Crypto Venture Chiliz Unveils Public Testnet for Its Layer-1 Blockchain April 1, 2022 April 1, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsApril 1, 2022 by Kelly Cromley

Crypto Venture Chiliz Unveils Public Testnet for Its Layer-1 Blockchain

Chiliz, a cryptocurrency sports betting platform, has launched the Scoville testnet for its new layer-1 blockchain network Chiliz Chain 2.0. (CC2). Chiliz’s goal with CC2 is to create a second-generation blockchain that will aid sports and recreation companies in developing Web 3.0 apps.

These gamers will be able to develop decentralized finance (DeFi) apps, play-to-earn (P2E) games, and even more. Following the victorious debut of the public testnet, the company plans to deploy Chiliz Chain 2.0’s mainnet by the end of this year.

This will also represent a significant shift from the Binance Smart Chain to the current Ethereum-based blockchain. Chiliz created a reputation for itself in the bleeding, sports, recreation, and cryptocurrency sectors since its inception four years back. The Socios platform’s in-house coin CHZ has acted as the platform’s principal cryptocurrency. Max Rabinovitch, Chiliz’s chief strategy officer, also revealed specifics about the clearance procedure for participants. He also discussed the proof-of-stake (PoS) authority structure embedded with on-chain verification process.

Rabinovitch said:

“As the network expands, the count of validators will rise, and the charges will be large enough to be spread among so many validators. Furthermore, validators must be approved via our governance framework, which includes validators voting to accept any fresh validators. The number of $CHZ piled by every validator will determine voting weight.”

Users may now utilize the Chilliz Chain 2.0 mainnet to incorporate play-to-earn games, produce NFT collectibles, and start their unique fan token projects autonomously, thanks to the introduction of the Chilliz Chain 2.0 mainnet. They can also create loyalty schemes, DeFi apps, and a variety of other things. Chilliz’s current CHZ token will be linked to the fresh chain. In sports and entertainment, CHZ has risen in importance as a fan token. Rabinovitch also said that CHZ would be used as a token within the game.

Chiliz will also reward CHZ holders with functionalities such as coin staking on the proof-of-stake authority (PoSA) platform. The best part is that Binance Chain is interoperable with the Ethereum Virtual Machine (EVM), allowing for a seamless transfer. It also features cheaper transaction costs and a better processing efficiency than Ethereum.

Chiliz Chief Technical Officer Thibaut Pelletier stated that the blockchain does not need to be built from the ground up. He went on to say that the BNB Chain satisfies all of their standards. Chiliz will also team up with Ankr, a Web3 infrastructure vendor with a heavy concentration in the BNB Chain Ecosystem.

Brands and IP holders will have to undergo a white listing procedure to enter Chiliz Chain 2.0. Validators on the network will decide on which entities are allowed to develop on Chiliz Chain 2.0. Chiliz aims to guarantee that the artists on the network are vetted and reliable, and that there is no “scammy tokenization,” according to Pelletier.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.