Chiliz overview

History of Chiliz

Chiliz was launched in 2018 by Alexandre Dreyfus, a seasoned entrepreneur with a background in the online gaming, poker, and sports industries. The project was developed by the Malta-based company Mediarex Group, which aimed to bring blockchain solutions to the sports and entertainment sectors. The Socios.com platform, which utilizes Chiliz tokens, was introduced as a means to create a new form of interaction between sports teams and their supporters.

Development timeline

• 2018: Chiliz was officially launched, and the development of the Socios.com platform began.
• 2019: Socios.com launched its first fan tokens, allowing sports fans to purchase tokens associated with their favorite teams.
• 2020: The platform gained popularity as more sports clubs and organizations partnered with Chiliz to issue fan tokens, increasing the platform's reach and user base.

How Chiliz works

Chiliz operates as an ERC-20 token on the Ethereum blockchain, serving as the primary currency for the Socios.com platform. The platform allows sports teams to issue fan tokens, which are digital assets that grant holders special privileges and voting rights on certain club decisions. These tokens are sold through a process called a Fan Token Offering (FTO), which is similar to an Initial Coin Offering (ICO).

Fan token utility

Fan tokens have various utilities, which may include:

• Voting rights: Token holders can participate in polls to influence certain decisions, such as choosing team merchandise designs or music played during matches.
• Exclusive experiences: Fans can access exclusive content, rewards, and experiences, such as meeting players or attending special events.
• Gamification: Socios.com incorporates gamified elements to enhance user engagement, such as leaderboards and competitions.

Expansion beyond football

While Chiliz initially focused on football clubs, it has expanded its reach to other sports and entertainment sectors, including partnerships with organizations in mixed martial arts (MMA), esports, and motorsport. This diversification aims to broaden the platform's appeal and attract a wider audience.

Technological infrastructure

Chiliz is built on the Ethereum blockchain, utilizing its smart contract capabilities to facilitate secure and transparent transactions. The platform's architecture ensures that fan interactions and voting processes are conducted in a decentralized manner, maintaining the integrity and trust of the system.

Security measures

Chiliz employs various security measures to protect user assets and data, including multi-signature wallets, regular security audits, and compliance with industry best practices. These measures are essential to safeguarding the platform and maintaining user confidence.

Innovations and developments

Chiliz is committed to innovation, exploring new ways to enhance fan experiences and engagement through blockchain technology. This includes potential integration with virtual and augmented reality applications, further increasing the interactive possibilities for fans.