Fan tokens have been around for some time now, consequently creating a demand for companies, specialised on issuing them. Socios.com and their fan-token focused Chiliz (CHZ) coin are currently leading the market, so we had no choice, but to tell you about the project. 😁
What is Chiliz?
Chiliz or CHZ is a native coin of the Chiliz Chain, both of which are operating for the Socios.com platform, used for issuing and trading fan-tokens. The coin itself is currently in the top-50 market cap list.
What is a fan token?
Cryptocurrency tokens of various football clubs, teams, sports organizations and even singers are called fan tokens. A fan token is basically an ordinary digital asset, that is however pegged to a certain famous person or organisation. Just like any other token, it can be bought, sold and sent.
For those who want to know more about fan tokens there is an article available on our website.
When and how were Socios.com and Chiliz created?
Chiliz was founded by the entrepreneur and crypto enthusiast, based in Malta Alexandre Dreyfus as a subsidiary of a local sports and entertainment company, called Mediarex Group back in 2018. 🇲🇹
Next year the Chiliz Chain based Socios.com sports fan platform was launched. Chiliz (CHZ) is used as the platform’s underlying asset. 🪙
At the beginning of 2020, the so-called “first exchange for sports and entertainment” centralized cryptocurrency exchange Chiliz.net started operating. 💱
The insides of Chiliz Chain
Being Ethereum based, Socios.com initially suffered from high commission fees, which led to the Chiliz Chain sidechain being introduced.
For reaching the maximum performance possible Chiliz uses PoA (Proof-of-Authority) consensus algorithm, which also allows to make all the transactions free. The average block generation speed sits around 5 seconds, being quite impressive for a blockchain with just 7 master nodes. 🤯
Socios.com has a mobile app and the current active user quantity of 1.6 million people is roughly equal to the amount of the application’s downloads. 📱
In March 2022 Chiliz Chain became a separate L1 platform with absolute EVM compatibility as well as fast and cheap transactions. 🥳
What about the tokenomics?
The native CHZ token was released in fall 2018 on the Ethereum network, supporting the ERC-20 standard. The supply of CHZ is limited at 8.88 billion tokens, with about 6 billion being in circulation as of autumn 2022. 🍂
Chiliz is the only token that can be used for all the settlements and transactions on the Socios.com platform - purchasing or selling tokens is only possible with CHZ. The token is planned to be reissued in Chiliz Chain 2.0, increasing its utility by introducing use cases like network management, staking and transaction fee payment. 🧾
Chiliz has proudly taken the third place in terms of market cap for an NFT project token with only ApeCoin and Flow being ahead. 🙉
Which sport teams issue work with Socios.com?
Surprisingly, the selection of sports and teams on Chiliz is quite massive from motorsports to martial arts:
🥋 Mixed martial arts: Professional Fighters League (PFL), Ultimate Fighting Championship (UFC);
🏎️ Car racing: Roush Fenway Racing, Aston Martin Cognizant F1, Alfa Romeo F1 Team ORLEN;
⛹️♂️ Basketball (USA): Chicago Bulls, Boston Celtics, Los Angeles Lakers, etc.
🎾 Tennis: Davis Cup;
🏈 American football (USA): Philadelphia Eagles, New York Giants, Chicago Bears, etc.;
🏉 Rugby: The Sharks, Stade Francais Paris, Leicester Tigers, etc.
🏒 Hockey (USA): New York Rangers, Detroit Red Wings, Pittsburgh Penguins, etc.;
⚽️ Soccer (USA and Canada): Austin FC, LA Galaxy, Atlanta United FC, Toronto FC, etc.
👾 Esports: OG, Endpoint CeX, Vitality, etc.
Even though we tried pretty hard, we couldn’t find any significant downsides to the project. A great idea - check; proper execution - check; a coin that is still valuable and increasing in price after the collapse - check; even a convenient mobile application is available. A certified GEM! 💎
Stay tuned 📻