What is Chiliz (CHZ)?

hiliz (CHZ) was founded by Alexander Dreyfus in 2012 and later launched on the Ethereum mainnet in 2018. Their vision is to provide sports and entertainment companies with blockchain-based tools to help them interact and monetise their audiences.

It is a permissioned chain known as the Chiliz Legacy Chain which uses a ‘Proof-of-Authority’ (PoA) consensus mechanism. PoA is not dependent on nodes solving mathematical issues, however, uses a set of ‘Authorities’ that have the ability to create new blocks and secure the network.

Recently, they also upgraded the Chiliz Chain, which was known as Chiliz Chain 2.0 and this network runs completely different as it runs on the Proof-of-Staked-Authority consensus mechanism.

Amazingly, this will give the entire community to contribute to the security by allowing developers, validators and stakers to Stake CHZ tokens, create nodes and much more.

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Socios.com

Shortly after launching Chiliz, they created the side-chain Socios, a fan engagement platform which is exclusive to the CHZ token. Socios first partnered with the popular Italian football team Juventus, which launched its very own fan token JUV on the Socios platform.

It wasn’t long before clubs like AC Milan, Man City, Arsenal and many more started launching their fan tokens.

Currently, the Top 3 highest priced fan tokens are:

PSG – $2.98 – Paris

CITY – $2.85 – Mancity

NAP -$2.63 – Napoli

Chiliz had attracted other sports and e-sports teams/companies to join the network such as OG Esports, UFC and many more that are preparing to be listed on the Socios platform. I’m sure we will see every sport join Chiliz, upon global crypto adoption.

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Socios Features

Here are some cool features that you can take advantage of as a hardcore sports fan:

Fan Rewards
Predictor (Guess the score to earn points)
Marketplace (Buy/Sell Fan Tokens)
Leaderboards
Badges (Earn points)
Token Hunt (A Virtual adventure allowing users to earn free tokens)
THERE IS SO MUCH MORE!

Let me explain in more detail below.

What are the benefits of Fan tokens?

As I mentioned above, the CHZ token is the native token used on the Socios platform to trade for your favourite fan tokens and for purchasing NFTs on the native marketplace. What are the benefits of holding fan tokens?

Fan tokens can be used to access exclusive perks and rewards with your favourite team, such as VIP experiences, meet and greets and collectables! Oh and one more cool feature, by holding fan tokens, you can vote on official team decisions which impact the future of your team!

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ChilizX

Are you a trader?

ChilizX is their very own exchange for Fan Tokens which powers Socios, ChilizX and the Chiliz Chain! The exchange allows you to place Market/Limit or even Stop-Limit orders. Every Fan Token is paired with the CHZ token.

With such an easy platform, even someone new to trading would have an easy time working out how to use the exchange.

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Chiliz Token (CHZ)

We have mentioned a few times that CHZ is used to buy, sell and trade Fan Tokens on the exchange. However, there are other utilities such as Governance and Staking within the Chiliz Chain.

It’s worth mentioning that Fan Tokens are not cryptocurrencies. They are however built on the blockchain and authenticated on a public ledger, just like cryptocurrencies are. Fan tokens can only be exchanged with other holders and certain exchanges. That’s why we have CHZ as the intermediary.

How to Buy CHZ

The CHZ token is available on the Ethereum, the BNB Chain and Solana networks and is also available on 99.99% of major centralised exchanges.

There are two main ways to buy CHZ, but you will always go through a centralised exchange (CEX). Here are the options:

Option 1- Centralised Exchange

We recommend using one of these centralised exchanges when buying or trading the $CHZ token. Here is a list of CEXs with a few delicious promotions:

Binance - The most popular CEX in the world
ByBit - EARN UP TO $30K in DEPOSIT BONUSES
BitGet - Trade on BitGet and receive 0% Deposit Cashback + $5,000 DEPOSIT BONUSES
Coinbase - Spend $100 and Get $10 back!

Option 2 - DeFi Wallet & Decentralised Exchange

To get started you will need a DeFi wallet and make sure to secure your seed phrase with a hardware wallet (Trezor):

If you are buying CHZ through your DeFi wallet, we recommend using the BNB Chain which requires BNB tokens for gas fees. Alternatively, you can use the Solana network which is also cheap in gas fees (SOL). For those who don’t mind expensive gas fees can also use the Ethereum network (ETH).

If you haven’t set up the Ethereum, BNB Chain or Solana networks, you can follow our Youtube tutorials down below. Here are the essential links:

Conclusion

The sports industry on a global scale raked in $355 billion in 2021 and is forever growing, hence why Chiliz wants to merge the sports industry with the blockchain…

Chiliz and Socios are perfect for die-hard sports fans.

There are currently over 2M+ million wallet addresses connected to the Chiliz network and currently has 82 listed tokens, with more on their way. As Chiliz becomes globally known to the public through its sponsors and partnerships, the rise of users will inevitably increase.

At the time of writing, the CHZ token is priced at $0.059 with a market cap of $443M+! Chiliz has seen better days, with previous all-time highs reaching $0.8915 and a market cap hitting over $4.3B! Not to worry, the next bull run could make CHZ goal some new ATHs!