Chiliz is based on the idea that blockchain technology can be used to provide fans around the world with a new way to engage with their favorite sports teams and likewise the teams with a new way to monetize their global fanbases.
Chiliz raised just over USD 66m through private placement in 2018 and operates the sport platform Socios (socios.com). Socios providing sport fans with the chance to connect with their favorite sporting organizations through fan tokens. Fan tokens can be used by fans for voting on decisions that directly impact their favorite teams, VIP rewards, exclusive promotions, AR-enabled features, chat forums, games etc.
The CHZ token is used to purchase fan tokens and acts as the platform’s internal currency. Every sporting organization utilizing Chiliz technology has its own limited supply of fan tokens, and each time a new sporting organization joins Socios, they must decide the initial sale price of their fan tokens —which are denominated in CHZ. Fans can exchange their fan tokens on the Chiliz Exchange (https://www.chiliz.net/).
CHZ started out as an Ethereum ERC-20 token, Fan tokens however are minted on a complete separate blockchain.
Chiliz is redefining the way sports fans can engage and interact with their favorite teams.