About Chiliz Chain
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Chiliz Chain aims to build a secure online community focused on sports and entertainment.
Our prime objective is to create a web3 ecosystem focused on the Sports and Entertainment industry where stakeholders are able to build web3 experiences within a secure network-effect-driven community.
With Chiliz Chain, you can access global brands and leverage a huge existing partner of sports and entertainment properties to create something special.
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.
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 , Parlia:
Blocks are produced by a limited set of validators.
Validators take turns to produce blocks in a PoA manner, similar to Ethereum's Clique consensus engine.
Validator sets are elected in and out based on the staking governance on the Chiliz Chain.
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.
From that baseline of the EVM compatibility, Chiliz Chain introduces a system of 13 validators. The most bonded validator candidates of staking become the validators and start producing blocks.
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:
pay gas to deploy or invoke smart contract,
perform cross-chain operations, such as transfer token assets across Chiliz Chain and Ethereum,
secure the network by staking or delegating it.