Chiliz - Crypto Academy S5W5 - Homework Post for @imagen
Hello everybody.
Hopefully, all of you will be good and happy and enjoying your health with the grace and blessings of Almighty Allah. Today, I am here to present the homework post for dear sir @imagen in Week 5 of Season 5 of Steemit Crypto Academy. The lecture was nicely explained by my dear professor. SO, now I am going to participate in the homework for this week. So, let's start our task without any wastage of time.
There are some questions that are asked by the professor as the homework for this week. I will explain all of them in the given order.
(01)
Describe the Proof-of-Authority (PoA) protocol
As we all know that the Blockchain technology is grooming day by day. The blockchains are based on some consensus algorithm that is basically the fundamental principle of the blockchains. The most common and the most used consensus mechanisms in the blockchains are Proof of Work (PoW), Proof of Stake (PoS), Delegated Proof of Stake (DPoS), etc. But in this post, we will study the Proof of Authority (PoA). So, have a look.
Proof of Authority (PoA)
Day by day, new blockchains are coming into view with unique and amazing features. These blockchains are adopting new and more successful algorithms in order to increase the efficiency, decentralization, and security of the blockchain.
As I have discussed before that PoW and PoS are now trending and most blockchain developers adopt these mechanisms. But there are some problems with these consensus mechanisms. The blockchain that is based on the PoW mechanism is facing scalability problems and on the other hand, the blockchains that are based on the PoS mechanism are facing the problem of low decentralization.
Thus, to overcome these problems, blockchain developers are working hard to develop mechanisms that can solve these issues. In order to solve the problem of the Proof of Stake (PoS) mechanism, a new mechanism is developed which is called the Proof of Authority (PoA) consensus mechanism.
Proof of Authority (PoA) can be considered as a more modified extension of the Proof of Stake mechanism. As we know that in PoS the users have to stake the native tokens of the blockchains in order to verify or validate the transactions in the system. But in PoA, the users need the necessary reputation, as well as, staking of the tokens. Only the users that have much reputation are eligible to validate the transactions.
In other words, we can also say that in PoA, the transaction validators must have enough reputation to validate the transactions that are made in the blockchain. So, the blockchains that are based on the PoA mechanism have a short number of block validators. In this way, the scalability problems are solved but low decentralization is still in this system.
The PoA system needs basic and core identification of the block validators. So, if a user wants to gain enough reputation in order to validate transactions, he has to go through a very complex verification process. After the verification, he would be able to be a block validator.
(02)
Who are the partners or sponsors of Socios.com?
Before discussing the partners of the Socios.com platform, it is necessary to discuss the Socios.com platform. As we all know that the blockchain technology is making progress day by day and every field of daily life is tasting the taste of blockchain technology. So, it has also entered the sports field. This beautiful task is done along with the development of a sports-based blockchain platform known as Socios.com.
Socios.com is a sports-based blockchain platform that creates a link between sports and cryptocurrencies. Chiliz project was the founder of this amazing platform. Chiliz is well known and one of the most popular Ethereum projects that run on the Ethereum Blockchain and there are several ERC-20 tokens that are found there.
Parteners of Socios.com
As we have discussed a bit of information about the Socios platform above so there are a number of sports partners that are collaborating with this platform. Most of the sponsors of this platform are football clubs. As we know that football is the most popular sport game in the world so it is also most popular on the Socios platform. Besides football, there are many other sports that are collaborating with the Socios.com platform such as Gaming, Fighting, Motorsport, Cricket, Basketball, Tennis, American Football. The partners from each category are discussed below.
Almost all the popular clubs of the football world are sponsoring the Socios platform. As you can see in the below screenshots.
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You can see the Gaming partners of the Socios.com platform in the below screenshot.
You can see the Fighting partners of the Socios.com platform in the below screenshot.
You can see the Motorsport partners of the Socios.com platform in the following screenshot.
You can see the Cricket partners of the Socios.com platform in the following screenshot.
You can see the Basketball partners of the Socios.com platform in the below screenshot.
You can see the Tennis partner of the Socios.com platform in the below screenshot.
You can see the American Football partner of the Socios.com platform in the below screenshot.
You can see the Ice Hockey partners of the Socios.com platform in the below screenshot.
Note: All the screenshots are taken from Socios.com
(03)
Download and install the Socios.com application. Create an account. Explore the application and describe its functions. Show Screenshots (If necessary use a VPN if the application is not available in your country or locality).
As we have discussed the basic information and the partners of the Socios platform in the above segments so now I am going to download and install the Socios application and create an account on the platform. So, have a look at the following steps.
- First of all, open the Playstore and search Socios in the search bar. Click the Install button, as you can see in the below screenshots.
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- After the completion of the installation process, click the Open button. The application will be open and you have to click the Get Started button. You can see both these steps in the below screenshots.
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- Now, you have to enter your phone number in order to create an account. I entered my phone number but unfortunately, Socios.com is not available in our country Pakistan. You can see in the below screenshot.
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Reasons For Uneligibility
As you can see that I have installed the Socios.com application and opened the application. Firstly, when I was opening the app, I was not able to open it as it is not available in our region. But I used the Tomato VPN for opening it. Unfortunately, when I entered the phone number then I was informed that I cannot register my account on this platform as it is not available in Pakistan. So, I am not able to explore the application.
Some Well-Known Features
Although, I was not able to enter the application I have found some interesting features of this platform by making research on the platform. So, some of them are as below.
- Fan Token:
The main and the most important feature of the socios.com platform is the Fan Token. Different clubs issue their Fan Tokens that are bought by their fans and are utilized by the fans to take part in the decisions of the clubs of their likings. These tokens have specific prices in different markets and can be traded also.
- Polling Feature:
Another important feature of the Socios platform is the polling system. In the Socios platform, the fans can take part in the voting and selection of the decisions of the particular fans. Only the fans that have the token of that club can take part in this polling. The jersey, kit, anthem, song, captain, sub-captain, etc of the clubs or teams are the things that are selected by this polling.
- Rewards Features:
The fans that are holding the fan tokens of a particular club can get rewards from that club in the form of supporting team shirts, player meetings, player calls, and many more. So, this is also another interesting feature.
(04)
Make a purchase of the CHZ token for a minimum value of 10 USD from your verified account of the exchange of your choice. Describe the process. Indicate the ATH of the coin and when it was reached. Show Screenshots.
Before purchasing the token, I will explain a bit about this token. Actually, the Socios platform is a product of an ecosystem known as Chiliz and CHZ is the native token of the Chiliz ecosystem. CHZ token is an ERC-20 token based on the Ethereum network. So, It is of good reputation.
Now, I am going to purchase the CHZ token from my Binance account. So, have a look at the following steps.
- First of all, Login to your Binance account and search CHZ token in the Spot and Fiat wallet. Click on Trade option next to the CHZ token and select the CHZ/USDT pair. You can see this in the below screenshot.
- Now, enter the amount of CHZ, you want to buy in the Buy CHZ menu. The current price of CHZ token is $0.2660. I am going to buy 79 CHZ that are of amount 21.12$. You can see the step in the below screenshot.
- The CHZ token will be bought. You can see it in the Order History, as in the below screenshot.
All-Time-High (ATH) of CHZ Token
Now, we will explore the All-Time-High price that the CHZ token has ever touched in the history. We can see this from a number of resources but I am going to find it from the CoinMarketCap. You can Search CHZ in the search bar and scrool down to see the ATH price in the right-side menu of the page. You can see it in the below screenshot.
The data gained from CoinMarketCap of CHZ token about the ATH can be expressed in the table below.
| Coin Name | CHZ (Chiliz) |
|---|---|
| ATH (All-Time-High) | $0.8915 |
| ATH Date | Mar 13, 2021 (9 months ago) |
(05)
Enter the Chiliz Exchange and indicate the prices in CHZ and their equivalent in USD of the following Fan Tokens at the time of writing your assignment: FC Barcelona, Juventus and Paris Saint-Germain. Show Screenshots.
Chiliz Exchange is the official exchange of the Chiliz ecosystem that is especially used to trade the Fan Tokens that are present in the Socios platform. The native currency of Chiliz ecosystem (CHZ) is used for exchange different kind of Fan Tokens in this exchange platform. We can access the Chiliz Exchange from the officail website. Now, I will explore the prices of different Fan Tokens one-by-one. So, have a look.
FC Barcelona
The Fan Token of FC Barcelona club is BAR. Its value can be indicated from the below screenshot.
The gathered data can be expressed in the form of table as below.
| Club Name | FC Barcelona |
|---|---|
| Token Name | BAR |
| Price in CHZ | 30 CHZ |
| Price in USD | $8.01 |
Juventus
The Fan Token of Juventus club is JUV. Its value can be indicated from the below screenshot.
The gathered data can be expressed in the form of table as below.
| Club Name | Juventus |
|---|---|
| Token Name | JUV |
| Price in CHZ | 30.66 CHZ |
| Price in USD | $8.20 |
Paris Saint-Germain
The Fan Token of Paris Saint-Germain club is PSG. Its value can be indicated from the below screenshot.
The gathered data can be expressed in the form of table as below.
| Club Name | Paris Saint-Germain |
|---|---|
| Token Name | PSG |
| Price in CHZ | 51.13 CHZ |
| Price in USD | $13.82 |
(06)
How is the value of a club or team's Fan Token affected before and after playing a match? If the result is a victory, does its value go up? On the contrary, if it suffers a defeat, does its price go down in the market? Reason for your answer and present at least one recent example, preferably in the week between Sunday 12 and Saturday 18 December.
For the answer of this question I says No, the price of Fan Tokens is not seriously affected by the victory or loss of the club. I will more elloborate this thing with an example. I am taking an example of the match played between Paris Saint-Germain and Monaco. this match was played between these clubs on December 13, 2021 (Monday). You can see the results of the match in the below screenshot.
You can clearly see in the above screenshot that the Paris Siant-Germain club defeated Moraco club by 2-0. Although, this is a clear and superb victory by Paris Siant-Germain in this match. According to the favor, the price of PSG should be increase after the match but it is seen that the price of PSG token decreased greatly after the match. This can be seen from the below screenshot.
You can see in the above chart that the price of PSG token decreased seriously after the victory of Paris Siant-Germain club on 13 December. So, it is cleared that the price of the Fan Tokens is not affected by the victory or loss of the club. It is independent of the match results.
We all know that Fan Tokens are actually the cryptocurrencies and the value of cryptocurrencies is affected by supply and demand of the assets. If the demand of assets increases, it price increases and vice versa. Another important factor that may affect the price of Fan Tokens is the championship status, transfer of a world superstar player from one club to another. For Example, in recent days, the most popular footballer Cristiano Ronaldo moved from Juventus to Manchester United F.C.
Conclusions
As we know that the blockchain technology is making progress day by day and it has entered every field of daily life. So, the sports field is also under the influence of the blockchain technology now. Socios.com is a sports based decentralized blockchain platform that enable the fans of the teams or clubs to take part in the decision-making process of the clubs or teams.
Fan Tokens are staked by the fans in order to take part in the decisions of their favourite clubs or teams. Socios.com platform is a product of Chiliz ecosystem. Chiliz ecosystem has a native token known as CHZ. We can trade Fan Tokens with CHZ in the Chiliz Exchange platform. the value of Fan Tokens is not effected by the results of the match played by the respective club or team.
So, that's all about the homework for this week. Hopefully, all of you will like this post. Thanks dear professor @imagen for such an amazing lecture.
Writer: @steemdoctor1 (Crypto Student)
