Coins & Tokens

Chiliz (abbreviated CHZ) is a digital currency utilized in the field of sports and entertainment platforms. It is a utility token on the Ethereum blockchain that is used as the Socios.com platform's official cryptocurrency.

What is Chiliz?

The designers of Chiliz intended to bring the parties closer together because of the current passive interaction between teams and their fan bases in the world of sports. Chiliz was established in 2012 in Malta.

Chiliz's purpose is to provide millions of sports and esports fans with a coin that they can use to purchase direct voting power in their favorite football clubs. As a result, fans stop being passive spectators and become active members of the club.

How does it work?

Every Chiliz-using sports team has its own fan token. A fan token is a kind of digital share in a sports team. In club-related surveys and polls, owners have the right to participate, influence, and vote.

It's crucial to remember that sports teams still get to choose which options their fans get to vote for them, so they might only provide options where they'd be happy with either outcome. Club decisions can range from whether or not to change the uniform design of its players to whether or not to recruit a new player.

Use in practice

The CHZ token is the primary cryptocurrency on the Chiliz blockchain, and it is the engine that drives the ecosystem. It is the currency in which fan tokens are traded. CHZ is used to calculate the value of fan tokens in trading pairings.

Buying tickets and VIP experiences with CHZ is another use case for the coin that isn't available currently but will be in the near future. Fans can also use CHZ to purchase collectable-NFTs on the Chiliz network. An NFT could be anything—for example, if a player scores their 100th goal, their team may issue a limited-edition NFT commemorating the occasion, which fans may wish to collect.

How can I earn?

Fan tokens can also be used as loyalty badges, granting holders a discount at a team's merchandise store. Tokens can also be used to obtain more special items, such as an autographed shirt from a specific player.

Fan tokens can also allow fans to profit from their team's success. When a team scores a goal or wins a match, some clubs destroy a percentage of their supporter tokens. As a result, the supply of tokens owned by fans decreases, increasing their value.

It's worth mentioning, though, that the majority of fan tokens are owned by their teams and are only sold on a regular basis. As a result, the circulating supply could rapidly increase. The majority of fan tokens are in circulation with less than 6% of their entire supply.

Of course, when Chiliz's popularity grows, the demand for fan tokens may outpace inflation, but this may take a long time. Fan tokens aren't designed to be financial investments; instead, they're meant to be used for fun.

Token burning, on the other hand, allows swing traders to place bets. If you believe a team will perform well in the near future, you can purchase fan tokens and profit from the lower supply.

Website

Visit the official cryptocurrency website. It contains detailed valuable information about the coin and the project. You'll also find answers to frequently asked questions, various support and training tools, or interesting coin news and articles.

WhitePaper

WhitePaper is a basic informative document that contains a detailed description of a crypto project, its purpose, the idea of its creation, technical specifications, statistics, diagrams, roadmap, and other important facts, including information about the coin and its use and future potential. It is usually created by the founders or developers of a crypto project.