Chiliz - Crypto Academy S5W5- Homework post for @imagen

Hello crypto minded friends,
I believe you are all doing great, and you are all Participating in the club5050 project.

I use this medium to welcome you all to my assignment post given by Prof @imagen, on the topic chiliz.

Please join me as we embark on this wondrous adventure.

DESCRIBE THE PROOF- OF- AUTHORITY PROTOCOL

Only newbies to the cryptoworld will be unfamiliar with the consensus mechanisms used by networks in a blockchain.

We have the Proof Of Stake [POS] consensus mechanism, the Proof Of Work [POW], the Pure Proof Of Stake [PPOS], and we also have the Proof Of Authority [POA] consensus mechanism.

Due to the weakness of the POS and POW in the blockchain technology, developers went ahead to develop a new consensus mechanism, [PPOS].

The Proof Of Stake consensus mechanism is greatly affected by the blockchain trilemma, as it is unable to solve the issue of decentralization effectively.

The Proof Of Work also has its weakness which is affected by the blockchain trilemma, it is unable to solve the issue of scalability.

The Pure Proof Of Stake, which was invented by the Algorand has help to solve the blockchain trilemma, it solved the issue of decentralization by selecting users randomly to become block validators as long as such a user meet the minimum requirementbof possessing at least 1Algo token.

It solves the issues of scalability by quickly entering a recovery mode if a block is validated.

We also have the Proof Of Authority [POA] consensus mechanism which is our main focus of the question.

The P.O.A mechanism can be send to be a new algorithm used in the blockchain technology that helps to speed up transaction processes through the use of a mechanism that is based on the identity and reputation of users..

Proof Of Authority, in other words can be said to be a reputation based algorithm that brings efficient solutions to the blockchain.

In the Proof Of Authority mechanism, block validators are not selected mainly from users that stake their coins, but are selected from among users that stake their reputation.

We can then simply put that the Proof Of Authority mechanism is made secured by trustworthy validators.

The POA is a highly scalable network and it achieves its scalability by relying on a limited number of block validators.

The POA consensus mechanism is one that is geared toward private organizations with the intention of creating their own chains, and don't need the so-participation of the public.

The proof of authority mechanism was proposed by the co-founder of Ethereum in the year 2017.
The right to validate a new block on the POA network is awarded to validators for their being trustworthy.

The process of block validation is an automatic process that does not require constant monitoring from the validators but requires constant maintenance.

ADVANTAGES OF PROOF OF AUTHORITY

• It is highly scalable
• The interval for the generation of new blocks are predictable unlike other mechanisms
• It is easily sustained than other mechanisms
• It posseses high tolerating power.
  

  
  WHO ARE THE PARTNERS OR SPONSORS OF SOCIOS.COM

  
  Let's first understand what the socios.com is.
  The socios.com is a platform that mainly connect fans to their respective clubs using the blockchain technology.

It is a platform that sells fan tokens, here by giving fans the opportunity to influence the decision making of their favorite clubs.

The socios.com partners with numerous sport clubs such as football, Motorsport, cricket, basketball, tennis etc, but the most frequently heard of is the football partnership.
The socios.com partners with a lot of football clubs, big and small, clubs like, Juventus, Barcelona, PSG etc.

The image below shows the list of football clubs that are in partnership with socios.com

FOOTBALL

The image below shows the list of gaming clubs that are in partnership with socios.com

GAMING

The image below shows the list of fighting clubs that are in partnership with socios.com

FIGHTING

The image below shows the list of Motorsport and crickets clubs that are in partnership with socios.com

The image below shows the list of basketball clubs that are in partnership with socios.com

BASKETBALL

And finally the image below shows the list of tennis, American football and ice hockey clubs that are in partnership with socios.com

TENNIS

AMERICAN FOOTBALL

ICE HOCKEY

DOWNLOAD AND INSTALL THE SOCIOS.COM. CREATE AN ACCOUNT, EXPLORE THE APPLICATION AND DESCRIBE ITS FUNCTIONS. SHOW SCREENSHOT.[IF NECESSARY USE A VPN IF THE APPLICATION IS NOT AVAILABLE IN YOUR COUNTRY OR LOCALITY.

To participate in this task, I visited my playstore and search for the socios.com application inorder for me download it.

^{SCREENSHOT FROM PLAYSTORE}

• I then proceeded to launch the app and the below appeared of which I clicked on the get started

^{SCREENSHOT FROM SOCIOS APP}

• I then proceeded to register as a member, I imputed my number and waited for the verification code but it wasn't sent

^{SCREENSHOT FROM SOCIOS APP}

I repeated the process severally but it was to no avail, even the application of a VPN wouldn't work here.

I hereby plead with Prof @imagen to please consider the challenge I encountered, as the fault is not from my end.

FUNCTIONS OF SOCIOS.COM

• It helps to enhance the fan's experience across the sport industry through the use of fan tokens
• It gives fans the opportunity to participate in the decision making of their favorite clubs
• The socios app gives super fans super access, that is, they will be given access to the VIP experiences on the app.
• Fans are the given the chance to be involved in voting polls, be it binding polls which must be honored or the non-binding polls which will be considered.

MAKE A PURCHASE OF THE CHZ TOKEN FOR A MINIMUM VALUE OF 10USD FROM THE VERIFIED ACCOUNT OF THE EXCHANGE OF YOUR CHOICE. DESCRIBE THE PROCESS. INDICATE THE ATH OF COIN AND WHEN IT WAS REACHED. SHOW SCREENSHOT

To perform this task, I visited my binance app, and I ensured that I had more than 10usd on my binance exchange and I proceeded to purchase the CHZ token

^{SCREENSHOT FROM BINANCE}

Inorder for the transaction to be executed on time, I placed a market order, because by placing a limit order, I will have to wait for the transaction to be executed.

I then placed an order of 12USD at a price of $0.2825 per CHZ, which give me a total of 41.958CHZ.

^{SCREENSHOT FROM BINANCE}

And below is the proof of my fulfilled transaction from my order book

^{SCREENSHOT FROM BINANCE}

To get the all time high of the CHZ token, I visited coinmarketcap and went straight to the chart analysis of the token but it was to no avail.

Source

I then proceeded to visit coin index inorder to get a full analysis of the CHZ token, and the below appeared

Source

From the above screenshot, we can see that the all time high of the CHZ is $0.878633 and a 24hr volume of $155.36M and it got to this price on the 13th of March 2021.

ENTER THE CHILIZ EXCHANGE AND INDICATE THE PRICES OF 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 SCREENSHOT

Source

As of the time I made this post , the price of 1BAR fan token is 30.08CHZ which is equivalent to $8.53

Source

The price of 1 JUV fan token as at when this post was made is 29.52CHZ which is equivalent to $8.34

Source
The price of 1 psg fan token is 51.11CHZ as at the time this post was made and this is equivalent to $14.45.

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 THE VALUE GO UP? ON THE CONTRARY, IF IT SUFFERS A DEFEAT, DOES IT PRICE GO DOWN? REASON FOR YOUR ANSWER AND PRESENT AT LEAST ONE RECENT EXAMPLE, PREFERABLY IN THE WEEK BETWEEN SUNDAY 12 AND SATURDAY 18 DECEMBER

As a fan of mancity, I considered it a privilege to carefully carryout this task and see how our fan token is affected by our matches won and lost.

On the 11th of December, mancity played against wolves fc of which we came out victorious with a victory of 1 to 0.

Source

Analysing the price of mancity fan token from coinmarket on the day the match was played, I noticed something

Source

I noticed that the price of mancity fan token before the match was around $9.99 and while the match was been played, it rose to around $10.29 which later dropped after the match.

At first I was confused at the movement of the price, because I thought it was suppose to experience a continuous uptrend as mancity came out victorious.

I then proceeded to analyze the last match against Leeds United

Source

From the last match which was played on the 14th of December, mancity came out victorious with a victory of 7-0

I then proceeded to analyze it price chart from coinmarket cap

Source

From the chart, I was shocked at what I saw, although mancity won a with a victory of 7-0, it's price continued to decrease.

To conclude this question, the value of a club fan's token is not affected by their matches played.

If the result is a victory, it doesn't necessarily mean that the price will increase and on the contrary, if the result is a defeat, it doesn't mean the price will decrease.

A good example is that of mancity as explained above, although mancity won 7goals and Leeds 0, the price of mancity tokens still decreased greatly.

Now I came to a conclusion that the price of a fan token is not affected by the result of the match played, instead it is affected by the law of demand and supply.

CONCLUSION

Indeed, the invention of the socios app is a very good one, as it helps fans to participate in the decision making of a club.

I also discovered that the matches played by respective clubs doesn't affect the price of the fan token.

I appreciate Prof @imagen for this interesting lecture, I look forward to your next lecture.