What is Chiliz (CHZ)? Which Advantages Does It Offer?

Chiliz aims to engage sports and e-sports fans and clubs. Thanks to Chiliz, fans can have a say in the decisions that clubs make. Chiliz’s native cryptocurrency is CHZ. In this article, we will look for answers to questions such as what is Chiliz (CHZ), what does it do, what are its advantages?

Sports and e-sports activities are followed by a large audience all over the world with curiosity and excitement. Being involved in this process and being able to express an opinion is the dream of many people. Aware of this, Chiliz responds to the demand of this large audience with the project it has developed.

Chiliz acts as a bridge between sports and esports organizations and their fans, allowing them to interact. Chiliz created CHZ as a currency for its fan engagement platform called Socios. Chiliz works integrated with the Socios platform. Socios is a marketplace where fans can buy fan tokens to support athletes and clubs. Fans can use CHZ, Chiliz’s local cryptocurrency, to buy a range of exclusive rights at clubs.

Fans of football, basketball, video games, combat sports, motorsports, tennis, American football, ice hockey, rugby and rugby can benefit from the privileges offered by Chiliz.

How does Chiliz (CHZ) work?

How chiliz works

While fans around the world have a limited understanding of blockchain technology, they can take advantage of the benefits that Chiliz offers them. This makes the adoption of Chiliz an important point. Chiliz’s use of blockchain technology plays a critical role in ensuring that CHZ and fan tokens in its ecosystem can be tracked, verified and immutable.

In contrast, fan tokens are minted on the Socios sidechain, which uses the PoA (proof of authority) consensus mechanism, a consensus mechanism where blockchain participants link their identity and reputation to the network, rather than cryptocurrency, to validate blocks of transactions.

Instead of relying on network decentralization, PoA gives a small group of pre-approved “authority” nodes the power to create and validate new blocks. As these authority nodes play a central role in ensuring the security and success of the network, the organizations or individuals that manage an authority node are often made public to ensure trust in the system. While the Chiliz team is currently responsible for verifying most of the network’s transactions, European retail giant Rakuten recently announced that it will run an authority node on the Chiliz blockchain. As interest in Chiliz grows, the team hopes to build a consortium of strategic partners willing to act as network validators.

As a result, permissioned PoA networks like Chiliz are as decentralized as many other blockchain networks that follow common protocols such as Proof of Work (PoW) and Proof of Stake (PoS). However, PoA networks are easily scalable, highly secure and capable of processing a large number of transactions per second. This makes them a good choice for powering collaborative commercial projects like Socios. In addition, all trading activities and voting results of Socios are securely and transparently stored on this sidechain instead of on the main Ethereum network. Thus Chiliz can control network gas costs, enabling easier provision of fast and cost-effective operations.

The Chiliz PoA sidechain is also responsible for the smart contracts used to automatically execute decisions resulting from Socios’ polls voted by fans. The Socios platform acts as an oracle connecting the project’s permissioned sidechain to the main Ethereum network. At this point, CHZ and fan are the only bridges to exchange tokens.

What Advantages Does Chiliz (CHZ) Offer?

advantages of chiliz

Chiliz prevents the fans from becoming mere spectators and involves them in the events. The advantages offered by Chiliz are in fact privileges that fans enjoy. Chiliz enriches the fan experience and helps clubs build a more engaged fan base.

  • Participation in Decision Making: Fans can participate in the decision-making processes of clubs through the Chiliz platform. For example, changing team logos, shirt designs, in-stadium events and some other decisions can be determined by fan voting.
  • Access to Special Events: Chiliz may offer CHZ holders the opportunity to participate in special events. For example, CHZ holders have access to exclusive events such as player autograph signings, participation in training sessions, etc.
  • Collectibles: Through the Chiliz platform, fans can acquire digital collectibles (cards, badges, etc.) of the clubs. These collectibles can offer certain benefits to fans and reflect important moments in the team’s history.
  • Rewards and Discounts: CHZ holders can receive various fan rewards and discounts through the Chiliz platform. These rewards can be extra benefits offered to CHZ holders when purchasing club products or attending events.
  • Global Access: Chiliz allows fans to attend sports clubs and events around the world. This way, fans can have a closer connection with their favorite team without geographical limitations.
  • Innovation and Technology: Chiliz is a platform built on blockchain technology. This way, fans can have a safer and more transparent experience. Club administrations also get an innovative financing and interaction model.

Fans with CHZs have the same privileges as above and can interact with the clubs they are affiliated with. NFTs have already proven their worth in the gaming industry. On the Chiliz side, NFTs are used as a customer loyalty program. Apart from all these, fans can also buy licensed products of sports clubs with CHZ. This suggests that the CHZ is also used as a payment method. Fans who interact with clubs using CHZ also provide financial support to the clubs.

Who are the Founders of Chiliz (CHZ)?

chiliz founder
Alexandre Dreyfus

Developed under the leadership of Alexandre Dreyfus, Chiliz was launched in 2018. Alexandre Dreyfus is the founder and current CEO of Chiliz.

Alexandre Dreyfus graduated from the Jean-Perrin High School in Marseille. Alexandre Dreyfus went into business immediately after graduation, founding Mediartis, a company that helped people create websites, and continued his adventure for two years, culminating in the sale of his shares to Publicis.

The company Webcity, which he launched soon after, was the first city guide network in Europe and was awarded “best start-up” by L’Express in 2000. Webcity received investment from companies such as Dassault and Carrefour, but this did not prevent the company from filing for bankruptcy in 2022 and entering into a merger agreement with close rival Citwox in 2003. By 2008, Webcity had been sold to Orange.

After his Webcity experience, Alexandre Dreyfus co-founded the first French online poker room and sports betting site, Winamax. In 2006, Alexandre Dreyfus divested his Winamax shares and moved on to his next venture.

Alexandre Dreyfus turned his attention to Malta, where he founded Chilipoker and became the first European company to sign a contract with a US-facing casino group. But due to excessive regulatory and financial constraints, Chilipoker was forced to close.

His first step before launching Chiliz was to acquire the Global Poker Index, which ranks poker players based on their recent tournament performance. Alexandre Dreyfus has heard a lot of talk about cryptocurrencies from many players in this venture and this has piqued his interest. He then founded Chiliz and Socios.com, combining his digital technology expertise with the world of blockchain.

What Other Things to Know about Chiliz (CHZ)?

To find out a little more about Chiliz (CHZ), it is useful to look at the answers to some of the following questions.

Is CHZ a token? Or is it a coin?

Coin is a cryptocurrency created on its own blockchain. A token is a cryptocurrency that does not have its own blockchain and is created on an existing blockchain. CHZ is a token because it does not have its own blockchain.

What is the CHZ token maximum supply?

The maximum supply of CHZ tokens is 8,888,888,888.

Which blockchain is the CHZ token on?

The CHZ token was created on the Ethereum blockchain in accordance with ERC-20 standards.

Is CHZ token being mined?

CHZ is not mined.

How to buy CHZ token?

To buy CHZ tokens, it is sufficient to create a membership on ICRYPEX. Once the membership process is complete, it is fast, easy and secure to trade CHZ tokens and other cryptocurrencies.

How to Become a Member of ICRYPEX?

Become a member of ICRYPEX

After visiting www.icrypex.com from a browser, you can click on the “SUBSCRIBE” button at the top right of the page, fill in the required information and you can easily create your membership.

From mobile devices, primarily;

Android users can download our app by clicking here, Apple users by clicking here and HUAWEI users by clicking here. After logging in to the application, you can click on the menu icon at the top left, then click on “SUBSCRIBE” to fill in the required information and easily create your membership.