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Chiliz, a popular crypto project that focuses on the sports and entertainment industry, recently announced the launch of a new Scoville testnet for its new blockchain network. The new network, called Chiliz Chain 2.0, or simply CC2, will pursue the introduction of Web3 capabilities in high-profile entertainment and sporting firms and groups.
This might include the creation of fan tokens, NFTs, or the development of DeFi applications, and even P2E games, developed in the crypto industry’s newest and most popular technological trend — the metaverse.
In addition to that, Chiliz believes that the blockchain industry has a wide variety of various apps, programs, and services that can be used to improve the sports and entertainment sector. As a result, it will also pursue those avenues using its new CC2 blockchain.
How does Chiliz work?
Chiliz is a project that was originally launched back in 2018, so at this point, it has been working on achieving its long-term goals for years. The goal is to become the leading digital asset for the sports industry and sporting engagements. To that extent, the project launched a platform that its fans can use, called Socios.com. Meanwhile, its native cryptocurrency, CHZ, is the coin that is being used for interactions with the platform.
The project’s chief strategy officer, Max Rabinovitch, revealed some specific details regarding the process of stakeholder approval. He said that the number of validators will grow over time, alongside the project’s own ecosystem. Furthermore, he said that the fees are significant enough to be shared across multiple validators.
However, in the spirit of decentralization, validator approval has to go through the project’s governance process. In other words, existing validators will participate in the voting that will approve or reject new validators. As for the voting power, it will depend on how much CHZ was staked by the existing validators.
Details about the new testnet
Regarding its new testnet, the project has had an elaborate roadmap that it followed to the letter through all of its six phases of development. Each iteration’s title was aligned with the brand ethos.
The company’s plan for CC2 is to turn it into the protocol foundation of a Web3 development ecosystem. Naturally, it will still focus on the needs of entertainment and sports organizations, sticking to the project’s long-term goal. The project also has a vision regarding growth in engagement and use cases of its coin, CHZ, for both fans and developers.
— Chiliz ($CHZ) – Powering Socios.com ⚡ (@Chiliz) March 31, 2022
So far, Socios.com was the only way for CHZ to actually serve the community, but thanks to CC2, this will no longer be the case. In a way, CC2 is not unlike Binnace’s BSC. It is the project’s second blockchain, meant for development, following the current trends, and using them in a way that will allow the project to progress further down its path.
That does not mean that Socios.com did not do a good job, however. The platform has entered over 130 partnerships with major established organizations, and even individual sports stars. However, Chiliz is dreaming even bigger than that, and this is a way to turn those dreams into reality and allow its platform to take the next step.
As for CHZ itself, it is currently the 67th largest cryptocurrency based on market cap, with a price of $0.2744 at the time of writing. The token’s price dropped by around 10% in the last 24 hours, as the correction took over the crypto industry, following nearly two consecutive weeks of price growth.
To learn more visit our Investing in Chiliz guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.