Chiliz is an attempt to transform the passive relationship between sports, sports clubs and their global fan bases through tokenisation. Founded in Malta in 2018, the company’s goal was to provide millions of sports and esports fans a token that would allow them to buy a tokenised share of influence in their favourite sports or esports clubs.
In other words, it is a fan engagement platform that allows you to influence certain decisions made by your favourite team. According to their official Medium channel, the CHZ token is a digital currency for sports tokenisation, powering ‘the world’s first scalable fan engagement & rewards app where fans can buy and trade branded Fan Tokens as well as vote in club-focused surveys and polls’.
The token exclusively fuels Socios.com, their consumer facing platform where fans can utilise their Fan Tokens to participate in polls and surveys and be rewarded through active engagement.
- CHZ is a utility token for sports and entertainment.
- CHZ is used to purchase Fan Tokens allowing fans a share of influence with top sports and esports organisations.
- Fan Tokens use a Proof-of-Authority Ethereum-based chain (Chiliz Chain).
The CHZ Token
The Chiliz token is a digital currency used in the world of sports and entertainment platforms, named under the abbreviation CHZ. Specifically, it is a utility token that started out on the Ethereum blockchain and is used as the official cryptocurrency of the Socios.com platform.
Main features of CHZ
CHZ is required to participate in Fan Token Offerings and Locker Rooms (the initial sale of Fan Tokens). The purpose of Fan Tokens is to be fan-oriented, allowing spectators to become active contributors with their sports clubs. Fan Tokens can be traded on the Chiliz in-house exchange against CHZ. The token is highly liquid and traded on some of the biggest exchanges in crypto, ranked 38 on CoinMarketCap at the time of publishing.
How does it work?
Fan Tokens exist on a permissioned Proof of Authority (PoA) chain (Chiliz Chain), CHZ runs on the Ethereum and Binance Chain (though, not Binance Smart Chain) network via exchangeable ERC20 and BEP2 tokens. It is built on the Chiliz blockchain and uses $CHZ as its exclusive on-platform currency.
Fans can download the Socios.com application which is available on iOS and Android to utilise their share of influence (Fan Tokens). In return, they have access to exclusive club offers and rewards.
Chiliz has a simple reason that defines its existence – spectator sport engagement. It is bringing Sports closer to its fans who can become part of the game, make decisions and become familiar with their favourite players.
In conventional sports, the idea of having a large number of fans directly managing top-level decisions has been discussed without there ever being a potential solution. With CHZ and their Fan Tokens, this exercise in enhanced fan engagement is now a reality for all those who wish it.