With the rising popularity of cryptocurrencies, many cryptocurrencies have emerged that serve different purposes. In this article, we will examine what CHZ or Chiliz is, how it works and its role in the cryptocurrency world.
What is Chiliz and CHZ?
Chiliz is a cryptocurrency project founded in 2018 by a Malta-based company. Chiliz is a blockchain platform targeting the sports and entertainment industry and has its own cryptocurrency called CHZ. Their main goal is to use blockchain technology to provide sports fans with greater participation in their favorite teams and sporting events.
How Does CHZ Work?
CHZ is Chiliz's own cryptocurrency that it uses to create decentralized applications and digital assets. CHZ is specifically designed for use in sports clubs and the entertainment industry. It is used through "Socios.com" and "Chiliz.net", the two main products offered by Chiliz.
Socios.com: This platform was developed to increase fan engagement for sports clubs. Fans can use CHZ to participate in in-game decisions for their favorite sports teams through Socios.com. For example, decisions such as choosing the team's stadium music or participating in a vote on a new logo design are made on this platform.
Chiliz.net: Chiliz.net is an exchange platform where other cryptocurrencies can be bought and sold. On this platform, you can trade CHZ and trade other cryptocurrencies.
Why Use CHZ?
CHZ is used to increase fan engagement for sports fans and provide additional income for sports clubs. It also ensures that fans have the power to influence the decisions of their favorite teams. Using CHZ, fans can take part in voting and polls, making their sports experience more personal.
Conclusion
Chiliz and CHZ are an application of the cryptocurrency world specific to the sports and entertainment industry. It helps sports teams to be more inclusive of their fans and offer them more privileges. However, it is important to carefully research and understand CHZ and similar cryptocurrencies before investing, as cryptocurrency markets are highly volatile and may involve risk.
