Chiliz Rolls Out Layer 1 Blockchain For Fan Token Ecosystem Expansion
Chiliz has established its own layer-1 Ethereum Virtual Machine (EVM) compatible blockchain ecosystem to aid the expansion of the fan token ecosystem. Ethereum-based ERC-20 tokens have supported the ecosystem for some time, but with the approval of the Chiliz 2.0 blockchain genesis block, the ecosystem has shifted to its own layer on 1.
The new blockchain utilizes a system of 11 active validators with a proof-of-stake authority consensus, offering faster block times, lower fees and reduced energy consumption.
According to the project’s website, Chiliz Chain 2.0 is a hard fork of the popular Ethereum fork BNB Chain. This indicates that the new layer-1 is compatible with EVM, which is intended to entice decentralized application developers to build within the ecosystem.
Chiliz’s Socios fan token app has created ripples in the sports and entertainment industry. Major soccer clubs, including Manchester City, Barcelona, PSG, Arsenal and Juventus, use the platform’s fan token program.
The platform enables companies, teams and people to create non-fungible tokens (NFTs), fan tokens and Web3-ready tickets, as well as develop DApps and Web3-ready experiences and goods.
Cointelegraph spoke with Socios CEO Alexandre Dreyfus about the upcoming Chiliz’ 2.0′ Blockchain launch in November 2022 at Web Summit in Lisbon. The Chiliz chain already existed, but was preserved as a private ecosystem to safeguard intellectual property. It had nearly 1.7 million wallets involved in issuing, minting and trading fan tokens.
In a letter dated February 9, Dreyfus further emphasized the importance of Ethereum as the foundation of Chiliz’s current ecosystem, noting that both versions of the Chiliz blockchain are forks of Ethereum. Chiliz 2.0 means the transition to a genuinely open layer 1, with on-chain governance that has the authority to whitelist nodes and developers that can issue assets.
The CEO stated that a patient strategy, which allowed brands and franchisees to maintain control over their image and intellectual rights, was a significant component of the ecosystem’s five-year expansion. The creation of the Chiliz blockchain is also intended to provide value to ecosystem participants.
The sports business maintains synergy with blockchain-based companies. In January 2023, blockchain fantasy sports company Sorare agreed with the English Premier League to issue digital player cards based on Ethereum on the platform.
