Crypto Academy / Season 4 / Week 1 – Homework Post for [professor @wahyunahrul] Socios.com - Blockchain Based Platform for Sports Industry
Am gladdened once again for yet another opportunity of this wonderful edition by the cryptoacademy. From the lecture offered by Professor @wahyunahrul, reading through this lecture series have given me a better insight on Socios.com, a Blockchain Based Platform for Sports Industry. To this, I will be writing based on the task given by the Professor.
Explain in detail what is the Socios.com Platform?
Socios.com platform is a type of platform built on the Ethereum blockchain technology which allows for easy partnership, relationship and decision making of sport fans with the sport world. It is a platform which allows teams to have a good view of their fans and as well rewards their fans for their effort.
Socios.com is a project that has its own native token called Chiliz (CHZ) which is one of the ERC – 20 token used in rewarding fans. Socios.com platform is a wide range platform which covers a whole range of sport ranging from Football, cricket, motorsport, Gaming, Basketball to Fighting. It is a platform that offers fans of different teams the opportunity to relate with their teams either by making decisions on the type of uniform, etc, as well as determining several things to be implemented in the team for a good management of their teams.
This views and decisions made by fans can go a long way in changing the team outcomes in competitions. Most times, fans of different teams are not opportune to seeing their team players face to face or even visiting or watching a live match of their team. This is an opportunity via the socios.com platform for the fans to embrace as it has variable opportunities for them. The platform also offers the fans the opportunity to receive their team tokens as a reward. With this platform, there is a good tie and relationship between fans and their teams.
What are the effects when blockchain has entered the realm of the sports industry?
The sport world is a wide sphere which inculcates a wide population of viewers and lovers. There are many sport lovers in the world, so with the introduction of blockchain into the sport industry, I think in my own opinion, it is a better-off idea which will help the cryptocurrency technology to grow. I believe that this introduction of blockchain to sport industry will create awareness to the massive public who are sport enthusiast and lover who were not aware of cryptocurrency technology to embrace the opportunity positively.
The introduction of blockchain in the realm of the sport industry will create a positive effect to the project since it will help in boosting and also increasing the cryptocurrency market as well as making many countries who never accepted the usage of cryptocurrency to do so and this will in-turn lead to the evolving of cryptocurrency over fiat currency.
Is Socios.com a good prospect as an investment vehicle? Explain your personal opinion along with strong evidence
For me, I would say a YES, Socios.com is a good prospect as an investment vehicle. Why did I say so?
With the wide populace that we have in sport which has made the platform grow and well known in a speedy way within a short period of time since it was launched. This will make more investors to invest in it since it is a large growing platform as well as more rewards and profits will be made in return. This will actually make it a good investment vehicle.
Also, as the platform is built on a blockchain technology, it is better off secured and this will in-turn make it a transparent sphere for investors to participate and invest in.
Socios.com platform is the first ever platform that has diversified into sport world and as such will make it a good investment vehicle since there are no other platforms presently or currently in the sport sector.
Explain the steps to install the Socios application in full and explore the various features in the application. (Screenshot Required)
- First, download and install Socios app via playstore.
I was unable to install the application on my phone after several days and times of trying, but the following steps can be taken to install the app. as detailed below.
Click on “Get Started” option
Then a page will be shown where you can register as a new user by inputting your phone number and the country code, then click on the “Send Verification Code” option
After the verification code has been sent to your number, you then input it in the “SMS Verification Code” box shown below, then the verification process begins its processing immediately.
After this phase, a new page will be shown, you then input your username (which must be a minimum of 3 characters) and your email address, then you click on the small box below to agree on the terms and conditions and then click on the “Register Now” button.
After this, a verification message will be sent to your email address for verification. You then login into your email and then open the message sent, then click on the “Verify Now” option on the email sent and then your account will be created.
Choose a Fan Token in the Socios application and do a detailed fundamental analysis. (Screenshot Required)
Since I was not able to finish my installation, I was unable to access the home page of the platform, so this question ...I could not attempt it.
Conclusion
Blockchain with its new development and adaptation into other sectors, has shown its longevity and reality in the new world of ours. It has come to be as it thrives through the different spheres of human, bringing and also adopting different technology which will be the peak for the future.
Socios.com platform is going to be a lime light to the widespread of cryptocurrency creating a good tie between the fans of different teams and the teams itself. It is seen as a growing stage for the blockchain technology. Indeed it has created a good relationship state between fans and teams which in time past was a difficult thing for fans to gain access to their teams as well as sharing in the growth of their specific team.
This rapid development in the blockchain technology giving an opportunity to sport lovers to express themselves via a platform built on the blockchain technology is going to be a tool for the growth of the cryptocurrency world.
It was quite a wonderful lecture by Prof. @wahyunahrul and have learnt a lot from it via the diversification of cryptocurrency into sport.