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- Just a few hours ago, Chiliz, an organization specializing in sports fan tokens, made an announcement regarding the release date of its new blockchain.
- This latest blockchain will be concentrated on entertainment and web3, mobilizing persisting fan tokens as well as ones to be launched in the future.
- Talking about technical specifications regarding this network, Chiliz elaborated that this is going to be an evolution of BNB having compatibility with EVM.
The ChilizChain 2.0
The final phase for qualifying for Football World Cup Qatar 2022 has already started, and Chiliz, an organization specializing in fan tokens, is bracing itself to live up to this grand competition.
Just hours ago organization made an announcement regarding the release date of its ChilizChain 2.0 test network, an upgrade of its persisting blockchain, which functions under the proof of authority algorithm. On 31st March, the latest network will come into the spotlight.
In this latest blockchain concentrating around entertainment and Web3, mobilizing of persisting fan tokens (Argentina, Juventus, FC Barcelona, PSG, among others) and upcoming fan tokens can be conducted.
The latest blockchain, dubbed ChilizChain 2.0, will contain the Chiliz token (CHZ) as its indigenous crypto asset, which is functional on persisting Chiliz blockchain as well as on Ethereum.
Regarding technical specifications on the network, Chiliz elaborated that this will be an evolution of the Binance Smart Chain, which will share compatibility with EVM.
Network fee will be paid in indigenous token CHZ, and payments are approximate to be 500X cheaper than in ETH.
The network will be concentrated on the world of sports and entertainment, thus enabling the evolution of socios(dot)com.
As per its founder, Alexandre Dreyfus, with a robust base offered by Ankr, ChilizChain 2.0 contains the potential to become a groundbreaking blockchain, which will have a profound influence, not just in the blockchain sector, but across the entire blockchain scenario, entertainment, and sports.
It is worth noting that this release will be a testnet. This is a preliminary launch of a blockchain network, to assess steadiness, performance, and other parameters. These networks generally coexist with the ultimate network once they are launched, for constant betterment testing.
Even though this is a declaration of the release of a testnet, investors in virtual assets took this news with astounding enthusiasm. CHZ token has witnessed an escalation in its value of over 10% on 25th March, surpassing USD after remaining sideways for numerous days around the fiat.
Chiliz Onboards Web3 Boat
Alongside metaverse, Web3 is among notions that have yielded the majority of interest in recent months. Ti aims to shift the way folks makes interact with various websites, making efforts to create a more decentralized web, where wallets may become new tools for login.
This interest has backfired inside the entertainment sector, where Socios(dot)com have always concentrated their functioning.
As of now, ETH dApps work, partially, under this notion of web3. Since Chiliz blockchain will back EVM tech, it will back EVM tech, it will become possible to develop several Decentralized Applications, involving DeFi protocols in ChilizChain 2.0.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
