[Beginner Course] Steemit Crypto Academy Season 4 Week 1 | Socios.com - Blockchain Based Platform For Sports Industry by @lukman1
Hello fellow steemians, it's a wonderful week and a great pleasure to attend the first lecture of this new season. All thanks goes to the Almighty Allah and also a big thanks goes to Professor @wahyunahrul who took his time and make sure to digest this lecture to our understanding. This lecture was really helpful as I learned a lot from it.
Below is my homework submission post.
Socios.com is a platform which was established in order to bring sports fans closer to the sports clubs they support. Chiliz established the socios.com platform which functions on the Ethereum blockchain. Socios.com gives fans the opportunity to take direct decision and also have influence on the clubs they support.
Socios.com is the first application and platform which was created with the sole aim of allowing supporters to have a hand in making decisions concerning their clubs using blockchain technology. Decisions on this apps are carried out mainly through voting by the fans. For instance, most football teams usually change the shape of their crest. So if it happens that club A wants to change their crest this season, they will make available different types of crest and give the fans the power to vote for the crest they think will be best for the club. So the crest with the most votes will be selected and use.
Also this voting can be done in an instance that a club want the fans to bring their opinions on the kits design they are planning to use. So in this case, all decisions taken by the clubs will be approved by the fans before it's implemented. This platform also gives fans the privilege to receive rewards from their idolize clubs from time to time. This platform also sells tokens which are referred to as fan tokens. It's this fan tokens which gives the fans the chance to take part in decision making concerning the clubs.
1). Fan Token Features
Fan tokens is one of the main and most important feature created by socios.com. This fan tokens are like any other crypotocurrency which serves as a direct tool to link the fans to their respective idolize clubs. It is this fan tokens which allows the fans to have a hand in decision making process concerning the clubs through voting.
So far 42 clubs have joined the socios.com platform and all of them have their respective fan token. This means that, there are currently 42 fan tokens on the socios.com platform. But out of this 42 tokens on the platform, 37 fan tokens have been launched and the remaining 5 is yet to be launched. One may ask how to acquire or possess the fan tokens. Well, we can acquire this tokens by mainly trading with the Chiliz exchange. We can also acquire them by trading with different centralized exchanges. The Chiliz native token known as the CHZ is used to buy the fan tokens on the socios.com platform and on the Chiliz decentralized exchange.
2). Polling Features
This feature has to do with voting when the club is to make a decision. The only way a fan can be able to partake in this voting exercise is by first becoming a member of the socios.com and second by acquiring or possessing a fan token of the club. Fans are given the opportunity and go ahead to actively take part in this decision making process.
For instance, a club might want to buy a player among 4 different players in which they need the ideas of the fans. So they would open the polls to allow the fans to choose among the players they think they should go for. And before you a fan can take part in this polls, he needs to have a fan token of the club.
3). Reward Features
This feature is created by various clubs in order to show appreciation as well as to motivate their fans who are loyal and supportive. Rewards are given to fans in a form of prize by their idolize clubs. There are instances where fans are given the opportunity to visit the stadium of the clubs they support as a way of rewarding them for their support. Some clubs also allow their fans to meet and take pictures with their athletes. All this helps to encourage the fans to keep on supporting and investing in the clubs.
The sports industry has gained a lot of positive changes since their adoption of blockchain technology. Some of the effects of blockchain technology in the sports sector are discussed below.
1). Funds generation: Clubs generate funds through the selling and buying of their tokens on the socios.com platform. When a fan trades with the fan tokens, a percentage is allocated to the club which owns the token. This helps the clubs to generate money to support some of their activities.
2). Participation of fans in decision making: Initially, decisions concerning sports clubs were the sole duty and responsibility of the club's management and board members. But since the adoption of blockchain technology in to our sports sector, fans are now given the opportunity to be part of the decision making process concerning the clubs they support. This helps the clubs in making the best of decisions before implementing them. Before the inception of blockchain into sports, board members and management of clubs usually take decisions which sometimes do not favor the fans but now, the decisions are in the hands of the fans.
3). With the adoption of blockchain technology in sports, fans can now have an insight about their clubs finances. The money generated by the club, their spendings as well as the money saved by the club are now accessible to the fans. This helps in clearing doubt about squandering of money during deals. So we can say that, blockchain technology has bring transparency and increase trust among fans and their clubs.
4). The adoption of blockchain do not only favor the clubs but it also favours the blockchain in such a way that, most people who initially were not into blockchain and cryptocurrencies will now be forced to adopt and buy them. The reason is that, most fans love to have a hand in making decisions concerning their clubs, so they would buy all means try to purchase the fan tokens which is a plus to the growth of cryptocurrency and blockchain.
Yes. Socios.com is a good prospect as an investment vehicle. My reason is below.
The socios.com platform is established and built by Chiliz which reside on the Ethereum blockchain. Chiliz has its native crypto token known as $CHZ and it operates on the Ethereum blockchain. It's this Chiliz token we can use to buy the various club fan tokens available on socios.com platform.
As stated already, this fan tokens plays a major role in bringing fans closer to the clubs they idolize thereby closing the gap that was initially created between fans their clubs.
As I am talking currently, there is a total supply of about 8.8 billion of Chiliz token($CHZ). Among this 8.8 billion $CHZ, about 34.5 percent are currently for sale and also presale. Currently, Chiliz tokens has about eight trading pairs on Binance which include BTC, USDT, BNB, BUSD, EUR, BRL, TRY and GBP.
This means that users who possesses this pairs can exchange it with CHZ and users who possesses CHZ can also exchange it with the pairs mentioned above.
The prices of the CHZ token and fans tokens value can either rise up or go down just like any other cryptocurrency. Holders of this tokens can trade with them freely as they are in circulation in the market. This basically means that, users or holders of this fan tokens and the Chiliz tokens can buy a large number and hold them, when their price value rises they can sell them to gain profit. And this is possible because of the existence of the socios.com platform.
Also, because of the importance and benefits the socios.com platform comes with, they have been able to partner with 42 clubs currently. Some of this leading clubs in the football sector are Juventus, FC Barcelona, PSG, Manchester City, Manchester United, etc. This clubs joins the platform because they see a future in it. The joining of the clubs is also a strong evidence that socios.com is good prospect for an investment vehicle.
- Step 1: First of all we need to download the socios.com application. Android users can download it through playstore and iOS users can download it through appstore but in my case, I am going to download it from playstore because I am using android. So we enter the playstore app and search for socios.com click on install for the app to download.
- Step 2: After downloading, you check in your phone home screen and click on the socios.com app as shown below.
- Step 3: You then click on the socios.com application and wait for it open. You then click on Get Started as shown below.
- Step 4: A page is open asking you to either sign in as an old user or register as a new user. I am a new user so I have to register on the platform first. So I will enter my mobile number and click on Send Verification Code as shown below.
Step 5: After the verification code is sent, it will verify automatically after inserting it.
Step 6: We will now continue with the registration process but in this case, we are required to provide our username as well as our personal email. I provided my email and username and also accept the terms and conditions of the platform by clicking on the small box provided. I will then click on Register Now as shown below.
- Step 7: We will now be required to continue the registration by verifying through the email address we used in the registration. So I will open my email and click on Verify Now as shown below.
- Step 8: A congratulations message is sent to me confirming the successfulness of my registration.
- Step 9: We will now open the platform by clicking on the socios.com application and go through the four basic steps to confirm our registration. The next thing is to click on the Finish button as shown below.
- Step 10: The socios.com homepage will now be open and we can click on the highlighted icon below to confirm our level of registration. In my case, I am at level in my registration.
- Step 11: I have been granted a token called the SSU token for registering successful on the platform.
1). Football feature: This feature is used to show the clubs who partnered with socios.com and they are in the football category.
- In order to see the football clubs who partnered with the platform, you just need to click on the football feature as shown below.
- After clicking on it, all the football clubs who partnered with the platform will be shown. Example is a screenshot of some football clubs who partnered with the socios.com platform.
2). Gaming feature: This feature is used to show the clubs who partnered with socios.com and they are in the gaming category.
- In order to see the gaming teams who partnered with the platform, you just need to click on the gaming feature as shown below.
- After clicking on it, all the gaming teams who partnered with the platform will be shown. Example is a screenshot of some gaming teams who partnered with the socios.com platform.
3). $CHZ feature: This is the feature of the native token of Chiliz. This feature allows users to buy Chiliz on the socios.com application.
- In order to explore this feature, you first of all need to click on the $CHZ feature which is highlighted below.
- A page opens requesting you to buy the Chiliz token. So you enter the quantity of Chiliz and click on Proceed payment to buy. On the app, you are required to pay in Euros and 1EUR is equivalent to 3.48CHZ.
4). Market feature: This feature allows users to trade with the Chiliz tokens for their fan tokens. A user can either buy a fan token or sell the fan tokens they already possessed. So this feature is mainly used for trading on the socios.com application.
- In order to explore this feature, you first need to click on the market feature which is highlighted below.
- I have decided to trade the Chiliz token with the AC Milan token. This trade has a pair of ACM/CHZ as shown below. Now you click on the highlighted feature below.
A new page opens requiring you to either buy or sell the ACM token. Choose either of them and proceed with the payment.
5). Vote feature: This is the feature that allows fans to take part in decisions concerning their idolize clubs. They do this by voting for what they think it's right.
- In order to explore the feature, you first of all have to click on the Market feature as shown below.
- The next thing is to look out for the club you support if they feature on the current polls. I will choose Trapzonspor and click on vote now as shown below.
- In order to take part in the polls you need to have fan tokens of that club. Below is a screenshot telling me to acquire the fan token first before I can take part in the polls.
6). Predict feature: This feature gives fans the opportunity to predict the outcome of a game before it starts. There are usually prizes to award to fans who made the correct predictions.
In order to be able to take part in the prediction, you need to follow the steps below.
- First of all click on the Prediction feature as shown below.
- A number of countries will be displayed. You choose the country of the club you support. In my case, I am a PSG fan so I will click on France.
- The number of clubs who are in France and partnered with socios.com will be displayed. Here, there is only PSG who partnered with them, so I will click on the club logo.
- A number of fixtures of PSG are shown ranging from the current fixture to their last fixture. I will choose their current fixture (Metz Vs Paris SG) as shown below.
- A page will be displayed where you can do your prediction but you will need the club fan token in order to do so. So I cannot proceed with my prediction because I do not own a club token yet.
I am going to do an analysis on the Paris Saint Germain fan token because I am a PSG fan.
In the socios.com application, the price of the PSG fan token at the time I was carrying out this analysis was 93.46 $CHZ which is equivalent to 26.42 EUR. A screenshot of this information is shown below.
- In this application, we can buy or sell the PSG fan token using $CHZ. To purchase the token, you just have to click on the buy icon as shown below.
- You then enter the quantity of the token you want to buy and click on buy as shown below. I decided to input 5 PSG fan tokens and it's equivalent to 454 CHZ . Click on buy to proceed with the purchase.
- To sell the token, click on the sell icon as shown below.
- Before I can sell or use the feature, I need to move to Level 2.
To explore the coinmarkecap, you first have to visit the coinmarkecap.com.
Click on the search icon which is highlighted below after the home page opens.
- Type your PSG in the search box. The PSG fan token pops up and you then click on it.
- The price of the PSG fan token at the time I was doing this analysis was $31.08.
The token is rank #402 and it's on 24,298 watchlists.
The token had a price low of $29.66 and a price high of $32.97 within the last 24hours.
- The market cap of the token is $90,230,791, it's volume within the last 24hrs is $45,717,586 and a circulating supply of 2,906,337.00 PSG.
- Below is a screenshot showing the chart of the PSG token to USD chart.
From the analysis, one will realize that investing in the PSG token will be profitable in the long run. Even considering the current price of the token,I will advise other users and investors to try as much as possible to purchase a PSG token as it has a potential of rising in the future.
Blockchain has been doing wonders off late as one of the fastest growing technology. The entry of blockchain into the sports industry has bring a lot of positive change and impact on the world of sports. Thanks to Chiliz who created the socios.com platform to bridge the gap between fans and their idolize clubs.
Since the entry of blockchain into sports, fans are now actively taking part in making decisions concerning the clubs they support. This helps to bring about transparency between the clubs management and the fans. Revenue is also generated by the club through the selling and buying of the fan tokens. This helps to increase the clubs revenue generated annually. Another importance of the socios.com is its ability to award active and key fans who takes who owns the fan tokens and take part in decision making. They can award them with prizes such as sign jerseys from the athletes as well as a free entry to watch a live match in the club stadium.
All this are made possible because of the ability of the blockchain to enter into the sports industry. I still awaits to see some new and unique changes blockchain will bring to the sports industry.
Thank you.
Hi @lukman1, Thanks for taking my class.
Based on the homework that you have made, here are the details of the assessment you get:
My Reviews and Suggestions:
You have completed the given task very well.
The structure of writing your assignments is neat, you also put pictures well so that they are easy to see.
In question number 3, you should not only focus on the token, but also give an explanation of other things why Socios.com is suitable as an investment vehicle.
Thank you!
Thank you for the review Prof. I will try to do more further research in your next assignment. Thank you 😊