Chiliz Launches Native Layer 1 Blockchain, CHZ Jumps 20%

Chiliz Launches Native Layer 1 Blockchain, CHZ Jumps 20%

Chiliz, the blockchain fintech provider behind fan token app Socios, today launched its native layer-1 blockchain, moving away from the Ethereum

The launch of Chiliz Chain 2.0 comes as the company marks its fifth anniversary with a brand-new logo featuring the emblematic ‘chili’ with an angle bracket ‘>’ that symbolizes the company’s commitment to “code and development.”

The upgraded blockchain, Chiliz Chain 2.0, which operates on a proof-of-stake authority (PoSA) consensus mechanism with 11 validators, went live on the testnet in March 2022. This blockchain iteration is a BNB chain fork that boasts faster block times, reduced fees, and improved energy efficiency.

It is compatible with the Ethereum Virtual Machine (EVM) and will have a strong focus on non-fungible tokens (NFTs), Play2Earn games, Watch2Earn sports events, and payments for live event tickets.

“Our strategy is to continue to develop the underlying infrastructure that can allow these communities to build the products and services they need, and to continue to grow our network to attract the leading sports and entertainment brands,” said CEO of Chiliz Alexandre Dreyfus.

Big plans for Chili

The launch of the native blockchain is just the beginning for Chiliz, as the company has big plans for the future. The CEO has stated that the platform will continue to expand its offerings with the goal of creating a one-stop-shop for all things entertainment and sports. 

Chiliz also has plans to organize a series of global hackathons across stadiums and sports arenas in the next two years for developers to boost the adoption of the blockchain. 

CHZ Surges

Following the announcement, the price of CHZ, the native token of Chiliz, surged around 20%, according to Coinmarketcap data

Source: coinmarketcap

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Himan Mohapatra
Himan Mohapatra
Himan Mohapatra is an industry expert within the crypto-sphere and the primary journalist for Coinmash. He is an expert in finance and disruptive tech, such as blockchain.