Crypto Academy / Season 4 / Week 1 - Homework Post for @wahyunahrul: Beginner's Course: Socios.com
Greetings to you prof @wahyunahrul, this is my assignment post for this week.
Socio.com it is an online platform built on blockchain technology mainly for sports fans in other for them to participate in their respective favorite sports/clubs/teams decision making and opinion polls of which they also earn reward in return.
- This platform provides Utility tokens, in exchange for fans token/users
- It also provides market services for the exchange of those tokens.
- It also make available cryptocurrency wallets services.
Socio.com are made of mobile application which need to be installed from app store mainly for apple users or android play store for android users. Tokens earn by users of this app is called chiliz ($CHZ).
Socio.com was launched in the year 2019 by socios services limited, since then it has achieve a lot of exposure and has about 1.2m downloads with over 900,000 active users. Socios, as it stands now has about 45 partners in some of the biggest sports we can think about which include, football, motor racing, NBA basketball, cricket etc. of which it has made about $150m this year.
Effects of blockchain on the realm of the sports industry
Sports is an activity or skill perform by an individual(two or more people) which involves physical exertion to compete against each other. Sports has been the favorite activity of many people across the globe, it create good memories for the fan base and the player or the actors as well. more over, cryptocurrency as at now, is on the race to take over from all the local currencies across the world economy at large, due to its decentralized and accessible nature.
With the introduction of cryptocurrencies into the realm of the sports industry, booking of tickets for forth coming competition would be made more easier and affordable as it can be done through bitcoin. in the same view, transfer of player from one club to another could be payed through bitcoin. For example, the Spanish clubs, Real Madrid B and Levante football player David Balal was the first ever football player whose transfer was made with using cryptocurrency or Bitcoin.
The real madrid player that was bought with BTC
Sports fans has clear facts that they consume most social media contents just to watch their favorite clubs/athletes/teams play and claim the best for their respective supporting teams. So with the help of socio.com, joining crypto and sports would have made the steaming of the games more easier. These fans can be redirected to use the content of the app that rewards fans with virtual tokens which could have been redemptive for exclusive services.
Is Socios.com a good prospect as an investment vehicle? Explain your personal opinion along with strong evidence.
Of course yes, one out of two people in the world are football fans and are eager to connect with their supporting teams across the world and get rewards for their support. Most of the the big football clubs like FC Barcelona, Paris saint German FC, Juventus FC and other big European clubs with large revenue has already lunch their fun token on the blockchain platform, having the chance do investment with this numerous number of peoples is good idea.
Taking Lionel Messi move to Paris Saint German FC as an example, it was a shocking footballing fraternity which generate millions of views among fans of football and sports analyst in general.
This footballing news will have caused a lot of traffic on the network of socio.com and we could realize that at that time fans will have bought or purchased the fan token of Lionel Messi.
For me I think the network is a great platform though it is relatively a new network platform.
As at now the platform is a new one and it will need a lot of time or investors to make it popular and trust worthy.
For now the rates on the platform are relatively low and the market competition is not present.
Investing in it now can help one to build up his cryptocurrency portfolio as he will relatively invest low money into it and then hope that it rises in time to get his profit or his return.
But I wouldn't say it is assured that the one will get the profits he experts or deserves.
As we all know that cryptocurrency is very volatile and it might take long overdue.
Explain the steps to install the Socios application in full and explore the various features in the application. (Screenshot Required)
In this question I will show you how to install socios application on my android phone.
this will be done in the google play store.
Step 1
When we open the google play store we search for the socio.com in the search button on the play store.
After searching the app shows and then I scrolled down and then clicked on the socio.com.
Step 2
After clicking on the socio.com then I clicked on the install tap to install the app.
Step 3
After installation of the app I opened it and this is what we will see upon opening the app on my phone.
Then we start with the joining process by clicking on the Get Started tap at the bottom of page.
Step 4
After clicking the get started tap I was then taken to a page to log in but since I am not an active user or I do not have an account with the platform I have to sign up to be able to join in.
I signed up with my mobile number and a one time password(OTP) was sent to my number through SMS.
Then after the registration, I entered my username and also my email before agreeing to the terms and conditions of the site and then I clicked on register now.
Step 5
After registering, I am taken to the home page of the app.
Here we are provided with different options to purchase the chilis token, the native token currency of the socio platform.
And can also exchange the native currency for other tokens such as fan tokens, users can also take part in voting in contests involving their favorite teams and also predict match outcomes.
step 6
Now in this step we can select our favorite team in this next page. I selected Fc Barcelona as my favorite team in the team selection.
Step 7
After my selection it added 1 SSU which is know as the Socios United Toke to my wallet
Step 8
Below is the list of some of the fan tokens that some traders deal in from different football clubs.
Exploring the features of the application
- Users can vote on exclusive club content.
When users do this they are able to have influence on somethings concerning the fan token of the club.
- After the vote tab is the predict tab.
users are able to predict and earn rewards using this fan tokens.
- The wallet feature can be found down there of the homepage.
This helps a user store his token directly on the socios platform and also keep track of their tokens.
- The hunt feature is down of the apps homepage allowing users to earn free tokens by hunting rewards.
- The chat room feature is available to allow users to chat on the app.
This feature can be located at the top right corner of the app
- There is also a news feature that helps users by delivering important news about sports concerning the crypto market.
Choose a Fan Token in the Socios application and do a detailed fundamental analysis. (Screenshot Required).
I decided to choose Barcelona Fan Token($BARCA)
Spanish football club FC Barcelona is one of the top football clubs in Spanish Laliga competition has created their own fan token based on the blockchain named as BARCA Fan Token, represented by $BARCA. It is available on the Scion.com mobile-app, where users can get various premium services from all the club involve for now including the VIP experiences on the platform.
Club fans can engaged to aid the club in making decisions by voting on the queries of the club on the app. Barca fans can redeem in-app Chiliz currency for their favorite fan tokens to buy the club contents.
As at the time of doing the homework post the current value of the Fc Barcelona fan token is 18.78 dollars according to coin market cap.
it's market cap is 62.95 dollars and it ranks at number 486 on the coin market cap.
According to coin market cap, its circulating supply is 3.35 million.
The joining together of the sports and crypto would help mass engagement of people in new level. This will bring a closer interactions with sports and crypto and also empower crypto-literacy and education.
By the time every one will finish learning this week assignment he will now a good mine to invest in socio.com so as to enable them(sports fans) participate in their respective decision making and also end rewards in return.
I would stop here and send warm regards to prof @wahyunahrul for such a wonderful lecture delivered and I'm also looking forward to see my self among people who have work hard in presenting a good assignment post.