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Chiliz: connecting sports and events organizations with their fans

Up until now, decision making at professional sports and entertainment companies has happened largely behind closed doors. With shareholders and a board of directors to account to, the front office of the world’s top sports and entertainment organizations have traditionally made strategic decisions to appease internal stakeholders. As fans, it can be frustrating to watch your favourite sports team head down a path you know won’t pay off.

In the past, all you could do in this situation was shake your head, grab your gear, and cheer on your team despite their objectionable decisions. Luckily, the days of disconnect between fans and the organizations they love have come to an end.

Socios.com is a platform that leverages blockchain technology to connect fans with the world’s top sports and entertainment organizations, giving you the ability to add your voice to the decision-making table at your favourite organizations.

Developed by the Malta-based blockchain startup Chiliz, Socios.com is the home of the Chiliz Token– a multi-faceted ERC-20 token that promotes a deeper engagement between fans, sports teams, and entertainment organizations. With clubs like FC Barcelona and AC Milan already on the platform, fans and teams alike are flocking to Socios.com

Chiliz was founded in 2018 with the aim of building out the world’s first blockchain-powered fan engagement and rewards app. The developers at Chiliz identified the sports segment as containing young, well educated, and relatively affluent consumers who know their way around digital technologies.

Sensing the demographic crossover between sports fans and crypto early adopters, Chiliz developers raised $66 Million in venture funding to build a platform that could cater to non-technical consumers and offer the flexibility to host a multitude of organizations.

How Does It Work?

Screenshot Socios.com

When an organization decides to join the Socios.com platform, it can initiate a Fan Token Offering (FTO). Upon registration, the organization can decide on a token ticker, set the token’s price, and initiate the FTO. Once the FTO begins, fans of the organization can purchase coins using the Chiliz token on a first-come, first-served basis.

After Fan Tokens have been sold out, fans can stake their tokens to vote in key organizational decisions. Decisions can range from uniform designs, event locations, or even in-match lineups.

In the event that fans retain unused tokens, Socios.com gives users the chance to buy, sell, or trade tokens via their P2P Marketplace.

All of this has been made possible by the smart-contracts functionality of the Ethereum blockchain. By casting votes on the blockchain, fans can rest assured that their votes will be counted by a transparent, decentralized system impervious to vote tampering.

To prevent delays resulting from high traffic on the ERC-20 network, votes are routed through sidechains, ensuring speed and scalability.

Since its inception in 2018, Chiliz has been a pioneer in connecting fans and the organizations they love. At the time of writing, teams such as FC Barcelona, Paris St. Germain, and AC Milan have joined Socios.com to engage more deeply with their fans.

Having already generated $30 Million in revenue from the platform, Chiliz has grown to employ nearly 100 staff working from offices around the world. As the user and partner networks of the Socios.com platform grows, Bitcoin.com Exchange invites you to start trading the one-of-a-kind Chiliz Token.

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