Throughout history, technological progress has transformed economic relations. This is because new financial instruments that serve different purposes are continuously emerging. Among the most relevant instruments is the cryptocurrency Chiliz, a useful token.
The coin is currently gaining popularity in the market. Developed by Socios.com, Chiliz allows sports fans and investors to participate in the decisions of soccer teams, gain access to exclusive benefits and invest in the entertainment industry.
What Is Chiliz?
Chiliz (CHZ) is a cryptocurrency serving as a tool focused on sports and entertainment. It is considered the first digital currency exchange entirely focused on these areas.
The Socios.com platform developed Chiliz to function in an environment focused on sports fans. On the platform, sports fans can exchange team tokens and interact with each other and with teams by voting in surveys and questionnaires related to clubs.
Socios.com is managed by the CHZ token, an ERC20 token on the Ethereum blockchain. Linked specifically to a club or team, they are the ultimate digital assets, allowing access to an encrypted and immutable record, with membership ownership and voting rights.
It should be noted that the Chiliz cryptocurrency was developed under the influence of the fan management structures of major soccer teams. Therefore, the number of tokens is limited, and they are also interchangeable. Thus, ownership can be traded, and the market sets the price.
CHZ cites the launch of Chiliz NFT during matches, the placement of native tokens on various exchanges, new fan tokens, and a fast-growing ecosystem of protocol partners as three factors in CHZ growing popularity.
Who Is Behind Chiliz?
The CEO of Chiliz, like Socios.com, is Alexander Dreyfus, who was actively involved in several projects before creating Socios itself. In the past, he was the CEO and owner of Chiligaming, an online poker company. He was also CEO and co-founder of WINAMAX, a French online poker room, and sports betting site. Emma Diskin is the chief operating officer of Chiliz. Max Rabinowitz is director of strategy at Socios.com and Chiliz. He was previously creative director at Chiliz. Max also works freelance as a creative strategist. Thibault Pelletier is the CTO of Chiliz. He has been with the team since January 2018. Before joining Chiliz, Thibault was CTO of Spread Research for about six months. Magnus Linder is Head of Partners and Business Development at Partners. Previously, Magnus was head of sales and marketing at the Swedish Football League.
The team comprises a range of professionals, but it’s safe to say that the previous names already represent the Chiliz base team’s good.
With Which Organizations Does Socios.com Cooperate?
A significant number of clubs and teams participate with the platform, such as Paris Saint-Germain, Juventus, OG, AS Roma, Club Atlético de Madrid, Galatasaray, Club Atlético Independiente, FC Barcelona, Team Heretics, UFC, Apollon Limassol, Trabzonspor, Young Boys, Sint-Truidense V.V., PFL, Novara Calcio, NAVI, İstanbul Başakşehir, Team Alliance, Universidad de Chile and AC Milan. These are teams with hundreds of millions of fans worldwide, and the platform does not intend to stop here and will add more and more clubs and teams to its list.
What Is a Utility Token?
As can be seen, the Chiliz cryptocurrency is considered a utility token. In general, this means that it was designed as a medium of exchange within the platform, not as a cryptocurrency.
With this in mind, it functions as an asset inherent in the ecosystem, and to grow in value, it depends on growth and replenishment.
Thus, as the number of platform users and the token grows, so does its valuation potential, increasing its perceived value. In line with market dynamics, the more interest in an asset, the higher its value will be.
What Is the Main Utility of the CHZ Token?
Chiliz acts as an ecosystem in which voting, team interaction, and fan benefits occur. The number of these partners is growing, as more than 20 major sports organizations are already partnering with Socios.com.
Through partnerships, teams can develop their fan tokens.
Fan tokens are cryptocurrency tokens that allow fans to interact with their favorite club, league, or athlete. As for Chiliz cryptocurrency, Socios.com partner teams create their fan tokens, and only Chiliz owners can purchase them at launch.
Investors in this type of digital asset have access to certain benefits, such as discounts on match tickets, voting for team jerseys, music at the stadium, meetings with players, access to exclusive merchandise, and access to VIP areas in stadiums.
Regarding the release, a fan token’s initial launch occurs after a club, league, or player signs a contract with Socios.com. Therefore, the number of tokens may vary depending on the contract.
Initially, they have a predetermined price. However, once the deal is launched, their quantity is determined solely by those interested in the deal at a particular point in time.
How to Buy CHZ?
Purchasing CHZ is done similarly to buying traditional digital currencies such as Bitcoin. Consequently, tokens can be purchased through cryptocurrency brokers. Once purchased, the user can store the cryptocurrencies in their wallet or use them for exchange. To store tokens and profit from a possible increase, you will need any wallet that supports the ERC-20 token standard. CHZ holders can choose from a rich list of cryptocurrency wallets on the market, mobile, online, hardware, and desktop wallets.
Guarda offers the best solution for storing, buying, and exchanging Chiliz tokens. Storing your Chiliz coins with the Guarda wallet provides a secure, high-level solution with convenient functionality.
Chillz is a unique project with very curious tasks and perspectives. As a model of blockchain-based fan tokens, it has gained a reputation in the cryptocurrency community and the sports community interested in such technology and its possibilities. Moreover, Chiliz, together with its partners, is determined to develop this area of the economy further, so the future of this project is promising.