What is Chiliz (CHZ) And Why Is It Dominating Crypto Social Media

If you are closely following crypto communities across platforms, you have noticed one new ticker being thrown around – $CHZ.

We noticed the buzz around CHZ or Chiliz thanks to the data from Sanbase, crypto research platform that tracks fundamentals and onchain data from all major coins. One of the features they also have is the social trends following, where they track activities among private and publich groups on Telegram, Discord, Reddit.

chz

As you can see from the chart, this is the second spike in social buzz around CHZ, following the bigger one from September 6th of this year.

As you could have guessed, CHZ experienced a nice price surge, hence the sudden publicity interest. Chiliz (CHZ) price for today is $0.01775612 with a 24-hour trading volume of $22,607,285. Price is up 13.7% in the last 24 hours. It has a circulating supply of 3.76 Billion coins and a max supply of 8.89 Billion coins. The most active exchange that is trading Chiliz is Binance.


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What is Chiliz – CHZ?

According to their official Medium channel, Chiliz is a digital currency that fuels sports and entertainment platforms and is also the official, exclusive cryptocurrency that fuels the Socios.com fan voting platform. Socios.com allows sports and esports fans to crowd-manage their favourite teams, games, leagues and events.

The project didn’t have a publich ICO as they raised enough money, a whopping $65 million, from private investors.

Socios.com, the Chiliz owned platform, gives sports and esports teams a direct way to both engage and monetise their fans. Giving fans the power to vote on their favourite organisations doesn’t just give them the ability to enhance their level of entertainment, it gives them a reason to care on a higher level.

Socios.com had already partnered with Paris Saint-Germain, Juventus and West Ham United. They are in talks with other major football clubs, which will be announced in due course.

Permissioned chain with Ethereum integration

By having organisations on the Chiliz permissioned chain — connected to the ETH Main Net via tokens exchangeable with the CHZ$ ERC20 token — Chiliz plans to create a direct ‘fan-funding’ solution for sports and esports teams in the future.

Chiliz private chain is governed by a Proof-of-Authority consensus mechanism, which is less intensive from a computational perspective than Proof-of-Work mining, which provides security but requires intensive computation. POA consensus also provides lower transaction acceptance latency. It also solves the problem with the associated cost of GAS, if we had to record all the information we intend to store in the Main Ethereum network. In our sidechain, we can control Ether supply and use it to pay the GAS for each transaction at a negligible cost for the company.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

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