Chiliz, a platform for fan tokens, has now announced the launch of its own Layer 1 Ethereum Virtual Machine (EVM) compliant blockchain environment. This move was made to allow the network to continue to expand five years after its first launch. appearance.

The Chiliz fan token ecosystem has been powered by ERC-20 tokens that are based on Ethereum since the launch of the project. However, after the genesis block of the Chiliz 2.0 blockchain has been successfully validated, the community will switch to its own layer 1.

The new blockchain, which uses a network of 11 active validators and proof-of-stake authority consensus, is anticipated to result in shorter block times, cheaper fees, and reduced power consumption. These benefits will be obtained as a result of using a proof-of-stake authority consensus.

According to the documentation published by the project, Chiliz Chain 2.0 is a hard fork of BNB Chain. BNB Chain is a well-known option for Ethereum forks. This shows that the new layer 1 supports EVM, a feature that is intended to persuade decentralized app developers to build their apps within the ecosystem rather than outside of it.

Chiliz has become well known in the sports and entertainment fields thanks in large part to the success of the fan token app known as Socios. The platform works with some of the most successful teams and businesses in the sports industry to provide its users with the best possible experience. Some of the most prestigious soccer clubs in the world, such as Barcelona, ​​Paris Saint-Germain, Manchester City, Arsenal, and Juventus, are among the teams that use the platform to manage their fan tokens.

Non-Fungible Tokens (NFTs), Fan Tokens, and Web3-compatible tickets can be minted on the platform, making it useful for corporations, teams, and individuals. Additionally, users have the ability to create decentralized applications (DApps) by combining Web3-based experiences and products.