Chiliz, a public chain focusing on entertainment and sports, announced that it had produced a genesis blocks. It did this at 8:08 on February 8. Chiliz entered the era of Chiliz chain 2.0 (CC2.0) on February 8. This means that Chiliz will begin from the BSC fork chain and eventually connect with the EVM ecology. Chiliz will also deploy fan tokens and NFT solution, updating its brand image and signing Minjae Kim, a Korean football star, as its official ambassador. It will also explore other business models in entertainment and sports. The project will announce 10 startups that will be operating on the chain. These businesses include NFT ticketing and athlete-focused fan tokens as well as crypto infrastructure partners. Chiliz was founded by Alexandre Dreyfus, in Malta, in 2018. It began to work closely with many football clubs. The FTO (Fan Token Offering) model allows users to purchase tokens from relevant teams on Socios.com. This model was developed by Chiliz. The club can control the authority of token holders through smart contracts, everything from jersey pattern design to team daily governance.In the CC1.0 (Chiliz Chain 1.0) era, Chiliz’s operating model is highly centralized, and everything from IP authorization to platform governance is highly controlled by the project party, fully demonstrating its PoA (Proof of Authority) consensus mechanism.The focus of this CC2.0 (Chiliz Chain 2.0) update will shift from the PoA model to the PoSA (Proof-Of-Staked Authority) mechanism, and the Chiliz ecosystem will be open to developers, verifiers, and customers.Specifically, the technical update will include the following points:Compatible with EVM, Chiliz Chain 2.0 will maintain the adaptation with Ethereum development tools, so that the development of dApps can be seamlessly connected in the CC2.0 environment;
Chiliz Chain 2.0 will use the BSC fork model in order to reduce development. The development documents are compatible to BSC and Ethereum, such as Geth, which is the development tool interface.
Chiliz Chain 2.0 features 11 validators and a consensus system that supports shorter block verification time (PoSA), and lower gas fees.
Only authorized verifiers are allowed to submit blocks. Block submissions can only be made by authorized verifiers. CC 2.0’s governance will be centered around CHZ. The current governance plan is still being discussed. According to the official website, CC 2.0 could be a centralized governance structure. The Chiliz team is the only one who can propose it. After voting, the consensus will be decided by the nodes. Validators are the owners. A decentralized array consisting of 11 CHZ-staking nodes will be launched at the launch of an EVM-compatible chain. It will participate in whitelisting and proposing solutions. Only whitelisted entities are allowed to participate in the governance and development process. Officially, the Gas Fee for CC 2.0 is 200 times less than that of Ethereum mainnet. It can also support high TPS, achieving Layer 2 compatibility with Layer 1. CC 2.0 will also adopt more governance and on-chain pledges. In the current document, Chiliz divides the pledgers into two groups: Validators and Delegators.Validators: A node must be running and a large amount of CHZ locked into it for creating and validating blocks;
Delegators: Allowable to participate in the staking pools maintained by Validators with a smaller number of tokens, enabling communities that have less CHZ to take part.
It is important to note that the APR for the pledge reward has not been finalized and that there will be a high degree of centralization due to the lack of verification nodes. It remains to see if PoSA governance can really be realized. It will, of course, improve its mainnet speed, which will help it expand its market place. CC 2.0 will also support more asset models, native tokens, and specifically the following: Launched the CAP-20 (Chiliz Advanced Proposal) token standard. It is fully compatible with ERC-20 and will expand its usage scenarios, such as support for more synthetic assets, such as stocks and stablecoins.Gradually access more assets in CC 2.0. This update to CC 2.0 is not only a modification to its own mechanism, but also a celebration of its 5th year. Chiliz has accumulated enough IP resources to be a public chain in a particular field. The CC 2.0 upgrade demonstrates its restraint as well as radical side. Although it has not fully moved towards a decentralized technological architecture and governance model, it maintains a high level of Centralized operation capabilities to better link with brand/IP resources. Chiliz is still trying to figure out how to integrate the sports economy and fan tokens into blockchain technology. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comHaroldCoincu NewsTags: Chilizchiliz chain 2.0CHZEthereumEVMNFTPOAPoSA