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What is Chiliz (CHZ)?

Chiliz (CHZ) is a currency option for blockchain-backed products & services geared towards mainstream consumers. Chiliz wants to elevate everyday experiences – fan engagement in entertainment, alternative payment solutions for conventional products, and more. Chiliz provides sports & entertainment entities with blockchain-based tools to help them engage & monetize their audiences.

CHZ do so by building scalable service layers on top of our own private, proof of authority blockchain (the Chiliz chain). All of these projects are fueled by the Chiliz token ($CHZ), a chain-agnostic digital currency which is currently available on leading crypto exchanges around the world.

How does Chiliz work?

Chiliz operates through Socios.com.

In this platform and together with other sports companies bet on blockchain, the token fan list arises. Fans of sports clubs buy CHZ through cryptocurrency trading platforms like Bitnovo or directly in the app. With CHZ, fans can get a CHZ token dedicated to a group.

The CHZ fan token of each club is a finite digital asset that grants voting rights. The clubs themselves determine the topics of the surveys, but the possibilities are endless! You can decide from the club’s design issues, the best player winner of the game, the venue of summer-friendly matches and more.

The more votes a fan has, the higher its rank in the platform, the greater benefit it can gain from being a follower—access to unique rewards like exclusive sales, guessing games, etc.

What makes ChiliZ (CHZ) stand out?

ChiliZ is the first project to apply Blockchain technology to the sports entertainment industry, so there will be differences in technology compared to other projects:

ChiliZ’s ecosystem is divided into four main components:

  • The Voice Mechanism
  • The Main Ethereum Blockchain
  • The Permissioned Sidechains
  • The ERC-20 ChiliZ Token

What are CHZ tokens used for?

CHZ Token is designed for use in ChiliZ ecosystem activities.

Payments

CHZ Token is used to pay for services such as: voting for teams, exchanging between Voices Token and ChiliZ Token.

Profit-sharing

All eSports teams, clubs, tournaments, sports organizations that contribute to the creation of the ecosystem will receive the percentage of revenue generated by the ChiliZ platform from user fees.

Therefore, the ChiliZ platform is offering large and small sports organizations a profit-making opportunity to encourage fan engagement.

Team

The Chiliz team is comprised of over 65 cross-industry professionals across 25 different nationalities and is constantly growing.

Conclusion

In ChiliZ’s Business Model, CHZ Token is used for the purpose of Utility Token.

Based on the uses of the CHZ Token mentioned above, it is seen that the buying demand is concentrated primarily on those who use the services and participate in the ChiliZ network.

As many football clubs, esports teams and other sports sectors join Socios.com, fans who want to have the right to vote for their favorite team will have a higher demand for CHZ.

You can check CHZ price here.

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