Chiliz launches layer-1 blockchain to expand fan token ecosystem

cointelegraph.com:

Five years on from its inception, fan token platform Chiliz has launched its own layer-1 Ethereum Virtual Machine (EVM) compatible blockchain ecosystem to support its growth.

Chiliz’s fan token ecosystem has long been powered by Ethereum-based ERC-20 tokens, but the validation of the Chiliz ‘2.0’ Blockchain genesis block sees the ecosystem shift to its own layer 1. 

The new blockchain uses a system of 11 active validators with Proof of Stake Authority (PoSA) consensus, which is touted to provide faster block times, lower fees and energy usage. 

According to the project’s documentation, Chiliz Chain 2.0 is a hard fork of BSC which itself is a go-Ethereum fork. This means that the new layer-1 is EVM compatible, which is aimed to attract DApp developers to build within the environment.

Chiliz has made waves in the sport and entertainment space through its fan token app Socios.com. The platform works with some of the biggest teams and brands in the sporting world, with major football teams like Barcelona, PSG, Manchester City, Arsenal and Juventus making use of its fan token platform.

Related: Socios boss’ goal? To knock crypto out of the park

The platform allows brands, teams and individuals to mint nonfungible tokens (NFTs), fan tokens and Web3-ready tickets as well as develop DApps and Web3 based experiences and products.

Cointelegraph spoke to Socios CEO Alexandre Dreyfus back in November 2022 at Web Summit in Lisbon about the upcoming launch of the Chiliz ‘2.0’ Blockchain. As he explained, the Chiliz chain already existed but was deliberately kept as a private ecosystem. At the time, it had over 1.7 million wallets that participated in the issuance, minting and trading of fan tokens.

The launch of Chiliz ‘2.0’ marks the