Blockchain infrastructure provider Chiliz, specializing in sports and entertainment, has announced the successful generation of the genesis block for its EVM-compatible Layer 1 blockchain. The native token CHZ will serve as the ecosystem's fuel, enabling holders to earn rewards through on-chain staking.
Key Features of Chiliz Blockchain
Consensus Mechanism:
The chain operates on PoSA (Proof of Stake Authority), combining the efficiency of PoS with a decentralized validator system.- 11 active validators ensure faster block times, lower fees, and reduced energy consumption.
- Initial smart contract deployments are restricted to approved third-party developers for security.
- Staking Incentives:
CHZ holders can stake tokens to earn rewards, fostering participation in network security and governance. Enterprise Partnerships:
Chiliz plans to unveil 8–10 enterprise projects in coming months, including:- NFT-based ticketing pilots
- Athlete-centric fan tokens
- Web3 infrastructure collaborations
Ecosystem Expansion
- Brand Ambassador: Korean football star Minjae Kim joins as ambassador to promote Chiliz in Asia and globally.
- Fan Token Success: Partners like FC Barcelona, Juventus, and Paris Saint-Germain leverage Socios.com for fan engagement via tokenized voting and rewards.
👉 Explore Chiliz Staking Opportunities
FAQs
1. How does Chiliz’s PoSA differ from traditional PoS?
PoSA optimizes scalability by limiting validators to 11 trusted nodes, balancing decentralization with efficiency.
2. When will CHZ staking go live?
Staking rewards are expected to activate within Q3 2024, pending final testing.
3. Can anyone deploy smart contracts on Chiliz Chain?
Initially, only vetted developers can deploy contracts to ensure ecosystem stability.
4. What’s the utility of CHZ tokens?
CHZ powers transactions, governance, and staking across Chiliz’s sports/entertainment dApps.