Paris Saint-Germain (PSG) Becomes Official Blockchain Validator for the Chiliz Chain
One of the most renowned and creative football clubs in the world, Paris Saint-Germain (PSG), is strengthening its connection with Socios.com, PSGs official Fan Token partner, and its involvement in the Chiliz blockchain. As part of this collaboration, the club will actively participate in the Chiliz Chain as an official blockchain validator, which is a crucial feature of a blockchain network that helps to guarantee its dependability, security, and accuracy.
This is a major turning point in the acceptance and development of the Chiliz Chain since it is the first instance of a sports team becoming a validator on a blockchain. It also highlights PSGs dedication to the significance of web3, demonstrating their calculated investment in the next generation of digital products and experiences.
Chiliz was selected as the platform for this breakthrough because to its superior infrastructure, multitude of decentralized apps supported, and its large $1 billion SportFi eosystem, which is full of sports lovers who are crypto natives. As evidence of the Chiliz Chains strong infrastructure and ability to draw top web3 products and services, the chain has already served as a springboard for more than 50 web3 projects.
In order to preserve the integrity, security, and functionality of the network, validators on the Chiliz Chain are essential. They validate transactions, approve smart contracts, and make sure the chain runs smoothly as participants in the consensus process of the blockchain. With its role as a validator, PSGs engagement in the ecosystem extends beyond the simple token issuance to include active participation and decision-making.
Since September 2018, when PSG became the first club to collaborate with Chiliz to introduce a Fan Token, the club has been a prominent player in the sports and entertainment ecosystem of Chiliz. The club led the way in the web3 revolution in sports, setting an example that many elite teams in Europe have since followed. PSG also appointed Pär Helgosson as Head of Web3, making them the first club to do so.
Developed to promote direct-to-fan interactions and engagement, the PSG Fan Token is quickly emerging as a key component and entry point within PSGs web3 ecosystem. By using this approach, PSG will be able to provide its fan base with exclusive experiences and goods, earning a significant amount of digital currency while granting the fans ownership of and control over its digital assets.
PSG joins the Chiliz Chain after redesigning and releasing its tokenomics model, which now includes new community-based incentives, a new transaction fee protocol burning scheme (EIP 1559), and an inflation staking rewards system that enables CHZ token holders to collect rewards.
New token Buy-back Mechanism
PSG has promised to regularly buyback $PSG Fan Tokens from the open market using all of its earned earnings as a node validator on the Chiliz Chain. These automatic buy-backs are scheduled at certain intervals to steadily support the clubs digital currency. They are carried out using decentralized exchanges on the Chiliz Chain or smart contracts by the validator.
The buy-back mechanism serves two purposes: it guarantees that a sizeable portion of club validators earnings is reinvested into the PSG Fan Token supply via gas fees and supply inflation. Additionally, it enables PSG to update its Fan Token reserves on a regular basis. With this strategy, PSG can engage its web3 fans and create a self-sustaining digital economy centered on Fan Tokens.
At Parc Des Princes, PSG and Chiliz Will Hold Hackathon
By the end of the summer of 2024, PSG and Chiliz are scheduled to co-host the stadiums first-ever blockchain hackathon at Parc Des Princes. Developers from France and other countries will come together under the umbrella of this initiative to create new products using web3, the Chiliz Chain, and PSG Fan Tokens. By using cutting-edge web3 technology to create a globally connected and technologically aware fan base, these hackathons showcase PSGs commitment to innovation.
Alex Dreyfus, CEO of Chiliz and Socios.com, remarked that:
Were thrilled to deepen our existing relationship with Paris Saint-Germain by welcoming them as an official validator on the Chiliz Chain. This evolution marks a significant milestone in the adoption of web3 by fans, clubs, and leagues. Were confident that this move will pave the way for other clubs to join us in this innovative journey. PSGs active role as an official validator will undoubtedly propel our SportFi ecosystem to new areas, furthering our long-standing partnership with the club.
Pär Helgosson, Head of Web3 at Paris Saint-Germain, added:
By becoming a validator on the Chiliz Chain, were not just embracing the future of web3 sports; were actively designing it so that we can have a more direct relationship with our fans through web3 experiences. We will optimize our future engagements for network effects, amplifying the value and revenue each stakeholder can generate and experience within this new digital economy. Our commitment is to build a more empowered and sustainable web3 ecosystem, leveraging the solid foundation of our existing relationship with Socios and Chiliz. PSG is committed to fostering innovation and the club will continue to develop opportunities with other partners in this space.
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
