CHILIZ Launches Layer 1 Blockchain for Sports and Entertainment Industry

Chiliz has announced the launch of the Scoville testnet for the newly established Layer 1 blockchain network Chiliz Chain 2.0 (also known as CC2).

Chiliz (CHZ) is a blockchain-based sports platform that aims to provide blockchain-based solutions for the sports industry and help fans participate in the token economy.

The Chiliz Chain 2.0 will focus on Web3 capabilities in the sports and entertainment fields, and build NFT and game-to-earn (P2E) games while accelerating the development of fan tokens and decentralized finance (DeFi) applications

Chiliz Chief Strategy Officer Max Rabinovitch explained that:

“Approval of the validators must go through our governance process, with validators voting to approve any new validators. Voting power will depend on the amount of $CHZ stacked by each validator.”

Chiliz Labs has also established an accelerator program to provide infrastructure services, technical assistance, and funding for developers building on-chain applications on the CC2 network.

The sports-focused digital trading platform has previously extended its entertainment services and partnered with renowned “big names” in the sports industry, notably FC Barcelona, ​​Juventus and Paris Saint-Germain among others. Not only are their $CHZ tokens used in soccer-related sports entertainment, but in May, Chiliz has also partnered with UFC.

Image source: Shutterstock