Paris Saint-Germain FC Becomes the First Sports Club to Officially Validate for Chiliz

In a groundbreaking move, Paris Saint-Germain FC has become the first sports club to serve as an official validator on the Chiliz blockchain, setting a new precedent in the intersection of sports, entertainment, and technology.

This pioneering step not only enhances the PSG fan token economy but also signals a new era of engagement and innovation within the sports industry.

Find out how this collaboration is poised to revolutionize fan engagement and what it means for the future of sports clubs in the blockchain space.

Paris Saint-Germain FC to Official Validator

Paris Saint-Germain FC has announced its role as an official validator for Chiliz, a blockchain network dedicated to sports and entertainment, marking a significant milestone in the adoption and evolution of the Chiliz chain.

Validators play a crucial role in the blockchain ecosystem, verifying the data of transactions recorded on the blockchain. As a reward for their contributions to the network's operation, validators receive compensation in cryptocurrency.

Previously, Paris Saint-Germain FC had collaborated with Chiliz to issue the official fan token "PSG." This recent announcement highlights the club's new status as an official validator on the Chiliz chain.

This move is unprecedented in the sports club industry and signifies an important step in the progression and acceptance of the Chiliz chain.

Utilizing Validator Rewards for PSG Token Buybacks

Paris Saint-Germain FC plans to allocate all earnings from its validator activities towards the buyback of PSG fan tokens. These buybacks are to be carried out regularly through smart contracts and decentralized exchanges (DEXs).

The program aims to reinvest validator rewards into PSG tokens and periodically refresh the token's supply. This strategy is expected to foster a sustainable token economy.

Furthermore, Paris Saint-Germain FC and Chiliz are organizing a hackathon event at the Parc des Princes stadium in the summer of 2024.

The event will gather developers from France and beyond to innovate new products using Web3 technologies, the Chiliz chain, and PSG tokens.

Expanding the Chiliz Network

Chiliz has also recently partnered with South Korea's professional soccer league, the K League, making it the first sports league to become a validator.

This expansion highlights Chiliz's growing influence in the sports and blockchain industries.