Chiliz Launches Layer-1 Blockchain to Foster Transition of Sports Brands to Web3
Chiliz is also looking to attract developers interested in building Web3 sports projects by holding hackathons.
Leading blockchain provider for the sports industry Chiliz has announced the launch of its Chiliz Chain public mainnet. This marks the next step in the firm’s mission to help sports teams and brands build direct relationships with their 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 Proof of Stake Authority (PoSA) node validators. 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 sport.” 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 pledge to sustainability. All network fees will be paid using the blockchain’s native $CHZ token. $CHZ holders will play an integral role in the development of the ecosystem and be rewarded for staking their $CHZ on the chain.
Alexandre Dreyfus, CEO of Chiliz, said:
“We’re proud to officially introduce the global sports community to Chiliz Chain, the Sports Blockchain. We’ve been building towards this moment for a long time and it’s a huge step forward for us. Through our long-term commitment to innovation, our network, new partnerships and by fostering sports focused blockchain projects, Chiliz Chain can grow to form the backbone of web3 in sport, 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 leading fan engagement and rewards app Socios.com. Fan tokens are digital utility tokens that grant the holder access to fan communities on Socios.com. The Socios.com and Fan Token ecosystem has over 2 million wallets and features major sports teams including the soccer teams FC Barcelona, Paris Saint-Germain, Manchester City, Juventus, S.S.C Napoli, Inter Milan, AC Milan, Arsenal, Atlético Madrid, A.S Roma. It is also home to some of the biggest UFC and Formula 1 teams.
Through its Chiliz Labs accelerator and incubator, the firm is set to empower early-stage Web3 sports projects looking to build on the Chiliz Chain. The $50 million $50M Jump Crypto-backed program will assist projects for metaverse-based sports, football, and football manager games, rewards 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 in major stadiums and sports arenas all over the world. The details of this are yet to be announced.
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Mercy Mutanya is a Tech enthusiast, Digital Marketer, Writer and IT Business Management Student.
She enjoys reading, writing, doing crosswords and binge-watching her favourite TV series.
