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While it is public knowledge that a lot of cryptocurrencies lack a true purpose behind them every once in a while I stumble across one that really seems to have found a niche. A few years ago I discovered the Socios.com app when it first launched and have slowly kept up with the additions as well as buying some Fan Tokens and earning some Chiliz (CHZ) the cryptocurrency it runs on. Last year it was announced that after focusing on Europe growth the development team was going to push into North America.
The Chiliz network powers the Socios.com app and is based on the BINANCE Smart Chain (BSC). By doing this it allowed the network fees to remain low at all times and even for some trades for you to get a rebate! Since the fees were always low and the transaction speed was pretty fast it never dawned on me that they might alter anything with the chain. I also recently started a new job so I was really behind the 8-ball when it came to the blockchain revamp and how intense it is!.
Who Have They Partnered With
When looking at scalability solutions there are a couple of names for companies/organizations to chose from. One of the larger and more well known groups being Ankr the team that was chosen! I ran across Ankr a few months ago on COINBASE as it was one of their Earn coins. Ankr is aiming to help solve one of the biggest needs that any and all blockchains run into. They offer a multi-chain tool kit to help provide and increase Web 3.0 and blockchain compatibility. This helps not only different development teams better scale their operation but it also helps the blockchains by helping them scale and interact with each other. The partnership actually goes beyond just helping create version 2 of the Chiliz blockchain as Chiliz and Ankr are also forming Chiliz Lab which will serve as an accelerator program to incentives projects looking to harness blockchain in the sports and entertainment realm.
What to Expect
When this 2.0 version launches it is going to bring with it a whole slew of new functions that previously did not exist but were highly requested! Yesterday when I wrote about the announcements and updates that the Chiliz/Socios.com team had announced several people were really skeptical about how the new chain was going to protect intellectual property (IP) holders and customers. While the ways this can be done are numerous one of if not the biggest ways it but leveraging things like logos, items, and many other various things that teams and entertainment brands would have trademarked. By doing this this protects the customers by giving them an authorized market to shop at. Could and will be make things in violation of IP laws yes but that already happens at a crazy scale in the real world.
Other features that are long long awaited include the ability to stake! This is great as we have seen Europe and other countries become increasingly concerned with Proof of Work so moving or at least beginning to move to Proof of Stake is fantastic and gives hodlers a great way to create passive income! It will also be EVM compatible giving users backwards compatibility to both Ethereum and Solidity blockchains. While the gas fees on Ethereum are still high we have seen signs of them falling and I love having the ability to move an asset between chains! Like the first version the 2.0 version will also have amazingly low gas fees! They are aiming to have fees that are 500x lower than Ethereum which if they can accomplish will be fantastic to see!
Final Thoughts
The coolest part of this whole launch to me is that the team is letting the community name the 2.0 version of the Chiliz blockchain! Tomorrow they will publish a list of the top 10 and from these the community will be able to vote on their favorite! This is pretty unique and I have not run across any other blockchain doing this before so I love to see this kind of community engagement. Hopefully they are still able to roll out the public beta version in the first quarter of this year like they plan to do!
Please know I am not a financial advisor I am just someone who picked up on a trend and wanted to express it! Makes sure you always do your own research and never invest money you cannot afford to lose! If you enjoyed this article and would like to further support me below are a couple of referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_
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