Chiliz Coin Plays for Keeps
Chiliz, the network behind Chiliz coin, markets itself as the world's leading blockchain fintech provider for sports and entertainment. That's a big claim – can it live up to it?
Chiliz is a layer 1 blockchain solution developed using a Proof of Authority consensus algorithm. Built on top of this is Socios.com, a sports engagement platform that uses the Chiliz coin (CHZ) as its on-platform currency.
The network is partnered with some of the biggest brands in the sports and entertainment world today, including UFC, Barcelona, AC Milan, and Manchester City.
The core aim of the organisation is to provide distributed blockchain infrastructure to help leading sports and entertainment brands 'engage and monetize their audience.' This is achieved via the Chiliz coin, the CHZ token. It acts as the exclusive on-platform currency as well as an alternative payment solution.
The Socios engagement platform, in turn, allows fans of mainstream brands to purchase branded 'Fan Tokens' from their favourite club or organisation.
Fan Tokens provide brands with a way to connect with their audience and unlock undiscovered revenue streams. Holders of Fan Tokens are eligible for exclusive rewards and recognition. They can also 'have their say' and vote on permitted club matters. This concept of 'collective ownership' will become a key element of blockchain adoption in the near future as we move toward a more decentralised society.
Fan Tokens are minted through the Socios platform and voting is executed via a series of smart contracts on the main blockchain. Chiliz uses a Proof of Authority consensus mechanism, similar to Proof of Stake and based on the Ethereum ERC20 standard.
CHZ Max supply
The organisation is headquartered in Malta and raised some $65 million in private investment in 2018. Industry luminaries such as Binance, FBG Capital, and Ceyuan Ventures have all invested alongside private individuals from Asia and Europe.
The max supply of Chiliz coin is capped at 8.8 billion, with a current circulating supply of 6.09 billion. With the current price of CHZ at $0.2472 (18 November, 2022), this gives Chiliz coin a market cap of just over $1.5 billion. CHZ can be bought at most leading exchanges, including Binance, OKX, and Bitrue.
Since its October 2018 launch, Chiliz has gone from strength to strength. Some of the largest names in sports and entertainment are now signed up to the platform. Indeed, despite recent market events, the Chiliz coin has held up well and is one of the strongest performers today.
Chiliz is looking to break into the up-and-coming eSports market, where blockchain firm VRA is already making massive strides.
With an established presence in the crypto top 50 and some of the biggest names in sports and entertainment on board, Chiliz is an exciting project working to change the relationship between fans and clubs.
Author: Brendan Beeken
Moni Talks Founder and Chairman Brendan Beeken is an entrepreneur, commercial strategist, investor, and philanthropist. He writes on a wide range of subjects, including cryptocurrency, decentralised finance, blockchain, business advice, and professional wellbeing, for news and business websites, as well as Latest Moni and his personal site, brendanbeeken.com. Brendan draws from his own research and more than two decades of personal experience in business to offer a unique insight, perspective, and commentary on diverse subjects. He is passionate about making the cryptocurrency space more accessible and encouraging safer and more responsible trading and investing. Brendan's LinkTree is https://linktr.ee/brendanbeeken.