Chiliz

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This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Chiliz?

Chiliz (CHZ) is a cryptocurrency that enables sports and esports fans to engage with their favorite teams through branded tokens. The CHZ token, an ERC-20 utility token on the Ethereum blockchain, allows fans to purchase NFTs and participate in polls and surveys, giving them a share of influence in the decision-making processes of their preferred teams.

How is Chiliz used?

Chiliz (CHZ) is a blockchain-based cryptocurrency used primarily in the sports and entertainment sector. Here are the key ways CHZ is utilized:

  1. Fan Engagement Platform: CHZ is the exclusive currency on Socios.com, a fan engagement platform that allows sports teams to interact with and monetize their fanbases. Fans can purchase fan tokens using CHZ, which grants them voting rights and access to exclusive content, discounts, and promotions.

  2. Buying Fan Tokens: Users can buy fan tokens from sports teams and franchises like FC Barcelona, Paris Saint-Germain, and the UFC using CHZ. These tokens enable fans to participate in votes and earn team rewards and recognition.

  3. Transaction Fees: Socios.com charges micro-fees for transactions on its platform, which are paid in CHZ. These fees are currently set at 4.5% for all transactions, including buying and selling fan tokens.

  1. Chiliz Blockchain Campus: CHZ is used as a payment method for membership and services on the Chiliz Blockchain Campus, a fintech hub connecting blockchain stakeholders across Asia and Europe.

  2. Trading: CHZ can be traded on various cryptocurrency exchanges, and it is also used as the base asset on the Chiliz Exchange, where fans can trade fan tokens.

  3. Investment: Some users acquire CHZ as an investment, attracted by its potential stability in the face of crypto market volatility.

Overall, CHZ serves as a utility token that facilitates fan engagement, transactions, and investments within the sports and entertainment ecosystem.

How do I store Chiliz?

To store Chiliz (CHZ) tokens, you can use a variety of digital wallets that provide secure and convenient management of your cryptocurrency. Here are some options:

  1. Ledger Hardware Wallet: Ledger offers a range of hardware wallets, such as the Ledger Nano S Plus and Ledger Nano X, which store your private keys offline, making them resistant to malicious attacks. You can pair the Ledger wallet with the Ledger Live App to manage your Chiliz on the go.

  2. AlphaWallet: AlphaWallet allows you to store and manage your Chiliz Fan Tokens, enabling you to participate in surveys and interact with your favorite sports teams.

  3. Zengo Wallet: Zengo is a keyless wallet that uses facial recognition technology and sophisticated authentication methods to keep your cryptocurrencies safe. It offers a clean user interface, making it suitable for both beginners and advanced traders.

  1. Software Wallets: You can also use software wallets, such as MetaMask, which can be accessed through mobile applications or computer programs. These wallets save sets of your crypto keys and allow you to see past and real-time transactions.

Regardless of the wallet you choose, it is essential to keep your private keys and passwords secure to ensure the safety of your Chiliz tokens.

How to buy Chiliz?

To buy Chiliz (CHZ) tokens, you can follow these steps:

  1. Create an Account:

    • Sign up on a cryptocurrency exchange like Kriptomat, Binance, or Coinbase.
    • Verify your email, phone number, and identity to unlock the full potential of the platform.
  2. Add Funds:

    • Deposit funds using a bank transfer, credit card, or debit card, depending on the exchange's available options.
  3. Buy Chiliz:

  • Navigate to the "Buy" or "Buy Crypto" section on the exchange's website or app.
  • Select Chiliz (CHZ) from the list of available cryptocurrencies.
  • Enter the amount you want to purchase and preview the transaction.
  • Confirm your purchase to complete the transaction.

These exchanges offer a secure and user-friendly environment to buy CHZ tokens.

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History of Chiliz

Chiliz, a blockchain platform, was founded in 2012 as part of the Malta-based Mediarex Group, an international sports and entertainment organization. However, active work on the blockchain-based Socios platform began in 2018. The CHZ token was launched in October 2018 and was soon listed on various cryptocurrency exchanges around the world.

In June 2018, Chiliz raised $65 million in a funding round led by Binance, with other notable investors such as OK Blockchain Capital, FBG Capital, Ceyuan Ventures, and Bancor also participating. This investment was used to develop the Socios platform, which allows sports fans to purchase fan tokens and participate in polls and votes hosted by their favorite sports clubs.

The first sports club to partner with Chiliz was Juventus, which held its Fan Token Offering in November 2019. Since then, numerous other sports clubs, including Paris Saint-Germain, Barcelona, Atletico Madrid, Manchester City, Inter, Arsenal, AS Roma, Galatasaray, Flamengo, and Corinthians, have launched their fan tokens through Socios.com.

In March 2021, Chiliz announced a $50 million investment to expand its operations into the United States, further solidifying its presence in the sports and entertainment industry.

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How Chiliz works

Chiliz (CHZ) is a cryptocurrency designed for sports and entertainment tokenization. It operates on the Ethereum blockchain and is used as the exclusive currency for the Socios fan engagement platform. Here's how it works:

Purchasing CHZ Tokens

Users can buy CHZ tokens on various cryptocurrency exchanges. These tokens are then used to purchase fan tokens for specific sports teams and franchises on the Socios marketplace.

Fan Tokens and Engagement

Fan tokens are digital assets that allow fans to interact with their favorite teams. By purchasing fan tokens, users can participate in votes, earn rewards, and access exclusive content and promotions. The fan tokens are stored as ERC-721 non-fungible tokens (NFTs) on the Chiliz blockchain, ensuring their immutability and traceability.

Consensus Mechanism

Chiliz uses the Proof of Authority (PoA) consensus mechanism, which relies on a small number of verifiers to validate transactions. This mechanism provides high scalability and speed but is less decentralized compared to other consensus algorithms.

Chiliz Blockchain

The Chiliz blockchain is built on top of the Ethereum blockchain and supports the Socios platform. It ensures the security and integrity of fan tokens and CHZ tokens. The blockchain also stores the results of polls and surveys conducted on the Socios platform.

Chiliz Chain Upgrades

Chiliz has recently launched an updated version of its blockchain technology, known as Chiliz Chain (previously Chiliz Chain 2.0), which leverages the Proof of Staked Authority (PoSA) consensus algorithm. This upgrade aims to expand the Chiliz ecosystem by allowing more stakeholders to participate in the network.

Uses of CHZ

CHZ tokens have two primary uses. Some users acquire them to purchase fan tokens and support their favorite teams, while others see it as an investment opportunity, potentially providing a more stable alternative to other cryptocurrencies.

Donations

CHZ tokens can also be donated to nonprofit organizations via platforms like The Giving Block, which supports charitable donations in hundreds of cryptocurrencies.

Overall, Chiliz (CHZ) provides a unique platform for sports and entertainment fans to engage with their favorite teams and franchises, while also offering a cryptocurrency with specific use cases and investment potential.

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Chiliz's strengths

Chiliz (CHZ) offers several strengths that make it an attractive investment opportunity:

  • Access to Fan Token Offerings at Reduced Prices: Chiliz provides users with the ability to purchase fan tokens at discounted prices, enhancing their fan experience and engagement with their favorite teams and celebrities.
  • Low Transaction Fees: The platform is known for its low transaction fees, making it more cost-effective for users to engage in various activities and transactions.
  • Advanced Security Protocols: Chiliz employs advanced security measures, including the use of blockchain technology and a Proof of Authority (PoA) consensus mechanism, ensuring the safety and transparency of transactions.
  • User-Friendly Interface: The platform is designed to be user-friendly, allowing fans to easily participate in polls, purchase merchandise, and engage in other activities without requiring extensive knowledge of blockchain technology.
  • Strong Partnerships: Chiliz has established partnerships with well-known sports and entertainment brands, enhancing its credibility and potential for growth.
  • Decentralized Governance: The platform features a decentralized autonomous organization (DAO), where decisions are made by the community, ensuring transparency and fairness in platform management.

These strengths contribute to Chiliz's appeal as a platform for fan engagement and investment.

Chiliz's risks

Chiliz (CHZ) carries several risks that investors should be aware of before investing. These risks include:

  • Volatility: Chiliz is highly volatile, with a standard deviation of 7.0 and a coefficient of variation of 4769.26. This volatility can result in significant price fluctuations, making it a high-risk investment.
  • Risk of Devaluation: Chiliz is susceptible to downward market volatility, which can lead to a decrease in its value.
  • Economic Sensitivity: The cryptocurrency is sensitive to economic changes, which can impact its performance.
  • Smart Contract Risks: There is a risk that the Smart Contract, Website, and the Socios.com Platform may unintentionally include weaknesses or bugs in the source code, which can compromise the security and integrity of the system.
  • Loss of Access: Investors risk losing access to their Chiliz due to the loss of private keys, custodial errors, or participant errors. This can result in the loss of Chiliz and other cryptocurrencies held in the wallet.
  • Mining Attacks: As an ERC20 token, Chiliz is susceptible to mining attacks, which can compromise its security and stability.
  • Regulatory Risks: Changes in laws, regulations, and directives governing the Company’s operations can adversely affect its business and the value of Chiliz.
  • Taxation Risks: Changes in the Company’s tax status or in taxation legislation can affect the value of its financial holdings and the value of Chiliz.

These risks highlight the importance of careful consideration and thorough research before investing in Chiliz.

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Did Chiliz raise funds?

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Chiliz’s team

  • Alexandre Dreyfus: Founder and CEO of Chiliz, a serial entrepreneur with experience in the gaming and sports industries.
  • Emma Diskin: Chief Operating Officer.
  • Max Rabinovitch: Chief Strategy Officer.
  • Thibaut Pelletier: Chief Technology Officer.
  • Fiobian Manicolo: Finance Director.
  • Mark Verdegaal: Chief Product Officer.
  • Dorianne Spiteri: Chief Legal Officer.
  • Gilbert Camilleri: Chief Marketing Officer.
  • James Newman: Chief Corporate Affairs Officer.
  • Julian La Picque: Group Chief Financial Officer.
  • Daniel Maglietta: Football Commercial Director.
  • James Murphy: Chief Commercial Officer.

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The fundamental analysis assistant for crypto value investors.

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