How to Buy Chiliz (CHZ )

Chiliz is the world's first cryptocurrency dedicated to sports fans. Socios is the platform that works with this cryptocurrency. Sports clubs can create Fan Tokens on this platform, and their fans can buy tokens with their favorite sports club's logo to show their support. They also can trade the tokens with others. The Fan Tokens show interest in a particular sports team, especially football clubs. The platform was launched in December 2019. The first sports partner to this platform was the Italian soccer team of Turin.

The official token of Chiliz, called CHZ, is an ERC-20 token launched in 2018. CHZ is used on the Socios platform to purchase fan tokens. The CHZ holders can select their favorite sports team on this platform and vote for them. Generally, each team may create different polls or ask questions about the changes they want to do to their logo or the design of their clothes. CHZ tokens can be used by fans to participate in these polls and surveys to influence the future of their teams. The total supply of CHZ is limited to 8.8 billion tokens.

Most of the cryptocurrencies use Proof-of-Stake or Proof-of-Work consensus to secure their platform. The Chiliz secures its fan tokens by using the Proof-of-Authority mechanism, which acts differently compared to the previous mechanisms. The PoA algorithm is used by networks that want to be more scalable. It works with a smaller number of approved verifiers to guarantee nothing happens during the process of buying a fan token. In the case of its token, CHZ is as secure as its platform. However, you should buy it from a trusted exchange and keep it in a safe and protected wallet to prevent any hacks.

CHZ is used on the Socios platform by sports fans. They usually use this token to purchase NFTs, which are the particular token with their famous sports team logo. They can play a role in the decisions of their favorite team by voting on different polls. The more sports team participate in this platform; the higher the value of its digital asset may be. Furthermore, you should transfer your coins to your account in the Socios platform to be able to use them for the mentioned operations.

The other option you have after buying CHZ is to keep it as an investment, which is a risky job. Because no one can guarantee that Chiliz is a good investment or may have a higher value in the future. Therefore, you should check different factors, read the analyses about this coin, then decide on buying it. Furthermore, as a beginner, it is always recommended to start with a limited amount of money and have an exit point for your investment to reduce the risk of loss.