The Chiliz utility cryptographic token that drives the Socios.com network is unlike other coins. It was not immune to the steep drops that rocked many top cryptos over the weekend.
In actuality, it merely accelerated the downward trend. This is with the price falling by more than 50% between November 25 and December 6. Today’s (7 December) small comeback has seen it claw back 7%.
CHZ, an Ethereum-based coin, intends to empower sports and esports fans by utilizing both cryptocurrency and blockchain-backed fan platforms as tools. This turns them from passive viewers to involved influencers.
The Socios platform, driven by the Chiliz (CHZ) Token, offers fans a direct vote on what sports and esports entities they want to fund.
A new type of application of this scalable, blockchain-based fan token purchase and supply infrastructure is the secure provision of tokenized voting rights. It is therefore carried out on the platform via smart contracts.
The Key Benefits of CHZ
- Team management become an entertainment scheme in its own ability.
- Voting rights are turned into an exchange and re-trading experience.
- Real-word sports, esports teams and other partnered groups will be directly affected by every fan’s voting decision.
Alexandre Dreyfus, founder of the Socios platform desires to convert all 3.24bn gamers all over the world into team-connected influencers with decision-making skills instead of just being listeners.
This means that this fundamental form of engagement puts the fans in charge. Furthermore, the official Socios white paper described it as a worldwide sport and esports crow-control engine that is able to give voting rights to fans to be able to guide some of the chosen teams’ management and strategy decisions.
The Chiliz Coin
Under the Maltese Virtual Financial Assets Act, the Chiliz token is a simulated financial asset. Since Socios’ fan engagement platform is built from the ground up on top of the Chiliz blockchain infrastructure. It uses CHZ as the proprietary currency on the platform. When fans acquire Chiliz tokens, they are part of the community decision engine for the organization they have chosen to support. The more fully a team engages in a partnership with Socios, the stronger their proposition to engage with their fans becomes.
To get Fan Tokens, fans have to buy CHZ through the crypto exchange. These are limited tokens, digital assets that offer access to an encrypted record of voting ownership and membership rights.
Chiliz Price Prediction
Concerning the (CHZ) coin’s forecast price, Wallet Investor’s algorithm-based forecasting service gives an optimistic forecast. Wallet Investor, as per historical data, sees price increase to $0.695 in December 2022. Being that, it will reach $1.40 by December 2024, and to $1.76 by December 2025.
Cryptocurrency prices support, yet follow a slightly less bullish trend. Positive crypto forecast is CHZ, token forecast to reach $0.581 in 2022. Forecasting Service shows CHZ grows to $0.964 days in 2025 and finally reaches $1.49 in 2028.
Mircea Vasiu, Financial Analyst of Vantage Point Trading, stated that CHZ rose in 2021. In addition, price action will remain bullish unless it falls below the year’s key support area of $0.20. After the initial breakout in March 2021, the market formed a contraction triangle that acted as a reversal pattern. As a result, the peak acted as a resistance. Rising Wedge took charge of the move towards support, but now the top resistance is gone. Moreover, the market is consolidating above potential pennant resistance with a move measured at $0.80. The key resistance level for bullish momentum.
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