What is Chiliz (CHZ)?

What is Chiliz (CHZ)?

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Chiliz is the industry's top digital money for sports and entertainment, developed by the eponymous Malta-based FinTech firm, Mediarex Group. It runs Socios, a blockchain-based sports entertainment platform that allows people to engage in the administration of their favourite sports businesses.

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Socios.com's many fan tokens are an illustration of this. Fan tokens provide a means for sports teams and groups to engage with their supporters and generate new income sources. For example, supporters may engage in and influence club-related choices through surveys and polls, such as whether slogans should be worn on the captain's armband.

The company's mission is to bridge the divide between active and passive fandom. Chiliz has forged alliances with some of the world's most illustrious athletic organizations, including FC Barcelona, Manchester City, Juventus Turin, and Paris Saint-Germain.

Additionally, it has affiliations with the UFC and gaming groups. When users purchase CHZ, they are granted access to different fan tokens, allowing them to own a fraction of their favourite sports teams.

 

Component Chiliz (CHZ)
Technologies Socios sidechain, Proof of Authority
Market Capitalization $1.8 Billion+
Open-Source Yes
Consensus Mechanism Proof of Authority
Smart Contracts Yes
Founders/Authors Alexandre Dreyfus
Launch Date 2018
Circulating Supply of Coins 5,954,920,747 CHZ
Maximum Coin Supply 8,888,888,888 CHZ
Mining-based Coin? No
Is Chiliz a Stablecoin? No
Does Chiliz have a burn rate? Yes
Does Chiliz have a Whitepaper? Yes, the white paper can be viewed here

 

Evolution and Development of Chiliz

Chiliz is headquartered in Malta and was created by Alexander Dreyfus, the company's current CEO. Dreyfus is a serial entrepreneur with experience in the tourism and entertainment industries.

Chiliz is a subsidiary of the Malta-based Mediarex Group, a worldwide sports and entertainment conglomerate created in 2012. Chiliz produced 8.8 billion CHZ in October 2018. In addition, Chiliz generated slightly over $66 million in 2018 in a private token sale that comprised FBG Capital, Binance, and OK Blockchain Capital.

CHZ was later listed openly on many major cryptocurrency exchanges, including EXMO. Chiliz launched Socios.com, a fan influence and incentives platform, towards the end of December 2019.

Juventus became the first team to launch its own Fan Tokens (JUV) on Socios.com, launching a Fan Token Offering and allowing supporters to vote on the Blockchain.

Chiliz's partners include Sam Li, a former NBA vice president, Nicolas Maurer, the CEO of esports team Vitality, and Dr DisRespect, one of the top video game broadcasters in the world.

 

What makes Chiliz unique?

Each athletic organization that utilizes the Chiliz technology has a finite quantity of fan tokens that are first provided at a discounted price (fan token offering).

Chiliz issues these tokens on a first-come, first-served basis, with the starting price and fully diluted market cap revealed in advance. The platform's internal money is the native CHZ token, which is used to acquire fan tokens.

Fans may then vote using their fan tokens on the Socios platform, a procedure enabled by smart contracts. Clubs decide the extent to which supporters have influence. Determinations might vary from new jersey designs to team pairings for exhibition games.

Chiliz pioneered the direct engagement of typical sports fans in club and organization decision-making processes.

The organization is continually developing new methods for fans to participate, as seen by the formation of the Chiliz Blockchain Campus, a privately-owned crypto incubator dedicated to speeding the use of blockchain technology throughout Asia and Europe.

The firm thinks that it is operating at 10% of its capacity, even though its network will include 80-100 teams by the end of 2022.

 

What are the main uses for Chiliz?

The CHZ token is available on the Ethereum blockchain as an ERC-20 token and the Binance Smart Chain as a BEP2 token. CHZ tokens may be purchased on the platform's own exchange, Chiliz.net, or through reputable cryptocurrency exchanges such as Kraken.

After purchasing CHZ tokens, fans may use them to buy Fan Tokens for their favourite teams at Socios.com.

Notably, Fan Tokens may also be burnt or withdrawn from circulation depending on the team's performance, which means that events like winning games or earning points might increase the scarcity of Fan Tokens, hence increasing their value.

 

What is the future potential for Chiliz?

CHZ is projected to gain from the continued expansion of the NFT industry, as well as the digitalization of fan interaction, because of the growing popularity of NFTs.

According to World Atlas statistics, there are billions of sports lovers worldwide who might be Chiliz's target demographic. They may directly support their favourite teams through the purchase of digital collectables for CHZ.

 

Price analysis on Chiliz

Chiliz was initially launched in 2019, and its price analysis over the past five months are as follows:

 

  2019 2020 2021 to date
CHZ Price High $0.019 $0.028 $0.773
CHZ Price Low $0.004 $0.005 $0.017
Market Cap $65.2M $155.6M $4.32B

 

Price prediction on Chiliz

The CHZ coin was released in October 2018 and reached an all-time high of $0.89 on 13 March 2022 – 225% higher than in October. CHZ was trading at $0.118 a week ago, on 6 March 2022.

Chiliz's statement earlier that month that it will spend $60 million in the tokenisation of companies, media, entertainment (TV, music), and retail explains the price rise on 13 March 2022.

According to CHZ price research, one reason the price returned on 30 October 2022 might be because CHZ's gain coincided with the strength of other gaming-related cryptocurrencies, such as Decentraland's MANA and Axie Infinity's AXS.

Numerous cryptocurrency gurus predict that the token will reach $0.48 in 2022. CHZ is expected to increase to $0.59 by 2025 and finally reach $1.28 in 2028, according to the forecasting agency.

 

Which wallets are the best option for storing Chiliz?

CHZ can be stored, sent, and received by the following compatible digital wallets:

  1. Trezor or Ledger
  2. Trust Wallet
  3. Atomic Wallet
  4. MyEtherWallet (MEW)
  5. Alpha Wallet

 

1. Trezor or Ledger: Chiliz (CHZ) is best stored in an encrypted hardware wallet such as those provided by Ledger or Trezor.

Hardware wallets use the highest level of encryption to safeguard digital assets from sophisticated network assaults or even simple phishing scams that users of software or website wallets may experience.

 

2. Trust Wallet: Trust Wallet, a Binance-approved wallet, is a fantastic location to keep Chiliz (CHZ). If users are new to cryptocurrencies or just want a safe location to keep their CHZ, a mobile wallet may be ideal for them.

 

3. Atomic Wallet: Chiliz (CHZ) may be kept in Atomic Wallet, which has apps for Android, iOS, and Windows. All ERC20 and BEP2 coins are supported by Atomic Wallet. Atomic Wallet also has Atomic Swaps and an Exchange built-in, allowing users to trade between any supported assets, including Chiliz.

 

4. MyEtherWallet (MEW): Chiliz (CHZ) can also be stored in one of the most popular wallets, MyEtherWallet. MyEtherWallet supports all ERC20 currencies, including Chiliz (CHZ), without requiring any clients or software downloads.

Traders and investors can easily access MyEtherWallet through the web from anywhere.

 

5. Alpha Wallet: AlphaWallet is a cryptocurrency wallet that allows users to manage and manage their Chiliz Fan Tokens.

In addition, users can also vote on unique football team surveys, interact with players, and be paid straight from their wallet tokens without the need to go via a DApp or another intermediary.

Best Bitcoin Wallets are the same as CHZ wallets.

Where can you buy Chiliz?

CHZ tokens can be bought, sold, and exchanged on the following popular crypto exchanges:

  1. FTX Exchange
  2. Huobi Global
  3. Binance
  4. Coinbase
  5. Crypto.com

 

1. FTX Exchange: As an adept trader of ETFs, futures, currencies, and equities on Jane Street Capital's international ETF desk, FTX created an online financial services provider. In nations where internet trading is permitted, FTX allows customers from all over the world if their local governments allow it.

 

PROS CONS
FTX is known for its powerful trading platforms The exchange does not accept US traders
There are several trading tools offered by the platform There are limited non-crypto assets
Traders can use a range of educational sources The exchange is not regulated
There are several digital currencies offered

 

2. Huobi Global: Huobi Group, a global leader in the blockchain sector, is on a mission to advance core blockchain technology and integrate it with other industries. Huobi, a digital asset service provider, has built a worldwide network of licenses ahead of its rivals. 

It employs approximately 1,300 people and has subsidiaries and partners in 12 countries, including the US, Japan, Thailand, and Gibraltar.

 

PROS CONS
There is a choice between trading software US clients are not accepted because of regulatory issues
Users can contact customer support 24/7 Stocks, commodities, and forex trading is not supported
There are many digital coins supported Unregulated
There are educational materials offered

 

3. Binance: Binance founded the Blockchain Charity Foundation (BCF), a non-profit organization dedicated to uplifting the less fortunate via blockchain contributions. It is now one of the world's major exchanges, with headquarters in Malta. Clients can exchange cryptos using some of the most innovative platforms and resources available through Binance’s comprehensive services.

 

PROS CONS
The exchange has a high level of trustworthiness Unregulated
There is a trading academy for novice and experienced traders Telephonic support is not given
Traders can purchase crypto using their credit cards Daily market analysis is not available
Powerful trading platforms can be used to trade the crypto market Only offers crypto trading

 

4. Coinbase: Coinbase is a United States-based crypto exchange trading platform and online trading provided that is well-regulated by FinCEN. With Coinbase, users can trade a vast range of crypto assets using powerful trading platforms.

Beginner traders are given a range of educational materials that will help them learn more about cryptocurrencies.

 

PROS CONS
There is a decent selection of crypto assets offered There are n demo accounts offered
The platforms are user-friendly and innovative Only offers crypto trading
There is dedicated customer support offered
There is a low minimum deposit amount required at registration

 

5. Crypto.com: Crypto.com is a crypto exchange that is headquartered in Hong Kong. The exchange was established in 2013, and it offers margin trading with leverage up to 1:3 on different crypto trading pairs.

Crypto.com offers a decent selection of digital assets that can be bought, sold, and traded, including Bitcoin, Polkadot, Chainlink, Chiliz, and several others.

 

PROS CONS
The exchange offers a powerful proprietary trading platform Unregulated
There are educational sources offered to novice traders There are limited retail investor accounts offered
There is dedicated customer service offered 24/7 There are no standalone trading tools offered
There are more than 100 crypto assets offered

You can buy Chiliz safely from these cryptocurrency platforms.

Does Chiliz use coin burns?

Yes, in 2020, Chiliz announced its Token Economics 2.0, which indicated the following:

  • 20% of the Chiliz.net Exchange's net trading fees in $CHZ would be burned.
  • 10% of the Net Proceeds from the Chiliz.net platform's Fan Token Offerings (FTOs) would be burned + a three-month lock on the $CHZ received.
  • 20% of the Net Proceeds from the sale of NFT & Collectibles by $CHZ would be burned.

 

What is Chiliz’s largest Competitor?

Rally is the largest competitor of Chiliz.

It lets producers create their own tokens and create a digital economy around their work. The creators may then provide advantages and privileges to their communities to attract, maintain, and monetize their following.

Each Rally developer gets a customisable, branded coin to use as they see fit. Creators may provide fans special access to content, events, and merchandise or directly monetise fans without paying platform costs.

Fans can also reward artists for their dedication by receiving special incentives, with RLY rewarding both authors and fans regularly.

Rally prides itself on not charging transaction or platform fees to support the platform's influence on fan-creator relationships. Unlike conventional and social media, the platform does not maximize profit.

 

What can Chiliz smart contracts do?

The Socios voting process is facilitated by smart contracts that run automatically and openly on the Chiliz blockchain, and the options available for vote vary from picking a new jersey design to determining team matches for forthcoming exhibition games.

Additionally, the Chiliz PoA sidechain is responsible for the smart contracts that are utilized to automate the execution of Socios' fan influence poll results.

The Socios platform acts as an oracle, linking the project's permissioned sidechain to the main Ethereum network and providing the sole means of exchanging CHZ and Fan Tokens.

 

Is Chiliz a Good Investment?

Yes, Chiliz is a good investment.

Chiliz is a potential digital currency and fan engagement platform for die-hard sports fans and cryptocurrency enthusiasts alike. It enables users to purchase Fan Tokens, which provide them special perks and contribute to the support of their favourite sports teams.

In March 2022, the coin price of CHZ soared by 1,650% in only two weeks because of NFT excitement. According to Messari, this resulted in Chiliz becoming the TOP 30 fastest growing cryptocurrency currencies in 2022.

 

What is the supply and distribution of Chiliz?

CHZ has a total supply of 8.8 billion, which was coined in October 2018 and allocated to early donors with no public sales other than what was made accessible through exchanges. The allocation of tokens is as follows:

  • 15% – Acquisitions Strategic
  • 5% – Team
  • 7% – Seed investors
  • 3% – Advisory board
  • 15% – Marketing
  • 2% – Userbase reserve
  • 34.5% – Token sale

Is Chiliz a viable Alternative Coin?

Chiliz is a good altcoin based on its:

  • Potential Investment – Chiliz is a cryptocurrency that may appeal to both die-hard sports fans and cryptocurrency aficionados. It allows users to acquire Fan Tokens, which give them exclusive benefits and contribute to their favourite sports teams' support.
  • Popularity – Among several similar blockchain projects, Chiliz shines out above the rest.
  • Future Uses – Chiliz is set to become more popular as the NFT hype continues.

Any cryptocurrency that isn't Bitcoin is referred to as an altcoin.

What are the differences between Chiliz and Bitcoin?

Bitcoin and Chiliz have one thing in common, the fact that both are based on blockchain technology. Other than that, both projects serve different purposes.

Chiliz has a future in the sports industry, while Bitcoin is the most valuable store of value in the cryptocurrency market in addition to being an effective medium of exchange.

 

  Bitcoin Chiliz
Price change 20/21 +400% +1,400%
Market Cap $800 Billion+ $1.8 Billion+
Past Hacks None None
Popularity Very High Very Low
Altcoin Rank #1 – Original Crypto #74

 

What are the differences between Chiliz and Ethereum?

Ethereum is a programmable blockchain, and Chiliz is a project that was developed and launched on the blockchain of Ethereum, which means that Chiliz is compatible with DApps, smart contracts, and other technologies.

 

  Ethereum Chiliz
Price change 20/21 +880% +1,400%
Market Cap $460 Billion+ $1.8 Billion+
Past Hacks None None
Popularity Very High Very Low
Altcoin Rank #2 #74

 

What are the differences between Chiliz and Dogecoin?

As with Bitcoin, CHZ and DOGE have different objectives in the cryptocurrency market. Dogecoin is a popular medium of exchange that is used to tip content creators on certain social platforms such as Reddit and Twitter, while Chiliz is one of the leading blockchain projects involved with sports.

Chiliz and Dogecoin are both inexpensive currencies that have seen significant gains in trade volumes in 2022.

 

  Dogecoin Chiliz
Price change 20/21 +7,300% +1,400%
Market Cap $22 Billion+ $1.8 Billion+
Past Hacks None None
Popularity High Very Low
Altcoin Rank #12 #74

 

What are NFTs?

Non-fungible Tokens, more commonly referred to just as NFTS, form part of Ethereum and other programmable blockchains.

NFTs are cryptocurrency-based digital assets that can be purchased and sold utilizing this blockchain technology. NFTs, like digital currencies, are traded on specialized platforms.

A “fungible” item can be swapped for an equal item — for example. A $5 bill can be exchanged for another $5 bill.

Any digital currency that operates on a decentralized public ledger known as a blockchain is considered fungible. NFTs are cryptocurrency-based digital assets that can be purchased and sold utilizing this blockchain technology. However, they are not fungible, which distinguishes them from other types of assets.

NFTs are traded on specialized crypto exchanges. The most well-known NFT marketplace is OpenSea. However, a sale does not always imply the transfer of the token's described item. For example, NFTs of great paintings have been sold, but the purchaser does not get the original.

What is exchanged is a blockchain-based certificate of ownership for the NFT. When users receive their certificate of ownership, it is crucial that they keep it safe in a digital wallet, preferably a hardware device that is offline. 

Trading NFTs entails technical processes that are often misunderstood, especially by beginners – which might leave investors in the dark about what they are doing.

Each contact with the blockchain requires payment of a fee to cover the cost of “mining” — the very energy-intensive computer processes required to validate each transaction. Thousands of people may rush to purchase a highly sought-after NFT as it is coined, and they will be charged fees even if they leave empty-handed.

Certain purchasers use bots to guarantee they get a token, further complicating the market for new investors.

 

Does Chiliz have an NFT?

Chiliz is associated with the NFT market.

Chiliz, the company behind the Socios sports fan interaction software, has witnessed exponential growth in its ecosystem.

Its prominence has increased because of breaking new ground with in-game NFTs and establishing critical alliances that will enable it to grow into the NFL and major league soccer (MLS).

Chiliz is well-known for its fan tokens and has a platform with over 100 sports organizations. The initiative has begun an NFT drive and just announced AC Milan as its first partner.

AC Milan, a Series A club, announced the launch of an NFT line on Chiliz's Socios app. AC Milan has created what they have termed in-game NFTs using Chiliz, which are snapshots of live matches.

To begin, 100 limited edition NFTs were created and distributed to holders of the ACM Fan Token before the match between A.C Milan and A.S Roma.

The NFT's material is derived from game highlights, offering a novel slant on these popular digital collectables.

 

How does Chiliz work as sports-based crypto?

Chiliz is a FinTech company established in Malta that is pioneering new methods for sports fans to connect with their favourite teams and individuals. Chiliz's principal product is Socios, a blockchain-based sports entertainment platform that provides consumers with many opportunities to vote on issues affecting their favourite sports teams.

On the other hand, the platform's robust feature set gives club owners and league operators additional opportunities to engage with their fans and generate cash. The Socios platform is based on the Chiliz Token (CHZ), which acts as a price reference and medium of exchange within the Chiliz ecosystem.