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Chiliz Chain scores big: revolutionizing Web3 in sports

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The sports industry is set to experience web3 solutions as Chiliz, a blockchain provider for the sports industry, announced launching the public mainnet of Chiliz Chain. Chiliz Chain aims to become the home for leading sports brands in web3 and is on a mission to enhance sports fans, teams, and community relationships through blockchain technology. Sports teams and brands can leverage Chiliz to engage their digital communities.

Chiliz is the parent company of Fan Token and Socios.com, a fan engagement and rewards app. Football sports teams featured on Socios.com and the Fan Token ecosystem include FC Barcelona, Paris Saint-Germain, Juventus, and many others.

The Chiliz Chain is a Layer-1, EVM-compatible ecosystem and introduces a system of 11 active Proof of Stake Authority (PoSA) node validators giving way for developers to build sports web3 solutions.

The PoSA will include notable names like Jump Crypto, Paribu and Meria (Just Mining), and more, Chiliz said.

Chiliz Chain features include lower fees, shorter block time, and less energy. Also, fees on the Chiliz Chain will be paid using $CHZ. Users can stake their $CHZ on the chain to get rewards. According to Chiliz, staking is an integral part of the PoSA model.

Moreso, Chiliz assured ecosystem growth through Chiliz Labs and the $50M Jump Crypto-backed accelerator and incubator for early stage sports focused blockchain projects looking to build on the Chiliz Chain, as well as Chiliz Chain Hackathons.

Projects to be incubated into Chiliz Labs include “metaverse based sports, football, and football manager games, rewards and engagement driven community platforms, social gaming platforms, AI-based content platforms, 3D quality digital sports collectibles, and NFT ticketing programs,” Chiliz stated.

The Chiliz team has been working on the new move for a long time, Chiliz CEO Alexandre Dreyfus said, he added that the network will grow to form the backbone of web3 in sports through a long-term commitment to innovation, and new partnerships.

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