The launch of Chiliz Chain 2.0 will allow sports and entertainment brands to build Web 3.0 applications such as play-to-earn games and other decentralized applications.
On Thursday, March 31, cryptocurrency sporting project Chiliz announced the launch of the Scoville testnet for its newly created layer-1 blockchain network Chiliz Chain 2.0 (CC2).
Launch of Chiliz Public Testnet
With CC2, Chiliz aims to build a second-generation blockchain that will help sports and entertainment brands build Web 3.0 applications. It will allow these players to create decentralized finance (DeFi) applications, play-to-earn (P2E) games and much more.
After the successful launch of this public testnet, the firm will launch the mainnet for Chiliz Chain 2.0 by the end of 2022. This will also mark a major transition from its existing Ethereum-based blockchain to the Binance Smart Chain.
Founded in 2018, Chiliz made a name for itself in bleeding, sports, entertainment, and the crypto industries. Its native token CHZ has served as the primary cryptocurrency for the fan-oriented Socios platform.
Chiliz chief strategy officer Max Rabinovitch also shared details regarding the process of stakeholders’ approval. He also spoke about the on-chain validation mechanism with the proof-of-stake (PoS) authority model. Rabinovitch said:
“The number of validators will increase over time as the ecosystem grows and the fees are significant enough to be shared across more validators. Approval of the validators must go through our governance process, with validators voting to approve any new validators. Voting power will depend on the amount of $CHZ stacked by each validator.”
More About Chiliz Chain 2.0
With the mainnet launch of the Chilliz Chain 2.0, users can use this platform to deploy play-to-earn games, mint NFT collectibles, and launch their own fan token initiatives independently. They can also develop loyalty programs, DeFi applications, and much more.
The existing CHZ token of Chilliz shall be bridged to the new chain. CHZ has also gained major popularity as a fan token in sports and entertainment. Rabinovitch further added that they aim to make CHZ as an in-game currency.
Furthermore, Chiliz will incentivize holders of CHZ with features like token staking on the proof-of-stake authority (PoSA) network. The good thing is that Binance Chain is compatible with the Ethereum Virtual Machine (EVM) which makes the transition smooth. It also has significantly lower transaction fees than Ethereum and higher transaction throughput.
Chiliz Chief Technical Officer Thibaut Pelletier said that they don’t need to build the blockchain from scratch. He added that the BNB Chain meets all their requirements. Furthermore, Chiliz shall be working closely with Web3 infrastructure provider Ankr, who has a strong presence in the BNB Chain Ecosystem.
Chiliz Chain 2.0 will have a white listing process for brands and IP holders to go through for the approval of access. Network validators will vote on which parties have been approved to build on Chiliz Chain 2.0. Pelletier said that with this process Chiliz wants to ensure that the creators on the platform are verified and trustworthy and that there isn’t any “scammy tokenization”.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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