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Chiliz (CHZ) Digital Currency for Sports Entertainment Platforms

March 3, 2022

Christina

Chiliz (CHZ) Digital Currency for Sports Entertainment Platforms

Chiliz (CHZ) is a digital currency designed to encourage fan engagement and unlock new revenue streams for clubs and teams. The CHZ token is now used by many of the world's largest sporting teams, including FC Barcelona and Paris Saint-Germain.

You can trade the CHZ token on the EQONEX Exchange, and the fan token adopted by football, basketball, baseball, and beyond has started 2022 with a bang. Let's take a closer look at the CHZ token, some of the major partnerships the project has been making, and its plans to reach an even wider audience in the future.

What is CHZ?

There are around 3.5 billion soccer fans around the world and an estimated 2.8 billion online gamers. With so much of the world's population passionate about these areas, what could be hotter than a platform that combines sports and gaming? Chiliz does exactly that through the use of its native CHZ fan token.

The CHZ token has become the digital currency of choice for sports, entertainment teams, and associations that use its blockchain-based fan loyalty platform Socios. World-renowned teams and clubs, including Manchester City, Inter Milan, and the National Basketball Association (NBA), use Socios to engage with their fans and create new revenue sources.

Through Chiliz, fans can come together on one platform to vote on matters that affect their clubs, purchase in-platform items and merchandising, participate in exclusive experiences, and engage with their team players in a meaningful way. 

The use of this technology has been particularly valuable at a time when many sporting events have been held without the public due to the pandemic and teams have had to find ways of clawing back lost income. Chiliz also enabled the ability for teams to create limited-edition NFTs in November 2021, causing the CHZ token to see a 170% increase at the time. 

The CHZ Token in 2022

In line with the wider cryptocurrency prices, CHZ hasn't had the best of starts to the year. However, after the sharp drop experienced across the board, CHZ's price has remained relatively stable. Price aside, the project has been steadily building on its successes, onboarding many new partners from Russia's Moscow Spartak to Argentina's River Plate.

Chiliz also became the official fan token partner of UEFA club competitions. This agreement makes its platform Socios an official licensed product and its CHZ token the official fan token partner of the UEFA Champions League, UEFA Europa League, UEFA Europa Conference League, and UEFA Super Cup.

Even more interesting is the evolution of the Chiliz platform to Chiliz Chain 2.0 (CC2), which will provide global users with infinitely lower transaction fees than on Ethereum. CC2 is an evolution of the Binance Smart Chain (BSC) and will be exclusively focused on the sports and entertainment sectors to enable popular brands to create their own fan tokens, NFTs, and other digital assets and pay fees using the native CHZ token.

For minimum upheaval, the new chain will be EVM compatible. This means that users will not have to convert their existing ERC20 tokens into the new token standard. Using the CC2 chain will provide gas fees (paid in CHZ) at least 500 times cheaper than they currently are on Ethereum. This makes the buying and selling of small items such as in-game assets viable and removes the many constraints associated with the Ethereum chain right now, in particular, when it comes to scalability. 

As Chiliz becomes the fan token platform of choice for the entertainment world, scaling to accommodate more users is vital. The switch to CC2 will allow Chiliz to grow to meet this goal in an environmentally friendly way through Proof-of-Stake (PoS) technology while transferring the benefits like lower transaction fees to its users. As a PoS chain, CC2 will also give users the added incentive of staking their CHZ tokens for rewards.

CC2 will encourage broader adoption of blockchain technology across sports and entertainment, as well as additional verticals, that can create meaningful experiences for their fans with blockchain technology. CC2 will also increase the utility of the CHZ token, taking it from a simple transactional platform token into an entire network and enabler of a new blockchain ecosystem bolstered by the growth of the global sports and entertainment industry.

Blockchain tech is the future

As blockchain technology becomes increasingly integral in our everyday lives, from financial transactions to sports and entertainment, it's interesting to see the evolution of projects like Chiliz. With a deep commitment to sustainable scalability, collaboration with global players, and offering benefits to its users, CHZ looks to have a promising future ahead. 

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