Chiliz (CHZ)

Chiliz is a fintech platform for the sports industry to allow global fans to get closer to their favorite sports teams and clubs. Also has its own blockchain.

Basics

• Based in: Malta
• Started in / Announced on: 2018
• Testnet release: 3-2022
• Mainnet release: genesis block of it's Layer-1 Chiliz Blockchain happened 8 February 2023
• NFT fan tokens.

Audits & Exploits

• Bug bounty program can be found [insert here].
• "Certik Certified" according to their website (9-8-2021).

Token

Launch

• From their FAQ (6-3-2021):

"Chiliz raised all funds through private placement in 2018, meaning that there was not, & never will, be a public sale."

Token Allocation

• Has a maximum supply of 8,888,888,888 tokens. From their website (9-8-2021):

1. Private Placement 3,066,666,666
2. Chiliz issued to Team + Seed Investors 1,111,111,110
3. Chiliz issued to Advisory Board 266,666,666
4. Userbase Reserve 1,777,777,780
5. Marketing Operations 1,333,333,333
6. Strategic Acquisitions 1,333,333,333

Utility

• From their L1 blockchain announcement (8-2-2023):

"Chiliz native token $CHZ will be the fuel for the entire Chiliz Blockchain ecosystem, including all the dApps that will be built on top of it. $CHZ token holders will also be able to receive rewards for staking (delegating) on the network."

• From a Poloniex blog (16-10-2022):

"CHZ, the project’s native token, is an ERC-20 token that users of Socios.com can exchange for their favorite fan tokens. In the future, it will be staked to secure the Chiliz network."

Technology

• Whitepaper can be found here (V2.3 13-11-2018).
• Code can be viewed [insert here].
• Consensus mechanism: a fork of the BNB Chain
• Algorithm:
• Virtual Machine: EVM Compatible
• Development language used:

Transaction Details

• Capacity (TPS):
• Latency:

Implementations

• Used to be built on: Ethereum and BSC plus their own PoA Chiliz sidechain.

How it works

• Its L1 blockchain is also be permissioned (8-2-2023), for more see the Staking section.:

"all approved stakeholders can become node operators"

• Is very clear and even supportive of their permissioned model "A POA chain is more secure". From their FAQ (6-3-2021):

"Ethereum supports the Proof-of-Authority consensus mechanism. Proof-of-Authority (POA) can be used for permissioned chain set ups. POA does not depend on nodes solving arbitrarily difficult mathematical problems, but instead uses a set of ‘authorities’ — nodes that are explicitly allowed to create new blocks and secure the blockchain. The chain had to be signed off by the majority of authorities, in which case it becomes a part of the permanent record.

There are a lot of similarities between Fan Tokens and any cryptocurrency token — both are tokens created in an Ethereum blockchain for example, in the main Ethereum network for the Chiliz token and in the Chiliz permissioned sidechain for Fan Tokens. You can view the block explorer for the Chiliz sidechain here."

• From a Poloniex blog (16-10-2022):

"With Chiliz’s technology, teams can control the parameters of their respective fan tokens. This includes supply, look, price, and so on and so forth. As fan tokens often function as governance tokens, they come with utility beyond just stores-of-value. These perks are also defined by the team, and often include exclusive experiences, access to team related NFTs, or use with a team or a sports entity’s loyalty program. What is interesting is that some teams may also institute a burn mechanism, which may be triggered in relation to a team’s performance. For instance, after a win, tokens might be burnt to instigate a price increase."

Staking

• Its L1 blockchain is also be permissioned (8-2-2023):

"All approved stakeholders can become node operators. Through the blockchain governance, only approved third party developers will be allowed to deploy Smart Contracts within the ecosystem initially, bringing a high level of security to partners and users. The Chiliz Blockchain will introduce a system of 11 active validators with PoSA (Proof of Stake Authority)

Roadmap

• Can be found [Insert link here].

Pros and Cons

Cons

• Centralized. And is being dishonest about the trade off with their PoA system, which is basically centralized, claiming it is more secure (6-3-2021).

Team, Funding and Partners

Team

• Full team can be found here.
• HX Entertainment Ltd. (9-8-2021)
• Alexandre Dreyfus; CEO of Chiliz (8-2-2023)
• "Chiliz, has more than 300 employees across the globe" (8-2-2023)

Funding

• From their FAQ (6-3-2021):

"Chiliz raised just over $66 million through private placement in 2018. Binance is also a strategic investor in Chiliz."

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