The Socios platform and the smart contracts that power it have undergone an independent audit, with the findings made available to the public. For continuing costs associated with security and audits, Chiliz puts aside 5% of sales.
Token transactions use a Proof of Authority security system and happen on a private sidechain.
What is Chiliz (CHZ)?
On the Chiliz blockchain, which is built on Ethereum, CHZ is an ERC-20 token. The token acts as the medium of exchange for users to pay for NFTs at Chiliz’ Socios fan token market.
Without Socios, there would be no CHZ token. Fans can purchase branded NFTs that link them to their preferred teams and celebrities on the Socios website. Fans can purchase branded NFTs using CHZ as payment. The Socios NFT marketplace only accepts only one form of payment.
A feature-rich ecosystem for fan tokens is Socios. Users can buy NFTs, earn them in competitions, trade them with other users, and exchange them for team-branded advantages and products on the website and mobile apps. More than twenty sports and esports teams presently have branded NFTs available on the website, and more are on the way. S
How Does Chiliz Work?
The fan tokens available for purchase at Socios are more than just trinkets. Fans may communicate with teams and have a say in team choices thanks to team-branded NFTs. Fans who purchase tokens can participate in polls sponsored by organisations that have partnered with Socios.
When Juventus FC scored a goal, for instance, token holders may choose the celebratory music that would be played over the team’s loudspeakers. Chelsea Dagger was a song Juventus used to celebrate goals for eight years. Holders of Juventus fan tokens selected Blur’s Song 2 as an alternative, and the team changed it.
A mural was chosen by FC Barcelona supporters to hang in the team’s locker room. The captain’s armband during games will be inscribed with a statement chosen by Paris Saint-Germain supporters. When playing in a charity event, the original esports squad gave fans the option of selecting an in-game banner that would appear. Fans were given the opportunity to pick the design of a branded scarf that Spain’s Team Heretics esports team would wear during competitions and sell as fan merchandise.
You receive a vote if you have an NFT with your team’s logo for a club that is conducting a poll. You get two votes if you have two NFTs. As you accumulate more of the team’s fan tokens, your ability to influence decisions increases. That produces
Team-branded goods, live-streamed meet-the-team events, VIP seating at events, gamification programmes, and leaderboards are just a few of the extra incentives that teams and performers may provide token holders. Fans benefit more and develop a stronger bond with a team when they purchase more of their branded NFTs.
In fan token offerings, Socios partners issue NFTs. The Socios Proof of Authority side chain is where the tokens are kept. Prices for fan tokens fluctuate in line with demand and supply factors and the popularity of the club.
History of Chiliz
As a division of the worldwide sports and entertainment company Mediarex Group, based in Malta, Chiliz was established in 2012. In 2018, active development on the blockchain-based Socios platform started. The CHZ token was introduced by Chiliz in October 2018. The token was shortly listed on international cryptocurrency exchanges.
Juventus, a soccer team based in Turin, Italy, was the first Chiliz partner. Out of a total supply of 20 million tokens, the team sold 1.3 million at the end of November during its Fan Token Offering.
The Socios website and app were released by Chiliz at the end of December 2019. Private Placement contributed $66 million to the development.
The Socios app is currently available online and on millions of mobile devices. Chiliz has offices not only in Malta, but also in France, Turkey, Spain, South Korea, and Brazil.
The company is still concentrating on expanding its roster of partners to include soccer and esports teams, but it also anticipates introducing other sports and entertainment tokens to the Socios marketplace. The business recently declared its intention to enter the American sports market.
What Makes Chiliz Unique?
Based on fan tokens, Chiliz has a defined business plan and a clear vision. Although there are many applications for cryptocurrencies and NFTs, Chiliz views cryptocurrency as an enabling technology for its primary business, which is creating fan communities.
With this focus, Chiliz has been able to draw in investors and lessen the market volatility that frequently shook the cryptocurrency space. Chiliz is a business that leverages cryptocurrency as a crucial technology to accomplish business objectives that have nothing to do with cryptocurrencies, not a crypto company.
NFTs have established their value in the gaming sector by enabling users to level up, customise their profiles, and complete in-game objectives. They are frequently employed in client loyalty programmes. Chiliz is a pioneer in the use of technology to help sports teams and their supporters.
A creative application of NFT technology is Socios.
How Many Chiliz (CHZ) Coins Are in Circulation?
2018 saw the introduction of the CHZ token by Chiliz without a formal IPO. Of the 8,888,888,888 CHZ tokens available, 5,344,064,580 are in use at the moment.
ERC-20 and BEP-20 are both compatible with CHZ tokens. They are available for purchase on the chiliz.net exchange as well as other cryptocurrency marketplaces like Kriptomat.
How To Use Chiliz
The Socios fan token economy is the first option you have. You can interact with your favourite teams by going to the Socios marketplace and buying fan tokens for them. It is simple to begin. As a matchmaker connecting Socios with fresh team members, you can even gain tokens.
The second choice is to invest in CHZ by buying it. Investors who want to reduce the ups and downs of the major market currencies are drawn to the token because the Chiliz business model has shown resilient in the face of market volatility.
How To Choose a Chiliz Wallet
Since CHZ is ERC-20 and BEP-20 compliant, you can access your funds and conduct transactions using any Ethernet-enabled wallet, including hardware wallets.
The majority of CHZ token purchases are made at chiliz.net, where Chiliz keeps an on-site wallet. It is a user-friendly, compact wallet that is suitable for sports enthusiasts rather than cryptocurrency experts.
Of course, you are free to keep CHZ in your preferred and currently used wallet. Web wallets are available on both desktop and mobile platforms, are cost-free, and simple to use. Web wallets are “hot wallets,” which means that they give users quick, simple access to their money. As a result, they may be a little less secure than other options. Make careful to choose a web wallet provider with a solid reputation for security and custody.
Hardware wallets offer an additional layer of protection. Unlike web wallets, which are free, solutions from Ledger, Trezor, KeepKey, and Prokey ensure that a hacker who has access to your PC or smartphone does not also have access to your cryptocurrency cash.
You may effortlessly store and sell CHZ tokens thanks to Kriptomat’s free, safe storage service. Enterprise-grade security and user-friendly features are combined in Krimptomat.
Bottom line
A sports and esports resource called Chiliz makes branded tokens that let supporters communicate with teams. To build a complete ecosystem for team-fan interaction, the company combines its Socios platform and token marketplace with an Ethereum-based coin and thousands of fan-branded tokens.
The CHZ token has two main applications. Some get it so they may buy fan tokens and cheer on their preferred teams at Socios. Others purchase the token as an alluring alternative to traditional investments that is partially protected from fluctuations in the larger crypto market. Stablecoins and CHZ might be used in combination to create a well-balanced cryptocurrency investment portfolio.
Chiliz FAQ
Here are some particulars about Chiliz and the CHZ token.
How To Buy Chiliz?
You are currently at Kriptomat. With just one click, the following action can be taken. For further information, simply go to the How to Buy Chiliz page. At Kriptomat, getting started investing is quick and simple.
How To Sell Chiliz?
Selling CHZ coins is simple if you are storing them in your Kriptomat wallet. Choose the pay-out method you want to utilise by using the wallet’s interface.
What Is the Price of CHZ??
The price of Chiliz changes in response to changes in the economy as a whole, market conditions, news, and news reports. The success Chiliz has in luring new partners to its fan token programme and the Socios platform has an impact on price as well.
The 24-hour trading volume for Chiliz is 423,601,252 €, and the price is loading € right now.
The market capitalization of CHZ, which is currently ranked #62 among all cryptocurrencies, is €928,712,694. It has a maximum supply of 8,888,888,888 CHZ tokens and a circulating supply of 5,344,064,580 CHZ tokens.
