Chiliz || Crypto Academy - S5W5 || Intermediate Course by @imagen
Describe the Proof-of-Authority (PoA) protocol
Proof of Authtority
The proof of authority is one of many types of blockchain consensus mechanism and the name proof of authority was coined by Gavin wood.
This consensus mechanism solves the issues faced by proof of work and proof of stakes such as scalability and decentralized platform and secure blockchain can be developed using this protocol. Now coming to what this consensus algorithm is about.
Proof of Authority consensus algorithm can be considered functioning the same as that of proof of stake algorithms but differs as here the staking done is not of the asset but user’s identity or reputation to become a validator on the network using this consensus algorithm. The identity simply means the authenticity of the user’s information he provided to a network such as his data. So, In short, to become a validator you stake your data publicly and allow people to identify you in return you get a role as a validator now plays part in maintaining systems security.
Now since the validator position simply requires providing evidence of true identity so people willing for that position have to go through a complicated process to verify and the system manages everyone willing to go through the same procedure or verify themselves to get a good reputation.
Who are the partners or sponsors of Socios.com?
The partners OR sponsors of Soicos are not a few but currently there are almost 9 categories that are further divided into different companies that act as partners or sponsors for the Socios platform. These nine categories are sports-related such as basketball, football, cricket, tennis, motorsports, gaming, fighting, etc.
The screenshot below shows the football club partners of socios app that are at the time of writing are said to be 48 in total.
The screenshot below shows the partners that are related to gaming sports.
In the screenshot below we can see partners or sponsors related to fighting and motorsports.
Here are the partners or sponsors of socios platforms from cricket-related companies.
The screenshot below shows the basketball club partners of social app that are at the time of writing are said to be 25 in total
The partner related to tennis field is only one company socios has currently.
The screenshot below shows sponsors related to American football.
Now the last group of sponsors or partners of socios is related to ice hockey given down below.
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).
For this, I first installed the socios application on my phone as can be shown below.
Now for account creation, I opened the app and the page I came through was as shown below here I’ll select the get started button.
Now in the next step, I’ll be adding my phone number here to carry out account creation.
As in the screenshot below, we can see it demands a verification code sent on the mobile number but I did not receive any verification code after doing multiple attempts as the app is not supported in my region.
So even after trying multiple attempts with and without VPN, I wasn’t able to get through the app so here I’ll try to explore the app from what its website has to say about it.
This apps allows users to purchase and hunt fan tokens of their choice and also lets users participate in the voting of different polls that can earn those rewards and other benefits. But for purchasing the fan token you first need to associate your wallet with Chiliz that can be done from the wallet icon present below on the first-page panel on the bottom.
Apart from this, the website says the app lets you have access to some other features like chat, trade, locker room, games, new.
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. I
For this I will be using my Gateio verified account here we can see my account is worth $14, Now here in thisscreenshot see I have $7.659 in Usd meanwhile the $6 worth is stored in different coins since they were not converting into usdt back so I decided to purchase a chiliz token of $7.67.
For this, I first searched the pair of CHZ/USDT on the search bar and selected here.
Here I will select the buy button and will purchase 28.60 CHZ token in exchange for $7.65 as can be seen below.
Here we can see I now have 28.54 CHZ tokens in my wallet.
Now for ATH I went to the coming market app and searched for CHZ coin there in the search bar of the website.
From what was provided on coinmarketcap the ATH of CHZ token was 0.8915 $ marked on 13th of March of this year that was 9 months ago.
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.
For this I went to chiliz exchange
FC Barcelona
At the time of writing this post, the price of FC Barcelona is 29.73 CHZ that is equivalent to 8.09$.
Juventus
At the time of writing this post, the price of Juventus is 30.46 CHZ that is equivalent to 8.29 $.
Paris Saint-Germain
At the time of writing of this post the price of Paris Saint - Germain is 50.20 CHZ that is equivalent to 13.66 $.
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 this, the match I will be talking about was played between Manchesters and United where Manchester defeated untied badly and the score was 7-0 between two teams, the match took place on Wednesday 15th of December here are the stats of the match given below.
Now when I went to check up the stats of the token before and after the match it can be seen the price of Manchester kept moving the same way it was earlier meanwhile the price of the LUFC token still raised like it was so it can be concluded that the match didn’t make any effect on the price of these tokens.
Conclusions
Blockchain technology is participating in every field of daily life whether it's trading, gaming, sports, social media, etc., or whatever it is we can see this technology making its way in every department of human life. Socios is a platform that allows fans of different sports clubs to connect with the teams they love. This lets users participate in different polls related to their desired clubs.
The Chiliz is one of the blockchains that use proof of authority consensus algorithm that seeks validators by making them stake their identity and this consensus mechanism helps users to carry out fast transactions. So here comes the end of my homework post.
Genuine appreciation for the professor's effort in the lecture hopes I met his expectation for this homework post.
Thank you.