Chiliz launches public testnet for its new layer-1 blockchain

Focused on the sports and entertainment industries, the Chiliz Chain 2.0 blockchain network was birthed in collaboration with decentralized infrastructure protocol, Ankr.

Digital asset sporting project Chiliz has announced the launch of the Scoville testnet for the newly established layer-1 blockchain network Chiliz Chain 2.0, also known as CC2.

CC2 will seek to advance the Web3 capabilities of high-profile sporting and entertainment firms to create nonfungible tokens (NFTs) and fan tokens, construct decentralized finance (DeFi) applications and play-to-earn (P2E) games, as well as implement a range of programms and services for their community.

Founded in 2018 and headquartered in Malta, Chiliz has established itself as the leading digital asset for sporting engagement, with their native token, CHZ serving as the primary currency within the fan-orientated Socios.com platform.

Providing specific details on the process of stakeholder approval, as well as the on-chain validation mechanism proposed within the proof-of-stake authority model, Chiliz chief strategy officer Max Rabinovitch stated, “the number of validators will increase over time as the ecosystem grows and the fees are significant enough to be shared across more validators.”

“Approval of the validators must go through our governance process, with validators voting to approve any new validators. Voting power will depend on the amount of $CHZ stacked by each validator.”

Following successful implementation of a six-phase testnet roadmap — in which each iteration’s title is aligned with the brand ethos, and follows a chronological order based upon the chilli pepper Scoville scale — the Habanero mainnet launch is expected between Q3 and Q4 of this year.

CC2 WILL become the protocol foundation of a web3 development ecosystem geared around the needs of sports & entertainment organisations ️$CHZ pic.twitter.com/Nht0PqIzGf

— Chiliz ($CHZ) – Powering Socios.com ⚡ (@Chiliz) March 31, 2022

CHZ is currently ranked 66th in market capitalization ranking and priced at $0.284, at the time of writing. The asset reached an all-time high of $0.89 just over a year ago and has since contracted in relative parity with other assets in the market.

Speaking on the projects vision for the growth in engagement and utility of the CHZ token for both fans and developers amid a transition towards a more inclusive ecosystem, Rabinovitch revealed that “utility and fan engagement is achieved through fan tokens on Socios.com, where CHZ has existed as a medium of exchange, but thanks to CC2, Socios.com is no longer the sole steward of the Chiliz narrative”, and that “holders will be able to stake their CHZ allowing them to become active network participants.”

The Chiliz Labs accelerator program will also provide infrastructure services, technical assistance and funding grants to developers seeking to build on-chain applications upon the CC2 network.

Earlier this week, Socios.com announced the signing of footballing icon Lionel Messi as the company’s inaugural global brand ambassador. The deal was reportedly worth over $20 million and extends for an initial three-year period.

Having secured partnerships with over 130 established organizations from the footballing world, including Messi’s former boyhood club FC Barcelona, and his current outfit Paris Saint-Germain, Socios believe the acquisition could enrich worldwide opportunities for fan participation in their beloved game, as well as encourage greater engagement in digital asset experiences on their platform.

Rabinovitch candidly expressed his enthusiasm for the partnership by referring to Messi as the “greatest-of-all-time,” or the GOAT, a cultural accolade often attributed to the sports’ most esteemed players such as Pele and Diego Maradona, and more recently, Cristiano Ronaldo and Leo Messi. The debate on who the true GOAT continues is!

Today roughly 90% of our Twitter using employees spent 5 minutes+ each trying to figure out a more clever way to signal that we signed Messi, only to end up smashing the GOAT emoji & calling it a day.

— Max Rabinovitch (@Max_Rabinovitch) March 29, 2022