Chillies (CHZ), which allows fans to own blockchain-based tokens tied to sports teams, has announced in a blog post that it has verified a new Layer 1 blockchain generating block.
The Chillies Blockchain is EVM (Ethereum Virtual Machine) compatible and is reportedly focused on NFTs, Play-to-Earn games, Watch-to-Earn sporting events and live event ticket payments.
The blockchain employs 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 Chillies-approved third-party developers will be able to deploy smart contracts.
The project will announce up to 10 startups operating on the Chiliz chain, including NFT ticket sales, athlete-specific fan tokens, and cryptocurrency infrastructure partners.
With a market capitalization of $1.13 billion, CHZ is said to be the “fuel” for newly public blockchains. Token holders can be rewarded for staking on the network.
CHZ jumped 20% in the minutes after the announcement was made.
｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Original: Fan Token Project Chiliz Rolls Out Layer 1 Blockchain, Token Surges 20%