Chiliz, a platform for fan tokens, has now announced the launching of its very own layer-1 Ethereum Virtual Machine (EVM) compatible blockchain environment. This move was made to allow the network to continue expanding five years after its first appearance.
The Chiliz fan token ecosystem has been propelled by ERC-20 tokens that are based on Ethereum since since the project’s launch. However, after the genesis block of the Chiliz 2.0 blockchain has been successfully validated, the community will shift to its very own layer 1.
It is anticipated that the new blockchain, which uses a network of 11 active validators and a proof-of-stake authority consensus, will result in shorter block times, cheaper fees, and reduced energy consumption. These benefits will be realized as a result of the use of a proof-of-stake authority consensus.
According to the documentation that was published by the project, Chiliz Chain 2.0 is a hard fork of BNB Chain. BNB Chain is a well-known option for Ethereum forks. This shows that the new layer-1 is compatible with EVM, a feature that is intended to persuade developers of decentralized apps to create their applications inside the ecosystem rather than outside of it.
Chiliz has become well-known in the fields of both sports and entertainment thanks in large part to the success of the fan token app known as Socios. The platform works with some of the most successful teams and businesses in the industry of sports to provide its users with the best possible experience. Some of the most prestigious football clubs in the world, like Barcelona, Paris Saint-Germain, Manchester City, Arsenal, and Juventus, are among the teams who use the platform to handle the tokens of its supporters.
Non-fungible tokens (NFTs), fan tokens, and tickets that are compatible with Web3 may be minted on the platform, making it useful for corporations, teams, and people. In addition, users have the ability to build decentralized apps (DApps) by combining Web3-based experiences and products.