What Is Chiliz (CHZ)?

Chiliz, also trading under the ticker CHZ, aims to be the world's leading fintech provider for sports and entertainment. The cryptocurrency is used for blockchain-backed products and services targeted toward mainstream consumers. Precisely, the CHZ is anEthereum-based utility token that serves as the official cryptocurrency of the Socios.com platform.

According to the website, Chiliz created the Socios.com sports fan engagement platform, based on Chiliz's blockchain infrastructure that employs $CHZ as its only on-platform currency. Socios.com is the world's first fan influence and rewards platform that utilizes blockchain technology to help sports organizations accomplish digital transformation.

Hence, Chiliz's main motive is to provide many sports and esports fans with a currency that they can use to buy direct voting power in their favorite football clubs. However, the club determines the level of influence fans have, and the decisions made by fans may range from deciding new jersey designs to deciding team matchups in exhibition games and more. As a result, fans stop being passive spectators and become active members of the club. 

The platform (Socios.com) allows users to participate in the management of their favorite sports brands. For example, multiple Fan tokens by Socios.com allow users to influence their teams through voting and earn engagement-based team awards and recognition. Fan tokens provide a mechanism for sports clubs and groups to connect with their fans while also generating new revenue streams. Furthermore, Fan tokens are finite and specific to a club or team. These tokens have a limited supply and are fungible, which means they can be traded, and their value is determined by the market. Besides, all the Fan tokens are created using the Chiliz blockchain, and the voting on the platform is done using a series of smart contracts that run on the Chiliz blockchain.

Additionally, Chiliz has partnered with various big sporting institutions globally, such as Juventus Turin, Paris Saint-Germain, FC Barcelona, and more. The company also has affiliations with the UFC and gaming organizations. All the more, fans who buy CHZ receive access to various Fan tokens and have a stake in their team.

History of Chiliz (CHZ)

Alexandre Dreyfus is the founder and the current CEO of Chiliz. The company was established to inspire millions of football fans worldwide. In addition, Dreyfus has founded and grown various web-based companies during his vast experience of 20 years. Before founding Chiliz in 2017, Dreyfus also developed Webcity, Winamax, and Chilipoker. Webcity is an interactive travel guide, and Winamax and Chilipoker are both online poker projects. 

Dreyfus's goal for the company is to create Fan tokens as the ultimate fan interaction tool and as a significant new revenue source for the sports industry. The aggressive expansion of Fan tokens with major European football powerhouses exemplifies this. 

How Are New Chiliz (CHZ) Tokens Created?

Fan tokens and the rewards app Socios.com permit $CHZ holders and sports fans to stake $CHZ. By doing so, token holders and fans have the opportunity to get new Fan tokens and a ten percent $CHZ bonus yield. 

Furthermore, Chiliz came up with the concept of the Locker Room, and the first three companies included in the Locker Room are The Galacticos, Blue Manchester, and Milan Devils.

Here's how it works:

• A user needs to enter the Locker Room on Socios.com, where there are lockers for different potential partner clubs. The user selects one locker and use $CHZ to make a purchase. The locker stays open for 120 days.

• On a first-come, first-served basis, Locker tokens are offered. If the final supply established by the potential partner club is less than specified and the launch occurs within a 120-day period, this will still be the case.

• Staking bonus: If a user buys Locker tokens and subsequently converts them to legitimate Fan tokens, a 10% $CHZ staking bonus is credited to their Socios.com account. For 120 days, a 10% yield is expected. 

• Locker tokens are converted into official Fan tokens at a 1:1 ratio if the potential partner club decides to launch on Socios.com.

• If the potential partner club decides against launching a Fan token, users who have bought Locker tokens are eligible to receive a refund of $CHZ committed to their Socios.com account once the 120-day window is ended.

How Many CHZ Tokens (CHZ) Are There?

Chiliz (CHZ) has a total maximum supply of 8,888,888,888 CHZ coins.. 

How to Buy CHZ Tokens (CHZ)?

Investors can easily buy Chiliz (CHZ) tokens with a credit or debit card on Coinbase, a user-friendly crypto exchange platform. For doing so, users need to create a Chiliz wallet and get it approved before being able to purchase.