Buy Chiliz (CHZ)
What is Chiliz (CHZ)?
Chiliz (CHZ) is an ERC-20 token on the Ethereum platform that acts as a digital currency for the Socios.com and Chiliz platforms. Both networks provide fintech solutions in the sports world and entertainment and are well known for their fan tokens. Through the platform, fans of popular global teams can express their support by purchasing cryptocurrency fan tokens.
Users buy CHZ to convert them into the fan tokens they want. Each fan token offers privileges and benefits, including the right to vote for club decisions and the chance to purchase a unique VIP experience. By placing their fan tokens on the platform, smart contracts calculate the results of their votes. CHZ opens the way to a new level of the fan community for your favourite teams for fans worldwide.
What are fan tokens?
Fan tokens are service crypto tokens that contain the branding of partner sports teams. With the tokens, fans can vote and have the opportunity to participate in decisions that concern their favourite teams.
Fan tokens can be purchased with Chiliz tokens. That is an excellent benefit for the sports teams because they get extra tokens thanks to tokenisation. The big plus is that all the teams who join the platform get a percentage of the fees charged for the transactions. The first two teams to tokenise on the platform were the football clubs Juventus and Paris Saint-Germain. West Ham United, Associazione Sportiva Roma, Club Atlético de Madrid and cybersport team OG joined them.
Owning the unique branded fan tokens of the partner clubs will also give fans access to exclusive content, gamification, social networking and leaderboard features that have been launched in 2020.
It is worth highlighting that the international company already employs over a hundred people in 2021. It is headquartered in Malta but also has an office in France (Lyon). In addition, remote employees work and conduct operations from all over the world.
The company has more than 25 partners. If you want to buy Chiliz, you will be interested to know that there have been 23 Fan Token Offering. Furthermore, users have completed over 120 sports surveys and received rewards for doing so. The total number of transactions carried out by the summer of 2021 is 635,365 transactions.
Features of CHZ
Chilliz solves a critical problem of the modern sports and cyber industry - the lack of influence of the fans on the life of the team or club. In essence, people watch the matches and observe the development of the organisation. At most, it's financial (tickets, season tickets, souvenirs) or any other kind of support. There is no question of the fanbase making changes in the development vector at all.
The platform tokenises the right to vote for each fan. So, for example, it allows a club's fanbase (such as PSG or Juventus) to vote on important decisions. And blockchain ensures sincere results. The same is true for cyber sports disciplines.
The idea implemented by Chiliz is not new. For example, some football clubs allow fans to influence their development. And among the teams with lesser status, there are often examples where the team is practically in the hands of the fans.
If we speak of developers, the company is owned by Maltese corporation Maltese Mediarex Group, operating on the global market for over 15 years.
For almost two years, Chiliz has managed to conclude partnerships with many clubs from top European leagues. Moreover, one of the world's largest crypto exchanges has directly invested in the project. And that's already a pretty strong argument in its favour.
How socios.com works
If you want to buy Chiliz in Somalia, it's worth finding out how the cryptocurrency platform where fans use its tokens works. So, let's talk about the interaction between sports teams and fans. It looks like this:
- The club defines in advance a list of areas in which the fans will make critical decisions. In other words, a part of the power is handed over to the ordinary people
- The socios.com platform creates several fan tokens
- The fans buy these assets and vote at socios. The more Fan Tokens one person holds, the more weight their opinion carries
Each participant of the platform starts on it with a predetermined amount of fan tokens. He is also invited to exchange the cryptocurrency CHZ for fan tokens at a specific rate and participate in the voting. The votes are counted through smart contracts, and the results are recorded in a supporting blockchain, the sidechain. Internal tokens are sold at a constant price and on a first-come, first-served basis. This feature guarantees a fair and transparent distribution of assets and voting rights.
There is also internal protection against monopolisation. For example, the user cannot buy up fan tokens uncontrollably. Therefore, neither individuals nor organisations can gain extensive control of the collective through the socios.com service.
Even one fan token gives access to the marketplace on that platform. That is, its owner can speculate on voting rights, putting the assets up for free sale at its price.
But here, the developers used the principle of traditional financial markets. Potential buyers see only those fan-tokens that have a minimum value. The next highest value offer will only be available if all assets at that level are redeemed.
A simple example: 100 fan tokens at CHZ 60, 30 CHZ, and 10 CHZ are available for free sale. Participants will first see an offer for CHZ 10. Then, once the liquidity on it is exhausted, an offer of CHZ 30 will be shown, and so on.
The project uses two types of distributed registries:
- Ethereum network - this is where data about CHZ currency transactions is stored
- An auxiliary blockchain for socios.com - this records information about voting results as well as fan token transactions
Socios.com deducts a small fee for buying or selling fan tokens on the marketplace. However, there is no fee for voting on individual issues.
Now let's talk about the advantages of the Chiliz platform:
Total data reliability and transaction transparency: The project is backed by a reputable company registered in the EU and operates through European banks. The regulators fully supervise the activity. Therefore, the account information is thoroughly verified and publicly available. It is the transparency of operations and the trust of the community that matters in the ICO market.
Market penetration: Collaboration with many organisations has served Chiliz well. For example, the company has signed several strategic partnerships in both traditional and cybersport and multiple regions. In addition, the project is supported by the government of Malta, the world's largest online gaming service provider Playtech, well-known personalities in the field of eSports and influential representatives of digital marketing in South-East Asian countries. Such cooperation greatly helps the project to penetrate the global market for cyber sports disciplines.
Energy efficiency: The Chiliz private cryptocurrency network operates under the Proof-of-Authority consensus algorithm. It means it differs from the conventional Proof-of-Work algorithm by its lower computational intensity and low power consumption. In addition, the PoA mechanism also guarantees lower latency in transaction confirmation. This ensures the faster operation of the entire system.
Where to buy Chiliz
If you want to buy Chiliz in Somalia, be aware that altcoin is highly liquid. It is purchased or sold on dozens of exchange websites. So, it is listed on major centralised exchanges and DEX.
How can you get cryptocurrency?
- Buy from CEX and DEX exchanges
- Get it from another user
- Buy from the exchange website
- Get it during an airdrop (free giveaway). There has not been a free coin giveaway yet. But according to the developers, they plan to do airdrops. Announcements will be published on the project's social media
Purchase on exchanges
The token is one of the top 100 in terms of capitalisation. It is traded on Binance's platform and other popular exchanges.
How to invest in Chiliz (CHZ) in Somalia?
If you want to invest in Chiliz in Somalia, you can count on long-term investments as well as trading. It is possible to invest not only in Chiliz but also in Fan Tokens.
The high volatility of the altcoin makes it possible to make money on exchange rate movements. Traders can participate in spot margin trading (leverage size depends on the platform). The most common way to make money on cryptocurrency is through CFD contracts.
CFDs, also known as Contracts for Difference, are instruments that allow people to trade assets without owning them. But what are CFDs in trading, and how do they work?
CFDs can be traded on any financial instrument, including stocks, currencies, commodities and indices. CFDs allow the trader to speculate on the price movements of an asset without buying it.
The trader predicts whether the price will rise or fall. If the market changes precisely as the trader predicts, the trader locks in a profit. However, if things go the other way, the trader can face much more significant losses than conventional instruments.
Advantages of CFDs
CFDs have many advantages which are worth talking about, but we will highlight three main ones:
- Profits from falling markets
- Margin trading in stocks and commodities
- Variety of assets
If you decide to trade cryptocurrencies, you need to:
- Familiarise yourself with "ask" and "bid" prices
- Decide on the size of your trading position, taking into account the leverage offered, the spread you will be charged and your risk appetite
- Be aware of the use of tools such as stop-loss and limit orders, and incorporate them into your risk management strategy
- Once you have opened a trade, keep track of your profit or loss in the open positions section of the trading platform
- Close the position as soon as you reach your target
The developers of the project state that they allow all sports clubs to create a new monetisable economy and at the same time improve the relationship with their fans. And one cannot disagree with these facts. In addition, instead of the usual ICO, the company held a so-called Fan Token Offer. That move is very original and sets the project apart from the rest. It is also worth considering that some clubs have fan bases larger than some European countries, and international fan communities span all continents. Therefore fan bases can be an ideal place to create new ways to measure value and exchange assets.
How to start earning with Chiliz right now?
If you want to start earning now, the steps are outlined below:
- Choose a reliable broker
- Register on the broker platform website. Specify the required information for registration. Some personal data is necessary so that you can be identified
- Often the platform offers a demo account. This way, you can try trading without losing your money, as you will be trading with virtual money
- Open a real account. To do so, make a minimum deposit to your account in a convenient way
Now all the functionality of the website is at your disposal. So learn to count the risks, read the news, improve your skills, and you are sure to succeed!