As a loyal enthusiast, have you ever fantasized about weighing in on decisions about your favorite teams? If you have, then your dream’s about to come true—thanks to blockchains.
CHZ tokens, along with fan aggregator websites like socios.com, make it possible for fans to stay connected with their favorite teams in a big way. In this article, we will explore how CHZ tokens can be used to change the way sports are influenced by their fans, and whether that’s a good thing.
- Socios.com has developed a platform called Chiliz for sports fans to get together and vote on their favorite team’s decisions.
- Fans will need CHZ tokens to buy “Fan Tokens” of their favorite clubs.
- As part of the community, token holders will influence decisions taken by alerting decision-makers to public sentiment.
- Chiliz was created to also bring in organic revenues for sports clubs. While it was initially reserved for big-name teams, smaller teams have also made their presence felt since.
Chiliz: What It Is and What It Offers
Blockchains make it possible for people to participate in groups without having to establish a strict hierarchical structure. They can gather in what is known as a Decentralized Autonomous Organization (DAO) and collectively vote on things they’re involved in or passionate about.
Sports-Fi does exactly that for sports enthusiasts.
Just like we have Game-fi for blockchain gaming, and DeFi for decentralized finance, we believe that CHZ tokens usher in a new era of decentralization in sports, which we’d like to call Sports-Fi.
The latest offering by the folks at socios.com can be called a Sports-Fi platform. The platform, Chiliz, presents a way for fans to socialize with others like them and contribute to their favorite clubs or teams.
Chiliz was founded by Alexandre Dreyfus, the current CEO. With over 20 years of experience, Alexandre has been an avid entrepreneur specializing in web-based companies.
The objective behind the creation of Chiliz was to create a fan engagement tool that brought organic revenues for sports clubs. While this tool was initially reserved for big-name teams, smaller teams have also made their presence felt since.
CHZ Tokens and Sports-Fi: How Do They Work?
|Security||Binance Smart Chain and Tron|
|Price (at writing)||$0.18|
|Market Cap||$1.1 billion|
|ROI (since launch)||780%|
|Total supply||8,888,888,888 tokens|
|Circulating supply||5,990,000,000 tokens|
Sports fans can buy CHZ tokens, which are native to the ecosystem, for use. These tokens can be exchanged for what is known as “Fan Tokens.” Each team has its own specific fan token. For instance, a football fan could use her CHZ tokens to buy UFC fan tokens and get access to VIP perks, exclusive content, community chats, and more.
Fan token-holders are also known as “Superfans” and are allowed to vote on team decisions along with others like them. Through their vote, superfans can make decision-makers aware of prevailing public sentiment, in turn influencing the decisions of their favorite teams.
Steps to get involved with specific teams on Socios:
- Log into socios.com and create an account.
- Buy or transfer CHZ tokens to your crypto wallet through crypto platforms like CoinSwitch.
- Exchange CHZ tokens for club-specific fan tokens on socios.com.
An amalgamation of NFTs, DAOs, and Smart Contracts
Since CHZ tokens allow people to buy club-specific tokens that are limited in number, they can theoretically be understood as Non-Fungible Tokens (NFTs). However, they’re not exactly NFTs because these tokens are launched into the market through Initial Fan Offerings (IFOs) instead of minting.
The tokens are offered to fans on a first-come-first-serve basis, which means that early birds get the most out of such deals.
All the transactions on Socios involving CHZ tokens are controlled via smart contracts, which makes the platform decentralized and permissionless. Applications developed in the ecosystem, like Chiliz Blockchain Campus, are accelerating the adoption of such technologies in Asia and Europe where they’re not as prevalent.
Is Chiliz’s Decentralized Voting a New Concept?
The answer to the titular question is Yes and No. The idea of making decisions for an institution, or a group, anonymously through the use of cryptocurrencies has been around for half a decade, since the development of the first DAO. So yes, people have had the ability to buy native tokens of projects they care about and put in their two cents for some time now.
But Decentralized voting is unlike how we might imagine voting works. In India, for instance, each person has the same amount of “voting power”, so to say, since we all have one vote each and therefore an equal proportion chance to influence the outcome of an election. In a decentralized ecosystem, voting power depends on how many tokens a user has, and the proportion varies from project to project. While the proportion varies from project to project, the user who has the most tokens also has the largest amount of voting power.
The difference between regular voting and decentralized voting is that in a DAO, voting power is neither equally distributed nor fixed.
This is to ensure that a single entity does not have an undue advantage when it comes to making administrative decisions.
Sports-Fi and Chiliz: Redefining Fan Culture
CHZ tokens are the means by which users can buy Fan Tokens of clubs they’re passionate about. People who hold Fan Tokens through CHZ exemplify the difference between an active fan and a passive fan.
- A passive fan is a person who likes the club and the sport but isn’t involved in the day-to-day of the club. The most popular clubs have millions of passive fans, but apart from viewership, they don’t contribute to much else.
- Active fans are people who relate to the identity of the club and are passionate about it. Typical active fans are never in the background; they’re attending community events, connecting with other fans, and shaping opinions around key issues.
Socios and CHZ tokens are set to bridge the gap between active fans and passive fans.
Sports-Fi gives active fans the incentive to conduct and participate in polls, surveys, and quizzes to make decisions that matter to them. These could look like deciding the color of the stripes on the players’ jerseys or tweaking the inscription on the coach’s armband.
Sports-Fi is just another decentralized interpretation of sports involvement, powered by Chiliz and the blockchain. Just like GameFi and DeFi, with more development and research into the space, we’re confident that every aspect of our online lives will eventually be decentralized for the benefit of both us, and the corporations that enable them.
Until that day comes, we hope you’re not passing on the opportunity to support your favorite teams right away. Download the CoinSwitch app to buy CHZ tokens now!
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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