Chiliz Launches Layer-1 Blockchain to Promote the Transition of Sports Brands to Web3

Leading sports industry blockchain provider Chiliz has announced the launch of the Chiliz Chain public mainnet. This marks the next step in the firm’s mission to help sports teams and brands build direct relationships with fans and communities from around the world using blockchain technology.

Chiliz Chain is a Layer-1, interoperable blockchain ecosystem and is compatible with the Ethereum Virtual Machine (EVM). It is set to introduce a network of 11 active node validators for Proof of Stake Authority (PoSA). These will include some established blockchain firms and leading sports entities. They will be responsible for validating transactions and securing the Chiliz ecosystem to enable developers to “build the projects that will form the backbone of web3 in sports.” So far, Jump Crypto, Paribu and Meria (formerly known as Just Mining) have been named as validators.

Chiliz Chain’s PoSA model is expected to provide lower fees, support shorter block time and use significantly less energy as part of the company’s sustainability pledge. All network fees will be paid with the blockchain’s native $CHZ token. $CHZ holders will play an integral role in the development of the ecosystem and be rewarded for staking $CHZ on the chain.

Alexandre Dreyfus, CEO of Chiliz, said:

“We are proud to officially introduce the global sports community to the Chiliz Chain, the Sports Blockchain. We have been building towards this moment for a long time and it is a huge step forward for us. Through our long-term commitment to innovation, our network, new partnerships and by promoting sports-focused blockchain projects, Chiliz Chain can grow to form the backbone of web3 in sports, providing the infrastructure behind the next generation of products, experiences and services for teams, brands and their fans.”

Chiliz has a network of over 150 major sports teams and is the creator of fan tokens and the leading fan engagement and rewards app Socios.com. Fan tokens are digital utility tokens that give the holder access to fan communities on Socios.com. The Socios.com and Fan Token ecosystem has over 2 million wallets and has major sports teams including football teams FC Barcelona, ​​Paris Saint-Germain, Manchester City, Juventus, SSC Napoli, Inter Milan, AC Milan, Arsenal, Atlético Madrid, AS Roma . It is also home to some of the biggest UFC and Formula 1 teams.

Through the Chiliz Labs accelerator and incubator, the firm is set to empower early-stage Web3 sports projects that want to build on the Chiliz chain. The $50 million Jump Crypto-backed program $50 million will help projects for metaverse-based sports, football and soccer manager games, reward and engagement-driven community platforms, social gaming platforms, AI-based content platforms, 3D-quality digital sports collectibles, and NFT ticketing programs.

Chiliz is also looking to attract developers interested in building Web3 sports projects by holding hackathons at major stadiums and sports arenas around the world. The details of this have not yet been made public.

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