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…