Chiliz, a blockchain technology supplier for the sports industry, has made two significant announcements. The Chiliz Ethereum Bridge is live, allowing users to transfer CHZ tokens from the Ethereum mainnet (ERC-20) to the Chiliz Chain (CAP-20). Second, Chiliz’s Chain mainnet is operational, a first-of-its-kind blockchain infrastructure for sports and entertainment.
We are thrilled to announce that the Chiliz Bridge is officially live!
We’ve got you covered with a step-by-step guide to help you migrate your $CHZ from Ethereum mainnet (ERC-20) to Chiliz Chain (CAP-20)👇
— Chiliz ($CHZ) – Powering Socios.com ⚡ (@Chiliz) May 10, 2023
The Chiliz’s Ethereum bridge needs users to hold CHZ tokens on both networks and enough Ethereum or CHZ to cover fuel costs. The Chiliz’s Chain mainnet is a Layer 1, EVM-compatible, proof-of-stake authority (PoSA) blockchain that introduces a system of 11 active PoSA node validators, including some of the most renowned brands in blockchain and, ultimately, major sports assets.
The Chiliz Chain will be the name of the new blockchain (2.0), whereas the Chiliz Legacy Chain will be the name of the previous blockchain (1.0). The Chiliz native token (CHZ), which serves as the network enabler for the new ecosystem, will be used to pay all fees on the Chiliz Chain.
Chiliz Chain & The Future Of Sports & Entertainment
The Chiliz team emphasizes that MetaMask is the only self-custody wallet accessible on the Chiliz’s Chain. Furthermore, the company plans to provide the ecosystem with new validators, commodities, and services. They also have other exciting additions planned in the coming weeks.
Chiliz Chain offers an EVM-compatible interoperable ecosystem with 11 active proof-of-stake authority (PoSA) node validators. This blockchain infrastructure will enable sports teams and brands to build products that encourage more direct engagement with their communities.
Moreover, the Chiliz team emphasizes that MetaMask is the only self-custody wallet accessible on the Chiliz Chain. The firm plans to introduce more validators, goods, and services to the ecosystem. Additionally, they will be making other interesting enhancements in the coming weeks.
In conclusion, Chiliz’s Ethereum bridge and mainnet launch are significant developments in the world of blockchain and sports. The infrastructure will deliver more direct engagement between sports teams, brands, and their communities by building Web3 products.
However, the live Chiliz Chain mainnet has expanded the use cases for blockchain technology for companies and sports teams. Watching them use it to improve the fan experience will be intriguing.