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Chiliz Explained

Chiliz Explained

SpectroCoin

Cryptocoins News / SpectroCoin 79 Views

Chiliz (CHZ), an ERC-20 token, is one of the newer additions to the SpectroCoin cryptocurrency portfolio. Chiliz (CHZ), launched in 2018, aims to bridge the gap between sports or entertainment teams and users. Fans can involve themselves in decision making within the sports club by voting. To learn more about Chiliz (CHZ), read the full SpectroCoin blog post.

What is Chiliz

Chiliz

Chiliz (CHZ), launched in 2018, is an ERC-20 token generated through the Ethereum network. This crypto is one of the most prominent digital currencies for sports and entertainment. The company’s vision is to bridge the gap between the active and passive fan, providing millions of sports fans with a Fan Token, which acts as a tokenised share of the sports teams. Through this platform, users can purchase & trade their Fan Tokens and participate in polls and surveys whilst being rewarded for active engagement.

Fan Tokens

Fans use CHZ to purchase branded Fan Tokens. Fan Tokens allow users to participate, influence and vote in club-focused surveys & polls of their favourite sports and entertainment teams. This provides users with some ownership over the teams and gives fans access to exclusive rewards, experiences, social interactions, leaderboard features, and more. All this is done through the world’s first blockchain-based fan engagement & rewards platform Socios.com, powered by the CHZ token.

Crypto in Sports

Sporting events are a market with millions of viewers. With Chiliz (CHZ), users can influence their favourite club’s management, while teams have a new way to monetise. Currently, more than 25 significant sports/esports organisations have their own Fan Tokens, including FC Barcelona, Juventus, AC Milan, OG, Paris Saint-Germain, Manchester City and Professional Fighters League. Many more leading sports and entertainment clubs worldwide plan to launch Fan Tokens in the near future.

The global community of sports fans attracts more teams to join each year and create their Fan Tokens. There is the benefit of a closer connection with the fans for the teams because supporters can directly influence club decisions. Choosing merchandise designs, choosing a goal celebration song, choosing in-game banners, choosing players jersey designs are just a few things that holders of the Fan Tokens can vote on within a sports team.

As for the fans, most of the time, in conventional sports, fans are completely passive and have no option to participate in the decisions of their favourite teams. However, with Chiliz (CHZ), users can vote on the above-mentioned things as well as have access to discounts at a club’s merchandise store or even access exclusive merchandise, like a signed shirt from a particular player. Fan tokens can also let fans profit from the success of their team.

The Future of Chiliz

Pretty much any sport and any team or club can use this platform. This means that the growth of the platform potential is massive. Additionally, it is essential to note that the Fan Tokens have a finite supply and are fungible, meaning their ownership can be traded. Their price is driven by supply & demand in the market.

Another future use for the CHZ token will be for fans to buy tickets for games and VIP experiences. Also, it is possible to purchase collectable-NFTs on the Chiliz network. An example could be a player makes a goal, and their club issuing a limited-edition NFT for that event.

The overall supply of the cryptocurrency is 8,888,888,888 CHZ, and its supply in circulation is close to 5,000,000,000 CHZ.

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If you are interested in buying Chiliz (CHZ) on SpectroCoin, visit SpectroCoin Exchange!

We hope this blog post was helpful in understanding Chiliz (CHZ). For more blogs be sure to head over to the SpectroCoin blog.

If you have any questions regarding cryptocurrencies supported at SpectroCoin, don’t hesitate to contact our customer support. You can do this through the LiveChat bubble available on our website or email at [email protected]

The post Chiliz Explained appeared first on SpectroCoin Blog.


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