Chiliz has launched Chain 2.0
The Chain 2.0 upgrade was released by Platform Chili. The blockchain is now based on the PoS consensus algorithm and differs from the previous version in terms of cheaper costs and energy efficiency.
What is the Chiliz platform?
The Maltese company Mediarex Group launched the Chiliz initiative in 2018. This is the first decentralized sports platform that allows fans to be directly engaged in the lives of their favorite teams, be among the first to receive exclusive content from club ambassadors, and even influence some decisions in the field of social interaction between players and fans. The platform is based on a transparent blockchain-based voting system. You can learn more about its features by clicking here.
The project has its own cryptocurrency, CHZ, which runs on the Socios.com platform. It is utilized as a payment method and can be exchanged everywhere digital assets are traded.
What is the essence of the Chain 2.0 upgrade?
Chiliz Chain 2.0 was scheduled to launch at the end of 2022. However, the sports world was focused on the World Cup and price fluctuations of fan tokens, which were experiencing high volatility at that time. The developers decided not to risk making large code modifications. If any bugs were discovered, it would permanently damage the project's reputation and spark a storm of outrage among the championship-crazed community.
With the launch of the upgrade, the Chiliz team made another milestone in the creation of the CHZ Web 3.0 ecosystem. On February 8, 2023, a test check of the Chiliz Layer-1 genesis block was performed, and validators began operating on February 10.
What changes are in store for platform users:
- Using the Proof-of-Stake consensus mechanism to protect and control users' digital assets.
- The centralized governance system will delegate the accomplishment of consensus through voting to the node owners. (A total of 11 powerful network nodes are planned).
- The CHZ token has evolved into a full-fledged cryptocurrency with its own ecosystem, and the platform has become a “home for Web3 in sports and entertainment,” according to a statement on the official website.
- Sports clubs and brands can now create personal NFTs on the blockchain, use smart contract-enabled decentralized financial systems, and revive traditional fan practices with Chain 2.0.
- The company will now be able to release its own sports-themed blockchain games in which players will earn CHZ cryptocurrency.
Chiliz CEO Alexandre Dreyfus introduced the Fan Token Everywhere program, which aims to boost fan engagement with their idols, provide blockchain-based ticketing and payment options, and revive the practice of collecting player memorabilia (now in the form of non-fungible tokens).
Furthermore, Chiliz intends to launch approximately ten projects in the near future that will be related to the sale of NFT tickets and a new version of fan tokens dedicated not to sports clubs, but to the best players. The founders also plan to collaborate with the Web3 infrastructure teams. To that purpose, Mediarex Group will hold global developer hackathons at stadiums and sports venues in 2023 and 2024.
Chiliz Chain 2.0 is giving away free sports-themed NFTs to new users in celebration of its fifth anniversary and the debut of the blockchain. To be eligible for the airdrop, you must register on the website and create accounts on the platform's social networks by the end of February. Kim Min-jae, a South Korean professional footballer, will be the project's new ambassador. As a result, rumors circulate in the community that NFTs will be associated with him or the Napoli club, where he presently plays as a centre-back. The project team has made no comment on these rumors.
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