In order to facilitate its expansion, fan token platform Chiliz has introduced its own layer-1 blockchain environment that is compatible with the Ethereum Virtual Machine (EVM) five years after it was founded.
The ERC-20 tokens based on Ethereum have long served as the fuel for Chiliz’s fan token ecosystem, but with the approval of the Chiliz 2.0 blockchain genesis block, the ecosystem now runs on its own layer 1. The new blockchain boasts faster block times, lower fees, and less energy use because to its proof-of-stake authority consensus structure, which includes 11 active validators.
Through its fan token app, Socios, Chiliz has gained notoriety in the sports and entertainment industries. Major football teams including Barcelona, PSG, Manchester City, Arsenal, and Juventus use the platform’s fan token technology, as do some of the biggest teams and sponsors in the sports industry.
The platform enables the creation of non-fungible tokens (NFTs), fan tokens, and Web3-ready tickets, as well as DApps and Web3-based experiences and goods by brands, teams, and people. In the coming months, Chiliz will announce 10 product development projects for Chiliz Chain.
Stay with us for more daily crypto news. Comment your thoughts of these news on our social channels below