Blockchain Sports Trading Platform: Chiliz
When it comes to the sport of football, we cannot overlook the grandest tournament on the planet, the World Cup. This event is not only massive in scale and splendor but also gathers the finest talents from the world of football.
Today, Gamefinity introduces you to the first Blockchain sports trading platform, allowing you to own tokens representing your favorite sports teams. This platform is none other than Chiliz.
What is the Chiliz project?
Chiliz is a Blockchain Platform pioneering in Esports (electronic sports).
The development team leverages Blockchain technology to create a platform named Socios. This platform enables users to own crypto assets and participate in voting for their favorite clubs or sports.
In simple terms, Chiliz is a Blockchain project focused on the entertainment sports sector, empowering fans with voting rights to manage games, clubs, events, or tournaments.
Key Highlights of the Project
Chiliz aims to give fans a voice in their favorite clubs' decisions.
Unlike traditional sports fandom where you watch games through TV channels or pay for club-advertised products without any managerial influence, Chiliz changes that dynamic.
Chiliz provides a platform where your voice and others' opinions matter, connecting fans directly to sports clubs.
This is realized through Socios.com, a crowd management system operated using the CHZ token (discussed below).
Socios focuses on tokenizing sports clubs, with each club having its Fan Token. These Fan Tokens operate on a Socios-licensed Proof-of-Authority blockchain and are used for voting purposes.
Specific Applications include:
Fans actively participating in decision-making processes for their favorite teams.
Transparent and public voting procedures.
Simplified crowd management.
Creating a new wave in Esports.
Enhancing transaction efficiency and security.
Components of the Chiliz Ecosystem
Chiliz, being the first Blockchain project in the sports entertainment industry, employs unique technological components compared to other projects. The Chiliz ecosystem is divided into four main components:
- The Voice Mechanism: Voting mechanism
- The Main Ethereum Blockchain: Primary blockchain
- The Permissioned Sidechains: Authorized side-chains
- The ERC-20 Chiliz Token
The Voice Mechanism
All Esports teams on Chiliz's platform will introduce a limited number of "Voice Tokens."
You use CHZ tokens to trade and acquire Voice Tokens. Once you have Voice Tokens, you can use them to vote on club management issues such as presidential elections, etc.
The Voice Mechanism includes:
Voice Queue: A waiting room ranked by the number of Fan Tokens you hold.
Voice Marketplace: Where you can trade, buy, or auction Voice Tokens from others.
The Main Ethereum Blockchain
This is the core part of the Chiliz platform, where all operations are conducted.
From issuing Voice Tokens to token conversions, everything is verified and stored in Ethereum's public ledger.
The Permissioned Sidechains
This is where Voice Tokens are issued and subsequently distributed to users via the Voice Marketplace or Voice Queue.
Using these models, teams can implement their own rules, such as polling opinions from Voice Token holders on team-related decisions.
Running authorized sidechains also significantly reduces transaction costs by utilizing Proof of Authority consensus mechanisms.
The ERC-20 Chiliz Token
All services and fees within the Chiliz platform are paid exclusively with CHZ tokens.
Chiliz acts as a bridge, facilitating exchanges between Voice Tokens and Chiliz Tokens.
Chiliz and Socios Products
A standout feature of Chiliz is its extensive network, currently partnered with over 65 sports teams globally, including renowned names like Juventus, Paris Saint Germain, AS Roma, and UFC.
This allows the project to easily integrate with various sports teams and collaborate with event organizers to deploy products such as tournament tickets, team-branded memorabilia, and enhance fan interaction through voting rights.
Additionally, Chiliz operates an exchange enabling users to buy and sell Fan Tokens representing their favorite sports teams and participate in Fan Token Offerings.
Chiliz Exchange currently lists around 20 Fan Tokens, using CHZ as the primary means of payment. With such a vast array of partners, the platform is poised to introduce more Fan Tokens in the future.
CHZ Token Information
Basic information about Chiliz token (CHZ):
Token Name: CHILIZ
Blockchain: Binance Chain and Ethereum
Total Supply: 8,888,888,888 CHZ
Main token applications:
Payment: Using CHZ for transactions involving Chiliz to Voice Token conversions, voting, or team selection.
Profit Sharing: All sports clubs, Esports teams, sports organizations, or tournaments contribute to an ecosystem that receives a percentage of total revenue based on Chiliz platform user expenses.
Profit Earning: Chiliz provides sports organizations the opportunity to earn profits, thereby increasing fan engagement and interaction.
Tokenomics
Userbase: 20%
Token sale & Pre Sale: 34.5%
Strategic Acquisitions: 15%
Marketing Operations: 15%
Advisory Board: 3%
Seed Investors: 7.5%
Where to Buy CHZ Tokens?
Currently, CHZ tokens are traded on popular exchanges such as Binance, Bybit, or MEXC.
You can create an account there to acquire CHZ tokens for yourself.
Development Team
The project's development team comprises nearly 100 members, led by key individuals who steer the project.
Roadmap
The project does not disclose a specific roadmap but has set some goals for 2021:
Developing a betting platform for match events.
Linking Chiliz Store and Socios app to bank accounts.
Collaborating with Enjin to introduce NFT products.
Partnering to release additional Fan tokens.
Expanding into other competitive fields such as Chess, Basketball, Baseball, etc.
Investment Fund
Chiliz has not specified its investors. However, three early investors include Binance, Jump Capital, and Kosmos Capital.
Partners
As mentioned earlier, Chiliz partners with numerous football, Esports, and racing teams.
However, in basketball, the project has only one partner, which is a significant gap given the sport's vast fan base. This is evident from the success of the NBA Top Shot project.
Moving forward, Chiliz plans to collaborate with Enjin, one of the largest NFT platform projects currently, to release collectibles for its partners.
This demonstrates an ambition to expand product offerings, not only utilizing CHZ tokens but also incorporating them into NFT products.
Conclusion
Through this article, Gamefinity has compiled comprehensive information about the Chiliz project. You can read and learn more about the project.
Our team will continue to update you on the latest developments of this project and other platforms to ensure you don't miss any important information.
