Chiliz, a platform that allows fans to buy tokens for their favorite sports teams and celebrities, has launched its own blockchain ecosystem to mark its five-year anniversary. The new blockchain is compatible with Ethereum Virtual Machine (EVM) and uses a system of 11 validators with proof-of-stake authority consensus, which is expected to offer faster block times, lower fees, and less energy consumption.
Chiliz Chain 2.0 is a hard fork of BNB Chain, an Ethereum fork, and aims to attract decentralized application developers to build within the ecosystem. The Chiliz fan token ecosystem, previously powered by ERC-20 tokens, will now shift to its own layer 1. The platform works with major football teams like Barcelona, PSG, Manchester City, Arsenal, and Juventus through its fan token app, Socios.
The platform enables individuals, teams, and brands to create unique digital assets such as NFTs, fan tokens, and Web3-enabled tickets. Additionally, users can build decentralized applications (DApps) and products utilizing Web3 technology.
In November 2022, Socios CEO Alexandre Dreyfus announced the upcoming launch of Chiliz ‘2.0’ Blockchain during an interview with Cointelegraph at the Web Summit in Lisbon. Dreyfus explained that Chiliz had been a private ecosystem with over 1.7 million participating wallets for the creation, issuance, and trading of fan tokens, as well as other digital assets.
The sports sector is still finding ways to collaborate with companies that use blockchain technology. In January 2023, Sorare, a blockchain-based fantasy sports company, made an agreement with the English Premier League to create digital player cards on their platform using Ethereum.