Chiliz (CHZ) Empowers Smart Contracts With Upgrades – Positive Impact On Price?

Chiliz, the pioneering sports blockchain platform, is set to make waves once again as it teases forthcoming upgrades to its smart contracts.

In a recent tweet, Chiliz unveiled its plans to enhance the functionality of its smart contracts, showcasing the company’s ongoing commitment to providing a seamless and efficient experience for its users. 

Chiliz has been a trailblazer in the sports and entertainment industry, utilizing blockchain technology to bridge the gap between sports fans and their favorite teams.

The platform’s innovative approach allows fans to engage with their chosen teams through fan tokens, gaining access to exclusive content, rewards, and even influencing certain team decisions through token-based voting systems. 

Upcoming Proposals: Upgrading the Smart contracts

Upgrade 1: Upgrading the contracts to allow factory contracts to deploy without being whitelisted as deployers. The factory contract will still need to be deployed by a whitelisted deployer.#ChilizGovernance $CHZ pic.twitter.com/zyBTqzAhTJ

— Chiliz ($CHZ) – Powering Socios.com (@Chiliz) August 14, 2023

As the platform gears up for these improvements, the question on everyone’s mind is whether these upgrades will play a role in boosting the price of CHZ, Chiliz’s native cryptocurrency.

The first of the upcoming upgrades focuses on streamlining the deployment of factory contracts. In a bid to improve efficiency, Chiliz plans to enable such contracts to be deployed without the need for whitelisting as deployers. 

This move is expected to simplify the process while maintaining a level of security by ensuring that the factory contract is still initiated by a whitelisted deployer. By reducing friction in the contract deployment process, Chiliz aims to enhance user experience and attract a wider range of participants.

The second upgrade revolves around staking pool contract enhancements. Chiliz aims to address issues related to the accuracy of voting power displayed for validators and the calculation of delegated amounts. 

To rectify this, the Chiliz team has indicated that a temporary downtime for the delegated and undelegated features will be necessary during the upgrade. While this may temporarily inconvenience users, the improvements are anticipated to provide a more accurate and transparent staking experience.

As Chiliz enthusiasts eagerly await these upgrades, the impact on the price of CHZ remains a topic of interest. At the time of writing, CHZ is in the red in all timeframes, and priced at $0.074903 according to CoinGecko.

The past 24 hours have seen a decline of 1.2% in its value, while the past seven days have witnessed a decline of 1.5%. These fluctuations underscore the inherent volatility of the cryptocurrency market.

While the direct correlation between upgrades and price movements can be complex and multifaceted, the anticipated improvements in Chiliz’s smart contracts could bolster investor confidence in the platform’s future prospects. 

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Dr Trouble Hot Sauce