[Beginner course] Steemit Crypto Academy Season4 Week1| Socios.com–Blockchain Based platform for Sports Industry
Before me is my first assignment post in the season 4 of the steemit crypto academy, lectured by Prof @wahyunahrul.
As usual, his topics are usually educative and fun-filled, the topic for this week, being Week1 is "socios.com-blockchain based platform for Sports Industry".
In this wonderful topic, we are going to learn a lot of new things, we shall learn in details what a socios.com platform is and how it operates, we shall also discuss the importance of linking blockchain to sports, interesting right?.
Don't miss out from this fun-filled adventure.
Join me as we begin with immediate effect by giving attention to the first bulletin task
EXPLAIN IN DETAILS WHAT IS THE SOCIOS.COM PLATFORM?
Football as we see today is as ancient as man, new domestic leagues are formed with more people being interested in this wonderful sport as it is a game of passion, played and viewed by it's lovers.
Different tactical methods have been devised to keep the love of football burning like an undying fire in the hearts of football fans, one of these method is by placing a bet.
Gambling, or I will rather say betting is a game of luck whereby fans of football stake money, vouching for the win of their respective team. And once their bet is placed right, their return home with more money than they staked.
With the emergence of several new betting companies/platforms such as bet9ja, 1xbet, etc, betting has been made easier, faster and more interesting.
Betting this time around is no longer done by football fans only, now it is done by almost everyone, and this has cultivated the interest of sports in many individuals.
These betting platforms emerged so that alongside supporting your dream team, you can also earn and make a lot of money.
The interesting aspect is that most people fall in love with sports by first being attracted by the monetary aspect of the betting platforms.
The above explained is a strategic method to keep people engaged in sports. And another most effective method is that of socios.com.
Socios.com is a platform owned by chilliz. It is the first mobile application that was developed with the interest of football fans in mind.
Just as the above mentioned betting platforms bring fans and gamblers closer to sports, so also does the socios.com platform bring fans closer to their respective teams.
The socios.com platform grants fans/superfans the eligibility to vote on specific decisions that are to be made concerning the progress of the team.
Fans are also given the chance to partake in the decision making on the kit designs to be used by the team, who should be awarded man of the match and many more, depending on how many fan tokens the fan has .
Now, we may wonder, how is voting done? Well the answer is not far-fetched, voting is made possible through the development of digital assests named fan tokens. These tokens acts as a fan's right to vote.
Next, we shall discover and discuss how fan tokens are gotten.
Fan tokens can be directly purchased on the socios.com platform through a process called FTO, an acronym for Fan Token Offering
Fan tokens can be bought using the digital currency of the application which is $CHZ, and $CHZ can be gotten in two ways, one of them is through the use of debit/credit card of a fan and the other method will be further explained as our adventure continues, just pay constant attention.
One of the most interesting aspect of this is that if a fan has just a fan token,he has the right to vote in every poll published by the club.
It is also good to note that, the balance of a fan token does not reduce, irrespective of the number of votes made by the fan.
The balance of a fan token are never used up, it only reduces when the fan decides to sell some of it or all of it.
Interestingly, just as steem power increases the influence one has on steemit, so also does fan token.
A fan has the ability to purchase more than one fan token as the more fan tokens he possesses, the more votes he exerts in any poll he casts his votes.
In a nutshell, we can say that socios.com is a platform built on a Decentralized system, it uses $CHZ as it's digital currency and this currency can only be spent on its platform.
Socios.com runs on a blockchain technology as this ensures transparency in terms of voting.
As I informed you earlier, I said you should pay attention as the other way to purchase $CHZ will be explained. Here it is;
$CHZ can also be purchased by topping up ones wallet or if one is a regular dealer of crypto currency, one can purchase it through their crypto exchanges and then transfer it to their socios.com wallet.
Congrats to all that followed along.
Having examined in details what socios.com is all about, shall we continue our adventurous journey by proceeding to the next task
WHAT ARE THE EFFECTS WHEN BLOCKCHAIN HAS ENTERED THE REALM OF THE SPORTS INDUSTRY
Definitely, there will be lots of effects when blockchain technology enters the realm of football industry, some of them are;
ENHANCED DRUG TESTING:
With the help of blockchain technology, there will be no manipulation of tests results of players as prescriptions and results of their check up can be traced and easily seen.ENHANCED SPONSORSHIP:
With the enforcement of blockchain technology, sponsorship programmes can easily be funded using crypto currency.SECURITY OF DATA:
Data of athletes, footballers, coaches and many officials can be securely stored and easily referenced at any point of time.Bridges communication gap between fans and their clubs
Increases the population of crypto currency dealers.
There are still many effects of blockchain being linked to sport industry, the above mentioned are a few.
Shall we proceed on this educative and fun-filled journey by proceeding to the next task
IS SOCIOS.COM A GOOD PROSPECT AS AN INVESTMENT VEHICLE? EXPLAIN YOUR PERSONAL OPINION ALONG WITH STRONG EVIDENCE
Well, from my opinion, I will say that socios.com is a good prospect as an investment vehicle because:
- It is built on a Decentralized system using blockchain technology, and this assures one of total security of funds
- Another reason I support my above picked answer is that socios.com has partnered with a lot of big sport teams and this is an assurance that it cannot be rug-pulled.
- It also serves as an investment vehicle in the sense that one can just decide to invest on it , as the value of fan's token increases.
Without delaying any further, we make progress to our next task
EXPLAIN THE STEPS TO INSTALL THE SOCIOS APPLICATION IN FULL AND EXPLORE THE VARIOUS FEATURES IN THE APPLICATION
The installation of socios application is a very interesting and easy adventure to embark on, depending on the device been made use of.
As for me, I'm making use of an Android, infinix product. For me to download socios app, I visited playstore on my device
I then searched for the application
And I then clicked on the application and it started downloading
app downloading
And then the app was successfully downloaded.
After I have successfully downloaded the app, I launched it by clicking on get started and I was asked to either login or register as seen below.
[Screenshot from the app]
Due to the fact that I haven't registered on the app before, I was asked to register.
For the registration process, I was asked to to input my phone number, inorder for me to receive a verification code and I did.
Unfortunately, after I imputed my phone number, I waited for 60secs which was the duration for my code to be sent but my code wasn't sent.
[SCREENSHOT FROM THE APP]
I repeated the process severally and even tried a different number and different formats of imputing those formats but it was all to no avail
SCREENSHOT FROM THE APP
I then decided to visit the entries of my fellow students to check how they did theirs and to know if I were the only one facing that challenge, but to my greatest surprise, I discovered that we all had same challenge and they have already laid complaint.
So I had to wait for response from my kind-hearted Prof @wahyunahrul.
Then fortunately for us, our kind-hearted Prof told us to attempt the other ones and give reasons why we didn't attempt some. And the above explained are my reasons o Prof.
With our inability to access the application, shall we proceed to last task of this educative adventure
CHOOSE A FAN TOKEN IN THE SOCIOS APPLICATION AND DO A DETAILED FUNDAMENTAL ANALYSIS
Although, the inability to access the app could have been a good excuse to skip this task, but because of my love for my Prof and the topic, I reasoned within myself that "if the mountain cannot go to Mohammed, then Mohammed must go to the mountain this is an adage to indicate that if I cannot explore a fan token from the app, there must be another way to do so.
With that mindset, I decided to go online and search out for the socio.com platform and below are screenshots
Unfortunately, all my attempts leaded me to downloading and operating on the app of which I couldn't gain access to.
So I thought for a moment and decided to explore the fan token using coinmarket cap and I got the following from my exploration:
I discovered that Paris Saint-Germain joined the blockchain world In the year 2018 and became the first franchise that partnered with socios.com.
In Jan 2020, $PSG was launched and the growth of this project rested on the PSG fans and PSG announcements.
The partnership between PSG and socios.com was led by Alexandre Dreyfus[ CEO of socios.com] and Marc Armstrong [Chief officer of partnership for PSG]
I also got the following analysis for PSG fan token, and this analysis was most as of when my research was made.
| TOKEN | ANALYSIS |
|---|---|
| Name | PSG token |
| Rank | #406 |
| Price | $31.26 |
| Low | $28.78 |
| High | $33.99 |
| 24hrs increase | 5.68% |
| Market cap | $88,037,398 |
| Fully diluted market cap | $604,590,356 |
| Vol 24hr | $53,956,006 |
| Vol-market cap | 0.6044 |
| Circulating supply | 2,906,337.00 |
| Max supply | 20,000,000 |
| Total supply | 20,000,000 |
CONCLUSION
Despite the little challenge we had, I'm glad that we were not hindered from exploring a PSG fan token.
Socios.com is indeed a very good platform as it helps the fans influence the decision making of their team through fan token, but I suggest that work be done on the app.
I appreciate Prof @wahyunahrul for this interesting and educative topic.
I also thank him for the mercy he showed inorder to make our completion of these tasks a success. May the Almighty bless you sir.
I eagerly look forward to your next lecture, we love you!!!
My comment box is open to all who has an addition to make or questions to ask, please feel free to visit.