Chiliz (CHZ) is a fan engagement cryptocurrency based on the Chiliz blockchain. It is used as a native digital currency for the socios.com platform, where sports devotees can buy Fan Tokens of their favorite teams with Chiliz coin.
In this article, we will talk about the Socios platform and its role in the athletic fan community and discuss the recent tokenization tendencies in sports and esports, as well as discover what Chiliz cryptocurrency is and how to use it.
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Socios as a Fan Engagement Platform
Sports fans have been participating in their favorite teams’ lives since sports existed. First this participation was rather one-legged, limited to cheering the team and praising the best athletes. Then forward-looking sports clubs started to let their supporters in on some decisions, mainly non-essential, searching for ways to engage the broader public.
There was no technical ability to connect thousands, or (for some clubs) even millions of people around the world. It was impossible to take every supporter’s opinion into consideration and include every eager fan in the process of decision making in a secure and transparent way.
And now sports tokenization came along, exploring the possibilities of blockchain and bringing sports fandoms to an entirely different level of involvement. Socios is one of the platforms that made it happen.
The project was launched in December 2019. Designed to be a voting and reward platform for sports and esports fans, Socios focuses on the tokenization of athletic club management. The creators of the service believe that blockchain technology, fan-led decisions, and transparent public voting are the future of the athletic clubs’ industry. To achieve this goal, Socios manage a network of Fan Tokens that operate on a Proof-of-Authority side chain.
Fan Tokens belong to a particular team or club. They are limited in number and are fungible digital assets. The more tokens a Socios user owns, the more weight his vote has. There is a clear anti-monopoly mechanism in place though so that nobody could accumulate an excessive amount of tokens and force others out. Fans can buy Fan Tokens for CHZ crypto or get them as a reward for certain club-related activities. On the trading page of the Socios website, you can find the rates for all the Fan Tokens. For instance, at the time of writing, 1 $PSG is worth 400.01 $CHZ.
Sports supporters can use their Fan Tokens to vote in polls. They may be binding or non-binding, but either way polls influence teams’ policies. For example, this poll from Juventus FC gives fans a chance to choose a player who’d be broadcasting the team’s summer tour for the public.
Who Already Uses Socios
At the moment, the Socios platform is affiliated with ten sports clubs, and the number is anticipated to grow. Six of those teams already held Fan Token offerings, enabling their fans to participate in clubs’ decision-making process directly. The teams in question are FC Barcelona, Juventus, Paris Saint-Germain, Atletico de Madrid, Galatasaray, and AS Roma. Juventus was the first team to hold a Fan Token offering and invite its fans to help manage the club.
It’s worth mentioning that supporters’ participation in the clubs’ life is limited. Token holders are mostly trusted with issues like jersey design, in-stadium entertainment, and others. Fan Tokens also grant fans access to special events, exclusive content, rewards and merchandise, and act like membership cards.
Another way to get Fan Token is “hunting” for them. All registered Socios users may explore the hunt option by clicking a special button on the Socios homepage (available daily). At this point, six mystery tokens are generated in your vicinity and stay there for 12 hours. Each mystery token you find may appear to be a Fan Token with 1 in 10 probability.
Chiliz (CHZ) Cryptocurrency
Chiliz is an ERC-20 standard digital coin that facilitates sports tokenization and enables fans’ engagement in their favorite teams’ management. CHZ crypto went through private placement in 2018, raising over $66 million (it will hold no public sale). The total supply of this coin is 8.8 billion $CHZ.
The cryptocurrency is listed on most popular exchanges, including Binance, CoinOne, Bitmax, Kucoin, and several others. Binance is also one of the strategic investors of the project. You can buy Chiliz cryptocurrency for BTC, ETH, and more. Check out the table below to find out the most popular pairs on exchange platforms.
As Chiliz cryptocurrency is an ERC-20 token, it is available on the Ethereum platform. CHZ crypto uses smart contracts to secure the voting process and fan influence polls. The best options for storing Chiliz are ZenGo and Trust Wallet.
If you want to know more about the technical peculiarities of CHZ, its whitepaper is available on the official website.
Chiliz coin is a cryptocurrency that aims to tokenize the sports industry and helps to include sports and esports fans into clubs’ management. This coin is based on Ethereum blockchain and uses smart contracts to provide safe voting and polls for sports fans. It is traded on most popular exchanges in various pairs. Fans use CHZ to buy Fan Tokens of their favorite teams.
The Socios platform is a community app for sports fans who want to have a say in sports clubs’ lives. The platform enables the clubs to issue their own Fan Tokens. Fans buy those tokens with CHZ and use them for voting and polls; the more tokens you have, the more valuable is your vote.
Fan Tokens can also be used to get special merchandise and participate in meet-and-greets. Token holders get exclusive offers and rewards from their favorite team.
Six teams offer their own Fan Tokens on the platform: FC Barcelona, Juventus, Paris Saint-Germain, Atletico de Madrid, Galatasaray, and AS Roma. The creators of Chiliz and Socios are sure that, as sports tokenization gains steam, more clubs will join the platform in the future.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.