Socios (Chiliz)
Socios is a blockchain-enabled sports entertainment platform designed in the form of a mobile application. Socios works by allowing users to purchase CHZ — Chiliz' native token — which can then be exchanged for Fan Tokens that correspond to their favorite sports teams. By owning Fan Tokens, holders get access to exclusive rewards and the ability to vote in polls that influence team decisions like, for example, uniform designs. This model incentivizes users to buy CHZ, thus helping the Chiliz platform sustain long-term growth.
Fan Token (Chiliz)
A Fan Token is a specialized token that runs on the Chiliz protocol that represents specific sports teams. Fan Tokens were created in unison with Chiliz' all-in-one rewards-based mobile application, Socios. Fan Tokens give Socios users the ability to vote on the proposals involving particular sports teams, such as design changes to uniforms, team matchups, and more. Socios voting is enabled via smart contracts that execute on the Chiliz blockchain. To obtain Fan Tokens, users must first purchase Chiliz (CHZ) tokens which can be exchanged to and from different Fan Tokens.