[Chiliz] -Steemit Crypto Academy | S5W5| Homework Post for @imagen
WHAT IS PROOF OF AUTHORITY (POA) PROTOCOL?
As blockchain becomes more viable for real-world applications, developers are looking for more efficient ways to reach consensus. Both the Proof of Work (PoW) and Proof of Stake (POS) algorithms are comparable to the Proof of Authority (PoA) consensus algorithm. This is a new protocol that requires less computing power, combining some degree of decentralization and efficiency.This is a new way to solve essentially the same problem. This algorithm eliminates the need for nodes to solve complex mathematical puzzles to validate blocks. Therefore, the Certification Authority (PoA) algorithm uses a set of "authorities" to maintain the network, enabling a scalable blockchain.
The authorization algorithm is newer than both the PoW and PoS consensus algorithms. It was proposed in 2017 as an Ethereum-based blockchain solution by co-founder and former Ethereum CTO Gavin Wood.The PoA algorithm was designed to counteract spam assaults on Ethereum's Ropsten test network at first. However, this algorithm can power multiple types of systems, including supply chain solutions for enterprises.
The algorithm chooses a few number of nodes that are responsible for validating transactions regularity with specific strict rules. These nodes will be the only nodes that keep the network running.The difference between PoS and PoA implications is that the latter leverages her ID rather than the digital assets owned by each user. This means that reputation is more important than ownership.The network relies on a gaggle of "authorities", which are pre-approved validators that validate transactions and build new blocks.Users who want to be "authorities" must voluntarily disclose their identities because networks that use the PoA algorithm bet their identities. Validators must follow a set of rules that are considered reliable.
One of these must be registered in the notary database with the same identity that you have on the platform. More rules need to be followed for the network to work. It's not easy to be a validator. Candidates need to go through a selection process that proves their long-term commitment to the network. They should also be ready to invest their money and put their reputation in jeopardy during selection.
WHO ARE THE PARTNERS OR SPONSORS OF SOCIOS.COM?
Socios.com is a blockchain technology platform that gives top sporting groups or clubs the needed facilities to interact with their fans and also monetize such.
According to the information gotten from the website @Socios.com, her partners include the following,: As Juventus, São Paulo, Inter Milan, Paris St. Germain, Barcelona, A.C. Milan, and Atletico Madrid. The generators of “ Fan Tokens” allows you to enjoy a share of influence of your platoon, influence platoon opinions, and earn prices. Laliga, the football league in Spain also has a sponsorship deal with socios.com
SOCIOS.COM FEATURES AND HOW TO INSTALL THE APP
To install the socios.com app below are the steps to follow1 . Using your phones playstore search for the socios app2 .
Download the app by clicking on the install icon
3 . A notification will pop up indicating that the app has installed successfully.
5 . A username and e-mail address is need to login again
- Now the account is created successfully.
HOW TO BUY A CHZ TOKEN FORM A VERIFIED ACCOUNT.
1 . Step 1
1 . Step 2
3 . Step 3
4 . Step 4
5 . Step 5
6 . Step 6
All time high
The all time high is 0.8915And the date which it reach that all time high is march 13 2021, that is 9 month ago
CHILIZ EXCHANGE
Chiliz is seem as a currency option for products & services which are built on a blockchain and is geared towards mainstream consumers. According to the information gotten from chiliz.net, chiliz was created to increase everyday sporting experiences which includes more of fan engagement in sports and entertainment, and also providing an alternative payment means for products, services and more.
Chiliz delivers blockchain-based tools to the sports and entertainment industries in order to assist them increase audience engagement and monetize their audiences in order to increase productivity.As could be seen from the screenshot below as at the 17th of December, 2021, 6:25 am, the prices of some fan tokens are:
FC BARCELONA- It is valued at 29.80CHZ which is an equivalent of $8.43JUVENTUS- it is valued at 30.10CHZ which is equal to $8.52Paris Saint Germain is valued at $51.34 which is approximately equal to $14.53 an indication that it is valued more than the 2 previously mentioned fan tokens.
HOW IS THE VALUE OF A CLUB OR TEAM'S FAN TOKEN AFFECTED BEFORE AND AFTER PLAYING A MATCH?
I guess the question has already answered itself. In life everybody wants to win and nobody would to fail. It can be concluded that if a team wins a match, there is no doubt about it, there will be an increase in it's value because a victory for one means a victory for all. And in contrast, if a team loses, it is certain that the price of such fan token will reduce. Okay, take for example the screenshot of the prices of the fan tokens in the previous question, it'd be observed that Paris Saint Germain has a value that is far more than the others, why? The reason is simple and straight forward, Paris Saint Germain as a football club have been more consistent this season and have won more games than FC Barcelona and Juventus.
As a club continues to be triumphant in their weekly games, more people will want to buy the fan token of such a club and we all know that as more people buy and hold money in a crypto asset, the price does nothing but increases.So therefore, it can be concluded and agreed that the value of a fan token goes up when the corresponding team or club wins her match and likewise there would be a shortage in the value of a fan token if the corresponding team fails to win their games.
In conclusion,
Generally, the knowledge of crypto and the blockchain technology in recent years have proven to be necessary in this world of ours today because of the fast increase in the development that's brought together with it. An investment in crypto currency can be seen as a life time bonus if it's a good project like the BTC because, in years to come, imagine how much BTC would worth. And now, with the new development brought about by chiliz and socios.com, it'll increase the number of participations of people in sports and entertainment because as people support a winning team and hold her fan token, they also get rewarded handsomely depending on which team and the number of wins. Also, sports organization can also sell products and services using their fan tokens and as many people have more of a fan token, it's value would continue to be on an increase provided it's a winning team.