Chiliz (CHZ) is a digital currency developed by a Malta-based FinTech provider for use in sports and entertainment. It powers the Socios platform, a blockchain-based sports entertainment platform that enables users to participate in the governance of their favorite sports brands. By acquiring CHZ, fans can access various fan tokens, which allows them to participate in their club's decision-making process. This approach aims to bridge the gap between active and passive fandom. Chiliz has formed partnerships with globally recognized sporting institutions, including FC Barcelona, Manchester City, Juventus Turin, and Paris Saint-Germain, as well as the UFC and gaming organizations.

Chiliz operates through a unique system where each sporting organization using its technology has a limited supply of fan tokens offered at an initial Fan Token Offering (FTO). These tokens are available on a first-come-first-serve basis, with the opening price and fully diluted market cap disclosed by Chiliz beforehand. The native CHZ token is used to acquire fan tokens and serves as the platform’s internal currency. Fans can then vote on the Socios platform with their fan tokens, a process facilitated using smart contracts. The level of influence fans have is determined by the clubs, with decisions ranging from new jersey designs to deciding team matchups in exhibition games.

Chiliz aims to change fan engagement in sports and entertainment. It enables fans to participate and influence club-related decisions through surveys and polls, thereby enhancing their connection with their favorite sports brands. This could include decisions on messages the captain should wear on his armband or even team matchups in exhibition games. Additionally, Chiliz aims to unlock potential new revenue streams for sports clubs and associations through the sale of fan tokens. The company is also focused on promoting blockchain technology adoption across Asia and Europe through the Chiliz Blockchain Campus, a privately-owned crypto incubator.

Chiliz was founded in 2017 by Alexandre Dreyfus, who has over 20 years of experience in founding and growing web-based companies. His explicit goal with the company is to establish Fan Tokens as a fan engagement tool and a potential new revenue generator for the sports industry. This vision is reflected in the expansion of fan tokens, which has attracted numerous European football clubs, as well as smaller clubs. The total supply of CHZ is 8.8 billion, minted at its launch in October 2018 and distributed to early contributors with no public sales beyond the initial distribution. Initially, CHZ launched as an ERC-20 token, but it was later also designed to be BEP-2 compatible.

The Chiliz token (CHZ) serves a function within the Chiliz ecosystem, being used for certain activities on the platform. Built on the Ethereum blockchain, CHZ is utilized to acquire 'Fan Tokens', which provide voting rights for certain decisions within sports clubs or teams. These tokens are specific to a team or a club and can be exchanged on the Socios.com platform. The influence on decisions is not a financial benefit but is related to the number of fan tokens an individual has. For example, token holders might vote on themes for team jerseys or music to be played in stadiums during matches. This approach seeks to enable sports fans to interact with their favorite teams and clubs in a way that was not possible before the emergence of blockchain-based platforms like Chiliz. Non-monetary benefits associated with Fan Tokens include exclusive merchandise and VIP experiences.

Chiliz has formed relationships with a variety of sports teams and organizations to facilitate the creation of fan tokens and enhance fan engagement. These partnerships span across different sports, including football and mixed martial arts. For example, a team from the English Premier League has issued its fan token on the Chiliz Chain, with the intention of engaging their supporters more effectively. A number of other teams and organizations also aim to utilize the Chiliz Chain for their fan tokens.

Socios.com is a fan loyalty and rewards platform that strives to enhance the sports fan experience. Launched in 2018 by Chiliz founder Alexandre Dreyfus, Socios.com aims to represent the official digital assets of various sports teams, expanding its partnerships across soccer, American football, basketball, hockey, combat sports, esports, and motorsports. The platform allows users to exchange digital assets tied to various sports teams, engage with these teams, and receive rewards for their fandom. Socios.com operates on the Chiliz Blockchain and uses $CHZ as its official currency. The platform provides features such as a marketplace for token exchange, an augmented reality experience for collecting tokens, and the ability to acquire NFTs. Socios.com also has its official fan token, the Socios United Fan Token ($SSU), which users may receive by engaging with the app and unlocking various features.

The platform employs the Proof of Authority (PoA) consensus mechanism to process transactions and maintain its blockchain. This system encourages nodes to support the network's functionality, with the aim of maintaining the platform's stability and reliability. The total supply of CHZ tokens is almost 9 billion, providing a wide distribution and potential for Fan Token acquisition.

Chiliz aims to provide a seamless and secure experience for its users by utilizing blockchain technology and implementing robust security measures. The platform is powered by the Chiliz side-chain, which strives to ensure secure and efficient transactions. Fan Tokens, created on the Socios side-chain, are unique blockchain assets associated with specific teams. These tokens grant holders voting rights, enabling them to participate in decision-making processes, opinion polls, and surveys regarding the management of their favorite teams. Chiliz collaborates with blockchain technology developers to create branded digital collectibles for clubs, aiming to enhance the user experience. To ensure the security of its users' personal and financial information, Chiliz uses SSL encryption on all communication channels, two-factor authentication for account access, and conducts regular security audits to identify any potential vulnerabilities. The platform also stores user funds in cold wallets that are kept offline, which is a measure taken to reduce the risk of unauthorized access.