Chiliz, the blockchain-based sports token that allows fans to own tokens tied to respective teams, has validated the genesis block of its new layer 1 blockchain, according to a blog post.
The Chiliz blockchain is EVM-compatible (Ethereum Virtual Machine) and will focus on non-fungible tokens (NFT), Play2Earn games, Watch2Earn sports events as well as live event ticketing payments.
The blockchain has a system of 11 active validators with PoSA (Proof of Stake Authority) consensus. The aim is to support faster transactions, lower fees and lower energy consumption.
Initially, only third-party developers approved by Chiliz will be allowed to deploy smart contracts.
The project will announce up to 10 startups that will operate on the Chiliz chain, with businesses ranging from NFT ticketing, athlete-focused fan tokens and crypto infrastructure partners.
The chiliz token (CHZ), which currently has a market capitalization of $1.13 billion, is said to be the "fuel" for the newly-released blockchain. Token holders will receive rewards for staking (delegating) on the network.
The token surged by as much as 20% in the minutes following the announcement.
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