Crypto Corner: a profile on CHZ

This week, we’re bringing you the lowdown on the innovative utility token for the sports industry, Chiliz (CHZ).

What’s it all about?

CHZ powers the Chiliz ecosystem, which consists of the sports fan engagement platform, Socios.com, and the tokenised sport and entertainment exchange, Chiliz Exchange.

CHZ was created to allow fans to buy tokenised shares of influence in their favourite sports teams. Inspired by Spanish soccer teams which use annual subscriptions to grant fans early access to tickets and club voting rights, Chiliz uses blockchain technology to create an entirely new form of direct engagement between fans and their favourite teams.

The CHZ token can be used to buy collectible digital assets known as Fan Tokens on Socios.com, which are then used to influence top sports teams by popular vote.

Each Fan Token is specific to a team or club and provides access to an encrypted ledger of voting and membership rights ownership. This means that fans can vote on their team’s decisions, such as uniform designs, celebration songs and even starting lineups. The more tokens a fan holds and the more they vote, the higher their rating and the bigger their rewards.

Who came up with the idea?

Chiliz was founded in Malta in 2012 as part of international sports and entertainment organisation, Mediarex Group. The Socios platform came about in 2018, with the CHZ token being launched later that year.

The company was founded by Alexandre Dreyfus, who has over 20 years’ experience in developing various web-based companies.

Any fun facts?

Socios.com is the world’s very first scalable fan engagement and rewards app, and Chiliz Exchange is the world’s first crypto exchange for sports.

Chiliz has already partnered with major sports teams and clubs such as FC Barcelona and the UFC, who have held Fan Token Offerings (FTOs) for their loyal supporters.

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