Chiliz.net – A Beginner’s Guide to CHZ Project and Token

Chiliz.net has been gaining increasing popularity thanks to its sport tokenization idea.

Blockchain technology has quickly overgrown its early stage of an exclusively token-oriented framework. As a result, this technology has invaded many businesses in the modern era, creating a new economic trend.

In this guide to Chiliz.net, we summarize the essential details about its blockchain network.

What is Chiliz.net?

Chiliz.net claims to be “the leading tokenized sports and entertainment exchange.” In this regard, its popularity in the field appears to confirm the statement. Chiliz.net has active partnerships with several critical professional sports companies in the world.

The blockchain network gained initial media attention through binding agreements with a few European football brands. For example, PSG is paying a part of Lionel Messi’s salary fan-coins through Chiliz.net.

Nevertheless, the brand’s ambitions do not stop at world-famous football stars. Its management team aims at entering other sports businesses, including racing. Moreover, by making millions of fans happy, the platform is targeting the e-sport sector as well.

Owning a fan token is not only a fashionable way to support sports teams. By joining the network, you will gain access to a social influencing platform for your favourite team. This will happen through the Socios.com portal, where your vote will count on important decisions of your team.

The system relies on NFT technology, granting the possibility to each user to exchange fan tokens. Also, this feature depends on the security of smart contracts. So, it does not rely on an intermediary’s approval to function.

How Does Chiliz.net Work?

The core advantage of Chiliz.net lies within the architecture of its social platform, Socios.com. The portal operates through a dual blockchain system:

  • A Permissioned sidechain, which is a private blockchain aiming to enhance the system security of Socios.com
  • The Ethereum blockchain, which is one of the most famous blockchain systems operating globally. Chiliz.net mainly uses it to handle transactions among sports fans.

As is often the case on the blockchain market, Chiliz.net published a whitepaper explaining its goal and functioning. Its main discussion points include:

The Ethereum Chain

The most external layer of the Chiliz.net platform relies on the Ethereum blockchain. Several entities have access to this system, including:

  • Partners – typically sport teams
  • Fans of the teams that have a partnership with Chiliz.net
  • The market vault consists of the public ledger of CHZ (the native token of Chiliz.net).

At this level, the network executes all the fans-to-fans token transactions. As a result, the partners earn revenue on the single exchange actions among fans. This incentivizing mechanism works thanks to the small trading fees on the CHZ market.

The Voice Trading Floor

If you are new to trading, chances are you won’t even know what a trading floor is. Instead, think of a vast room where professional traders meet daily to execute their clients’ orders. Now, replace professional traders with crypto investors and move the room into the digital space.

This is what happens on the Voice Trading Floor built by Chiliz.net. Think of it as a virtual room in which Chiliz.net oversees all the CHZ transactions. The name of this feature comes from the noble mission of Chiliz.net – giving sports fans a voice.

The Consortium Chain

Sports teams can access a superior level of the blockchain, “the consortium.” Here, the network creates and distributes the tokens so that only sports teams can access this section.

It is only through the information that the Voice trading floor collects that the token distribution can happen. While partners have a say on the token emission, the actual allocation of CHZ follows the market rules.

The Voting Engine

Finally, fans can vote on particular initiatives by their sports teams. Think of this step as a mere shareholder virtual meeting. The more tokens fans possess, the higher the relevance of their vote.

If this still seems too futuristic to be accurate, you should know that Chiliz.net is already at work. For example, fans can control the governance of the GPL, an esports league created by Chiliz.net.

What is the CHZ Token?

Chiliz.net has a native token, CHZ. While other networks allow coin holders to vote for protocol changes, Chiliz.net built its core on CHZ. Since the blockchain’s goal was to give voice to sports fans, owning coins is the essence of Chiliz.net.

You will be able to use CHZ coins to buy Voice rights or sell them to other fans. Furthermore, by freezing a portion of your holdings on the platform, you will automatically gain an amount of Voices. This part of the technical architecture relies on the famous ETH intelligent contract system.

It is entirely up to each partner to choose the matters on which fans get a voting right. For example, management issues, matchmaking, and roster selection are specific topics on Chiliz.net.

At the time of writing, CHZ was trading at $0.49, with a market cap equal to $2.95B. By looking at the market cap, CHZ ranked 62 in the crypto sector.

Where to Buy CHZ?

Popular exchanges such as Binance, Coinbase, and Huobi Global allow you to trade CHZ. In addition, you can store the token in the wallet that Chiliz.net offers through the Socios.com platform. Alternatively, you can use any ERC-20 compatible portfolio.

Is the Chiliz.net Network Safe?

Its blockchain-based NFT framework makes Chiliz.net a relatively secure platform. The ETH system is famously secure and tackles all potential threats on the cyber market through continuous updates.

Chiliz.net relies on a Proof-of-Authority (POA) chain. Hackers will find it much harder to penetrate this system than older ones. Reverting a transaction on a POA network will not be possible through an unwanted connection.

Final Thoughts on Chiliz.net

As the blockchain revolution moves forward, it expands to all the areas of our everyday lives. Chiliz.net targets one of the most lucrative of these areas, sports entertainment. It leverages the substantial economic power of sports brands and combines it with the fans’ passion. By adding crypto to the mix, it creates a highly profitable venture with equal benefits for everyone.

Chiliz live price
price change

The prominent market cap of CHZ represents a future potential for Chiliz.net. In addition, sports fans are showing enthusiasm for this new market player. And, we will keep an eye on how this relationship will evolve in the future.

Stay up to date with our latest articles

More posts

Silicon Finance Review – A Project Aiming to Solve DeFi Issues

One of the hottest trends in the blockchain universe is the application of decentralized finance (DeFi) solutions. Today we will impartially review for our readers the Silicon Finance project, a new DeFi initiative aiming to solve a series of industry issues. The project’s team aims to achieve an increase in the safety of DeFi, with obvious benefits for the whole blockchain community. Furthermore, the initiative will look into a way to introduce more democracy and equality on Initial Dex Offerings…

WMA: Bitcoin and Most Altcoins Are Back Trading in the Green

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $2,088 trillion. Bitcoin is up by almost 3% after a week of recovery. Ethereum increased by roughly 7% after seven productive days. XRP is up by almost 43% this week. Most altcoins are trading in the green, with very few exceptions. The DeFi sector added over $3.5 billion to the Total Value Locked in…

Crypto Jobs Up 395% – Texas and Florida Lead

Crypto-related job postings skyrocketed last year, following the strong performance of crypto markets. Texas and Florida emerged as new hubs for crypto jobs.  LinkedIn has reported an astonishing 395% growth of job postings related to crypto. A survey by Linkedin showed a sharp rise in job postings with terms like "cryptocurrency", "bitcoin", and "blockchain" in 2021. Moreover, the growth in crypto jobs outpaced the broader tech industry, which saw a 98% increase in listings. Most job postings were in finance…

Kim Kardashian and Mayweather Jr. Face Pump n’ Dump Crypto Lawsuit

Kim Kardashian has allegedly tricked investors into a cryptocurrency scam involving EthereumMax. She is part of a group of celebrities, including Floyd Mayweather Jr. and Paul Pierce, accused of a “pump n’ dump” scheme. They convinced millions of their social media followers into buying the digital coin. Then, once its price inflated, they sold their holdings for a considerable, yet illicit, profit. Some of the victims filed a class-action complaint last Friday in the U.S. District Court for the Central…

Rio de Janeiro Will Allocate 1% Of Treasury To Bitcoin

Talks about Bitcoin in Brazil are commonplace, but concrete political action has now been taken to adopt it. Eduardo Paes – mayor of Brazilian city Rio de Janeiro – recently announced plans to invest 1% of the city’s treasury in Bitcoin. His city will join a list of other political jurisdictions making small allocations to the cryptocurrency, eyeing its long-term potential.  Rio Hops On Bitcoin Paes announced the city’s new plans in a presentation at Rio Innovation week in conversation…

AidiVerse Review – The Blockchain Ecosystem for Everything DeFi

AidiVerse is a blockchain-based ecosystem aiming to provide several crypto assets and utilities. The project plans to deliver everything DeFi, including an NFT platform, P2E gaming, and decentralized exchange services. Furthermore, it should soon expand to incorporate yield farming, asset performance analytics, and even physical merchandise. These features and many more should help AidiVerse rival more established blockchain ecosystems in the cryptosphere. This short review looks closer at this up-and-coming project, its tokenomics, and its roadmap. What is AidiVerse? Blockchain…

Why Do the Cryptocurrency Prices Go Down on the Weekends?

If you have been in the crypto world for a while, you will probably have noticed a typical behaviour of the market during weekends. With some exceptions, we are used to seeing the price of significant cryptocurrencies drop over the weekend. The phenomenon is known to those who operate in this market, but understanding precisely the causes seems to be rather complex. Therefore, this article will discuss a definitive answer by analyzing the various main factors involved in this market…

Visa Survey: 1 of 4 Small Businesses to Accept Crypto Payments in 2022

Who said Bitcoin is bad for payments? The 6th edition of Visa’s Global Back to Business study found that nearly a quarter of small businesses plan to accept crypto transactions in 2022 – including Bitcoin. Rapid Crypto Adoption Incoming? According to the study, 82% of small and micro businesses (SMB’s) will accept some form of digital payment option this year. Meanwhile, 73% see getting new forms of payment as essential for growing their businesses. “Of those surveyed, 24% said they…

Parler Launches Trump NFTs

Parler, a self-proclaimed free speech platform launched an NFT collection featuring former President Donald Trump. The 10,000 NFTs will feature Trump in a variety of settings, from the U.S. Congress and beyond. It will also feature other influential figures, including rapper Ye (Kanye) West and billionaire Elon Musk. The social media network popular among U.S. conservatives partnered with Jon McNaughton to produce the art. McNaughton, a conservative American artist, hand-painted hundreds of images to create the collection. According to the press…

Curtis Sword Becomes the First Blockchain-based Large-Scale 3D ARPG

Curtis Sword, a 3D NFT ARPG mobile game on the blockchain, is excited to announce that it has fully launched on both Android and iOS. The project is the first GameFi-built game designed by the original "The Rise of Dragon" mobile game team. The game is the first large-scale 3D ARPG on the blockchain. Players can now explore fun blockchain games, interactive social networks, and a wide range of products and services with complete autonomy. Curtis Sword also offers union…