Main navigation

Chiliz 2.0 Set to Debut, CEO Shares Excitement for New Features

Fri, 01/27/2023 - 13:02
article image
Tomiwabold Olajide
Alexandre Dreyfus highlighted several features new chain will present
Chiliz 2.0 Set to Debut, CEO Shares Excitement for New Features
Cover image via

Disclaimer: The opinion expressed here is not investment advice โ€“ it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

Socios and Chiliz CEO Alexandre Dreyfus has taken to Twitter to share his excitement over the imminent launch of Chiliz 2.0.

"The launch of Chiliz Chain 2.0 - a curated blockchain for the sports and entertainment industry is coming," he wrote.

Dreyfus highlighted the several features the new chain would present: "staking, DEX, whitelisting, new NFT standard, memorabilia certification, fan tokens, and much more ... with the help of 150 sports teams and a 2+ million user base."

On Jan. 25 of this year, Chiliz announced the launch of the Spicy Testnet, a new testnet meant to improve the overall security and performance of the blockchain. It highlights the possibility of a hard fork in achieving this stated aim.

According to it, the Spicy Testnet would be the last major upgrade before the launch of the Chiliz Chain 2.0 mainnet. In the long run, Spicy Testnet will eventually replace Scoville Testnet, which was introduced in March 2022 when the initial announcement of the Chiliz chain 2.0 was made.

Additionally, it states that the Scoville and Spicy testnets will run in parallel for the time being. However, the Spicy Testnet is recommended for developers to use because it will be updated to directly reflect the new Chiliz Chain 2.0 blockchain.

More on Chiliz Chain 2.0

As stated in a blog post, Chiliz Chain 2.0 would allow sports and entertainment brands to mint NFTs and fan tokens, build DeFi products and Play2Earn games and create events, loyalty and merchandising programs.

The CHZ token will fuel the new blockchain, representing a significant shift in the CHZ utility from the in-app currency of Chiliz's Socios platform to the network enabler of Chiliz's new ecosystem.

Massive Chiliz (CHZ) Transfers Spotted in Recent Hours, Here's Destination

Developed in collaboration with Ankr, Chiliz Chain 2.0 is EVM compatible and adopts a PoSA (proof-of-stake authority) model.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.