Chiliz is the leading digital currency for sports and entertainment by the eponymous Malta-based FinTech provider. It operates the blockchain-based sports entertainment platform Socios, which enables users to participate in the governance of their favorite sports brands. Multiple fan tokens by Socios.com are an example of that. For sports clubs and associations, fan tokens offer way of connecting with their fans and unlocking new revenue streams.
For instance, fans can participate and influence club-related decisions through surveys and polls, such as messages the captain should wear on his armband. The company aims to bridge the gap between being an active and a passive fan. Chiliz has developed partnerships with some of the biggest sporting institutions in the world: FC Barcelona, Manchester City, Juventus Turin, and Paris Saint-Germain. It also boasts partnerships with the UFC and gaming organizations. By purchasing CHZ, fans get access to various fan tokens and literally have a stake in their club.
Chiliz (CHZ) is a cryptocurrency that can be stored on hardware wallets, which are considered one of the most secure ways to store cryptocurrencies. Here are some of the most popular hardware wallets that support Chiliz:
Ledger Nano S: The Ledger Nano S is popular hardware wallet that supports Chiliz and several other cryptocurrencies. It is a USB-based device that is easy to use and offers high-level security.
Ledger Nano X: The Ledger Nano X is the latest model of the Ledger wallet and has all the features of the Ledger Nano S, but with additional storage capacity and Bluetooth connectivity.
Trezor: Trezor is another popular hardware wallet that supports Chiliz. It is small device that connects to your computer via USB and offers a high level of security.
KeepKey: KeepKey is a simple and easy-to-use hardware wallet that supports Chiliz and several other cryptocurrencies. It has a large display screen and provides users with advanced security features.
It is important to remember to only purchase hardware wallets from reputable sources and to always follow the manufacturer’s instructions for setup and use to ensure the safety of your Chiliz and other cryptocurrencies.
The best option for storing any cryptocurrency would be to use a hardware wallet. These are pieces of hardware that store the private key to your coins offline.
Today, there are two leading hardware manufacturers to choose from – Ledger and TREZOR. Both companies have different models of hardware wallets that will get the job done.
If you want deeper insights on specific models, you can read my Ledger Nano X review or my TREZOR Model T review.
Chiliz (CHZ) is cryptocurrency that can be stored in software wallets, which are digital wallets that run on your computer, smartphone or tablet. Here are some of the most popular software wallets that support Chiliz:
Trust Wallet: Trust Wallet is a popular mobile wallet that supports Chiliz and several other cryptocurrencies. It is available for both iOS and Android devices and provides users with a simple and user-friendly interface.
MyEtherWallet: MyEtherWallet is a free and open-source software wallet that supports Chiliz and several other Ethereum-based tokens. It is a web-based wallet that allows users to access their CHZ from any device with an internet connection.
Atomic Wallet: Atomic Wallet is a desktop and mobile wallet that supports Chiliz and several other cryptocurrencies. It has a user-friendly interface and provides users with access to a built-in exchange, allowing them to trade their CHZ directly within the wallet.
Exodus Wallet: Exodus Wallet is a popular desktop and mobile wallet that supports Chiliz and several other cryptocurrencies. It has a sleek and user-friendly interface and provides users with access to a built-in exchange and portfolio tracker.
It is important to remember to always download software wallets from official sources and to ensure that you are following the manufacturer’s instructions for setup and use to ensure the safety of your Chiliz and other cryptocurrencies.
Hardware wallets cost money, so if you’re not sure how serious you are about cryptocurrencies and just want to get a taste of what they feel like, perhaps you would be better off starting with a software wallet.
A software wallet is a free program that lets you store your coins on your computer or mobile phone.
The easiest Chiliz software wallets to get started with are undoubtedly Exodus, Atomic Wallet and Guarda . All wallets are very intuitive. Exodus, Atomic Wallet and Guarda is available on desktop for Windows, Mac and Linux, as well as on mobile for both iOS and Android. If you want more information you can read my Exodus, AtomicWallet and Guarda review.
Once you decide on an exchange, open an account and buy your Chiliz. Make sure to withdraw the Chiliz from the exchange to your personal wallet. Never leave coins on an exchange, as you risk losing them all if that exchange gets hacked or shuts down (which has happened in the past) and always double check address before send coins because you can send the coins to wrong address .
Chiliz was founded by Alexandre Dreyfus, its current CEO. Dreyfus has over 20 years of experience founding and growing web-based companies. For instance, he developed Webcity, an interactive travel guide, and Winamax and Chilipoker, both online poker projects, before founding Chiliz in 2017. His explicit goal with the company is to “work harder than ever on our mission to fully establish Fan Tokens as the ultimate fan engagement tool and as a powerful new revenue generator for the sports industry.” This has been highlighted in the aggressive expansion of fan tokens that have seen numerous European football powerhouses, but also smaller clubs sign on.
Chiliz (CHZ) is a unique cryptocurrency that has several distinctive features that set it apart from other cryptocurrencies. Here are some of the key features that make Chiliz unique:
Chiliz is designed for sports and entertainment: Chiliz is designed to be used as a digital currency for sports and entertainment platforms, such as sports teams, leagues, and fan engagement platforms. It allows fans to purchase branded fan tokens that provide access to exclusive content, rewards, and experiences.
Branded fan tokens: Chiliz allows sports and entertainment platforms to create branded fan tokens that represent a specific team, league, or celebrity. These fan tokens can be purchased by fans and can be used to participate in polls, games, and other fan engagement activities.
Partnership with major sports teams and leagues: Chiliz has formed partnerships with several major sports teams and leagues, including FC Barcelona, Juventus, Paris Saint-Germain, and the UFC. These partnerships have helped to increase the visibility and adoption of Chiliz.
Socios.com: Socios.com is a fan engagement platform that uses Chiliz and fan tokens to enable sports and entertainment platforms to engage with their fans. The platform allows fans to participate in polls, games, and other activities using their fan tokens.
Active community and ecosystem: Chiliz has a large and active community of supporters and developers who are working to build out the ecosystem and create new use cases for the CHZ token.
Overall, Chiliz’s focus on sports and entertainment, its partnerships with major sports teams and leagues, and its unique fan token model make it a distinctive cryptocurrency with significant potential for growth and adoption in the future.
The total supply of CHZ is 8.8 billion, minted at its launch in October 2018 and distributed to early contributors with no public sales beyond what was made available through exchanges. The token distribution is as follows:
15 % – Strategic Acquisitions
5% – Team
7% – Seed investors
3% – Advisory board
15% – Marketing
20% – Userbase reserve
34.5% – Token sale
Initially, CHZ launched as ERC-20 token, but it was later also designed to be BEP-2 compatible, owning Binance Launchpool’s role in releasing fan tokens as part of a strategic partnership. CHZ is also available as TRC-20 token on the Tron blockchain.
CHZ is available on several blockchains, such as Ethereum, Binance Smart Chain and Tron. Fan tokens are minted on its Socios sidechain with a proprietary crowd control mechanism, so fans are in a protected environment and vote only in publicly audited polls. The sidechain uses a proof-of-authority consensus mechanism. Proof-of-authority is mostly used by private organizations that have closed blockchains and only users within its ecosystem participating. It is less decentralized than other consensus mechanisms but is easily scalable and highly secure, making it the ideal choice for a sidechain. The CHZ token has been audited by Certik.
Chiliz (CHZ) is already being traded on several cryptocurrency exchanges. The exact time when trading begins can depend on the exchange and their listing process, but CHZ has been available for trading since its initial exchange listing back in 2019.
As of my knowledge cutoff date of September 2021, CHZ was being traded on major exchanges such as Binance, Huobi, OKEx, and BitMax. Additionally, CHZ has been added to many decentralized exchanges (DEXs), allowing users to trade the token in a peer-to-peer manner.
It’s important to note that cryptocurrency trading is a 24/7 global market and can be impacted by various factors such as market conditions and exchange listings. It is always recommended to do your own research and stay up-to-date with the latest news and updates regarding Chiliz and the cryptocurrency market in general before making any trading decisions.