CHZ is the native cryptocurrency of the Chiliz platform. It operates as both an ERC20 token on the Ethereum blockchain and as a BEP2 token on the Binance Smart Chain. The goal of Chiliz is to leverage blockchain technology to allow sports fans to have unique experiences with their favourite teams.
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A brief history
Chiliz was launched in 2012 by Socios.com the world’s first fan influence and rewards platform that helps sports entities achieve digital transformation through blockchain technology. Fans are able to purchase the Fan Tokens of their favourite teams using the CHZ token. Each team that partners with Chiliz can decide what real-world experiences Fan Tokens can buy their users. For example, Fan Tokens can grant holders influence over decisions presented by the team, such as new uniform designs, celebration songs, stadium names and, in some instances, decisions over the starting lineups. Dozens of teams and sports organizations around the world, including FC Barcelona, Golden State Warriors basketball team and Aston Martin Cognizant Formula1 team have held Fan Token Offerings (FTOs) through Chiliz for their loyal supporters.
CHZ in practice
CHZ is listed on a number of crypto exchanges and can be used to purchase Fan Tokens from the Socios site. Each franchise can customize its Fan Token’s price, supply, and distribution as well as the special rewards and abilities that Fan Token enables. Importantly, Fan Tokens can also be burned, or removed from circulation, based on the team’s performance, meaning outcomes such as winning games or scoring points could make the Fan Tokens more scarce, and therefore more valuable. The total supply of CHZ is capped at 8,888,888,888 tokens.
