Chiliz, an online platform for fan tokens has announced that it will be launching its very own Ethereum Virtual Machine compatible blockchain environment. This was done in order to allow the network to grow five years after it first appeared.
Since its launch, the ERC-20 tokens that were based Ethereum have propelled the Chiliz fan-token ecosystem. After the genesis block of Chiliz 2.0 blockchain is validated successfully, the community will move to its own layer.
The new blockchain will use a network with 11 active validators and a proof of-stake authority consensus. This is expected to result in shorter block times and lower fees. It will also reduce energy consumption. This will be possible because of the proof-of-stake consensus.
According to the documentation, Chiliz Chain 2.0 was a hard fork from BNB Chain. BNB Chain is an option that Ethereum forks are well-known for. This proves that the new layer-1 can be used with EVM. This feature is meant to encourage developers of decentralized apps and applications to be created within the ecosystem.
Chiliz is well-known in entertainment and sports due to the popularity of Socios, a fan token app. It works with some the most successful sports businesses and teams to offer its users the best possible experience. To manage tokens from their supporters, the platform has been used by some of world’s most famous football clubs, such as Arsenal, Barcelona Saint-Germain and Manchester City.
The platform may also allow for the creation of non-fungible tokens (NFTs), fans tokens and tickets compatible with Web3, making it useful for individuals, teams and corporations. Additionally, Web3-based experiences can be combined with products to create decentralized apps (DApps).