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The 2022 World Cup in Qatar was officially opened with a match between Qatar and Ecuador, which ended in favour of guests. Kanga is adding fuel to the fire of sports excitement with a new listing.
Chiliz, the blockchain sports industry leader, is being listed on Kanga Exchange. Most people associate CHZ with the Socios.com platform. The site allows fans to get closer to their favorite teams through Fan Tokens. They allow fans to take part in making decisions about the future of clubs.
Chiliz – Vote given back to fans
Chiliz gives fans the opportunity to actively participate in the life of the club. The platform’s operating system is inspired by Spain’s “socios“, where subscription gives fans a vote when it comes to decision making regarding their favorite club. Chiliz uses blockchain to enable a new kind of direct connection between fans and their favorite teams.
Fans can purchase “Fan Tokens” of their favorite teams using CHZ token, the native cryptocurrency of the Chiliz ecosystem. Fan Tokens can be purchased through socios.com. Each team partnering with Chiliz can customize what real-world experiences it provides to its fans through purchased tokens. They also allow them to influence team decisions such as new jersey designs, chants, stadium names and, in some cases, starting lineup.
Prior to the introduction of Chiliz, fans could only integrate with their favorite teams by watching games or purchasing gadgets. Chiliz and its associated Fan Tokens give fans an active presence in the activities of their favorite teams and a unique influence on the decision-making process.
At the same time, Chiliz gives sports clubs a new opportunity to monetize their business and offer unique experiences to their most loyal followers.
How Socios and Fan Tokens Work
Once a fan purchases CHZ tokens, he/she can use them to purchase Fan Tokens of his/her favorite team on Socios.com
Dozens of teams and organizations around the world, including FC Barcelona, an NBA basketball team, the Golden State Warriors and the Aston Martin Cognizant Formula1 team, have organized Fan Token Offerings (FTOs) for their loyal fans. Each team can determine the price, offer and distribution of its tokens, as well as special rewards and benefits. They can be used to organize exclusive meetings, distribute souvenirs and make direct decisions, e.g. users can take part in voting on the direction of their favorite team.
Importantly, fan coins can also be burned or retired depending on the team’s performance, meaning that results such as games won or points scored can make fan coins scarcer and therefore more valuable.
Fan Tokens consensus
Fan Tokens are created and verified on the Socios sidechain through a proof-of-authority consensus algorithm.
Proof-Of-Authority (PoA) is a consensus that gives a small, fixed number of blockchain validators the authority to approve transactions, interact with the network and update its more or less distributed registry.
Useful links
Twitter: https://twitter.com/ChilizToken
CoinMarketCap: https://coinmarketcap.com/currencies/chiliz/
Chiliz website: https://www.chiliz.com/en/
Socios website: https://www.socios.com/
CHZ/USDT market: https://trade.kanga.exchange/market/CHZ-USDT
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Author: Piotr Szopa