Goal or Gold? PSG Champions scores big in crypto validation - CryptoCrazeNews

Goal or Gold? PSG Champions scores big in crypto validation

Goal or Gold? PSG Champions scores big in crypto validation

Goal or Gold? PSG Champions scores big in crypto validation

Currently the first team of Ligue 1 in France, Paris Saint-Germain has made history in the crypto-world. The club became a network validator for the Chiliz Chain blockchain, which is an unprecedented step for sports clubs. Demonstrating that PSG continues to embrace digital transformation and use blockchain technology to improve fan interactions.

PSG isn’t as much of an unique idea

Historically, clubs have entered into cryptocurrency by launching fan tokens that enable their supporters to get unique souvenirs and experiences. In September 2018 PSG released its own fan token which has grown significantly since then now boasting a market capitalization of $29 million.

Nonetheless, PSG hopes to use this opportunity to further its digital influence and create a sustainable digital economy around the fan tokens. The Paris Saint-Germain Fan Token (PSG) is currently priced at $3.68, marking a 5.75% increase in the past 24 hours.

PSG will perform the key function of managing blockchain nodes as a blockchain validator to keep them secure and operational. These include transaction confirmations and authorization of smart contracts.

In return, validators receive revenues from operating nodes. Involvement of PSG in this manner guarantees not only the security of Chiliz Chain blockchain but also opens up possibilities for additional sources of income and fans’ participation.

Helgonsson’s insights

Pär Helgosson, Head of Web3 at Paris Saint-Germain football club late last week explained why his club had decided to go with blockchain technology by remarking, “Our future interactions will be optimized for network effects to amplify the value and revenue that each stakeholder can generate within this new digital economy.” 

The above statement demonstrates PSG’s commitment in making sure that it maximizes the benefits accruing from its involvement in blockchain validation both to itself and all stakeholders.

This is the first time that the biggest institutions in European football have begun to accept fan tokens which are strictly based on blockchain. Other top clubs such as FC Barcelona, Manchester City, Juventus, Arsenal Inter Milan and AC Milan already become a part of Chiliz ecosystem by bringing out their own FTOs. By so doing, PSG has made every way for cryptocurrencies to become a fixture in sport giving rise to numerous possibilities for cooperation and advancement.

Still, Paris Saint-Germain (PSG) will also arrange a hackathon competition at its famous stadium Parc Des Princes soon. This is jointly sponsored by Chiliz and illustrates that PSG is dedicated to facilitating creativity and teamwork within the digital currency community. 

The competition aims to bring together developers, business people and fans who will come up with innovative ideas and projects that can fast-track the adoption of blockchain technology in sports.

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