Sports digital currency platform Chiliz posted a strong performance over the last 24 hours, gaining 14.8% to lead the top 100 tokens.
The CHZ hourly chart analysis showed this was mainly due to a 16% upside swing on the Oct. 30, 14:00 (UTC) candle. The uptrend peaked at $0.2426 in the early hours of Oct. 31 before giving up most of the day’s gains.
Since Oct. 22, having hit a local bottom of $0.1624, CHZ has been trending upwards as football fever builds in anticipation of the FIFA World Cup.
The tournament will start on Nov. 20 and will see 32 national football teams compete to be crowned world champions.
Although Chiliz is primarily known for club fan tokens, the national football teams of Argentina and Portugal have signed up.
In addition, the project recently announced a testnet of Chiliz Chain 2.0, dubbed “Scoville,” which is designed to open up the CHZ blockchain beyond its current in-app currency guise.
Chiliz Chain 2.0
As well as the coming World Cup, the Chiliz token also benefited from the Scoville Testnet Phase 4 (Cayenne) going live on Oct. 24.
The testnet is the forerunner to the Chiliz Chain 2.0, which will replace the existing blockchain and future-proof the network in preparation for Web3 development.
“The goal of Chiliz Chain 2.0 is to be the leading blockchain for enterprise-level sports and entertainment brands that want to create a Web3 ecosystem where stakeholders can build Web3 experiences within a secured network-effect-driven community.“
The upgrade will open up the previously closed system, enabling developers to build dApps and products specifically for the 150+ fan tokens.
Its Proof of Staked Authority (PoSA) consensus mechanism will introduce a network of 11 validators, with the native CHZ token operating for gas payments and staking.
A final rollout date has yet to be given.
World Cup remains a substantial global event despite scandal
The 22nd FIFA World Cup is scheduled to occur in Qatar, marking the first World Cup hosted by an Arab nation.
As far back as 2010, Qatar’s bid to host the games was labeled “high operational risk” by the governing body. But despite the concerns, Qatar still received the majority votes at each round of voting, beating the U.S. 14-8 in the fourth and final voting round.
The result drew accusations of bribery and corruption. However, internal FIFA investigations cleared the bidding process of any wrongdoing.
That did not stop allegations of foul play. The U.S. Department of Justice weighed in on proceedings with indictments against FIFA officials and corporate executives for “racketeering, wire fraud and money laundering conspiracies, among other offenses.”
Despite being marred by controversies, the World Cup remains a significant global event that will provide a much-needed collective boost following the challenges of recent times.
In a Medium post from 2018, football pundit Sam Iyer Sequeira referenced the World Cup’s impact in uniting people regardless of their socioeconomic background, religious beliefs, race, and gender – something the world needs now more than ever.
“All in all, what can be concluded is that football has such a huge impact in so many countries of uniting people together and helping escape from the issues of reality.”