To celebrate its fifth anniversary, Chiliz validates the genesis block of its new layer-1 EVM-compatible blockchain.
Five years after it started, the fan token platform Chiliz has launched its own layer-1 blockchain ecosystem that works with the Ethereum Virtual Machine (EVM) to help it grow.
ERC-20 tokens based on Ethereum have been powering Chiliz’s fan token ecosystem for a long time, but with the validation of the Chiliz 2.0 blockchain genesis block, the ecosystem is moving to its own layer 1.
The new blockchain uses a system of 11 active validators and a proof-of-stake authority consensus, which is said to provide faster block times, lower fees, and less energy use.
Chiliz Chain 2.0 is a hard fork of BNB Chain, which is a popular Ethereum fork, according to the project’s documentation. This means that the new layer-1 is compatible with the EVM, which is meant to encourage developers of decentralized applications to build in the environment.
Chiliz’s fan token app, Socios, has made waves in the sports and entertainment worlds. Some of the biggest teams and brands in sports use the platform. For example, big football teams like Barcelona, PSG, Manchester City, Arsenal, and Juventus use its fan token platform.
The platform lets brands, teams, and individuals create nonfungible tokens (NFTs), fan tokens, and Web3-ready tickets, as well as develop DApps and Web3-based experiences and products.
Cointelegraph talked to Socios CEO Alexandre Dreyfus about the upcoming launch of the Chiliz “2.0” Blockchain in November 2022 at the Web Summit in Lisbon. He said at the time that the Chiliz chain already existed, but it was kept as a private ecosystem to protect intellectual property. At the time that conversation took place, it had more than 1.7 million wallets that issued, mined, and traded fan tokens.
The sports business and blockchain-based companies continue to work well together. In January 2023, Sorare, a blockchain fantasy sports company, made a deal with the English Premier League to print digital player cards based on Ethereum and use them on its platform.