Chiliz is the startup that created the Socios platform as well as the CHZ coin. CHZ is an ERC-20 token that operates on the Chiliz blockchain, which is built on Ethereum. The CHZ token functions as cash on the platform, allowing users to acquire different coins, NFT’s etc. from Chiliz' Socios, a fan token marketplace. Without Socios, there would be no CHZ token.

Socios is a full-featured fan token ecosystem. Users may buy NFTs on the website and mobile applications, earn them in contests, trade them with other users, and swap them for team-branded bonuses and products. The site presently sells branded NFTs for over a dozen sports and esports teams, with more to come. Fans may buy branded NFTs or tokens from their favourite teams and performers on the Socios website. CHZ is the money used to purchase branded NFTs by enthusiasts. It is the only acceptable currency in the Socios marketplace.

History

Chiliz was created in 2012 as part of the Mediarex Group, a sports and entertainment business located in Malta. In 2018, active development on the blockchain-based Socios platform began. Chiliz introduced the CHZ token in October of 2018. The token was quickly listed on cryptocurrency exchanges worldwide. The first Chiliz partner was the Juventus soccer club in Turin, Italy. In November 2019, the team hosted their Fan Token Offering, selling 1.3 million tokens out of a total supply of 20 million at the end of the month.

Chiliz released the Socios app and website in late December 2019. Private Placement invested 66 million USD in the development. The Socios app is now available on the internet and on millions of mobile devices.

How it works

The fan tokens for sale at Socios are more than just collectibles. Team-branded NFTs provide supporters with direct interactions with teams as well as control over team choices. Fans who get tokens may express themselves by voting in polls hosted by teams that have joined Socios. For example, when Juventus FC scored a goal, token holders may choose the celebratory music that would be played over loudspeakers. Juventus celebrated goals with a song called Chelsea Dagger for eight years. Juventus fans picked Blur's Song 2 as a substitute, and the team implemented the adjustment.

Fans of the FC Barcelona soccer club picked a mural to place on the changing room wall. During games, fans of the Paris Saint-Germain football team choose a message to be put on the captain's armband. Fans of FC Arsenal were able to pick the design of team’s kit for the next season. And so on.

You receive a vote if you have a team branded NFT for a club that is holding a poll. You receive two votes if you have two NFTs. As you collect more of the team's fan tokens, your power over decision-making rises.

Maximum supply

Chiliz introduced the CHZ token without a public offering event in 2018. Out of a total number of 8,888,888,888 CHZ tokens, around 5 billion are now in circulation. CHZ coins are compliant with the ERC-20 and BEP-20 protocols. They are available for purchase on the chiliz.net market and other cryptocurrency exchanges.