A New Era for Chiliz: From ERC-20 Tokens to Layer-1 Blockchain
Five years post inception, Chiliz is stepping up the game by launching its own layer-1 blockchain ecosystem, Chiliz 2.0, which is fully compatible with Ethereum’s Virtual Machine (EVM). Gone are the days of solely depending on ERC-20 tokens; it’s time to embrace a more efficient and scalable infrastructure!
Validator Power: Lightning Speed and Low Fees
The new Chiliz blockchain employs a remarkable system of 11 active validators utilizing a proof-of-stake consensus. What does this mean? Faster block times, lower fees, and reduced energy consumption, making transactions a breeze. Essentially, they took the long road of ERC-20 and created an express lane for fan engagement!
A In-depth Look: Chiliz Chain 2.0 and Its Origins
Chiliz Chain 2.0 is described as a hard fork of the BNB Chain, which spells out its EVM compatibility status, making it the ideal playground for decentralized application (DApp) developers. It’s like upgrading from a cozy, cramped apartment to a sprawling, modern mansion!
Building Connections: Chiliz and Sports Powerhouses
Chiliz isn’t just about blockchain tech—it’s about creating a community with sport’s biggest names. Think Barcelona, PSG, Arsenal, and Juventus—these teams are leveraging the Chiliz platform to mint non-fungible tokens (NFTs), fan tokens, and much more. The Socios app is where the magic happens, providing an interactive platform for fans to engage with their teams and earn rewards.
Intellectual Property Protection: A Delicate Balancing Act
During an enlightening chat with Socios CEO Alexandre Dreyfus back in November 2022, he remarked on how the ecosystem had previously been a private domain to maintain IP rights. Now, with the launch of the Chiliz 2.0, it signifies the transition to a completely open layer-1 model. As Dreyfus pointed out, this comes with the assurance that no fake NFTs or fan tokens will muddy the waters.
Future Prospects: Governance and Participation
Chiliz 2.0 seeks to empower sports brands by letting them govern the network. Major teams can stake their CHZ tokens as nodes, participating in the growth and reaping rewards—a model that returns value right where it belongs: to the fans and the brands!
Conclusion: The Path Ahead
As the sports industry continues to explore synergies with blockchain technology, projects like Sorare are expanding the horizon of possibilities. It’s an exciting time to be a fan, developer, or sports organization in this electrifying new decentralized landscape!
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