Chiliz - Crypto Academy S5W5 - Homework Post for @imagen
Hello Everyone,
lets get started...
Question 1: Describe the Proof-of-Authority (PoA) protocol
Proof of Authority is a Consensus Mechanism which uses user reputation to verify blocks.
PoA was created in 2017 which was developed solely to solve the problem of spam attacks on the Ethereum network. The PoA consensus is a developed Proof of Stake model which uses identity to stake. This means that the validators of new blocks are in to stake their reputation instead of their actual tokens. A group of people called Validators stake identities which are already preapproved to execute transactions and blocks on the network. These validators are suppose to start small usually ranging from 25 or less to ensure there is efficiency and manage the security of the network. Also Block validators on PoA network are limited which makes the network highly scalable.
Conditions for Proof of Authority Consensus
Identify Identity: The identity of the validators needs to be known and cross checked these identities by a reliable reference.
It should take a lot of effort to become a validator: Since it takes a lot of effort to become a validator, the user who is able to go through it all will cherish it and will be willing to be honest and put his reputation and money at stake.
Free and Fair Selection of Validators: The algorithm used in selecting a validator must be free and fair so every user has the chance to be selected based on their merits.
Limitation of Proof of Authority
PoA is not fit for cryptocurrency networks. Cryptocurrency uses its decentralized nature while PoA uses the centralized nature because the validation process is in the hands of selected individuals.
Since the validators are selected individuals, they can be manipulated or convinced in favor of others which is not what PoA stands for.
Question 2: Who are the partners or sponsors of Socios.com?
According to their official website They have soo many sponsors in every sector of sports such as Football, Gaming, Fighting, Motorsport, Cricket, Basketball, Tennis, American, Football and Ice Hockey with La Liga being their main sponsors.
Football
Football has 48 sponsors including some of the biggest clubs in the world like Juventus, Manchester city, Arsenal, AS Roma and a lot more as seen in the image below;
Gaming
The gaming sponsors are 6 which includes Natus Vincere and Team OG
Fighting
The fighting field has only 2 sponsors which are Professional Fighters League championship and the ultimate fighting championship.
Motorsport
Aston Martin Cognizant F1 Team, Alfa Romeo Racing and Roush Fenway Racing Team are the only 3 sponsors on the motorsport field.
Cricket
In this field we have 4 sponsors which are Cricket are teams Punjab Kings, Caribbean Premier League championships, Royal Challengers Bangalore and Kolkata Knight Riders
Basketball
The basketball field is the second most highest sponsors with 20 sponsors which includes; Oklahoma City Thunder, Chicago Bulls, Los Angeles Clippers, Philadelphia 76ers, Boston Celtics and the rest as seen in the image below;
Tennis
The Tennis field has only Davis Cup tennis tournament as their sponsors.
American Football
Just like the Tennis field, the American Football also has only New England Patriot club as their partner or sponsors
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).
I downloaded the Socios.com Application from my AppStore. In some few seconds the download was complete.
I launched the application, and clicked on Get Started to begin the process
To register i needed to input and verify my cell number.
The next step was to input my Username and Email and also accept the terms and conditions.
I was sent an email to verify my email address. I got my email verified and confirmed
Now i go back to the main App and go through the tutorials while i click Next till i end with finish
In the next phase I'm asked to select my favorite teams. In my next i decided to skip this process by dragging down the arrow
To check if my email was successful, I navigate to my profile. The 1 indicates that I have verified my email which is the first verification
Through the process i was rewarded with 1 SSU token. To view this i click on wallet
Explore the application and describe its function
$CHZ
We are able to buy CHZ token here to do other activities such as buying other clubs fan token.
Market
In the market feature, we are able to buy or swap tokens of our favorite clubs using our CHZ token.
Vote
Here members are included into decision making, where a user picks an answer from alternatives provided.
Predict
Users are given the opportunity to predict the outcome of a game for an awesome reward in return.
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.
I will be using my Binance Verified Exchange for this task
First of all, i deposited 15 USDT on my binance exchange to use to purchase CHZ
I then Navigate to market and search for CHZ/USDT pair and click on it
Clicked on Buy to make my purchase
I input the the amount i want to purchase or exchange in USDT. In my case i purchased 15.62 USDT which is equivalent to 53 CHZ using the current market price
I click on Buy CHZ then an order is created.
In some few seconds the order is executed and i get my CHZ
Using CoinMarketCap, CHZ All Time High is US$0.8915 which happened on the 13th of March 2021.
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.
I Navigated to the website and right on the homepage there is the price of FC Barcelona, Juventus, and Paris Saint-Germain
From the image we can see that Barcelona token is priced at 29.61 CHZ which is equal to 8.36 USD with a decrease of 3.73%
The Juventus Token is also priced at 30.54 CHZ which is equal to 8.62 USD with an increase in price of 2.31%
The PSG Token at the moment is also priced at 51.25 CHZ which is equal to 14.47 USD with a decrease of 0.03%
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.
On this task, i will be using Paris-Saint-Germain and Galatasaray previous games they have played to demonstrate this illustration.
.jpeg)
And Below are the current price of the tokens at the time of writing this post;
.jpeg)
On the 12 of December PSG played Monaco in the League one where PSG won the match with a 2-0 win. Just immediately as the ends, the price of the token seem to decreases.
On the other hand, Galatasaray played against Sivasspor and got defeated by a 1 goal margin. Despite of their defeat, the price still decreases for the whole day.
In view of this data, I personally disagree the outcome of a match has an influence of the club fan token. I think the reason is people don't buy or sell their tokens based on the outcome of their games.
Socio.com is a blockchain platform solely created to enable clubs in sports to create a fan token that brings together cryptocurrency and sports together as an innovation for the future.
Fan token enables individuals to engage in their favorite sports club decision making by voting and also get rewarded in addition.
This is an evident that, cryptocurrency has no boundaries and can be used in any aspect of life including the health sector.
REFFERENCE:
FotMob
TradingView
Socios.com
Binance
Chillz