Fan Token Chilly’s Releases Its Own Layer 1 Blockchain ─ CHZ rises 20% immediately after announcement | coindesk JAPAN | Coindesk Japan

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.

CHZ price movement for the last 7 days (CoinDesk)

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
｜Image: CoinDesk
｜Original: Fan Token Project Chiliz Rolls Out Layer 1 Blockchain, Token Surges 20%