Chiliz (CHZ): What is it?
Chiliz crypto by Crypto Nation – 12 july 2021
Par Crypto Nation – 12 July 2021
Chiliz crypto card summary :
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The fundamental data of Chiliz
- Name: Chiliz
- Symbol: CHZ
- Type: NFT, Governance, Payment
- Consensus: Proof Of Authority (PoA)
- Year of creation: 2018
- Founder: Alexandre Dreyfus
- Official website: chiliz.com
- Mainnet: Yes – explorer.chiliz.com
- Whitepaper: https://whitepaper.io/coin/chiliz
- Code: https://github.com/chiliz
- Twitter: @Chiliz
Chiliz market data
Below are the basic market informations regarding this cryptocurrency:
- Price : It is expressed in dollars ($). There is also its percentage change (%) over the last 24 hours.
- Rank : Ranking of this cryptocurrency among all those referenced on CoinMarketCap. This is done according to the market cap.
- Market cap : Market capitalization represents the total dollar ($) value of all coins in circulation.
- Volume : It represents the total dollar ($) amount of the cryptocurrency in question traded over the last 24 hours.
What is the goal of the Chiliz project ?
The goal of Chiliz is to facilitate interactions between top athletes and their fans.
It will allow supporters to have their say in the clubs’ strategic choices, but also to have shares through the sale of FTO (Fan Token Offering) tokens that are part of the Chiliz ecosystem. In reality, the idea is to allow sports teams to monetize their fanbase. All this takes place on the Socios platform.
Clubs like FC Barcelona, PSG, Juventus and Atlético de Madrid are already participating in this project.
Apart from football, many other sports have joined the adventure. Currently, the full list is as follows:
- Motorsports (F1 and NASCAR)
The origin of the project
Alexandre Dreyfus, co-founder of Winamax, is at the origin of the project which he launched in October 2018, after 2 years of studies, surrounded by about sixty people in Malta.
The Socios platform was launched in December 2019.
What is its use?
Concretely, the CHZ token has 3 uses :
- Buy FTO (Fan Token Offering) tokens on Socios, allowing choices to be made in the “real world”.
- To be able to take part in the votes, always via the Socios platform.
- It also allows you to participate in challenges, collect NFTs, and make various other purchases within the ecosystem.
It is also possible to obtain VIP access for certain events.
Management of the economy (on 12/07/2021)
The economy of the CHZ token is quite advanced.
First of all, we will note the following allocations:
- 34.5% belong to investors who participated in the private placements that preceded the ICO.
- 20% serve as a reserve for the project.
- 15% are dedicated to marketing operations.
- 15% will make it possible to make strategic acquisitions.
- 7.5% belong to the very first seed investors.
- 5% was donated to the Chiliz team.
- 3% was paid to compensate advisors.
Then, know that the Chiliz is a token limited to 8,888,888,888. Currently, about 6 billion are in circulation. The release of the remaining tokens is planned as follows:
- The 5% of the team’s tokens have started to be released at a rate of 3% per month, since January 2020. It will therefore take a little less than 3 years for all of them to be released on the network.
- Reserve, marketing and strategic acquisitions tokens, representing 50% of the total CHZ, were released at 7.7% every 3 months since July 2019. Since January 2021, the period has been reduced to 6 months.
Finally, a mechanism for blocking and destroying tokens is in place:
- 20% of the transaction fees are burned by Socios (in CHZ).
- 10% of commissions obtained by Chiliz during FTOs are destroyed. In addition, the funds collected (in CHZ) by the teams are blocked for 3 months.
- 20% of the commissions (in CHZ) of purchases of collectibles (NFT) are burned.
Diagram of the evolution of the cryptoactive
Where to store your cryptocurrency
If you prefer to take your cryptocurrencies out of centralized exchanges, you can store your Chiliz ($ CHZ) via various solutions:
- Trust Wallet, bought by Binance, it has become the benchmark mobile wallet.
- Ledger, very secure wallet hardwares, the best known being the Ledger Nano S.
- ZenGo, the mobile wallet recommended by Chiliz.
More details on the different types of cryptocurrency wallets on our dedicated page, accessible by clicking here.
Our opinion on this project
Chiliz is undoubtedly a project with a bright future. Very innovative, it brings freshness to the world of sport, by really giving a helping hand to supporters. They get real influence, and will obviously feel more involved in the management and decisions of club managers.
On the other hand, it offers a relevant solution allowing sports teams to monetize their fanbase.
A partnership-machine, Chiliz never stops to convince, and gradually increase his field of action, which is already showing itself to be substantial. Many of the biggest European football clubs have already joined the adventure within Socios.
We like the advanced mechanics of Chiliz’s economic system, which is transparent and interesting via the integration of “burn”, making it possible to reduce the total supply of tokens over time, thus creating an effect of scarcity. This is always a good thing to drive the price of an asset higher.