Chiliz is a digital cryptocurrency fueling sports and entertainment platforms. It is also the exclusive and official cryptocurrency fueling the fan voting platform on Socios.com, which allows sports and other esports fans to employ crowd-management towards their favorite games, teams, events, and leagues. $CHZ is the token ticker for this blockchain platform, which are exchangeable ETH mainnet tokens.
This short guide will explain what Chiliz is designed for, the team behind it, the way it works, and the various uses and applications.
What Is Chiliz Designed For?
Socio.com is Chiliz’s native platform, which provides sports and esports teams to find a way for both engaging and monetizing their fans. Fans can attain a higher level of care when they have the power to vote on teams, games, players, and sports organizations. This, in turn, enhances the level of entertainment.
Organizations can make use of Socio.com and Chiliz to leverage their already existing popularity and fan base to raise funds for new initiatives. They also have the power to create a revenue stream based on their fans actively trading voting power.
Who Is The Team Behind Chiliz?
The Chiliz team is constantly growing and is already composed of over 50 cross-industry professionals spanning over 20 countries. The platform was founded in 2012 in Malta. The island is known for fostering its digital gaming and fintech sectors.
Alex Dreyfus is the current CEO of Chiliz ecosystem, involving Chiligaming, Chiliz Blockchain Campus, and Socios.Com. He is also the co-founder and Director of Winamax. Before Winamax, Dreyfus founded Webcity in 1997.
Thibaut Pelletier is the current Chief Technology Officer at Chilliz. He has had experience working with Spread Research - Credit Rating Agency and Scientific Games in the capacity of CTO and Director of Application Development, respectively.
Chiliz has currently partnered with Paris Saint-Germain, Juventus, and West Ham United with more partnerships on the horizon.
How Does Chiliz Work?
The proof-of-authority consensus mechanism is used to govern the Chiliz private chain. This consensus mechanism is a much less intensive form of governance from a strictly computational perspective as compared to Proof-of-Work mining. POW may provide security, but it also involves intensive computation that does eat up a lot of energy.
POA consensus is useful in the form that it offers lower transaction acceptance latency. The mechanism also solves the major problem of GAS if each morsel of information requires storing on the Main Ethereum network. In the sidechain, Chiliz can control the supply of Ether and use it for paying GAS required to move each transaction, at a cost considered negligible to the company.
Chiliz has employed organizations on its permissionless chain, which is directly connected to the ETH Mainnet. This process is carried out via exchangeable tokens requiring CHZ, which is also an ERC 20 token.
Validation is currently in the hands of the Chiliz team. However, they are planning on opening up their ecosystem to move to a consortium-permissioned chain model. Validators, in this case, shall be chosen by Chiliz team as trusted partners. They would then move on to join the platform as leagues or teams. However, to build this consortium, a focus on participants is required to ensure they share common vision and interests.
Chiliz runs on its permissioned chain with no plans of making use of existing chains, like poa.network. This is because existing permissioned chains would not allow the platform to exercise the same level of freedom and leverage, to offer its users the best possible experience. They may not be able to lower transaction acceptance latency or take control of the authorities.
What Are Current and Future Applications of Chiliz?
CHZ has multiple functions on the Chiliz blockchain. It has the primary function of being used as a payment method for the transaction fee, which is yet to be decided by the team behind Chiliz. The transaction fee is intended to ensure a good user experience while also being able to create, develop, and maintain sustainable revenues. The fees shall be debited according to every CHZ used.
It is also used towards payment for membership on the Chiliz Blockchain Campus. The campus is an industry hub and accelerator connecting major industry stakeholders across Europe and Asia. Notable names, such as Crypto Valley Labs, Future Block, Pundi, Chain Accelerator, Full Node, BleuTrade, Belega, and Founders Bank Project, among many others are already part of it.
The fact that Chiliz did not have to publish ICO because they raised a whopping $65 million from private investors, which is a piece of evidence enough to infer that this crypto is here to stay.