Five years since its founding, fan token platform Chiliz has launched its own layer-1 Ethereum Virtual Machine (EVM) compatible blockchain ecosystem to support its growth.
Chiliz’s fan token ecosystem has long been powered by Ethereum-based ERC-20 tokens, but the validation of the Chiliz 2.0 blockchain genesis block saw the ecosystem move to its own layer-1.
The new blockchain uses a system of 11 active validators with proof-of-stake authority consensus and is touted as offering faster block times, lower fees and energy usage. According to the project’s documentation, Chiliz Chain 2.0 is a hard fork of BNB Chain, the preferred fork of Ethereum. This means that the new layer 1 is EVM compatible and designed to attract decentralized application developers to build in the environment.
Chiliz is making waves in the sports and entertainment world with its fan token app Socios. The platform works with some of the biggest teams and brands in sports, with major football teams like Barcelona, Paris Saint-Germain, Manchester City, Arsenal and Juventus all using its fan token platform.
The platform allows brands, teams, and individuals to mint non-fungible tokens (NFTs), fan tokens, and Web3-ready tickets, as well as develop DApps and Web3-based experiences and products.
