THE Chile (CHZ)the company behind the fan token platform socios.comannounced the development of a blockchain generation that will enable sports and entertainment brands to create different types of Web 3.0since non-fungible tokens (NFTs) to apps from decentralized finance (DeFi)among others.
According to Decrypt, the startup announced this Thursday the launch of the testnet, called Scoville, of its Chiliz Chain 2.0. The launch of the mainnet should happen later this year.
Chiliz Chain 2.0 will have an important change. The current version of the blockchain emerged after a fork in the Ethereumbut with the new version, the company will link to the technology of the BNB Chainformerly known as Binance Smart Chain.
This change always seemed to be in Chiliz’s plans. According to the company’s chief strategy officer, Max Rabinovitch, expanding into a broader crypto ecosystem has always been part of Chiliz’s plans.
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from the fan token platform Socios.com
With the change in ecosystem, the startup also hopes to expand its operations beyond Socios.com fan tokens. Rabinovitch stated that the platform was Chiliz’s first product and that it proved the interest and usefulness of this sector.
Now, the startup’s plans have “taken a step up” with the development of a platform that sports and entertainment companies can use to create their own products.
According to Chiliz CTO Thibault Pelletier, Socios.com has acquired nearly 1.5 million wallets on its fan token platform so far.
This type of token is a way for teams to connect with fans and supporters, as they offer unique benefits and experiences to holders.
Although not as well-known as other segments of the crypto market, fan tokens already handle billions of dollars in transaction volume per month. Data from website CryptoSlam indicates that $3.3 billion worth of fan tokens have been traded in the last 30 days.
What will be Chiliz Chain 2.0?
According to Decrypt, in Chiliz Chain 2.0, companies will be able to use the platform to create NFT collectibles, launch play-to-earn games, or even launch independent fan tokens from Socios.com.
In addition, DeFi applications, loyalty programs, among others can be created.
All applications created in Chiliz Chain 2.0 will be developed around the CHZ token, which will be migrated to the new blockchain.
On the new Chiliz blockchain, CHZ will be able to boost other sports and entertainment applications, as well as incentivize holders by staking the token on the “proof-of-stake authority” (PoSA) protocol network.
However, Chiliz Chain 2.0 will not be open to all creators. The platform will have a process for listing brands and intellectual property holders, which may have access approved.
According to Pelletier, this process will be implemented to ensure that creators have been verified and are trusted, so that there is no tokenization linked to illegal schemes.