Chiliz has announced the launch of the Scoville testnet for the “Chiliz Chain 2.0,” or CC2, a freshly developed layer 1 blockchain network. The digital sports project believes CC2 will become the protocol foundation of the web3 development ecosystem.
CC2 will work to improve high-end sports and entertainment organizations’ Web 3.0 capabilities by developing non-fungible tokens (NFTs) and fan tokens, developing decentralized finance (DeFi) applications and play-to-earn (P2E) games and implementing a number of programs and services for its community.
Chiliz Chief Strategy Officer Max Rabinovitch explained the stakeholder approval process and the proposed on-chain validation mechanism within the Proof of Stake Authority model, saying that “the number of validators will increase with time as the ecosystem grows and fees become significant enough to be shared among more validators.”
“Approval of validators must go through our governance process, with validators voting to approve any new validator. voting power will depend on the amount of chz held by each validator.”
The launch of the Habanero mainnet is expected to take place between the third and fourth quarters of this year, following the successful implementation of a six-phase roadmap in the test network – in which each iteration’s name is aligned with the brand’s spirit and follows a chronological order based on the Scoville chili hotness scale.
About Chiliz and the CHZ token
Chiliz, which was founded in 2018 and is based in Malta, has established itself as the leading digital asset for sports interaction, with its native token, CHZ, serving as the principal currency on the popular Socios.com website.
The CHZ coin is presently ranked 66th in terms of market capitalization, with a price of $0.284 as of this writing. The asset reached an all-time high of $0.89 a little more than a year ago but has subsequently dropped behind other market assets.
Rabinovitch explained that “fan utility and 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 administrator of the Chiliz narrative,” and that “holders will be able to block their CHZ, allowing them to become a Chiliz developer.”
Developers that want to build on-chain apps on top of the CC2 network will be able to access infrastructure, technical advice, and money through the Chiliz Labs accelerator program.