Chiliz - Crypto Academy S5W5 - Homework Post for @imagen
Introduction
Greetings to you my lovely and wounderfu looking Steemians. Today is a day to share with you my homework post in SteemitCryptoAcademy. In this homework post you will be read through a detail of PoA and Chiliz which is the topic that was given by our noble professor @imagen. Remain Bless as you read through.
(1.) Describe the Proof-of-Authority (PoA) protocol
The word Proof of Authority (PoA) was proposed by the co-founder of Ethereum who is known as Gavin Wood, who was an ex CTO of Ethereum. Proof of Authority (PoA) protocol is a consensus algorithm of a high reputation based, that is designed to be a practical and efficient solution,for blockchain networks that are mostly private.
The proof of Authority (PoA) protocol takes advantage of real identifies to permit validation within a blockchain network. This implies that block validators are not allow to stake their coins but instead their will stake their own reputation within a blockchain. The process at which validators are not allow to stake their coin is known as selection arbitrary which means that selection is based on trusted validators. PoA is totally different from that of PoW consensus,but with some similarities with that of PoS.
In addition, Proof of Authority is based on a limited number of validators, which is one of the thing that make the system to be highly scalable. Furthermore,the system maintains a very high level of access control before blocks and transactions can be verified,since only nodes that has permission can act as moderaors or participate.
Difference Between Proof of Authority (PoA) and Proof of Stake(PoS) protocol
Many people take Proof of Authority to be an advance consensus of Proof of Stake that is modified, that is designed to leverages the identity of validators instead of coins. Proof of Stake is not appropriate for some certain entities and businesses, due to how blockchain network is decentralised with it nature.
In regards to this which is the difference between the PoA and PoS, Proof of Authority consensus stand as a better use solution for private blockchain network due to its high performance that is more of scalable than that of PoS.
How Proof of Authority Protocol Work
The process by which PoA protocol work is not that difficult but somehow simple. The first thing that is needed for the system to work is for validators to be randomly chosen. The selection and addition of nodes based on the voting system of nodes that are authorized previously. With this, the system avoid nodes that can corrupt the smooth operation of the network.
Furthermore, validators run application for their transactions to be put in blocks. It doesn't require validators to monitor their device always since the process work automatically. Although, in I have earlier said that the selection an addition of nodes is based on the voting system of nodes that are previously authorized.
Before a nodes can be selected as a validator, such a users must have agree with these three basic condition which are;
The identity of such a users must be formally verified on the network with the possibility of rechecking the information of the user in a public domain.
The users must have obtained the right to be selected as validator that has been authorized to confirm block transactions that are earned.
Consistency check and procedures is another means for selecting a validators before authority can be giving.
Advantages and Disadvantages of PoA
| Advantages | Disadvantages |
|---|---|
| Proof of Authority completely remove the possibility of an attack, since validators are well check at the point where their are obtaining authority. | Decentralization is too possible with the use of proof of authority due to the limited number of people that can participate in validating blocks. |
| PoA save energy when compared to consensus like PoW and PoS | It requires permission before it can be used even as it is mostly use in a private blockchain. |
| Transactions are process very fast which makes new blocks to be created within a second, with a low fees. | proof of authority reputation can keep participants from harmful or malicious act always. |
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(2.) Who are the partners or sponsors of Socios.com?
According to the information gotten from https://www.socios.com/socios-partners/ which is the main page of Socios.com, the latest partner partners is Laliga which stand as the Global partner of Socios.com.
Furthermore, apart from Laliga that is the current partner, there are some other several partners in different categories such as;
- Football, Motorsport
- Gaming, Cricket
- Fighting, Basketball
- Tennis & American Football
All that are listed above are the categories of partnership of Socios.clm which I will be exploring them one after the other. Let's use take a look at them one by one starting from Football down to American Football.
Football
From the above screenshot, we can see that in the category of fottball Socios.com are into partnership with about 47 football clubs which are; Barcelona, Juventus, PSG, AC Milan, AS Roma, Atletico Madrid, Independiente, Galatasaray, Istanbul basaksehir, manchester city, Novara Calcio, Sint-Truidense VV, trabzonspor, Club Universidad de Chile young boys , apollon limassol, legia warsawa, fortuna sittard, goztepe, alanyaspor, levante, argentina national team, Clube Atlético Mineiro, valencia, corinthias, portugal national team, arsenal, inter milan, GNK Dinamo Zagreb, everton, leeds villa, pohang united, aston villa steelers, flamengo, samsunspor, sao paolo, Racing Club de Avellaneda, bologna, Gazisehir Gaziantep, napoli, new england, santos laguna, atlas, as monaco, italy national team, palmeiras and crystal palace are all the clubs that are partners of Socios.com in one way or other.
Gaming
The partners of Socios.com in the gaming category are six (6) partners which are; NAVI (Natus Vincere), Team OG and four (4) teams of esports.
Motorsport
The partners of Socios.com in the Motorsport category are three (3), which are; Roush Fenway Racing, Aston Martin Cognizant Formula one team and Alfa Romeo Racing Orlen.
Fighting
The category of fighting has two partners which are Professional Fighter League and UFL
Cricket
The number of partners of Socios.com in the category of cricket are four (4) partners which are; Punjab Kings, Knight Riders, Royal Challenges Bangalore and Caribbean Premier League Championships are the four partners of Socios.com under it Cricket category.
Basketball
The numbers of partners of Socios.com in the category of basketball are twenty-four (24) which are; 76,Boston Celtics, Cleveland Cavaliers, Sacramento Kings, Orlando Magic, Los Angeles Clippers, Houston Rockets, Chicago Bulls, Minnesota Timberwolves, Detroit Pistons, Golden State Warriors, Washington Wizards, Oklahoma City Thunder, Charlotte Hornets, Miami Heat, San Antonio Spurs, Milwaukee Bucks, Indiana Pacers, Brooklyn Nets, Utah Jazz, Phoenix Suns, Atlanta Hawks, Memphis Grizzlies and Los Angeles Lakers are the names of partners.
Tennis
Socios.com only one partner in the category of tennis which is Davis Cup Rakuten.
American Footbal
In the category of football, Socios.com equally has one partner which is New England Patriot
(3.) 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).
Here I will be discussing on how I download and install the Socios.com application, and the step that i use to create an account. Let's get started with all the steps beginning from the downloading and installation below.
Step 1: I go to my Google Play Store and search for Socios and then I click on install as shown from the screenshot below.
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Step 2: As soon as the Socios application has completely downloaded I then click on Open and the I was taken to the account creation page as shown from the screenshot below.
Step 3:I then allow it to load before I click on Get Started
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Step 4: After I have clicked on get started I was taken to another interface, where I then enter my mobile number before I then click on Send Verification Code, as the code was send to me I then minimize my tab an copy the 6 digit code and enter it as shown from the screenshot below.
Step 5: At the registration page, I enter my Username and Email before I then click on the box and accept the terms and conditions before I then click on Register Now.
Step 6: After, I have clicked on register now I then click on Verify Now
Now, you can see that I have successfully download,install and create Socios.com account which is shown from the screenshot below.
Explore the application and describe its function
The major function of Socios.com is to allows organizations that are into sporting to get involves in Socios.com and monetise their global fanbases with the help of it digital assets called Fan Tokens. Although, at this point I will be discussing about the features of Socios.com. let's get started.
Wallet
Market is the feature of Socios application that allow users to buy it Fan Tokens for to support clubs through the use of $CHZ token that can be bought in other exchange.
Reward
This is the feature that users perform some task and get rewarded for the tsk their perform.
Hunt
This is the feature comprises of badges, leaderboards and Fan rewards that are shown on the top.
News Feed
This is the feature where users get themselves updated on news.
(4.) 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.
In order for me to make a purchase of the CHZ token, I went to my Binance exchange and make purchases CHZ token using the step below.
Step 1: I open my Binance exchange App and click on Trade as shown from the screenshot below.
Step 2: After clicking on Trade, I then search for CHZ and then I select CHZ/BTC pair.
Step 3: I then input my order type as Market Price and also I enter the amount of BTC as 0.00029787 before I then click on Buy CHZ and the Order became executed immediately which is shown on the screenshot below.
The total amount of CHZ purchase is 50 CHZ
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Indicate the ATH of the coin and when it was reached.
According to the information gotten from Coinmarketcap, the ATH of the Chiliz (CHZ) coin is $0.8915 USD. It All time high happened on 13 March, 2021 which is exactly 9th months. The current price of Chiliz (CHZ) token which is at $0.2707 has decrease by 69.66% compare to it all time high.
(5.) 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.
At this point I visit Chiliz.net and I saw a list of pair with price in CHZ and their equivalent in USD which is shown below.
| Token | Price of token in CHZ | Price of token in USD |
|---|---|---|
| BAR/CHZ | 31.89 | $8.62 |
| JUV/CHZ | 30.63 | $8.28 |
| PSG/CHZ | 53.31 | $14.41 |
Looking at the both the screenshot and table above, we can see that Barcelona (BAR) token in CHZ is 31.89 whereas in USD is $8.62, Juventus (JUV) token in CHZ is 30.63, whereas in USD is $8.28 and finally, Paris Saint Germain (PSG) token in CHZ is 53.31, whereas in USD is $14.41.
(6.) 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.
Here I will make use of Paris Saint Germain Fan Token.
As at Tuesday 07 December 2021, there was a champions league goals as Paris Saint Germain scored Club Brugge 4-1. Based on the day which the champion league was played, the price of Paris Saint Germain Fan Token was value at $16.13 dollars. The next day after which the match ended which is on Wednesday 08 December 2021, the price of PSG Fan Token was decrease to $14.61 dollars. Although before the match was played in 7th December which was 6th December, PSG Fan Token was value at $16.06 dollars.
Furthermore, as at on Sunday 12 December, 2021 there was a match between PSG and AS Monaco and PSG won the match with 2-0 goals. As at 12 December which the match was played the price of PSG was at $15.98 dollars and after that which they won the price of PSG fall down to $15.88 dollars.
Now in order for we to draw our conclusion on this let's look at the historical data for Paris Saint-Germain Fan Token that is gotten from Coinmarketcap below.
From our information and data above we can see that at as today been 14 December PSG token is at $14.21. PSG Fan Token has had a 31% volume increase over the last day with a trading pair of USDT TRY and CHZ. Now with all this we can see that Paris Saint Germain Fan Token price has fall down whenever a match is held. Although, could be because of the high pay of the PSG token that is given to Lionel Messi.
(7.) Conclusions
PoA is a very nice consensus mechanism that is mostly use in a private business organization that come with a very high scalability. Although, even with it high scalability there are some limitations when using the protocol which are; public Identity of validators information, the system of decentralisation is limited as it depends on centralization system, and finally to this it can not be question (objectionable). All Thanks to our noble and wounderfu professor @imagen on is powerful and wounderfu lesson which is what I read and understood before presenting this homework post.
Thank You For Your Pressure Time Here My Lovely Friend.
Best Regards;
Cc:-
@imagen