The Chiliz token is a crypto token that allows sports fans to purchase non-fungible tokens and fan tokens of their favourite teams.Â
Cryptocurrency utility comes in different forms, and the Chiliz (CHZ) token is one such cryptocurrency. Socios is a marketplace that allows fans to purchase branded non-fungible tokens (NFTs) to support their favourite sports teams, the CHZ token serves as the utility currency for its fan engagement platform.
What is Chiliz (CHZ)?
Chiliz (CHZ) is a sports-focused cryptocurrency used on the blockchain-based platform Socios.com which allows sports and entertainment fans to engage with their favourite teams and celebrities through fan tokens. Fan tokens are unique digital assets that give fans access to exclusive rewards and experiences such as voting on club decisions or interacting with their favourite celebrities. Chiliz is used to purchase and trade these fan tokens, and it is also used as a means of payment for various services within the Socios.com ecosystem.
The Chiliz token exist both as an ERC-20 token that is built on the Ethereum blockchain, and as a BEP2 token on the Binance Chain. Chiliz used a Proof-of-Authority (PoA) consensus mechanism to validate blocks on the blockchain; the process is similar to the Proof-of-Stake consensus where parties need to stake an asset such as a minimum number of tokens to qualify for the validator role and earn a part of the network fees as a reward.
However, PoA require validators to stake their identity instead of tokens. This process involves validators having to reveal their identities to others on the network, and they must be willing to invest time and money on an arduous selection process before officially becoming a validator.
In 2023, Chiliz decided to branch away from the Ethereum network and re-launch its own Layer-1 blockchain which is a fork of the BNB Chain. It switched from its original PoA mechanism to a proof-of-stake authority (PoSA) consensus mechanism that allows for shorter block times, lower fees, and less energy usage.
Proof-of-stake authority, as the name implies, combines the mechanics of Delegated Proof-of-Stake (DPoS) and PoA by vetting through validators before allowing users to delegate their tokens to their nodes. The chain is known as Chiliz Chain 2.0, and it will still be compatible with the Ethereum chain through Ethereum Virtual Machine (EVM) compatibility.
How is the Chiliz token utilised?
Chiliz (CHZ) is primarily used to buy and trade fan NFTs on the Socios.com platform. These non-fungible tokens are digital assets that allow fans to engage with their favourite sports teams and entertainment celebrities. They can be used to vote on club decisions, access exclusive content and merchandise, or participate in games and competitions to name a few.
The CHZ token can also be used as a means of payment within the Socios.com ecosystem for services such as poll hosts or product purchases as well. Additionally, the Chiliz token is listed on various cryptocurrency exchanges which allow users to own it through purchase on any similar platforms.
While the idea of the Chiliz token was conceptualised in 2016, its initial exchange offering (IEO) took place in 2018. It subsequently followed with the launch of its first fan tokens for the Juventus soccer club where it sold 1.3 million tokens. Since then, the Chiliz project has grown significantly, attracting a number of high-profile partnerships, and expanding its platform to include new features and services for fans and developers alike.
The tokenomics of the Chiliz (CHZ) token has a maximum supply of CHZ tokens which is capped at 8.88 billion tokens, and it currently has a circulating supply of 6.66 billion. The tokens are primarily used to buy and trade fan NFTs on the Socios.com platform, as well as payment of various services within the ecosystem.
The Chiliz network also employs a token burning mechanism where 20% of the trading fees received on the Chiliz exchange; 10% of revenue from fan token offerings; and 20% of sales proceeds from NFTs issued will be burned, effectively making the total token supply deflationary.
Who are the team members behind Chiliz?
These team members and others are responsible for overseeing the development and growth of the Socios.com platform, as well as building relationships with sports teams, entertainment celebrities, and other partners. They bring a diverse set of skills and experience to the project and are committed to driving innovation in the fan engagement space.
CEO and Founder
Alexandre Dreyfus
Chief Strategy Officer
Max Rabinovitch
Chief Operating Officer
Emma Diskin
Chief Technology Officer
Thibaut Pelletier
Finance Director
Fiobian Manicolo
Group Chief Financial Officer
Julian La Picque
Chief Product Officer
Mark Verdegaal
Marketing Director
Gilbert Camilleri
Football Commercial Director
Daniel Maglietta
Chief Legal Officer
Dorianne Spiteri
Partnerships Management Director
Karim Virani
These team members and others are responsible for overseeing the development and growth of the Socios.com platform, as well as building relationships with sports teams, entertainment celebrities, and other partners. They bring a diverse set of skills and experience to the project and are committed to driving innovation in the fan engagement space.
What are some sports clubs that partnered with Chiliz?
Currently, several high-profile sports teams and celebrities have worked with Chiliz to launch fan tokens on the Socios.com platform. Some of these projects include:
FC Barcelona
One of the most popular football clubs in the world, FC Barcelona launched its fan token ($BAR) on Socios.com in 2020. The token has been used to engage with fans and give them a voice in club decisions, as well as access to exclusive rewards and experiences.
Juventus
Prominent football club Juventus launched its fan token ($JUV) on Socios.com in 2019. The token has been used to vote on club decisions, access exclusive content and merchandise, and participate in games and competitions.
AC Milan
AC Milan launched its fan token ($ACM) on Socios.com in 2020, giving fans a new way to engage with the club and access exclusive rewards.
Paris Saint-Germain
Paris Saint-Germain launched its fan token ($PSG) on Socios.com in 2018, becoming one of the first sports teams to embrace blockchain technology for fan engagement.
UFC
The world’s premier mixed martial arts organization, UFC, launched its fan token ($UFC) on Socios.com in 2020. The token has been used to access exclusive experiences and merchandise, as well as to vote on certain aspects of UFC events.
These fan token projects are just a few examples of the ways in which Chiliz and Socios.com are transforming the fan engagement space.
Overall, Chiliz offers sports fan a new and unique way to influence or support the decisions of their favourite sports teams and organisations. This is achieved either by allowing fans to buy NFTs of their team, or by buying fan tokens directly.
Sports teams can also leverage on the unique applications of blockchain technology to tap into a growing fan economy and create new experiences for fans that were not previously possible.
Like our content? Support us by subscribing or signing up!
We like talking about crypto, and we want to keep our site going so that we can share more crypto content with you. Support us by signing up via our links or by subscribing to our social media below. Thank you!
