• Sat. Apr 13th, 2024

Determined To Expand Ecosystem For Fan Tokens, Chiliz Has Launched Layer 1-Blockchain

Summer White

BySummer White

Feb 11, 2023

Chiliz has just hit another breakthrough in the cryptocurrency and blockchain industry. The platform has reportedly expanded its ecosystem with the launch of a layer-1 blockchain.

The platform is determined to make it happen in order to bring in more users and fans to its platform.

Chiliz Launches EVM

Chiliz has announced that they have launched an Ethereum Virtual Machine (EVM), which is to operate through the layer-1 blockchain.

The company has been witnessing a great level of growth in its business. It wants to continue expanding its business and for that, it has tapped EVM technology.

This way, the company wants to expand its ecosystem to continue offering advanced services to users and fans.

Chiliz Switches to its Own Blockchain

Chiliz has been around for the past five years and it is known for the circulation of the ERC-20 tokens that are based on the Ethereum blockchain.

However, being on the third-party blockchain system means that the platform will not be able to offer much to the users.

Its expansion would always be limited and it won’t be able to add and offer much to the users. This would always hinder the growth of the platform.

This is something that Chiliz could not afford; therefore, it has developed and launched its own layer 1 blockchain.

The Chiliz platform was based on the Ethereum network for a long time and it had been upgraded to Chiliz 2.0 blockchain.

However, the genesis block it had was not enough and therefore, the platform has moved on to its own blockchain system.

What Does the New Blockchain Offer?

According to the development teams for the layer-1 protocol, the network is based on the proof-of-stake consensus. It reportedly has 11 active validators, providing security to the system.

The development teams bragged that with the technology and system they have introduced, they will be able to offer so much more to their users.

With the inception of the new protocol, they will be able to offer lower energy usage and fee implementation. Even the block times will be made faster with the introduction of the new protocol.

The teams confirmed that the BNB Chain had introduced a hard fork, which was Chiliz Chain 2.0. It is also considered Ethereum’s go-to fork.

The information shared by the team verifies that the new layer-1 protocol is compatible with the Ethereum Virtual Machine.

The users will be able to use and benefit from having access to multiple blockchain networks and benefit from their facility.

Over time, Chiliz wants to attract more developers from the decentralized finance industry and they want to increase their number.

This way, they will be able to offer a highly competitive environment to the users as well as the developers.

Most Popular Platform by Chiliz

Chiliz has launched multiple platforms that have earned the platform a lot of attraction as well as a user base in the market.

However, Socios is the platform that is the most demanded and highly attractive one as it attracts football fans.

The particular platform exists as a fan token application as it offers fan tokens. It has attracted many football fans and its tokens earned a lot of attraction during the Football World Cup 2022 in Qatar.

The best thing about the Socios platform is that it has not operated on its own. Instead, it has continued to pen several deals with some of the most prominent and popular football teams in the real world.

The platform has even partnered with the likes of Juventus, Arsenal, Manchester City, PSG, and Barcelona.

Following the partnership, Socios launched the fan tokens for the respective teams. These tokens tend to experience rallies and declines based on the performance of the respective teams.

With the launch of its own layer-1 blockchain, Chiliz will definitely be making several changes and additions to the Socios platform.

Summer White

Summer White

Summer White, an esteemed writer for Big Trends Signals, combines her online trading expertise and articulate writing to deliver exhaustive guides and fair reviews, assisting traders in digital markets.

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