Chiliz launches layer-1 blockchain to expand fan token ecosystem

Five years connected from its inception, instrumentality token level Chiliz has launched its ain layer-1 Ethereum Virtual Machine (EVM) compatible blockchain ecosystem to enactment its growth.

Chiliz’s instrumentality token ecosystem has agelong been powered by Ethereum-based ERC-20 tokens, but the validation of the Chiliz ‘2.0’ Blockchain genesis artifact sees the ecosystem displacement to its ain furniture 1. 

The caller blockchain uses a strategy of 11 progressive validators with Proof of Stake Authority (PoSA) consensus, which is touted to supply faster artifact times, little fees and vigor usage. 

According to the project’s documentation, Chiliz Chain 2.0 is simply a hard fork of BSC which itself is simply a go-Ethereum fork. This means that the caller layer-1 is EVM compatible, which is aimed to pull DApp developers to physique wrong the environment.

Chiliz has made waves successful the athletics and amusement abstraction done its instrumentality token app Socios.com. The level works with immoderate of the biggest teams and brands successful the sporting world, with large shot teams similar Barcelona, PSG, Manchester City, Arsenal and Juventus making usage of its instrumentality token platform.

Related: Socios boss’ goal? To sound crypto retired of the park

The level allows brands, teams and individuals to mint nonfungible tokens (NFTs), instrumentality tokens and Web3-ready tickets arsenic good arsenic make DApps and Web3 based experiences and products.

Cointelegraph spoke to Socios CEO Alexandre Dreyfus backmost successful November 2022 astatine Web Summit successful Lisbon astir the upcoming motorboat of the Chiliz ‘2.0’ Blockchain. As helium explained, the Chiliz concatenation already existed but was deliberately kept arsenic a backstage ecosystem. At the time, it had implicit 1.7 cardinal wallets that participated successful the issuance, minting and trading of instrumentality tokens.

The motorboat of Chiliz ‘2.0’ marks the modulation to a ‘real unfastened layer-1’ arsenic Dreyfus told Cointelegraph, with on-chain governance holding the powerfulness to whitelist definite nodes and developers to contented assets.

“What does it mean? It means that you cannot person a fake NFT, a fake instrumentality token oregon whatever.”

The CEO said that a diligent approach, which allowed brands and franchises to support power of their representation and spot rights, was an important origin successful the maturation of its ecosystem implicit the past 5 years. The motorboat of unfastened Chiliz Blockchain is besides aimed to manus backmost worth to ecosystem participants:

“It's a concatenation wherever chiefly sports brands are going to govern, let’s accidental Barcelona oregon PSG, are going to go a node and involvement their CHZ to get rewards and enactment successful the maturation of the network.”

The sports manufacture continues to spot synergies with blockchain-based firms. In January 2023, blockchain phantasy sports steadfast Sorare sealed a deal with the English Premier League to mint Ethereum-based integer subordinate cards connected its platform.