Chiliz: Everything You Need to Know About Fan Tokens and Blockchain in Sports

Chiliz: Everything You Need to Know

Chiliz is a cryptocurrency that aims to revolutionize the way fans interact with their favorite sports and entertainment brands. Chiliz is the native token of the Chiliz ecosystem, which includes the Socios.com platform, the Chiliz Chain, and the ChilizX exchange.

Socios.com is a fan engagement and rewards app that allows fans to buy and trade fan tokens of various sports and entertainment organizations, such as FC Barcelona, Juventus, Paris Saint-Germain, UFC, and more. Fan tokens give fans a voice in club-related decisions, such as choosing jersey designs, voting for MVPs, or selecting friendly matches. Fans can also access exclusive content, merchandise, games, and experiences through Socios.com.

Chiliz Chain is a layer-1 blockchain that is compatible with the Ethereum Virtual Machine (EVM) and supports smart contracts. Chiliz Chain is designed to be scalable, secure, and decentralized, and to enable the creation of web3 products and experiences for sports and entertainment. Chiliz Chain uses a Proof of Staked Authority (PoSA) consensus mechanism, which allows validators, stakers, and developers to participate in the network.

ChilizX is a fan token exchange that allows users to trade fan tokens with other cryptocurrencies or fiat currencies. ChilizX also provides liquidity and price discovery for fan tokens, as well as market data and analytics.

How does it work?

Chiliz works by providing a digital currency that can be used to purchase fan tokens on Socios.com or ChilizX. Users can buy CHZ tokens with fiat or other cryptocurrencies on various exchanges, such as Binance, Huobi, OKEx, etc. Users can then transfer their CHZ tokens to their Socios.com or ChilizX wallets and use them to buy fan tokens of their choice.

Fan tokens are issued by sports and entertainment organizations in collaboration with Chiliz. Each organization has a limited supply of fan tokens that are offered at an initial fan token offering (FTO) on Socios.com or ChilizX. The opening price and fully diluted market cap of each fan token are disclosed by Chiliz beforehand. Fan tokens are then traded on a free market based on supply and demand.

Fan tokens are also minted on the Chiliz Chain, which means they are compatible with any EVM-based wallet or application. Users can also interact with smart contracts on the Chiliz Chain using CHZ or fan tokens as gas fees.

Who are the team behind it?

Chiliz was founded in 2018 by Alexandre Dreyfus, who is also the CEO of the company. Dreyfus has over 20 years of experience in founding and growing web-based companies, such as Webcity, Winamax, and Chilipoker. He is also the founder of Mediarex Group, which owns PokerStrategy.com, The Hendon Mob, and Global Poker Index.

The Chiliz team consists of over 100 professionals from various backgrounds and expertise, such as blockchain development, marketing, business development, legal, compliance, finance, etc. The team is based in Malta, but also has offices in Istanbul, Singapore, Buenos Aires, Madrid, London, Paris, New York City, Seoul, Tokyo etc.

The Chiliz team is also supported by several advisors and partners from the sports and entertainment industry. Some of them include:

Pau Gasol: NBA champion and Olympic medalist

Sam Li: Head of Content Acquisition & Strategic Partnerships at Sina Sports

Emma Diskin: Chief Marketing Officer at UFC

Didier Quillot: Former CEO of Ligue de Football Professionnel

Joe Grech: Co-founder of Esports.com

What are the use cases?

Chiliz has several use cases for both fans and organizations in the sports and entertainment industry. Some of them are:

Fan engagement: Fans can use CHZ and fan tokens to participate in club-related decisions through polls and surveys on Socios.com. They can also access exclusive content, merchandise, games, and experiences that enhance their connection with their favorite brands.

Fan rewards: Fans can earn CHZ and fan tokens by completing various tasks or challenges on Socios.com or other platforms. They can also redeem their tokens for rewards such as VIP tickets, meet-and-greets with players or celebrities, signed memorabilia etc.

Fan ownership: Fans can use CHZ and fan tokens to have a stake in their favorite brands. They can also benefit from the appreciation of their tokens as the demand for them increases.

Fan innovation: Fans can use CHZ and fan tokens to create web3 products and experiences for sports and entertainment on the Chiliz Chain. They can also interact with smart contracts that offer new functionalities or services for fans.

Brand monetization: Organizations can use CHZ and fan tokens to generate new revenue streams from their fan base. They can also leverage the data and insights from fan engagement to improve their marketing and business strategies.