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Cryptonian

11/02 13:54

What Is Chiliz (CHZ)?

Chiliz, also trading under the ticker CHZ, aims to be the world's leading fintech provider for sports and entertainment. The cryptocurrency is used for blockchain-backed products and services targeted toward mainstream consumers. Precisely, the CHZ is anEthereum-based utility token that serves as the official cryptocurrency of the Socios.com platform.

According to the website, Chiliz created the Socios.com sports fan engagement platform, based on Chiliz's blockchain infrastructure that employs $CHZ as its only on-platform currency. Socios.com is the world's first fan influence and rewards platform that utilizes blockchain technology to help sports organizations accomplish digital transformation.

Hence, Chiliz's main motive is to provide many sports and esports fans with a currency that they can use to buy direct voting power in their favorite football clubs. However, the club determines the level of influence fans have, and the decisions made by fans may range from deciding new jersey designs to deciding team matchups in exhibition games and more. As a result, fans stop being passive spectators and become active members of the club. 

The platform (Socios.com) allows users to participate in the management of their favorite sports brands. For example, multiple Fan tokens by Socios.com allow users to influence their teams through voting and earn engagement-based team awards and recognition. Fan tokens provide a mechanism for sports clubs and groups to connect with their fans while also generating new revenue streams. Furthermore, Fan tokens are finite and specific to a club or team. These tokens have a limited supply and are fungible, which means they can be traded, and their value is determined by the market. Besides, all the Fan tokens are created using the Chiliz blockchain, and the voting on the platform is done using a series of smart contracts that run on the Chiliz blockchain.

Additionally, Chiliz has partnered with various big sporting institutions globally, such as Juventus Turin, Paris Saint-Germain, FC Barcelona, and more. The company also has affiliations with the UFC and gaming organizations. All the more, fans who buy CHZ receive access to various Fan tokens and have a stake in their team.chiliz-chz-token-symbol-cryptocurrency-logo-coin-icon-isolated-on-white-background-vector-illustration-2GY0EDM.jpg

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