What is Chiliz (CHZ)? | Learn

Sports & Blockchain Technology

Are you a sports fan? Ever heard of sports integrating with blockchain technology?

If not, let us introduce you to Chiliz (CHZ).

In this article we’ll be overviewing Chiliz, its native asset CHZ, and why it has captured the interest of many.

What is Chiliz?

Chiliz is a blockchain based platform that focuses on the sports industry, enabling a new kind of engagement between fans and their favorite sports team.

The Chiliz blockchain powers the Socios.com platform which offers Fan Tokens to sports fans. Socios.com and Fan Tokens allow fans to participate in polls hosted by teams, or receive rewards and promotion.

Teams that work with Chiliz can create special real-life experiences for people who have their Fan Tokens. These tokens also give fans a say in decisions the teams make, like choosing new uniforms, picking celebration songs, naming stadiums, and sometimes even having input on who plays in the starting lineup. Many teams, including the Golden State Warriors and FC Barcelona, are partnering with Chiliz and offering Fan Tokens for purchase.

What is CHZ?

CHZ is the native digital token for Chiliz that currently powers Socios.com, ChilizX and the Chiliz Chain. Fans can use CHZ to buy Fan Tokens for their favorite teams. here are only 8,888,888,888 CHZ total.

How Does Chiliz Work?

CHZ can operate as an ERC-20 token on Ethereum and a BEP2 token on the Binance smart chain. Once CHZ has been purchased, people can purchase Fan Tokens for their favorite teams on Socios.com. Teams have the flexibility to individually tailor the price, supply, distribution, and unique benefits of their Fan Tokens. These benefits might encompass exclusive access to player meetings, official memorabilia, or the ability to participate in certain team decisions.

Fan tokens on Socios.com operate using a proof of authority (PoA) consensus algorithm. This algorithm functions on the Socios.com sidechain, where anonymous nodes are responsible for maintaining the network's integrity. Utilizing PoA contributes to both the efficiency and scalability of the system, making it a robust solution for modern sports fan engagement."

Why are people interested in Chiliz (CHZ)?

People are interested in Chiliz (CHZ) because of its ability for fans to have direct influence on sport organizations, and increase fan engagement. Additionally, purchasing Fan Tokens with CHZ grants access to exclusive rewards and privileges from these teams.

If you’re looking to buy and sell CHZ you can do it with the benefits of a tax-advantaged crypto IRA at iTrustCapital!

Create an account and log-in today!

DISCLAIMER

This article is for information purposes only. It does not constitute investment advice in any way. It does not constitute an offer to sell or a solicitation of an offer to buy or sell any cryptocurrency or security or to participate in any investment strategy.

iTrustCapital is a cryptocurrency IRA software platform. It is not an exchange, funding portal, custodian, trust company, licensed broker, dealer, broker-dealer, investment advisor, investment manager, or adviser in the United States or elsewhere. iTrustCapital is not associated with and has no direct relationship with CHZ. iTrustCapital is not affiliated with and does not endorse any particular cryptocurrency, precious metal, or investment strategy.

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