About Chiliz Chain

Chiliz Chain is 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 leading sports IPs.

Key features

EVM compatibility

Chiliz Chain is a fork of BNB Smart Chain (BSC), which is itself a go-Ethereum fork.

Hence, most of the EVM mechanisms, concepts, and binaries, including this documentation, are derived or inspired from the BSC and Ethereum ones.

As an EVM-compatible chain, Chiliz Chain will stay compatible with the Ethereum tooling, making it simple and easy for knowledgeable developers to build in the Chiliz Chain environment.

Proof of Staked Authority consensus

As a fork of BSC, Chiliz Chain relies on Proof of Staked Authority consensus (PoSA), which combines Proof-of-Authority (PoA) with Proof of Stake (PoS). This hybrid algorithm facilitates faster block times and reduced transaction costs but at the expense of decentralization.

This also means that Chiliz Chain 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.

PoSA encourages decentralisation and favours community governance. It also supports shorter block time and lower fees.

Limited number of validators

From that baseline of the EVM compatibility, Chiliz Chain introduces a system of 11 validators. The most bonded validator candidates of staking become the validators and start producing blocks.

Native token: CHZ

CHZ is the native token, which runs on Chiliz Chain, exactly the same way ETH runs on Ethereum.

This means that 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 and Ethereum,

  3. secure the network by staking or delegating it.

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