What is CHZ?

Here comes the complicated bit. Socios.com is built on blockchain technology and uses a digital currency (cryptocurrency) called CHZ. Unlike physical currencies such as pounds, euros and dollars that you spend in a shop or online, cryptocurrencies only exist in the digital space and can only be spent in certain places or on certain platforms.

Instead of a central authority like a high street or internet bank, cryptocurrencies use an encrypted peer-to-peer network to store your balance, as well as to confirm and verify transactions. This network is called a blockchain, but think of it like a huge public list of every transaction that has ever been made. This blockchain is stored on a computer (or ‘node’) and lists the sender, receiver, value and approximate time of every transaction, all verified and anonymised. Each new transaction is a new block, and each new block is immutable, meaning it cannot be altered once set. We use blockchain because it is the most practical way to maintain voting integrity while turning voting rights into an ownable commodity, ie Fan Tokens.