Crypto Academy Season 4 week 1 [Beginner's course] Socios.com - Blockchain Based platform for sports industry ||Homework post for prof. @wahyunarul by @cinnymartins
1). Explain in detail what is the Socios.com Platform?
2). What are the effects when blockchain has entered the realm of the sports industry?
3). Is Socios.com a good prospect as an investment vehicle? Explain your personal opinion along with strong evidence.
4). Explain the steps to install the Socios application in full and explore the various features in the application. (Screenshot Required)
5). Choose a Fan Token in the Socios application and do a detailed fundamental analysis. (Screenshot Required)
6). Conclusion.
1). Explain in detail what is the Socios.com Platform?
Socios.com platform is a platform created on the 18th of June 2018 with the aim of creating a bond between fans and their favorite clubs by enabling active participation in the club activities and taking part in every decision making process in the club. Through this platform, fans of different clubs around world are communicated important informations ongoing in their club and through this platform, fans give their Say to the club.
The Blockchain technology has grown so far and have extended to every endeavor of which the sports industry is not left out of it because of the ease and security attached to it.
This platform is not just partnering with one particular support or club as football, racing, boxing and basketball are example of sports but because of great fanaticism in football game, many football clubs has seen potential in this platform and has come to partner with it.
One of the dividends this platform provides for its fan is that it endows them with the right of being a shareholder and investing in their desired club through the token meant For that particular football club.
Built on the Blockchain technology, the socios.com platform is security enhanced as it comes with a high level of transparency and encourages the exchange and investment of tokens.
This platform comes with exciting features such as giving it fans wonderful experiences like meeting live with their players and then visiting the stadiums and yet greater features are to be extended in the future to come.
Before now, there has been a lose band between football clubs and their fans as they are left out with regards to the management of the club; they only dance to the tones and trends of their favorite clubs per time up until the emergence of soicios.com platform that helped fill the gap between teams and their fans.
2). What are the effects when blockchain has entered the realm of the sports industry?
The Blockchain technology is advancing at a speedily rate and has cut across every sphere of life of which the sports industry is not left out of it.
That being said, the following are the effects when Blockchain has entered the realm of sports industry:
High level of transparency
The level of transparency associated with the Blockchain technology will Rob off on the sports industry. This is to say that having known that in time past, football clubs has left their fans in the dark but with the existence of Blockchain in the realm of sports industry, the voting processes of football clubs will be made transparent and as such, every fan will reserve equal decision making rights.Close bond relationship
The existence of Blockchain technology in the sports industry has already gone a long way in bonding the relationship between players and fans. By providing such privileges as seldomly visiting the stadiums and meeting with players, a relationship is being watered and it is all thanks to the Blockchain technology.Revenue generation
Fans hold a minimum of one token to be able to reserve their voting rights and as well be part of their favorite club decision making. Far from that, fans invest in those tokens and this goes a long way to generate revenue for the sports industry... All that is being attributed to the Blockchain technology.Expansion of cryptocurrency
Using the socios.com platform as a case study, we will find out that each team has a token peculiar to them which their fans need to participate in the team's poll and decision making.
In one way or the other, this facilitates creation of additional tokens and thus expand the cryptocurrency world.Enhanced security
The level of security situated with the Blockchain technology will be an added advantage to the sports industry when the Blockchain enters the sports industry.
3). Is Socios.com a good prospect as an investment vehicle? Explain your personal opinion along with strong evidence.
The answer to this question is a YES for me. The socios.com is a good prospect as an investment vehicle and my reason for taking such proposition are as follows:
The socios.com platform was established in the year 2018 but within a short period of time, it has grown steadily yet speedily and has made new collaborations from different spheres.
That being said, no doubt the platform is a great one and investing in their tokens will afford a wonderful experience to investors as they would make attractive profits in return.The Chiliz cryptocurrency is basically the only cryptocurrency fans uses to buy or exchange their fan tokens in other to be able to take part in decision making of their team. And looking at the rate in which the Chiliz cryptocurrency is fast growing is a hint that that the platform is a good investment vehicle.
As at the day of writing, the Chiliz cryptocurrency is being rated 62 and the price is $0.3281
And the market cap is 1,935,014,072.14
With this, I believe many people will see more reason to still invest in the coin even in the future to come and that talks about the likelihood of the price skyrocketing.
The socios.com platform is a good prospect as an investment tool owing to the fact that the platform is in use by top level sports organisations of which most of them are known clubs in European football and many more.
Because the platform is built on the Blockchain technology, it is a good investment vehicle. I said so because every sphere of life, every field, is gravitating towards and for no reason should this feature be underrated as a good investment vehicle.
Based on its uniqueness, it has attracted fewer it no competitor at all. No similar platform had been able to achieve what socios.com platform has achieved within a short period of time and points to its stand against the test of time and hence, a good investment vehicle.
First of all, I visited the playstore application on my android phone to download the socios application and from there, I downloaded it
After installing the application, a new page popped up where I had to click on the "Get started" icon.
Next, the registration page where I had to choose a username and then insert my email address and from my email application I had to "verify" and a "congrats" page will pop up next.
I had to go back to the application I installed for directions on how to use the app and after going through the steps, then click on finish.
Next, the application homepage will open up to explore the application, I clicked on the profile icon where you can see features like your profile details, settings, security, verify your identity, fan rewards, etc. From these options, you can select anyone you wish to explore.
Upon registration and verification, you will be rewarded with 1 SSU token.
Ultimate Fighting Championship (UFC)
This is the world's largest Mixed Martial Arts (MMA) promotion was announced on the 30th of June 2021 for its sales through the socios.com platform.
This token was available in most countries and fans who wish to partake in it can do so by accessing the socios.com platform and the initial price of the token was 2€.
As expected, the UFC token is in partnership with the chiliz cryptocurrency a block chain company with the ultimate goal of providing services to entertainment industry mainly the sports industry.
The trend and aim of launching this token is to amplify the engagement of million fans around the world. The UFC fan has a maximum of 20 million supply of the token.
One of the benefits of acquiring this token is that fans with the token can vote on fighting topics through the digital polls and they can be rewarded for voting e And acquiring the token can either be through transfer or credit card and having this token affords you the privilege to have surveys of which one of them is to decide the kind of questions to ask the players.
It is one of the world's largest MMA promotion because it affords fans amazing experiences at MMA events.
This is quite an interesting topic knowing that the block chain has evolved into the ports industry and from my best research about the socios.com, it is a platform that cannot be done without and is a must explore for every body who has eye for the sports industry or game.
I learnt in the course of my research and lecture delivered by the professor @wahyunahrul that the block chain exists in the sports industry and I also got to learn about some unknown tokens which can be accessed via the socios.com platform and for a truth I can say that I really enjoyed the lecture and it was worth the time and exposure.