Chiliz - Crypto Academy S5W5 - Homework Post for @imagen
It is a good da, i welcome you to my assessment on Chiliz, assigned by my dear professor @imagen, am @kingworldline.
Proof of work which has the acronyms (PoA) is recognized as a new consensus protocol which is being used in a blockchain, meanwhile this is based on reputation of the elected representatives who is powered to takes charge in the blockchain activities, there by validating and verifying a transactions with the operating network and as well to keep update of the more or less distributed entries in the blockchain.
Meanwhile the proof of authority is made for practical and as well as efficient solutions which made for a private blockchain, therefore this call the proof of authority was initiated by Gavin Wood, the co-founder and ex-CTO of Ethereum. Meanwhile this has shown a difference to other consensus protocols such as proof of work (PoW).
Proof of authority (PoA) is basically on a limited number of validators, meanwhile its feature attached to it gives a greater advantage, meanwhile the higher the scalability of the blockchain as well.
The proof of authority (PoA) protocol operates based on systematic means of selection which involved random selection of an identity in selection of the delegate responsible in validating and verifying blocks, hence this does not require mining as is found in Bitcoin, hence the proof of authority (PoA) makes use of the identity and as well the reputation.
The Socios.com is a recognized platform which is initiated by Chiliz which is made to provide blockchain fintech in the area of organizing play in sport activities, therefore the Chiliz is a project on its own that runs on Ethereum. Blockchain there by creating a token known as CHZ which operates based on the ERC-20 network.
Hence the main reasons of initiating Socios.com is to attract the attention of the fan base closer to their different clubs which they are supporting, meanwhile the existence of the Socios.com is to make fans to be part in decision making of the happenings in the club.
With the state of the Socios.com platform has collaborated with so many well recognized sports chapters around the world, the Socios.com has come in collaboration with football clubs and teams, Football, Gaming, Fighting, Motorsport, cricket, basket, tennis, American football and yet to engage with others yet to be recognized. As shown on the below screenshot.
Meanwhile I have a hard time and experienced the challenges in installing and getting verification on Socios.com in Nigeria. Meanwhile I have tried to get this verified with the VPN with virtual number, with the country Canada as shown below. The screenshot shown below is the application I used to get it done.
I processed choosing Canada as shown below.
For me to carry out this I have to initiate a virtual number since my country's VPN does not recognise the Socios.com applicatication, meanwhile I used a Canadian virtual number.
I proceeded to download and launch the application, as shown on the screenshot below.
On this page I was asked to input my phone number.
At this page i have to make my email entry and with my prfered username to get registered.
Here is the welcome note to Socios.com, I click to get started.
At this point we have a place to exchange our CHZ with that of the fan token of our favorite clubs or team in any sport.
At this page we can use our token from our wallet to purchase other token.
Having fan token qualify you to participate in voting activities.
At this page, here is the option where the user can figure out the position of his favorite team.
At this page is where we can as well search for our favorite clubs.
Here is the wallet page where we can actually see our token on the platform as well as their real value.
On this page is the proof of my verified account.
Hence in order to get this achieved i will be using my VERIFIED kucoin account in purchasing CHZ token that is not less that $10, as being shown below is the screenshot of proof that my account is well verified.
Secondly as shown on the screenshot is the available USDT i have in possession, meanwhile I proceed to use the available USDT to purchase the CHZ token as shown below.
At this point of trading, I have my currency pair as CHZ/USDT, with not less than 10 USDT, meanwhile I stake my price 0.26324 with 100% buy, with this I place an order to buy CHZ by clicking BUY CHZ.
At this point my order was fulfilled as shown on the screen, you can now see we have the CHZ token as shown on the below screen reputation.
In order to determine the the price of the CHZ and as well the equivalent USD of the fan token of FC Barcelona, Juventus, and Paris Saint- German, hence I will first of all visit the Chiliz web address chiliz
• FC Barcelona (Bar) token has the current price as 31.95 CHZ with exchange rate of $8.88, as of the time of the screenshot the token is experiencing -0.15% decrease in price.
•The Juventus (JUV) token it has the current price as 30.5 CHZ with an exchange rate of $8.47, meanwhile the time of the screenshot the token is i observed +0.23% increase in price.
• The paris saint german (PSG) token it has the current price as 16.39 CHZ with an exchange rate of $4.55, therefore as of the time of the screenshot the token is experiencing -3.18% increase in price.
Based on this am going to analysis the fan token of the FC Barcelona, meanwhile according report on the screenshot I took, I found out the price is depreciating gradually with 0.15% decrease, is well to football lover that the club or teams of FC Barcelona are facing some economic challenges which lead to their miserable defeat in their previous fixture which has effect over the rise and fall of their token, taking a look on FC barcelona previous match with FC Bayern of which they enquired 3:0 heavy defeat, of which they are recovering from the defeat as the days goes by. It means that whenever a club suffers defeat it causes a decrease in the price of a particular token.
Then base on the entry in the coin market cap have a report based on the screenshot, that token is not bought due to some set set back in champions league round 16 qualifier which now lead them down to Europa league which the last time they participated in this competition was in 2003, meanwhile is so sad to face such exist from champions league.
One of the reigning invention this days is all about the blockchain technology which has dominated the the entire world in various aspect of life, the innovation has brought about change in our finance, change in our daily activity, and as well to sport activities, meanwhile this has arrest the case of having third or intermediate in our daily transaction.
Therefore base on the change on the area of sport activity, this has brought the existence Chiliz blockchain which has brought the existence of the fan token which tend to bring the fans of a particular club together, thereby give them the authority to be part of the chain, and thereby making some dividend from the blockchain.
The Chiliz blockchain uses the proof of Authority consensus mechanism, based on this, this is made in such a way that the validator gains and as well the reputation while revealing identities in the blockchain.
In a nutshell the technology behind the blockchain has advanced the entire world to another level of technology, hence with this I can now say a huge thanks to my professor @imagen and as well to everyone a merry christmas.
NOTE: Here are reference of the image collection used.
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