Chiliz, the crypto startup behind fan token platform Socios, today launched its new layer-1 blockchain, moving away from the current chain that runs on Ethereum.
The launch of Chiliz Chain 2.0 comes as the project marks its fifth anniversary, with a logo rebrand as another important aspect of the celebration.
Launched on the testnet last March, Chiliz Chain 2.0 is part of the BNB chain that operates on a proof-of-stake Authority (PoSA) consensus mechanism that supports shorter block time, lower fees and less energy use.
As an Ethereum Virtual Machine compatible chain, Chiliz Chain 2.0 will remain compatible with Ethereum tools.
The new chain was validated today and will have a system of 11 active validators.
Web3 native experience for fan communities
With the launch of Chiliz Chain 2.0, the project will also allow sports and entertainment brands as well as developers to create non-fungible tokens (NFT), build decentralized finance applications (DeFi) or play to earn games.
Another area where Chiliz sees the use of its technology is in Stadia experiences, Web3 native ticketing and payments, as well as bringing the traditional fan experience of collecting memories into the Web3 environment.
“It was very important to us how we go from just being a token to a blockchain ecosystem. The Chiliz chain has technically been around since 2019, except it wasn’t a cross-system. Now, when we launch our “Fan Token Everywhere “-initiative, it’s going to be more open,” said Chiliz CEO Alexandre Dreyfus Decrypt. “Until now, fan tokens were mostly driven by us as a tool provider, but with Chiliz Chain 2.0, third-party providers and developers will be able to add tools on top of us.”
In this way, according to Dreyfus, the utility of fan tokens will be significantly increased.
“The good thing is that when you choose Chiliz, you already have access to the APIs, the user base and the massive network effect, and that’s the value Chiliz as a Web3 platform for sports and entertainment brings,” he added.
According to the company, in the coming months it will announce up to ten enterprise-level projects that will use the Chiliz blockchain, ranging from NFT ticket pilots, third-party athlete-focused fan tokens and Web3 infrastructure partners.
The Chiliz native token CHZ will power the entire ecosystem, exactly the same way that ETH runs on Ethereum, including all the decentralized applications (dApps) that will be built on top of the Chiliz blockchain. It will be used to pay gas fees to deploy smart contracts and perform cross-chain operations, such as transferring token assets across Chiliz Chain 2.0 and Ethereum, while the token holders will also be able to receive rewards for securing the network via effort.
To increase the use of their blockchain, Chiliz is also organizing a series of global hackathons for developers that will be hosted across stadiums and sports arenas around the world throughout 2023 and 2024.
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