Chiliz Chain 2.0
Chiliz Chain 2.0 is set to become a more open & interoperable successor of the current Chiliz Chain. The goal of Chiliz Chain 2.0 is to be the leading blockchain for enterprise-level sports and entertainment brands that want to create a Web3 ecosystem where stakeholders can build Web3 experiences within a secured network-effect-driven community. Any developer interested in exploring the potential of Chiliz Fan Tokens has a chance to utilise the existing massive network of over 150+ leading sports IPs. As an EVM-compatible chain, Chiliz Chain 2.0 will stay compatible with the Ethereum tooling, making it simple and easy to build in the CC2.0 environment.
Chiliz Chain 2.0 is a fork of BSC (which is a go-Ethereum fork). Hence, it is needless to say that most of the tooling mechanisms, concepts, and binaries, including the documentation are hugely derived from the BSC and Ethereum. Using Geth as a CLI is one of them.
From that baseline of the EVM compatibility, Chiliz Chain 2.0 introduces a system of 11 validators with the Proof of Staked Authority (PoSA) consensus that supports shorter block time and lower fees. The most bonded validator candidates of staking then become the validators and start producing blocks. Moreover, the double-sign detection and other slashing logic further guarantee security, stability, and chain finality.
- a successor of the Chiliz Chain
- a self-sovereign blockchain. It provides security and safety to the elected validators
- compatible with the EVM. It supports all the existing Ethereum tooling along with faster finality and reasonable transaction fees
- a distributed system with on-chain governance. Proof of Staked Authority brings in decentralisation and community participation. As a native token, CHZ serves both; the gas of smart contract execution and tokens for staking
- allows interoperability with Ethereum Mainnet and other chains in the future
Although the Proof-of-Work (PoW) has been approved as a practical mechanism to implement a decentralised network, it is not friendly to the environment and requires a large size of participants to maintain security.
Proof-of-Authority (PoA) provides some defence to 51% attacks with improved efficiency and tolerance to certain levels of Byzantine players (malicious or hacked). The POA protocol, on the other hand, is mostly criticised for not being as decentralised as PoW, since the validators have all the authority and are prone to corruption and security attacks.
Other blockchains, such as EOS and Cosmos both have introduced different types of Deputy Proof of Stake (DPoS) to allow token holders to vote and elect the validator set. It encourages decentralisation and favours community governance.
To combine DPoS and PoA for consensus, Chiliz Chain 2.0 heavily inherits the following from the BSC consensus mechanism, Parlia:
- 1.Blocks are produced by a limited set of validators.
- 2.Validators take turns to produce blocks in a PoA manner, similar to Ethereum's Clique consensus engine.
- 3.Validator sets are elected in and out based on the staking governance on the Chiliz Chain.
- 4.Parlia consensus engine interacts with a set of system contracts to achieve a liveness slash, revenue distribution, and the validator set renewal function.
CHZ is the native token, which will run on Chiliz Chain 2.0, exactly the same way ETH runs on Ethereum. This means CHZ can be used to:
- 1.pay gas to deploy or invoke smart contract
- 2.perform cross-chain operations, such as transfer token assets across Chiliz Chain 2.0 and Ethereum
- 3.secure the network by staking or delegating it