Altcoins: Chiliz (CHZ) - What Is It? - A Deeper Look Into the Chiliz (CHZ) Platform
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Summary:
- What is The Chiliz Platform and how does it work?
- What makes the Chiliz exchange unique?
- Chiliz’s present and future price positions.
The Chiliz platform
The main cryptocurrency for sports and entertainment is called Chiliz, and it is created by a FinTech company based in Malta. It runs the blockchain-based sports entertainment platform Socios, which enables consumers to take part in the management of their preferred sporting organizations. Socios.com's numerous fan tokens are an illustration of that. Fan tokens give athletic clubs and organizations a means to interact with their supporters and open up new revenue streams.
Through surveys and polls, for instance, supporters can participate and have a say in club-related issues, such as what should be written on the captain's armband. The business seeks to close the gap between active and passive fandom. With some of the top sports organizations in the world, like FC Barcelona, Manchester City, Juventus Turin, and Paris Saint-Germain, Chiliz has formed agreements. Additionally, it touts affiliations with gaming companies and the UFC. Fans can access a variety of fan tokens by purchasing CHZ, giving them a stake in their team.
Several blockchains, including Ethereum, Binance Smart Chain, and Tron, support CHZ. Fans can vote only in openly audited polls since fan tokens are only created on Socios's sidechain using a proprietary crowd control system. A proof-of-authority consensus technique is used by the sidechain. Private companies with closed blockchains and participants solely from its ecosystem typically employ proof-of-authority. It is the best option for a sidechain because it is extremely safe, easily scalable, and less decentralized than other consensus mechanisms. Certik has audited the CHZ token.
Chiliz Uniqueness
Each sports league using Chiliz technology has a finite number of fan tokens available at an initial FTO (fan token offering). These tokens are available on a first-come, first-served basis, with Chiliz having previously published the opening price and completely diluted market cap. The platform's native CHZ token serves as its internal money and is used to buy fan tokens. Then, using their fan tokens to cast their votes on the Socios platform, users can, thanks to smart contracts. The level of influence fans have is decided by the clubs. The choices might be anything from choosing new jersey designs to assigning teams to exhibition games.
Chiliz was the first to directly involve regular sports fans in club and organization decision-making. With the launch of the Chiliz Blockchain Campus, a privately-owned cryptocurrency incubator dedicated to accelerating blockchain technology adoption across Asia and Europe as an example, the business is always developing new ways for fans to interact. Despite having 80–100 teams in its network by the end of 2021, the firm thinks that it is only operating at roughly 10% of its potential.
Advantages of the Chiliz platform
- Team management has evolved into a standalone kind of entertainment.
- The exercise of voting rights is changed into a transactional activity.
- Every fan's vote will have an immediate impact on teams competing in traditional sports and esports, as well as other partnered organizations.
Present and future prices of The Chiliz network (CHZ)
CHZ has had an extremely active year thus far in 2022. When soccer superstar Lionel Messi was announced as a global brand ambassador in a $20 million deal in March, its price increased by 25%. By March, the token had already begun to rise from its 2022 low point of $0.147. The all time highest price for the CHZ crypto $0.626 reached in early November 2021.
Over the past few months, the global markets have been facing strong investor risk-off sentiment in the wake of the geopolitical tensions, Covid-19 lockdowns in China and supply chain issues. The cryptocurrency market has followed the trends of the greater market during these times, therefore the price of most cryptocurrencies have been falling, CHZ does fall under this category.
According to some analysts, the future price of The Chiliz network (CHZ) could reach up to $0.677 by 2023 and could see a price of more than $1.24 by 2026. However, it is important to remember that this future price prediction is based solely on data and does not take into account factors such as investor sentiment and the ever changing market conditions, both of which make it difficult to make accurate future price predictions.
CHZ Price Chart
Sources: finance.yahoo.com, coinmarketcap.com, capital.com
