Chiliz (CHZ) Research

Chiliz (CHZ) Research Details

Chiliz (CHZ) Chiliz

INTRODUCTION

Chiliz is a cryptocurrency and payment platform used for blockchain-powered services and goods aimed at general users. Chiliz, which is mostly used in sports, and particularly football, allows unique fan interaction experiences that enable companies operating in the industry to encourage and pay for audience participation.


The fan interaction site Socios.com is powered by the Chiliz blockchain. Fans can buy fan tokens of their favorite teams on Socios.com using the CHZ token. Fans may use these tokens to cast votes for their teams in polls and surveys. Fans may participate in the governance and decision-making of their preferred sports companies and turn into active followers. For sports teams and organizations, Chiliz provides a number of ways to improve and monetize fan engagement.


HISTORY AND FOUNDER

Chiliz was created in 2012 as a division of the worldwide sports and entertainment company Mediarex Group, located in Malta. The blockchain-based Socios platform began its active development in 2018. The CHZ token was introduced by Chiliz in October 2018.

The Socios app and website were launched by Chiliz at the end of December 2019. A $66 million investment from Private Placement creation.


REASON TO BUILD THE PROJECT

Chiliz thinks that in the present state of sports and esports, fans have little control over their preferred players or teams. The desire to "engage" followers as influencers do exist, though.Chiliz wants to provide a platform where fans can interact, support emerging sports and esports organizations, and give direct votes for their favorite sports teams.

The aim of Chiliz project is to set the standard for all sports lovers worldwide. To make Chiliz the center of all its activities,Socios.com, and HX Entertainment Limited, a company engaged in the area of arranging sports and entertainment events, came up with this idea.


BASE OF PROJECT

Proof of Authority (PoA) - Proof of Authority (PoA) is a consensus technique that differs from Proof of Work and Proof of Stake in that it relies on a smaller group of authorized verifiers rather than a widespread network of anonymous nodes to maintain the network's authenticity.

Oracles- Chiliz has formed a partnership with Chainlink, a decentralized oracle network that gives smart contracts access to real-world data. Through this collaboration, Chiliz wants to develop unique non-fungible tokens (NFT) for remembering significant occasions like player milestones or championship victories in almost real-time.


USE CASE

The use case of Chiliz tokens are:

·       Chiliz acts as the primary crypto asset that drives the Socios.com platform.

·       Chiliz allows sports teams and other organizations to develop their own fan token, which can then be used as a means of trade within the community.

·       Fans join the crowd-managed decision-making process for the organization they have decided to support when they visit the Socios.com platform, purchase Chiliz tokens, and then use them to utilize their voting rights.

·       Sportsmen and sports teams can interact with their loyal fan base in a manner that has never been possible before by using Chiliz.


MAJOR NEWS AND EVENTS

DATE

NEWS/EVENTS

IMPACT

27/10/2021

The launch of live in-game NFTs and a fast-growing ecosystem drove up the price of CHZ and highlighted the project's strong foundation

+70% Increase

18/05/2021

China prohibits financial and payment institutions from offering cryptocurrency services

-48% Decrease

 

07/03/2021

Recent boom in NFTs takes Chiliz to higher levels

+275% Increase


CONCLUSION

The use of blockchain in the sports sector is rapidly expanding. Blockchain has been observed to become more significant in the financial, insurance, music, and art sectors. However, the sector is starting to realize the potential blockchain holds for fan engagement and creative experiences.

The project Chiliz has a future and a really appealing goal. It has acquired a strong reputation in the cryptocurrency world and the sports community that is interested in this sort of technology and its potential by practically becoming the exponent of fan tokens on the blockchain. Chiliz and its partners are investing a lot of money in the expansion of this ecosystem, thus the future for this market is promising.


DISCLAIMER

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto products are currently unregulated and subject to market risk. Please seek independent financial advice or do your own research before investing.