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Prominent web3 technology firm OKX has become a new validator on the Chiliz Chain, a pioneering Layer-1 EVM-compatible blockchain dedicated to the sports and entertainment sectors. The strategic partnership is set to fortify the Chiliz Chain’s governance, security, and scalability, Chiliz shared in a recent press release.
The Chiliz Chain operates on a Delegated Proof of Staked Authority (DPoSA) consensus mechanism, with validators playing a crucial role in creating and validating blocks. According to Chiliz, to become a Chiliz Chain validator, individuals or entities will need to meet certain requirements, including staking at least 10 million CHZ, the blockchain’s native coin.
OKX, with a wealth of experience in the crypto exchange industry, is expected to enhance Chiliz Chain’s capabilities. The integration is pivotal for the development and execution of smart contracts and ensures a robust transaction verification process, Chiliz noted.
OKX’s alliance with Chiliz has led to significant achievements, such as facilitating spot trading for CHZ token, since March 2021, and supporting Chiliz (CHZ) 2.0 mainnet integration in October 2023. Additionally, OKX has listed various fan tokens, connecting with the sports community on a deeper level.
Founded in 2018, Chiliz has focused on developing a unique solution to one of the most salient problems that sports teams and leagues face, which is how to sustainably and affordably scale their brands and maximize fan engagement globally
With the Chiliz Chain, Chiliz aims to provide an innovative platform for sports brands, gaming companies, and fans to engage through a SportFi ecosystem, leveraging blockchain technology for fan tokens, NFTs, and decentralized applications, thereby enhancing the fan experience.
Prior to OKX, Chiliz onboarded a number of high-profile validators such as PSG, EDF Group, K League, Infstones, Ankr, Paribu, Meria, and Luganodes.
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