CRYPTO ACADEMY | SEASON 4 | WEEK 1 | HOMEWORK POST FOR PROFESSOR @wahyunahrul.
1 - THE SOCIOS.COM PLATFORM.
This platform was created by Chiliz, the company that owns the cryptocurrency used in purchasing the Socios fan tokens and is traded on major exchanges.
By owning the fan tokens that costs £2 each, the opportune the supporters to use the app to vote on decisions concerning the club they support. The things they can vote on include the name of the club's training ground or the song that should be played at games after a goal.
For the teams that Socios have been able to partner, the benefit is a 50-50 split of revenue when the fan tokens of that team is sold or traded. This means that the teams will potentially payout multi-millions in many years time as more tokens are sold.
The platform have been able to struck deals with some sport teams like Manchester City Football Club, Barcelona Football Club, Inter Milan, Juventus and Arsenal Football Club which is one of the latest teams to partner with them.
2 - THE EFFECT WHEN BLOCKCHAIN ENTERS THE REALM OF SPORT INDUSTRY.
Blockchain technology is a revolutionary technology that creeped into mainstream consciousness already. It is also beginning to gain some momentum in the sport industry, though not to a large extent. Here are some of the effects of blockchain when it enters the sport industry realm.
I - Player Salaries Paid in cryptocurrency:
In recent times, the blockchain technology has hit the headlines in sport after a top athlete started receiving part of his wages in cryptocurrency. The NFL player known as Russell Okung became the first American Football League player to receive part of his wages in Bitcoin, this happened towards the end of last year.
With blockchain slowly creeping into the sport world, this could happen to many other athletes.
II - Athlete Rights
When sport teams create contracts for their athletes, there is always a lot of details going into it. It is mandatory in every contract that there should be a breakdown of the rights of the athletes when signing for a new team. If a team uses blockchain, their players could start having blockchain-backed protection for their contracts through the use of smart contracts that cannot be changed.
III - Fan Engagements
Socios has already brought the opportunity for fans to partake in sim decision making concerning the clubs that they support, this will further widen as time goes on. This is a major effec of blockchain on sport industry already. As time goes on, other platforms might key into what Socios is doing and we could start seeing fans vote on the players they want their club to sign or the coach they want.
3 - IS SOCIOS.COM A GOOD PROSPECT AS AN INVESTMENT VEHICLE? MY OPINION;
Socios is an investment vehicle, and as we know it, not all investment platforms are good. But Socios have proven to be a good investment vehicle for all the categories of participants.
For the fans, the platform gives them the power to vote on the specific decisions of their clubs. Maybe the team wants to change their crest or they want to make a new kit design - the fan with his fan token will now vote on his decision.
Since many sport fans are always passionate about their team, they will be eager to contribute to the decisions. So some fans can sell their token to others who are in need of it.
Socios is also good for the sport teams as they benefit for the revenue generated from the platform. When a fan token is sold, the clubs gets 50% of the revenue. This is why a lot of teams like Juventus, PSG, Athletico Madrid, Arsenal and a host of them are all partnering with Socios.
A strong evidence that Socios is a good investment vehicle is the fact that the platform have partnered up to 42 sport teams. Of Socios was not very good, then they would not have achieved this feat.
4 - HOW TO INSTALL SOCIOS APP.
Step 1: Open Google play store, search "Socios" and the app will appear for you to install. Click on Install.
Step 2: Open the app and click on "Get Started" at the bottom of the page to start your registration or Signing up process.
Step 3: You will be taken to a page where you will supply your phone number for authentication. A six-digit code will be sent to you, supply it in the box at the bottom and then click on "Verify''
Step 4: The next page will ask you for your username and email, supply the needed data and click on "Register Now" for the registration to be processed.
Step 5: Login to the email you provided, you will see a mail from Socios. Click on "Verify Now" and your account and email will be verified.
Step 6: Open the app again and a guide will pop-up. After going through it, click on "Finish"
Step 7: Your account is now ready, you can click on the menu box at the top left corner of the page to see your profile.
Socios will also provide you with a token (SSU) when your account is successfully verified.
NOTE: All Screenshots of the various steps could not be taken due to unforeseen circumstances (the app could not send the verification code).
VARIOUS FEATURES OF THE APP.
FAN TOKEN
The fan token is one of the main features of the Socios platform. They are digital assets which gives you the voting rights. Once you acquire it, the token will remain in your wallet as long as the team is still on the Socios platform or until you want to sell them.
The Fan Tokens can also be sold on the marketplace in the app.
POLLING OR VOTING FEATURE
All the teams partnering with Socios platform are always committing a number of binding and non-binding polls to the platform throughout the course of the season. Each poll is always having at least two choices, so fans can simply pick his/her favorite choice. Then the club will now ensure that the option which has gotten the highest number of votes will be implemented. The Non-binding polls will be used by the team to gauge the opinion of fans, but it is not compulsory for the team to act upon those opinions. All polls are recorded on the blockchain and cannot be altered.
REWARDS
Fans who are loyal to the club that they support can get various rewards. The fans can be invited to visit the stadium by the club, the fan could be offered the opportunity to take photos with Players of that club or he/she could be offered a signed jersey from a top player in the club. This is a way of bringing the fans closer to the club.
5 - FUNDAMENTAL ANALYSIS OF A FAN TOKEN; $AFC.
The $AFC Fan Token is the Fan Token for Arsenal football club, it creates a new experience for the supporters of Arsenal Football club globally. It allows them to take part in the vibrant digital world on Socios.com.
There are numerous engagement
opportunities for the holders of the $AFC Fan Token. These engagements include but not limited to the opportunity to influence the clubs decisions.
FTO
The fan token offering (FTO) was done on the twelfth day of August this year. The session lasted for more than one hour. It started by 16:00 CEST and it lasted to 17:33 CEST which is approximately one hour and thirty three minutes.
Opening price
The opening price for $AFC is pecked at £2.00.
HISTORY
On July 19th this year in London, Arsenal Football club struck a partnership deal with Chiliz, the owners of Socios. And that led to the announcement made by the club later on that they will be launching a fan token for their fans on the socios.com platform.
CONCLUSION.
Socios platform has been a very recommendable platform, it brings the fans closer to the clubs that they support. It is a welcome development that the sport industry realm is also beginning to reap the benefits of the blockchain technology.
It is very exciting to know that there is a way that fans can rightfully influence the decisions made in their teams.
But one thing about the Socios platform is the fact that you practically have to pay before your voice can be heard. This has not gone down well with some fans because they think that it should not be so. But the fact is that the creators of the platform must also get some money as benefits and for the maintenance of the platform.