Chiliz (CHZ)

In the crypto space, there are two types of digital currencies: Coins and tokens. There is a tendency to mix up these terms. We use coins on their blockchains and some examples of coins include Ether that is built on the Ethereum blockchain and Bitcoin that is built on the Bitcoin blockchain. Meanwhile, tokens differ from coins in that they function on an existing blockchain. These tokens sometimes are assets that represent proof of ownership or membership. Since the existence of cryptocurrencies, many tokens have been created. Note that there are two types of tokens, security and utility tokens. Security tokens represent an asset or an entitlement to an earning stream while utility tokens are used to provide access to goods and services of a particular project. The value of a token is sometimes determined by its purpose or its popularity. In this article,  we will be talking about a new token called Chiliz. 

What is Chiliz?

Chiliz is a utility token, a leading digital currency that powers fan engagement. It rewards apps and users who use and buy traded branded fan tokens. This currency is used in the world of sports and also on entertainment platforms. We discover that over the years there has been a tremendous change in the world of sports between clubs and their fan bases. In a bid to cause fans to have a closer relationship with their clubs, developers deemed it fit to create Chiliz. This token was founded in Malta in 2012.

The aim of this token is to give millions of sports and fans a coin to buy direct voting power in their favorite clubs. By this method, fans will no longer be passive but active participants of the club. 

How does Chiliz work? 

Like we mentioned earlier, Chiliz is a token that engages fans with their favorite teams. With this token, fans can spend to support their favorite team, influence certain decisions, and do other interesting things. Socios.com is the website that allows fans to use their tokens. One of the advantages of this website is that it gives users a very good experience, it recognizes users’ personal computer (Pc) even after the account has been inactive for a long time. The CHZ fan tokens allow their participants the right to vote. You could be wondering what will happen to the rewards that a user gets if they are inactive. The interesting part is that the websites save these rewards as well as the user’s preferences. Since its creation, CHZ has supplied over 8.8 billion CHZs. The CHZ tokens are minted using the Chiliz blockchain

Features of the Socios.com platform

The fan engagement platform is built on the Chiliz blockchain and uses $CHZ as an on-platform currency. For now, the platform allows fans to purchase branded Fantokens from sports teams like FC Barcelona, Juventus, Paris Saint-Germain, AS Roma, Galatasaray, Atlético de Madrid, OG, CAI, and UFC. in addition, on this platform users are able to influence their teams through the vote and become eligible for team rewards and recognition. 

In a nutshell, CHZ is a fan token that allows fans to interact with their favorite clubs. When fans get to vote, they get a higher ranking within the platform and as such, greater benefits. Note that the fan tokens can be limited, thereby making ownership tradable and the market price is driven higher.