favorite teams and a unique influence on decision-making.
Meanwhile, Chiliz allows sports franchises to monetize their fan bases in new ways while providing unique experiences to their most loyal supporters.
Who Created Chiliz?
Chiliz is headquartered in Malta and was founded by its current CEO, Alexander Dreyfus. Dreyfus is a serial entrepreneur who has built multiple businesses in the travel and entertainment industry.
Chiliz partners include former NBA Vice President Sam Li, Nicolas Maurer, CEO of esports team Vitality, and one of the world’s largest video game publishers, Dr. DisRespect is included.
Chiliz raised just over $66 million in 2018 through a private token sale that included participation from FBG Capital, Binance, and OK Blockchain Capital.
CHZHow Does Chiliz Work?
The CHZ token works both as an ERC20 token on the Ethereum blockchain and as a BEP2 token on the Binance Smart Chain. CHZ tokens can be purchased on the platform’s own exchange, Chiliz.net.
When a fan buys CHZ tokens, they can use them to purchase their favorite team’s Fan Tokens on Socios.com.
Dozens of teams and sports organizations around the world, including FC Barcelona, the Golden State Warriors basketball team, and the Aston Martin Cognizant Formula1 team, have held Fan Token Offerings (FTOs) for their loyal supporters. Each franchise can customize the Fan Token price, supply, distribution and special rewards and capabilities that the Fan Token provides. For example, Fan Tokens can be used to access private meeting and greetings, memorabilia, and direct voting decisions regarding each team’s direction.
More importantly, Fan Tokens can be burned or removed from circulation depending on the team’s performance, meaning results such as winning matches or earning points can make Fan Tokens scarce and therefore more valuable.
Proof of Authority (PoA)
Fan Tokens are created and validated on the Socios sidechain via a Proof of Authority consensus algorithm.
PoA works differently from other consensus algorithms such as Proof-of-Work or Proof-of-Stake, rather than relying on a distributed network of anonymous nodes and a smaller number of validated validators to support the network’s accuracy.
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.
Oracles
Chiliz has announced a partnership with decentralized oracle network Chainlink, a service that provides real-world data to smart contracts. Through this partnership, Chiliz aims to create unique tokens (NFTs) that aim to commemorate special events such as player milestones or championship wins in near real time.
What Makes CHZ Valuable?
CHZ is the primary medium of exchange that allows sports fans to purchase Fan Tokens of their favorite teams and organizations.
Like many other cryptocurrencies, the total supply of CHZ is limited, meaning there can be a maximum of 8.8 billion CHZ tokens.
CHZ Coin Review and Future
Sports fans interested in having a direct impact on their favorite teams and organizations can find value in the CHZ token.
Those wishing to access exclusive rewards and benefits with their favorite teams may also be interested in purchasing CHZ.
Investors who see value in the new fan engagement experiences provided by the Chiliz platform may want to purchase CHZ tokens.
CHZ coin chartHow much is CHZ Coin?
1 CHZ Coin according to current cryptocurrency market data 1.75 TL It is traded in TL. CHZ Coin price in the last 24 hours -1.34% changed. The trading volume of CHZ Coin in the last 24 hours is 67,570,203 $dollars, if the total market value is 555,843,333 $at the dollar level.
How Much Is CHZ Coin?
1 CHZ Coin according to current cryptocurrency market data 0.103780 $ traded in dollars. As of February 2022, CHZ Coin set the record for an all-time high at $0.8915. However, CHZ set the lowest level of the year at $ 0.03291.
