What is Chiliz Coin (CHZ)?

Chiliz is a leading digital currency for sports and entertainment, offered by a Malta-based FinTech provider. It operates Socios, a blockchain-based sports entertainment platform that allows users to participate in governing their favourite sports brands. Socios issues fan tokens that enable fans to engage with their sports clubs and associations, influencing decisions through surveys and polls. 

Who is the founder of Chiliz Coin?

Alexandre Dreyfus is the founder and current CEO of Chiliz. With over 20 years of experience in founding and growing web-based companies, he has a proven track record in the digital space. Prior to Chiliz, he created Webcity, an interactive travel guide, and was involved in online poker projects, such as Winamax and Chilipoker. Since its establishment in 2017, Dreyfus has been committed to establishing Fan Tokens as a powerful fan engagement tool and a lucrative revenue generator for the sports industry. This commitment is evident in the aggressive expansion of fan tokens, with numerous European football powerhouses and smaller clubs joining the platform.

What makes Chiliz Coin unique?

Sporting organisations using Chiliz technology offer limited supplies of fan tokens through an initial FTO (fan token offering), allowing fans to participate in the governance of their favourite clubs. These tokens are sold on a first-come-first-serve basis, with the opening price and fully diluted market cap disclosed beforehand. The native CHZ token serves as the platform's internal currency for purchasing fan tokens through smart contracts.

On the Socios platform, fans can vote using their fan tokens, influencing various club decisions, ranging from jersey designs to exhibition game matchups. Chiliz is a pioneer in enabling direct participation for average sports fans in club decision-making.

The company continuously introduces new ways for fans to engage, including the establishment of the Chiliz Blockchain Campus, a crypto incubator fostering blockchain technology adoption in Asia and Europe. Despite significant growth, Chiliz estimates it is only at about 10% of its potential, with plans to have 80-100 teams on its network by the end of 2021.

Explore the network security of Chiliz Coin.

CHZ, the native token of Chiliz, is available on multiple blockchains, including Ethereum, Binance Smart Chain, and Tron. Fan tokens are minted on Chiliz's Socios sidechain, which employs a proprietary crowd-control mechanism to protect fans in a secure environment. This ensures that fans can only participate in publicly audited polls. 

The Socios sidechain uses a proof-of-authority consensus mechanism, which is commonly used by private organisations with closed blockchains. While less decentralised than other consensus mechanisms, proof-of-authority is highly scalable and secure, making it suitable for a sidechain. The CHZ token has been audited by Certik to ensure its security and reliability.

What are the recent developments in Chiliz Coin?

Chiliz recognizes the importance of educating mainstream audiences about the potential of blockchain for social impact, often referred to as "Blockchain for Good." They believe that diverse educational strategies are needed to effectively explain this concept. As part of their commitment to education, Chiliz's Director of Corporate Affairs participated in a panel at the SEG3 conference, discussing how blockchain technology can drive positive change through sports.

Chiliz highlighted their long-term strategic partnership with Common Goal, a philanthropic movement in elite football. They showcased how blockchain can enhance transparency and accountability in social impact initiatives by recording transactions in real time and making them visible and traceable to all stakeholders. This shared system of record among different parties builds trust and facilitates collaboration in humanitarian efforts.

The panel emphasised the potential of blockchain technology to bring different organisations together, not only in sports but also across various sectors, for social good. Chiliz and Common Goal are exploring different use cases and plan to deliver more initiatives leveraging blockchain technology in the future.

One notable joint collaboration between Chiliz, Common Goal, and MatchWornShirt is "The One Shirt Pledge," which uses blockchain to authenticate real-world collectible items. This initiative provides a new channel for athletes, sporting organisations, and fans to contribute to the philanthropic movement.

Overall, Chiliz aims to demonstrate how blockchain technology can be a powerful tool for social impact, fostering transparency, and driving positive change in various sectors.

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