Robert Steinadler, 2 months ago
Chiliz is the native token that powers the Socios platform and during the FIFA World Cup 2022, the hype around the concept peaked. This year it became more silent around Chiliz since investors' expectations weren’t at the same level as they were during the event. Good things in crypto are often born in times when the market becomes quiet and builders are just focusing on their job. Last month Chiliz launched its mainnet successfully and is making plans for the future.
What is the purpose of Chiliz Chain 2.0 and what holds the future for Chiliz?
Chiliz started as a regular ERC-20 token on the Ethereum blockchain. This alone is neither good nor bad. Many crypto projects were started on Ethereum because a couple of things are simpler. Such as starting an ICO or profiting from the fact that Ethereum offers easy access to its smart contract platform.
This changed on February 8th when Chiliz celebrated its fifth birthday and the launch of the Chiliz Chain. With the start of the mainnet, it became a full-blown layer-1 blockchain that is still EVM compatible. This offers many advantages because EVM compatibility ensures that developers can build in a trusted and easy-to-access environment.
Now the Chiliz Chain is a place that is open for growth. It attempts to carve out its niche and start an ecosystem of decentralized applications and NFTs.
Chiliz partnered with Jump Crypto and launched an incubator funded with $50 million. The vision is that Chiliz will become the leading platform for Web3 sports and entertainment. Becoming an independent blockchain plays a huge role in these plans.
By attracting other companies to develop their sports products on Chiliz the whole ecosystem grows beyond what the Socios platform already provided. It is about being more than just a platform for fan tokens. Of course, the company’s mission will still be centered on creating entertainment and experiences for fans. The crucial point is that it will connect many different products that are being built on its blockchain.
There are already a lot of use cases at hand such as NFT ticketing, memorabilia authentication, third-party fan tokens, and of course creating the infrastructure for a sports-based Web3 experience. It remains to be seen if this mission can be carried out unimpeded by the overall market sentiment. A huge advantage for Chiliz is its product-driven approach and its strong ties to top athletes and football clubs. These are things that remain even if the road gets a little bit bumpy.
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