Chiliz Cryptocurrency (CHZ) Launches New Blockchain

In a recent release, Chiliz, the company behind the Fan Tokens Socios project, announced the launch of Scoville. It’s about testnet of the Chiliz Chain 2.0 (CC2) blockchain. CC2 is a second-generation network designed for specialized Web 3.0 applications in the sports and entertainment industries. This new infrastructure is a real opportunity to develop a more complete economy around its native token CHZ.

Chiliz Chain 2.0

Scoville, the Chiliz blockchain testnet is now live

The launch of Scoville is an important step in the development of the Chiliz cryptocurrency. Indeed, the initial ambition of the company was to create a platform on which sports and entertainment companies could rely to build their own applications or Fan Tokens.

According to Max Rabinovitch, chief strategy officer at Chiliz, Socios was just a proof of concept. Having become a leader in the field of social engagement digital assets, the company is ready to take on a new challenge. ” Our big vision is this: we want to make it an extremely liquid and active channel and have hundreds and hundreds of people growing there in the service of music, cinema, sports, etc.. “, confided Rabinovitch to the media Decrypt.

To do this, Chilliz chose to deploy on the BNB Chain, at the expense of its current blockchain, which is a fork of Ethereum. Mainnet is expected to launch in the fourth quarter of 2022.

What is Chiliz Chain 2.0?

Chiliz Chain 2.0 is a decentralized ecosystem focused on the sports and entertainment industries. The platform is intended for the creation of games Play-to-Earn, DeFi solutions and the issuance of Fan Tokens or NFTs. It also enables the creation of event management systems, loyalty programs and derivative products. In an effort to develop use cases for the CHZ token, it powers the Chiliz Chain 2.0. Thus, it will no longer only be used to buy Fan Tokens. It will also serve as an intermediary for exchanges and as a means of encouraging users.

The development of CC2 is the result of a collaboration between Chiliz and Ankr, a Web 3.0 infrastructure provider. It brings together key features such as compatibility with the Ethereum Virtual Machine (EVM). This makes it possible to pay gas costs up to 200 times cheaper than on the Ethereum (ETH) blockchain.

In addition, the system offers greater scalability. This allows developers to improve the speed and efficiency of interactions with smart contracts. Additionally, Chiliz Chain 2.0 implements the protocol Proof-of-Stake Authority (PoSA). Thus, CHZ token holders who have staked their assets and have been approved by the network will be able to earn rewards.

Conclusion

The sports and entertainment industries are promising sectors for blockchain startups. If the tests are conclusive, the price of the CHZ token should increase in the coming months. This will also help increase the popularity of the project.

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Emile Stantina

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Chiliz Cryptocurrency (CHZ) Launches New Blockchain


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