Chiliz - Crypto Academy S5W5 - Homework Post for @imagen
Hey guys,
Welcome to the 4th week of the season 5 SteemitCryptoAcademy intermediate lecture by Professor @imagen
Without wasting much of our time, let me quickly proceed with the given task.
QUESTION 1
Describe the Proof-of-Authority (PoA) protocol
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Proof-of-Work and Proof-of-Stake are the two most common consensus Mechanisms.
Nevertheless, there is another consensus that has been invented and they include; Proof-of-Brain, Delegated Proof-of-Brain,Proof-of-Authority,, etc.
These innovations come with a lot of improved features and allow a more sufficient and improved usage.
Just like Bitcoin's blockchain, and other blockchains that run with the PoW mechanism always have a low level or decrease in performance with time. Coming to blockchains running with PoS consensus Mechanisms, we always encounter in-absolute with decentralization because a whole lot of influence is given to high holders (stakes) of the native token of those blockchains.
The above issues are what must have brought about the development of other consensus Mechanisms particularly PoA
The PoA works more in solving the problem of scalability associated with PoW and at the same time solves the problem of In absolute decentralization as regards to prove of PoS.
Similar to the PoS mechanism but more innovated*the PoA do not render a lot of influence on Stakers but rather users who must have been operating on the blockchain enough to earn good reputations which are more of a fair operation.
Also similar to the PoS, the PoA limits the number of miners thereby creating enough scalability which in turn increases the performance of the blockchain.
Also, in the PoA mechanism, there is no absolute privacy for validators because in other to earn a reputation, their true identities are to be made public.
Nevertheless, the PoA consensus mechanism performs better than the PoW and has more decentralized operations when compared to the PoS.
QUESTION 2
Who are the partners or sponsors of Socios.com?
Socios.com has series of partners across the world of sports and entertainment. As creators of fan tokens, socios.com partners with sports giants such as motorsports, rubby, gaming, lawn tennis, etc. With their favorite being football.
Socios.com partners with a good number of big football clubs such as Barcelona, PSG, Juventus, AC Milan, Napoli, Lazio, ATM, etc.
- Screenshots
Motorsports and Cricket partners:
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Basketball partners
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Gaming and Table tennis
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Other sports partners include; Ice hockey and Fighting.
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QUESTION 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).
Below, I will be explaining the steps to download Socios.com application alongside its features.
🔵STEP 1
I started by using a VPN to download Socios.com on the Google play store.
- screenshots
🔵STEP 2 Click on the "Get started" in other to start the registration process after which you enter the phone number and wait for a verification code and once received, the Socios.com has been completely registered.
- Screenshots
EXPLORE FEATURES
🔶WALLET
The second icon on the bottom left corner is the wallet feature. This feature allows users the ability to hold and manage their fan tokens.
Users are also allowed to trade, send and receive tokens using the wallet feature.
- Screenshots
🔶TOKEN HUNT
This feature is very interesting as it allows users the chance of earning free SSU or CHZ tokens in their environment only by enabling their location and moving around in other to increase their chances of earning.
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🔶 SURVEY
This feature allows users the ability to participate in surveys and predicts sports and games results. Here having the token of the preferred clubs is necessary because that is the criteria required in other to participate in score prediction and surveys as regards to the clubs of choice.
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Its other features include; Rewards, Feeds, etc.
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QUESTION 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.
- STEPS IN PURCHASING A MINIMUM OF $10 CHZ ON BINANCE.
🔲STEP 1
I entered my verified Binance exchange application and searched for Chiliz. After that I clicked on CHZUSDT pair.
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🔲STEP 2
After clicking on CHZ|USDT Pair, It took me to the page where I inputted 10.8360 usdt which in turn gave me 40 CHZ then I clicked on buy.
The CHZ immediately appeared in my spot wallet because I took the position of a market taker by buying at the current market price of CHZ which is 0.2710 usdt.
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- ATH OF CHZ
According to coin gecko.com, the ATH of Chiliz (CHZ) is $0.878633 and it was attained on the 13th of March 2021 (9 months ago).
- Screenshot
QUESTION 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.
As of the time of writing, the current prices of Barcelona, PSG, and Juventus fan tokens in CHZ and USD are seen below.
| FAN TOKEN | PRICE IN CHZ | PRICE IN USD |
|---|---|---|
| BARCELONA | 29.79 | 8.07 |
| JUVENTUS | 30.71 | 8.29 |
| Paris Saint-German | 51.07 | 13.69 |
For validatory sake, see screenshots below.
- Barcelona
- Paris Saint-German
- Juventus
QUESTION 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.
I will be answering this question in reference to the Barcelona football club.
On the 14th of December 2021, Barcelona lost against Boca Juniors in a club-friendly that ended 1-1 and 2-4 on penalties.
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On that day the price of Barcelona fan token saw a bullish-to-bearish trend reversal which saw it continue on a downtrend throughout the preceding days.
- screenshot
On the 17th of December 2021 which was yesterday, the price of the Barcelona fan token closed on a green and that looked like a glimpse of hope and a possible trend price reversal.
Coming to 18th of December 2021 which is today, Barcelona played a Laliga-Santander match against Elche. The match ended 3:2 in favor of Barcelona.
- Screenshot
In as much as Barcelona was victorious, the price of the token saw a bearish movement regardless.
- screenshot
- MY TAKE
According to the above analysis and research, I have concluded that match results don't necessarily affect the price of Fan tokens at all times but a very important match eg, Champions league final or an announcement of the transfer of a star player fundamentally affects the price of the club token.
CONCLUSION
The PoA mechanism is a type of consensus mechanism used by Chiliz. This consensus algorithm grants influence to its blockchain users based on their level of reputation, unlike the PoS mechanism that is based on the amount of tokens staked by its users.
The PoA mechanism also limits the number of validators thereby providing more scalability on the blockchain it operates.
In as much as the PoA has proven to be very useful, it has a series of disadvantages with the most common being that it is not fully decentralized because of the limitation it gives to validators.
Special regards to professor @Imagen for this lecture which has widened my knowledge on various fan tokens and the usefulness of various features contained in Socios.com.
Hello @pocoloco01, sorry for the inconvenience
Please repost your assignment and add the link to the original post and a screenshot of the assignment's grade.
Make sure to repost in the Steemit Crypto Academy Community and use the correct tag #imagen-s5week5