The crypto community is becoming more familiar with this name; Chiliz, the crypto currency for the sports and entertainment world that is frequently in the news due to its partnerships with giant clubs such as PSG, Juventus, West Ham, AS Roma, and Atlético Madrid
What Is Chiliz? What is the CHZ Token’s Purpose?
Chiliz is a digital currency that feeds sports and entertainment outlets via the Socios.com network, as defined on the official Chiliz blog. Chiliz’s survival is dependent on Socios.com, as this website (also available as a mobile application) enables sports and e-sports fans to control their favorite teams, games, leagues, and events by voting.
The Socios.com platform, which uses Chiliz as its currency, provides a direct channel for sports and esports teams to communicate with their fans and make money. Giving supporters the ability to vote on specific problems broadens their view of club administration. In other words, the reason the aforementioned large clubs collaborated with Socios.com is to enhance fan contact by empowering supporters in key areas. Socios.com and Chiliz have announced on their respective official blogs that they will, of course, offer some commissions to clubs.
Who Is Chiliz’s Most Serious Rival?
Chiliz does not face any eastern opponents at the moment. In other words, Socios.com is the first site that has developed a platform for the sports community’s tokenized voting rights.
What Is the CHZ Token? Which Blockchains Are Currently In Use?
Given that a list beginning with the ICO process for the Chiliz token that drives the Socios.com platform and detailing how the token metric works would likely better explain the CHZ token’s structure, we’ve included some critical facts regarding the CHZ token item by item:
The CHZ Token Initial Coin Offering (ICO) began on February 14, 2018 and concluded on June 30, 2018.
The ICO’s hard cap was set at $60 million. Each token was sold at a price of 0.0215 US dollars.
The entire coin supply is 8,888,888,888. According to the company’s CEO, this is because the number eight symbolizes luck in China…
At the time of publishing, there were 4,782,431,150 tokens in circulation.
Chiliz Token is available on the Ethereum network as an ERC20 token and on the Binance network as a BEP2 token.
How Does Chiliz Exactly Work?
Chiliz, as previously stated, powers Socios.com.
Fans interested in purchasing fan tokens from specific teams on this platform can do so directly through the application. Then, they may purchase any number of fan tokens they wish through a collective sale called Fan Token Offering.
The CHZ fan tokens issued by clubs are a restricted digital asset that confers voting rights on fans. Although the clubs decide the survey questions that will be put to a vote, there are, as you can think, an infinite number of choices. With these fan tokens, you will be able to select the new jersey design, as well as the best player of the match and the location of the friendly matches.
The more votes a fan has, the higher their rank on the platform, and as a follower, you can access exclusive fan products, prediction games, and more. can gain numerous benefits, including PSG, Juventus, West Ham, AS Roma, and Atlético Madrid have already signed an agreement with Socios.com.