Chiliz has established its own layer-1 Ethereum Virtual Machine (EVM) compliant blockchain ecosystem to assist its expansion of the fan token ecosystem. Ethereum-based ERC-20 tokens have supported the ecosystem for some time, but with the approval of the Chiliz 2.0 blockchain genesis block, the ecosystem has shifted to its own layer 1.
𝐇𝐚𝐩𝐩𝐲 𝐁𝐢𝐫𝐭𝐡𝐝𝐚𝐲 𝐭𝐨 𝐮𝐬 – celebrating our 5th anniversary with a new look! 🤩 #NewProfilePic
We are proud to share with the Chiliz community that the genesis block of our new EVM- compatible Layer 1 blockchain has been validated.#ChilizAnniversary ⚡️ $CHZ pic.twitter.com/yEVhSoU1BN
— Chiliz ($CHZ) – Powering Socios.com ⚡ (@Chiliz) February 8, 2023
The new blockchain leverages a system of 11 active validators with a proof-of-stake authority consensus, offering quicker block times, lower fees, and reduced energy consumption.
According to the project website, Chiliz Chain 2.0 is a hard fork of the popular Ethereum fork BNB Chain. This indicates that the new layer-1 is compatible with EVM, which is intended to entice decentralised application developers to construct within the ecosystem.
Chiliz’s Socios fan token app has created ripples in the sports and entertainment industries. Major football clubs, including Manchester City, Barcelona, PSG, Arsenal, and Juventus, use the platform’s fan token program.
The platform enables companies, teams, and people to mint non-fungible tokens (NFTs), fan tokens, and Web3-ready tickets, in addition to developing DApps and Web3-ready experiences and goods.
Cointelegraph talked with Socios CEO Alexandre Dreyfus about the forthcoming Chiliz’ 2.0’ Blockchain launch in November 2022 at the Web Summit in Lisbon. The Chiliz chain already existed but was preserved as a private ecosystem to safeguard intellectual property. It had almost 1.7 million wallets involved in issuing, minting, and trading fan tokens.
In a letter dated February 9, Dreyfus further emphasised the significance of Ethereum as the foundation of Chiliz’s present ecosystem, noting that both versions of the Chiliz blockchain are forks of Ethereum. Chiliz 2.0 signifies the move to a genuinely open layer 1, with on-chain governance having the authority to whitelist nodes and developers that may issue assets.
The CEO stated that a patient strategy, which enabled brands and franchises to preserve control over their image and intellectual rights, was a significant component in the ecosystem’s five-year expansion. The creation of the Chiliz blockchain is also intended to provide value to ecosystem participants.
The sports business maintains synergy with blockchain-based companies. In January 2023, blockchain fantasy sports company Sorare agreed with the English Premier League to issue digital player cards based on Ethereum on its platform.
