Why choose the Wigwam crypto app?
Work with Chiliz Testnets and Mainet
Buy Chiliz tokens, including native token, by using a credit card
Swap Chiliz-based tokens directly in the wallet
Possibility to connect the wallet to all Chiliz blockchain dAps: DeFi, DAO, Gamings, etc
How to get a Chiliz address in Wigwam web wallet
Create a wallet in Wigwam
Choose a Chiliz network from the dropdown menu
Copy you Chiliz address
Chiliz blockchain review
Chiliz is a blockchain platform that links entertainment enthusiasts with their beloved celebrities. Also, the Chiliz blockchain has transformed how fans take part in sports by encouraging participation in voting on club decisions through Fan Tokens.
Origin and Vision
Many football fans connect with their teams by visiting stadiums or watching games on television. However, to introduce a new approach, Alexandre Dreyfus launched the Chiliz blockchain in 2018. The chain powers Socios.com, a reward platform offering fan tokens to global sports audiences. It allows supporters to engage their favorite players and participate in club polls.
In 2018, Chiliz raised $66 million in private token sales and got listed on popular crypto exchanges like KuCoin and Binance. A large portion of that money went into the development of Socios, a reward and fan engagement application launched in 2019.
Three years later, the CHZ Chain mainnet 2.0 went live. It amassed 500,000 transactions and exceeded 100,000 wallet addresses within two months of its introduction.
What Consensus Algorithm Does Chiliz Blockchain Use?
Chiliz uses the proof-of-authority (PoA) algorithm to confirm transactions and verify tokens on the Socios app. The consensus relies on a small group of trusted and pre-approved authority nodes to facilitate cross-chain communication and validate transactions. In PoA, validators are chosen based on reputation, network rules compliance, and participation in the chain’s staking governance.
How Chiliz Technically Solved Problems with Scalability, Decentralization, and Speed
To successfully solve versatility, decentralization, and speed issues, the Chiliz blockchain uses the proof-of-authority (PoA) consensus algorithm. It scales the network through validators that confirm blocks in a controlled environment. This significantly reduces block confirmation time, ensuring high transactional throughput.
Also, this mechanism encourages active participation in network governance from the broader community to decentralize the network.
DeFi Ecosystem on Chiliz
Chiliz currently lacks DeFi apps but aims to merge decentralized finance with the passion for sports. It's developing the SportFi ecosystem to integrate finance with entertainment and enhance the connection between brands and fans.
Chiliz NFTs Marketplaces
The Chiliz NFT ecosystem offers platforms to create, buy, and sell artworks seamlessly. Users should consider exploring Socios and TOPGOAL.
Teams can create innovative artworks and sell them through Socios during live matches. Also, TOPGOAL is a football metaverse home to licensed digital collectibles. It is possible that in the future Chiliz will be used to create blockchain based event tickets.
Tokenomics and Gas Usage on Chiliz
The Chiliz blockchain allows users to pay gas fees using its native CHZ token. The use cases are as follows:
- Low Transaction Fee: Users pay fees for transactions on the network using CHZ token.
- Staking: Users stake CHZ tokens to qualify as pre-approved and trusted validators
- Governance: Users can vote on platform decisions by staking CHZ tokens.
Chiliz is a next-generation blockchain designed to connect sports franchises with fans globally. Its ecosystem allows supporters, sports teams, and celebrities to interact seamlessly.
The gas fee for this high-performance blockchain is CHZ tokens.
Users can view Chiliz wallet activities through many blockchain explorers. Chiliscan and Chiliz Legacy Chain Explorer are easy-to-use examples for beginners.
Users can view the CHZ price, block, and transaction history through the Chiliscan Explorer.
Chiliz Legacy Chain Explorer lets users view the daily price and market cap with block and transaction history information.
This blockchain is compatible with multiple cryptocurrency wallets, and some of them include the following:
- Wigwam crypto wallet app
- Alpha Wallet
- Bitget Wallet
- MetaMask Wallet.
To download the MetaMask application, visit the official website and click “Add to Chrome.” Read and accept the disclaimer, then add the extension. Create a wallet with a password, and watch the wallet security video. Then, select the lock icon to reveal the Seed Phrase, note it down, click “Next,” arrange it correctly, and click “Confirm.” Finally, click on done, and your wallet is ready.
The notable projects in this ecosystem are mainly in the NFT sector, with upcoming developments in DeFi. The blockchain is working on the SportFi ecosystem to seamlessly blend finance with entertainment. However, Socios is an NFT platform for beginners or experienced users to create and trade artworks. Also, TOPGOAL is transforming the sports world with web3 solutions.