Chiliz, the blockchain-based sports token, has just validated the genesis block of its new layer 1 blockchain, according to a blog post. This new blockchain is EVM-compatible (Ethereum Virtual Machine) and will focus on non-fungible tokens (NFT), Play2Earn games, Watch2Earn sports events as well as live event ticketing payments.
The blockchain has a system of 11 active validators with PoSA (Proof of Stake Authority) consensus. This system is designed to support faster transactions, lower fees and lower energy consumption. Initially, only third-party developers approved by Chiliz will be allowed to deploy smart contracts.
The project will also announce up to 10 startups that will operate on the Chiliz chain. These businesses will range from NFT ticketing, athlete-focused fan tokens and crypto infrastructure partners. The chiliz token (CHZ), which currently has a market capitalization of $1.13 billion, is said to be the “fuel” for the newly-released blockchain. Token holders will receive rewards for staking (delegating) on the network.
The news of the new blockchain has been met with enthusiasm from the crypto community, with the token surging by as much as 20% in the minutes following the announcement. This is a promising sign for the project, and it will be interesting to see how the new blockchain develops in the coming months.