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Summary of Chiliz (CHZ)
Overview
- Chiliz is a digital currency for sports and entertainment, operating on a blockchain-based platform called Socios.
- It enables users to participate in the governance of their favorite sports brands through fan tokens.
Founders
- Founded by Alexandre Dreyfus, current CEO, with over 20 years of experience in founding and growing web-based companies.
Uniqueness
- Chiliz pioneered direct participation for average sport fans in the decision-making process of clubs and organizations.
- Fan tokens are offered on a first-come-first-serve basis, with a
About Chiliz: Unlocking the Power of Fan Engagement
Introducing Chiliz (CHZ): The Pioneering Token for Sports and Entertainment
Chiliz, the pioneering digital currency for sports and entertainment, is the brainchild of a Malta-based FinTech innovator. Through its blockchain-based sports entertainment platform, Socios, users are empowered to participate in the governance of their beloved sports brands. A prime illustration of this is the diverse array of fan tokens offered by Socios.com. For sports clubs and associations, these fan tokens present a unique opportunity to foster deeper connections with their fan base and tap into novel revenue streams.
For example, enthusiasts can engage and exert influence over club-related decisions through surveys and polls, such as determining the messages the captain should display on his armband. The company strives to narrow the gap between being an active and a passive fan. Chiliz has forged partnerships with some of the world’s most esteemed sporting institutions: FC Barcelona, Manchester City, Juventus Turin, and Paris Saint-Germain. Additionally, it has established partnerships with the UFC and prominent gaming organizations. By acquiring CHZ, fans gain access to a diverse range of fan tokens, effectively granting them a stake in their beloved club.
The Visionaries Behind Chiliz (CHZ): Meet the Founders
Alexandre Dreyfus, a seasoned entrepreneur with over 20 years of experience in founding and growing web-based companies, founded Chiliz in 2017. His impressive portfolio includes the development of Webcity, an innovative interactive travel guide, as well as Winamax and Chilipoker, two prominent online poker projects. As the current CEO of Chiliz, Dreyfus is driven by an explicit goal: to “work tirelessly to establish Fan Tokens as the ultimate fan engagement tool and a powerful new revenue generator for the sports industry.” This vision has been exemplified in the aggressive expansion of fan tokens, which has seen numerous European football powerhouses, as well as smaller clubs, join the platform.
Unveiling the Uniqueness of Chiliz (CHZ)
Every sporting organization leveraging Chiliz technology boasts a limited supply of fan tokens, which are made available through an initial fan token offering (FTO). These tokens are allocated on a first-come, first-served basis, with the initial price and fully diluted market capitalization disclosed by Chiliz in advance. The native CHZ token serves as the platform’s internal currency, facilitating the purchase of fan tokens. Subsequently, fans can exercise their voting rights on the Socios platform using their fan tokens, a process enabled by smart contracts. The extent of fan influence is determined by the clubs themselves, with decisions ranging from new jersey designs to selecting team matchups in exhibition games.
Chiliz has trailblazed a novel paradigm, empowering ordinary sports enthusiasts to participate directly in the decision-making processes of clubs and organizations. The company is incessantly innovating, exemplified by the establishment of the Chiliz Blockchain Campus, a privately-owned crypto incubator dedicated to catalyzing the adoption of blockchain technology across Asia and Europe. Despite anticipating a substantial expansion, with an estimated 80-100 teams set to join its network by the end of 2021, the company believes it has only tapped into a mere 10% of its potential.
What Is the Circulating Supply of Chiliz (CHZ) Coins?
The total supply of CHZ is capped at 8.8 billion, minted at its inception in October 2018 and strategically allocated to early contributors, with no subsequent public sales, aside from the limited availability through exchanges. The token distribution is as follows:
Fifteen Percent – Strategic Acquisitions
A dedicated 5% allocation is reserved for the team, ensuring their continued involvement and commitment to the project’s long-term success.
Seven percent – reserved for our esteemed seed investors, who have demonstrated unwavering faith in our vision.
Three Percent – Advisory Board Allocation
Fifteen percent will be allocated towards marketing initiatives, driving brand awareness and community engagement.
Twenty percent will be allocated to the userbase reserve, ensuring a robust and sustainable community.
Thirty-four point five percent – Token Sale Allocation
Initially, CHZ debuted as an ERC-20 token, but it was subsequently designed to be BEP-2 compatible, leveraging Binance Launchpool’s pivotal role in releasing fan tokens as part of a strategic partnership. Furthermore, CHZ is also available as a TRC-20 token on the Tron blockchain.
The Security Architecture of the Chiliz Network
CHZ is accessible across multiple blockchain networks, including Ethereum, Binance Smart Chain, and Tron. Notably, fan tokens are minted on the Socios sidechain, which employs a proprietary crowd control mechanism, ensuring a secure environment where fans can participate in publicly audited polls. The sidechain operates on a proof-of-authority consensus mechanism, commonly utilized by private organizations with closed blockchains, where only ecosystem participants are involved. Although less decentralized than other consensus mechanisms, proof-of-authority offers ease of scalability and high security, making it an ideal choice for a sidechain. Furthermore, the CHZ token has undergone a rigorous audit by Certik.
When Will Chiliz Trading Commence?
In October 2018, Chiliz embarked on its journey, debuting on the Ethereum mainnet.
Acquiring Chiliz (CHZ): A Comprehensive Guide to Exchanges and Marketplaces
CHZ is listed on a plethora of esteemed exchanges, including Binance, Huobi, Coinbase, and many others.
New to the world of cryptocurrency? Explore our comprehensive guide on entering the market and purchasing CITY or any other token at CoinMarketCap’s educational hub, Alexandria.
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