Chiliz builds L1 blockchain to grow fan token ecosystem

As part of its fifth anniversary, fan token platform Chiliz has validated the genesis block of its brand-new L1 EVM-compatible blockchain.

Chiliz turns five with a new face, look, and validation as birthday treats

Chiliz, a renowned fan token platform, has launched an EVM-compatible blockchain, Chiliz 2.0, to commemorate its five years of existence.

However, with the certification of the Chiliz 2.0 blockchain genesis block, the ecosystem will now run on its own L1. Previously, the fan token ecosystem of Chiliz was powered by Ethereum-based ERC-20 tokens.

This blockchain will work using a proof-of-staked-authority consensus mechanism that employs 11 active validators. This mechanism was selected akin to BNB Chain to improve the network’s block time, gas fee efficiency, and use low energy.

Chiliz Chain 2.0 is a hard fork of the well-known Ethereum fork BNB Chain, according to the project’s website. As a result, the new L1 is EVM compatible, intended to entice decentralized application developers to create within the environment.

Over the past years, Chiliz has created waves in the sports and entertainment industries over the past years due to its token fan application, Socios. This application is currently being used by major football teams, such as Barcelona, Manchester City, Arsenal, and PSG to connect with their fans and sponsors.

The platform enables businesses, organizations, and people to create Non Fungible tokens {NFTs}, fan tokens, and web3-ready tickets, as well as DApps and web3-based services and goods.

The sports sector continues to benefit from partnerships with blockchain-based businesses. Additionally, The English Premier League and blockchain fantasy sports company Sorare agreed to use each other’s platforms to create digital player cards based on Ethereum in January 2023.

Special price treat from Chiliz

The Chiliz family has commemorated the fifth anniversary of the blockchain by launching an exceptional award for Chilizens as part of the festivities. 100 restricted Anniversary NFTs were released by the community and were up for grabs during the celebrations.

That was the initial release of Chiliz NFT with the updated branding. The party was in full swing as the ecology had a makeover and a fresh appearance. The new L1 blockchain compatible with EVM also had a makeover, and to celebrate its birthday, the genesis block of that blockchain achieved validation.