Chiliz, the crypto startup behind fan token platform Socios, today launched its new layer-1 blockchain, shifting away from the current chain running on Ethereum.
The launch of Chiliz Chain 2.0 comes as the project marks its fifth anniversary, with a logo rebrand as another key aspect of the celebrations.
Chiliz Chain 2.0, which was launched on testnet in March last year, is a fork of the BNB Chain operating on a proof-of-stake authority (PoSA) consensus mechanism that supports shorter block time, lower fees, and less energy usage.
As an Ethereum Virtual Machine-compatible chain, Chiliz Chain 2.0 will still be compatible with Ethereum tooling though.
The new chain saw its genesis block validated today and will feature a system of 11 active validators.
Web3-native experience for fan communities
With the launch of Chiliz Chain 2.0, the project will also allow sports and entertainment brands as well as developers to mint non-fungible tokens (NFTs), build decentralized finance (DeFi) applications, or play-to-earn games.
Another area where Chiliz sees the application of its technology is in-stadia engagement experiences, Web3-native ticketing and payments, as well as bringing the traditional fan experience of collecting memorabilia into the Web3 environment.
“It was really important for us how we go from just being a token to a blockchain ecosystem. The Chiliz chain technically existed since 2019, except that it wasn’t a cross-system. Now, as we are launching our ‘Fan Token Everywhere’ initiative, it’s going to become more open," Chiliz CEO Alexandre Dreyfus told Decrypt. "Until now fan tokens were mostly run by us as a utility provider, but with Chiliz Chain 2.0 third-party providers and developers will be able to add utility on top of us.”
This way, according to Dreyfus, the utility of fan tokens will be increased significantly.
“The good thing is that when choosing Chiliz you already have access to APIs, the user base, and the massive network effect, and that’s the value that Chiliz as a Web3 platform for sports and entertainment brings,” he added.
According to the company, in the coming months, it will announce up to ten enterprise-level projects that will utilize the Chiliz blockchain, ranging from NFT ticketing pilots, third-party athlete-focused fan tokens, and Web3 infrastructure partners.
Chiliz native token CHZ will power the entire ecosystem, exactly the same way ETH runs on Ethereum, including all the decentralized applications (dApps) that will be built on top of the Chiliz blockchain. It’ll be used to pay gas fees to deploy smart contracts and perform cross-chain operations, such as transferring token assets across Chiliz Chain 2.0 and Ethereum, while the token holders will also be able to receive rewards for securing the network via staking.
To boost the adoption of its blockchain, Chiliz is also organizing a series of global hackathons for developers that will be hosted across stadiums and sports arenas around the world throughout 2023 and 2024.
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