Today on this website we will talk about Chiliz (CHZ) Token, a project that is no longer new, but about which we had only published some news and today in this article we will explain the project and we will also explain how to buy CHZ Token in a simple way.
First-generation cryptocurrencies like Bitcoin and Ether were meant to replace the commonly used Euros, Dollars, and Pounds. Since then, the world of blockchain has seen an explosion of coins and tokens for special purposes.
Case in point: Chiliz and its token CHZ.
Chiliz created CHZ to serve as the internal currency for its Socios fan engagement platform. Socios is essentially a marketplace that allows fans to purchase branded non-expendable tokens to show their support for sports stars, teams, and artists.
main purpose of the CHZ token is to support the Partner NFT market. But CHZ has also proven attractive to investors. CHZ’s role as the currency of a large and growing business protects it from some of the volatility that shakes the crypto market in general.
Here’s a quick overview of Chiliz’s approach to NFT and the CHZ token that makes it work.
What is Chiliz (CHZ)?
Chiliz is the company behind the Socios platform and the CHZ token.
CHZ is an ERC-20 token that runs on an Ethereum-based Chiliz blockchain. token serves as a currency that allows users to buy NFT on the Chiliz ‘Socios fan token market.
re would be no CHZ token without Partners. Partners site allows fans to purchase branded NFTs that connect them with their favorite teams and artists. CHZ is the currency that allows fans to buy branded NFTs. It is the only currency that is accepted in the NFT Partner market.
Socios is a full-featured ecosystem for fan tokens. website and mobile applications allow users to buy NFTs, win them in contests, trade them with other users, and exchange them for team-branded products and benefits. site currently offers branded NFTs for more than two dozen sports and esports teams, with more on the way.
How does Chiliz work?
fan tokens offered for sale in Partners are not mere collectibles. Team-branded NFTs provide fans with interactive relationships with teams and influence team decisions. Fans acquiring tokens can express themselves by voting in polls run by teams that have become partners with Partners.
For example, the soccer club Juventus FC allowed token holders to select the celebration song that would be played over the speakers when the team scored a goal. For eight years, Juventus celebrated goals with a song called Chelsea Dagger. Juventus fan token holders chose Blur Song 2 as their replacement, and the team made the switch.
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fans of the football club FC Barcelona chose a mural to hang on the wall of the team’s dressing room. fans of the Paris Saint-Germain football club chose a message to be written on the captain’s armband during the games. OG’s esports team allowed fans to choose an in-game banner that appeared when they were playing at a charity event. Spain’s Team Heretics esports team allowed fans to choose a branded scarf design that they would wear during tournaments and sell as fan gear.
If you have a team-branded NFT for a club that is conducting a survey, you get one vote. If you have two NFTs, you get two votes. Your decision-making influence increases as you acquire more team fan tokens. That creates an incentive for users to buy, trade, and acquire more NFT.
Teams and entertainers can offer additional benefits for token holders, including premium event seats, live-streamed team meet events, team-branded products, gamification programs, and leaderboards. As fans acquire more branded NFT from a team, they get more profit and a closer relationship with the team.
NFTs are issued by partners of Fan Token Offering Partners. tokens are stored in the Partner Proof of Authority sidechain. Fan token prices go up and down based on the popularity of the team and the laws of supply and demand.
Chiliz history
Chiliz was founded in 2012 as part of the Mediarex Group, an international sports and entertainment organization based in Malta. Active work on the blockchain-based Socios platform started in 2018. Chiliz launched the CHZ token in October 2018. token was soon listed on cryptocurrency exchanges around the world.
Chiliz’s first partner was the Turin, Italy-based Juventus soccer club. team held its Fan Token Offering in November 2019, selling 1.3 million tokens, out of a supply of 20 million, at the end of the month.
Chiliz launched the Socios app and website in late December 2019. Development was aided by a $ 66 million investment from Private Placement.
Today, the Socios application has been deployed on the Internet and on millions of mobile devices. In addition to its main office in Malta, Chiliz has offices in France, Turkey, Spain, South Korea and Brazil.
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company continues to focus on adding soccer and esports teams to its partner list, but hopes to add additional sports and entertainment tokens to the Partner market. company recently announced an expansion into the American sports market.
What makes Chiliz unique?
Chiliz has a clear vision and a defined business strategy based on fan tokens. Although cryptocurrencies and NFTs can be used in many ways, Chiliz sees cryptocurrencies as an enabling technology for its core business, which is building fan communities.
This approach has helped Chiliz attract investors and cararate the volatility that often shakes the crypto markets. Chiliz is not an encryption company, but rather a company that uses encryption as an essential technology to achieve business goals that have nothing to do with encryption.
NFTs have proven their value in the gaming industry, where they allow users to level up, customize their profiles, and achieve in-game goals. y are widely used in customer loyalty programs. Chiliz has taken a leadership position in using technology to support sports teams and their fans.
Socios is an example of an innovative use of NFT technology.
How many Chiliz (CHZ) coins are there in circulation?
Chiliz launched the CHZ token in 2018 without a public offering event. Currently, gt-circulation »> 5,344,064,580 CHZ tokens are in circulation out of a total supply of 8,888,888,888.
CHZ tokens are compliant with ERC-20 and BEP-20 standards. y can be purchased on the chiliz.net exchange or other cryptocurrency exchanges, including Kriptomat.
How is the Chiliz network protected?
smart contracts behind CHZ and the Socios platform have been independently audited, and the results have been published publicly. Chiliz reserves 5% of revenue for ongoing security and auditing costs.
Token transactions take place on a private sidechain and use a proof of authority security mechanism.
How to use Chiliz
re are two main ways to use the Chiliz platform, Socios and CHZ.
First, you can participate in the Partner fan token economy. Visit the Partner market, buy fan tokens for your favorite teams and you will have established a relationship with them. It is easy to get started. You can even earn tokens by serving as a match between Partners and new team partners.
second option is to buy CHZ as an investment. Chiliz’s business plan has proven resilient in the face of crypto market volatility, making the token attractive to investors looking to minimize the ups and downs of major market currencies.
Bottom line
Chiliz is a sports and esports resource that creates brand tokens that allow fans to interact with teams. business combines its Partners platform and token market with an Ethereum-based currency and dozens of branded fan tokens to create a complete economy for team-fan interaction.
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CHZ token has two main uses. Some people buy it so they can buy fan tokens and support their favorite teams in Partners. Others acquire the token as an attractive investment alternative that is somewhat sheltered from the ups and downs in the broader crypto market. CHZ could be an alternative or addition to stablecoins to create a balanced crypto investment portfolio.
How to buy Chiliz (CHZ) Token?
You can buy CHZ on all major cryptocurrency exchanges. exchange with the highest volume and lowest slippage is Binance. You can buy CHZ using BTC, ETH, USDT, or BNB.
In our case for the tutorial we are going to buy it with USDT
STEP 1 To buy CHZ Token on Binance
Logically the first thing will be to enter Binance, if you are not registered do it here.
Once inside Binance, we have to buy USDT, we can do it with a credit or debit card in the “Buy Crypto” section.
STEP 2 To buy Chiliz $ CHZ Token on Binance
Once with our USDT in Binance, we have to buy CHZ token and for that we are going to go to “TRADE” to then choose “CLASSIC”.
Now once inside we go to the right side of the page and look for the CHZ Token and select the PAR “CHZ / USDT” and click on it.
STEP 3 To buy Chiliz (CHZ) Token on Binance
Once inside the Classic Market and selecting the CHZ / USDT pair, we put the amount of USDT that we want to exchange for CHZ and we give it to buy.
And voila, we have our CHZ Token on Binance.
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