Chiliz launched in October 2018 on the Ethereum mainnet.

CHZ is available on several blockchains, such as Ethereum, Binance Smart Chain and Tron. Fan tokens are minted on its Socios [sidechain](https://coinmarketcap.com/alexandria/glossary/side-chain) with a proprietary crowd control mechanism, so fans are in a protected environment and vote only in publicly audited polls. The sidechain uses a [proof-of-authority](https://coinmarketcap.com/alexandria/glossary/proof-of-authority-poa) consensus mechanism. Proof-of-authority is mostly used by private organizations that have closed blockchains and only users within its ecosystem participating. It is less decentralized than other consensus mechanisms but is easily scalable and highly secure, making it the ideal choice for a sidechain. The CHZ token has been [audited by Certik](https://www.certik.org/projects/chiliz).

The total supply of CHZ is 8.8 billion, minted at its launch in October 2018 and distributed to early contributors with no public sales beyond what was made available through exchanges. The token distribution is as follows: 15 % – Strategic Acquisitions 5% – Team 7% – Seed investors 3% – Advisory board 15% – Marketing 20% – Userbase reserve 34.5% – Token sale Initially, CHZ launched as [ERC-20](https://coinmarketcap.com/alexandria/glossary/erc-20) token, but it was later also designed to be [BEP-2](https://coinmarketcap.com/alexandria/glossary/bep-2-binance-chain-tokenization-standard) compatible, owning Binance Launchpool’s role in releasing fan tokens as part of a strategic partnership. CHZ is also available as [TRC-20](https://coinmarketcap.com/currencies/tron/) token on the Tron blockchain.

Every sporting organization using the Chiliz technology has a limited supply of fan tokens that are offered at an initial FTO (fan token offering). These tokens are offered on a first-come-first-serve basis, with the opening price and fully diluted market cap disclosed by Chiliz beforehand. The native CHZ token is used to purchase fan tokens and acts as the platform’s internal currency. Fans can then vote on the Socios platform with their fan tokens, a process made possible using [smart contracts](https://coinmarketcap.com/alexandria/glossary/smart-contract). Clubs determine the amount of influence fans have. Decisions can range from new jersey designs to deciding team matchups in exhibition games. Chiliz pioneered direct participation for average sport fans in the decision-making process of clubs and organizations. The company is constantly creating new ways for fans to engage, with the establishment of the Chiliz Blockchain Campus, a privately-owned crypto incubator focused on accelerating blockchain technology adoption across Asia and Europe as an example. The company estimates to be at about 10% of its potential, despite the fact that it will likely have 80-100 teams as a part of its network by the end of 2021.

Chiliz was founded by Alexandre Dreyfus, its current CEO. Dreyfus has over 20 years of experience founding and growing web-based companies. For instance, he developed Webcity, an interactive travel guide, and Winamax and Chilipoker, both online poker projects, before founding Chiliz in 2017. His explicit goal with the company is to “work harder than ever on our mission to fully establish Fan Tokens as the ultimate fan engagement tool and as a powerful new revenue generator for the sports industry.” This has been highlighted in the aggressive expansion of fan tokens that have seen numerous European football powerhouses, but also smaller clubs sign on.

[Chiliz](https://coinmarketcap.com/currencies/chiliz/) is the leading digital currency for sports and entertainment by the eponymous Malta-based FinTech provider. It operates the blockchain-based sports entertainment platform Socios, which enables users to participate in the governance of their favorite sports brands. Multiple [fan tokens](https://coinmarketcap.com/alexandria/article/what-are-fan-tokens) by [Socios.com](https://www.socios.com/) are an example of that. For sports clubs and associations, fan tokens offer a way of connecting with their fans and unlocking new revenue streams. For instance, fans can participate and influence club-related decisions through surveys and polls, such as messages the captain should wear on his armband. The company aims to bridge the gap between being an active and a passive fan. Chiliz has developed partnerships with some of the biggest sporting institutions in the world: [FC Barcelona](https://coinmarketcap.com/currencies/fc-barcelona-fan-token/), [Manchester City](https://coinmarketcap.com/currencies/manchester-city-fan-token/), [Juventus Turin](https://coinmarketcap.com/currencies/juventus-fan-token/), and [Paris Saint-Germain](https://coinmarketcap.com/currencies/paris-saint-germain-fan-token/). It also boasts partnerships with the UFC and gaming organizations. By purchasing CHZ, fans get access to various fan tokens and literally have a stake in their club.