Coin Review — Chiliz ($CHZ)
Digital Assets are changing the way the world’s economy works. The cryptocurrency marketplace is actively evolving, new companies and organizations are emerging, and everything is shifting towards digitisation. Whilst the growth is quite epic, the authorized bodies and software development companies are trying to evaluate whether the impact of bitcoin and other such currencies are a positive signal or not. Cryptocurrencies are a complicated concept, and still very low adoption, but clear uses cases for the projects are proving to be a highly significant valuation tool for their related tokens.
Every cryptocurrency has a different use case and are trying to target a specific audience to digitalize that community. Similarly, Chiliz (CHZ) is a fan-based cryptocurrency that involves engagements of sports fans on the Chiliz blockchain. On the Socios.com platform, it is being used as a native cryptocurrency where sports lovers can purchase Fan tokens of their teams using Chiliz coin.
In this article, we will discuss the involvement of the Socios platform, its job in the athletic fan arena, and will examine the new tokenization inclinations in sports and e-sports, as well as the history of Chiliz and its working strategy.
History & Working
Although officially launched in 2019, the idea to create Socios platform and Chiliz blockchain was perceived in 2016. Chiliz is founded by Alexandre Dreyfus and today the company is consisting of more than 75 business professionals from 25 countries and is rapidly expanding. It’s a token that is designed to permit fans to support their favorite sports teams through blockchain-based dealings.
The company wants to engage the everyday experiences of fans and is currently providing sports & entertainment brands with blockchain-based tools so that they can monetize and engage their audience easily.
In a tweet by the company team, they said that “We do it by creating a scalable service layer on top of our proof of authority blockchain (the Chiliz chain)”. All the big projects are powered by Chiliz Token ($CHZ) and this leading crypto token is available on many bigger crypto exchanges across the world.
Role of Socios as a Fan Engagement Platform
For hundreds of years, Sports fans have been backing their favorite teams and it’s a never-ending cycle, a team (and a sport for that matter) can’t survive without support from its fans. In the past, participants used to support their team by cheering on the grounds and praising their favorite athletes. Some futuristic sports clubs even started to provide platforms for their fans where they can participate and vote for their favorite players. This enabled the teams to build engagements on a broader level. However, there was no methodological ability to connect millions of people around the globe and It was very difficult to consider every supporter’s notion and embrace every enthusiastic fan in the process of decision-making, safely and transparently.
Socios is the first-ever platform to take the credit for making this possible. This all was introduced when sports tokenization came forward by exploring the potentials of blockchain and accelerating sports fandoms to an entirely different level of involvement.
When Was was it Launched?
This project was launched at the end of 2019 and was designed to be a voting platform for e-sports and sports fans. To do so, Socios concentrates on the tokenization of athletic club management with a belief that using this blockchain technology, the problems of fan-based decisions and transparent voting will be resolved. To achieve this goal, Socios established a network of Fan Tokens that work on a Proof-of-Authority side chain.
These Fan Tokens belong to a specific club or team and will work like fungible assets because every club will get limited tokens. Owning more tokens will increase the weightage of the vote. There is a strong anti-monopoly mechanism to deal with, so that nobody could collect an excessive quantity of tokens and put others out of the game. All supporters can buy Fan Tokens for CHZ crypto or acquire them as a reward for some club-related activities. On the exchange page of the Socios website, you can find the rates for all the Fan Tokens. For example, at the time of writing, 1 $BAR is worth 141.71 $CHZ. So, by using these Fan tokens supporters can vote in polls.
With these votes, fans can have an impact on teams’ policies and selection approaches. For example, in a recent survey by Juventus FC in which the club allowed fans to choose a player who’d be visiting the public to broadcast the teams’ future strategies.
As teams like FC Barcelona, Juventus, PSG and even the UFC embrace this platform You can see very quickly why CHZ has risen so drastically in price, over 700% in the last 7 days. They are engaging and the harnessing the collective power of those ‘tribal’ fanbases.
Who Already Uses Socios?
Right now, the platform is associated with ten big clubs, and the number is expected to grow in the future. Six of those groups already held Fan Token contributions, empowering their fans to partake in clubs’ selection cycle straightforwardly. These groups are FC Barcelona,Atletico de Madrid, AS Roma, Juventus, PSG(Paris Saint-Germain), and Galatasaray. The first club to join Socios and provide fan tokens to all the fans around which will help to make decisions was Juventus FC. These tokens act as members of the club and allow fans to approach events, access the club’s merchandise, and much more.
Where can I Buy CHZ?
CHZ is available on most main exchanges, most notably Binance, but it is yet to it hit the US version, and also still not available on Coinbase. This could mean another surge in its price when it hits these exchanges.
Market value and future Prospects
The company raised over $66 million via private investment in 2018 to boost the platform’s growth. Chiliz’s total supply is 8.8 billion which means the worth of every CHZ will be doubled once there are more users on this platform. Right now, the company is working with a market cap of around $1.4 billion and a circulating supply of almost 5.4 billion CHZ.
When CHZ was launched in July 2019, its value was very low ($0.016) and the price didn’t get any hype until Juventus joined this platform. Today, the price of a single CHZ is over $0.80 and we’re expecting that the value will reach $1 very soon.
Recently, Football teams such as AC Milan, Fortuna Sittard, Young Boys, Apollon Limassol, Trabzonspor, Sint-Truidense, Novara, Gamers such as OG, & Team Heretics and even The UFC, have joined hands with Socios and will be launching their fan token very soon. It means this platform is in the growing stage and will be flooded with millions of sports fans all over the world. So if you are still HODLing CHZ and wondering when is the right time to sell, it might not be any time soon!
Where can I find out more?
The company has its official telegram accounts in 5 different languages to keep the users updated about new trends, market news, supply chains, and much more. Suggest you join these groups if you are interested in getting all the updates.
Summary
Thats about it for todays coin review, but damn, CHZ is an exciting coin isn it. I’d be interested to know your thoughts, are you are HODLer? if so, drop a comment down below!
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Until next time, I’ll see you on Crypto Money Life.
