Chiliz - Crypto Academy S5W5 - Homework Post for @imagen
Greetings guys,
Introduction
This week professor @imagen has delivered his lecture successfully. A comprehensive lecture on the chiliz blockchain.
This days the sports industry or sector has turned its attention to the blockchain to help them interact with more of ther fans and what better way to do it by handing little power to their fans who are ready to invest to have their tokens. These tokens give the holders a little bit of authority over decision making concerning the clubs. These and many more will be discussed in the the assignment task below. Without further ado let's get straight into it.
1.Describe the Proof-of-Authority (PoA) protocol
The Proof-of-Authority abbreviated as PoA can be described as a consensus algorithm that concentrates its protocol on staking. Unlike other protocols that require the validators to validate a transaction every time, on the PoA the validators do not need to do this but they are done automatically on the protocol. But because of security reasons it requires that the nodes always check on the system to make sure that all the nodes and blocks are in perfect running conditions to prevent a breach in network. For the validation to be automated it requires that the validations use certain software which allow them to run the transactions in blocks.
On the PoA it doesn't usually matter the amount of tokens or energy a user has staked cause rewards can be unbalanced which means two users can stake the same but at the end or even rewards are being distributed one will receive more than the other. I mentioned that the validation can be automated but the system needs to be checked constantly to prevent breaches, thus checking is always handled by the central node which is known as the authority node. This allows damage to be limited when the system has been compromised limiting most parts of the damage to the authority node.
In the PoA protocol a user is required to provide his true identity to be able to be selected as a validator. And in the selection process it us required that the user has a good reputation, a good reputation is required so that the validator can be trusted and all this is transparent In the system. A validator who has a negative reputation on the blockchain has no change of becoming a validator on the blockchain. A user who has a good reputation is provided with incentives as this helps him to hold onto his position and make the system run as smooth as possible.
The co-founder of Ethereum Gavin Wood is responsible for the term of the PoA. Unlike other protocols, the PoA does not require a user to mine to get tokens. Because the network uses the reputation and identity system a user on the network must try as hard as possible to protect his reputation and protect his money. Because of the identity system, a user can trust that the validator or process can be trusted. Jot only because of this but validators are required to stake a certain amount of funds as an example to other users on the network. The PoA is for both the private networks and public network.
This ultimately means that a group or an individual can be selected as a validator. A validator as I mentioned before needs or has to stake a certain amount of funds into the validation process. The identity of the one to be selected as a validator needs to be validated before he or the group is selected. It is true that a user needs to have a good reputation, identity and also stake some amount of funds; this only reveals the limitations of the protocol as it demands that a user must have all the above mentioned requirements to be selected as a validator. This is not actually good for a protocol that claims to be decentralized.
2.Who are the partners or sponsors of Socios.com?
Socios.com is a platform that is based on rewarding fans of sports or people who are engaged in the world of sports. The platform actually allows fans and sports associations to have a certain type of engagement. The socios.com has an app which is used by a whole range of users who take interest in knowing what is revolving around their favorite clubs. In a world we decentralization is taking over, we are seeing more and more organizations hop on the train to see how they can all benefit from it. The sports industry is not an exception as we see football teams, baseball teams, basketball ball teams all trying their best to hop on the train.
And these project is undertaken on the socios.com where users and their favorite teams can have an engagement on the platform or app. The teams in question have tokens where their fans can purchase in order to undertake or participate in certain decisions concerning the club. Fans can partake in decision making by voting to decide on what they want to be approved and what they don't want. Clubs like Ac Milan, Fc Barcelona and Valencia. There are other non related football clubs like Chicago bulls in basketball and many more. So we can say that the sponsor or partners of socios.com are football clubs, gaming, basketball clubs, cricket, baseball and a whole lot.
In the image below we can see the football partners or sponsor of socios.com
Here you can see gaming partners
)[Socios.com](https://www.socios.com/socios-partners
Here you can see the fighting partners.
Socios.com
Here you can motorsport partners
Socios.com
Here we can see the cricket partners
Socios.com
Here we can see the basketball partners
Socios.com
Here we can see the tennis partner
Socios.com
Here we can see the American football partner
Socios.com
Here we can see the ice hockey partners
Socios.com
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).
For this question I will download the socios.com app with my iOS device.
The following steps were taken in download and installing the app on my phone.
Search and download the socios app on the app store
After downloading and installing the app, I started the registration process by entering my phone number, username, my email and the verification code.
The verification code is sent after entering your details, after entering the verification code I decided on the username I wanted and then I was registered on the socios app.
After downloading, installing and registering on the socios app, I will now explore its features
Nb: The socios app is run by chiliz so it is very necessary to have the chilliz token in one's wallet to be able to use the platform.
After signing up, you are taking to the first page where the app ask a user to add the token to his wallet. It is stated clearly that the chilliz($CHZ) is the socios currency and a user can exchange it for all other tokens.
In the next step on the home page is the get funds tab, this tab can also be referred to as the market where a user can exchange his $CHZ token for any of the fan tokens of his choice.
The next tab is the vote tab, Here a user can vote on the polls of his favorite club. Buy a user needs to own a token of his club before he can participate in their polls.
The next tab is the predict tab, Here a user has the will of predict or guessing the outcome of his clubs match or encounter with other teams. In this session there is a scoreboard or leader board where a user climbs up the ranks by scoring higher points.
After going through all this tabs, we are taken to the main page of the app where a user is asked to select his favorite club and a user can decide if he wants to be notified on things concerning the club or not.
Looking at the bottom of the homepage displays a number of tabs. These tabs are
- Home
- Wallet
- Hunt
- Feed
- Rewards
Now let's explore the following features here
Home
The first tab is the home tab. This is the main homepage of the app. The displays the partners of socios, displays the token offering . It also displays the following game rewards and benefits of socios. Basically on this homepage a user can get information about his favorite club or information about socios.
Wallet
The next tab is the wallet. This is where a user can store or keep his $CHZ token. Here a user can withdraw, receive, top up his account. As you can see I have no chiliz token yet. But upon creation I was given 1SSU. A user can also lock assets in this session. Here a user can also store digital assets or collectibles. These collectibles can be gathered as a form of rewards or promotion on the app.
Hunt
The next tab is the Hunt tab. Here a user can get more tokens by allowing the app to access his location and then he plays it like a normal game where people Hunt for treasure. If you are fortunate that your location has more token the chances of you winning a token are higher.
Upon hitting on the daily hunt feature after allowing my location, I started to Hunt for tokens. I was fortunate to get a few tokens at my location which I could claim by tapping in it and then clicking on the grab token tab. I was able to claim 1SSU token.
Feed
The next tab is the Feed tab. This tab can be described as the newspaper or new hub of the app. Here a user can read news about various topics concerning socios, new about his favorite club and a whole different stuff.
Reward
The next tab is the rewards tab. Over here a user can access the badges, check his position on the leader board and also check his fan rewards.
In the badge area a user can discover new tokens, Hunt new tokens, trade tokens and also participate in polls.
In the leader board side , a user can earn points by voting, predict on the games of his favorite club to earn more points to be placed head to head with other fans for the top spot of the leader board.
In the fan token side, a user can exchange his tokens for digital collectibles and also exchange them for tickets and vip tickets too.
Currently the collectibles a user can get are not much but as time goes on these will be more added.
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.
For this part I will be purchasing $CHZ token from my binance verified account.
verified binance
I logged into my binance verified account and searched for CHZ and then I selected the CHZ/USDT pair since I was going to use USDT to purchase the token.
As at the time of doing my assignment the price of the token on binance was $0.2875
I then clicked on the buy tab below the page. Then It took me to the buy page of the token when I entered that I want to purchase 10.3 dollars worth of CHZ.
This is the proof of my order and then the amount of CHZ I bought in my wallet.
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Binance
The all time high(ATH) of the CHZ token is $0.712852 according to nomics.com. According the site the token reached these price on the 4/16/2021 exactly 244 days ago.
source
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.
Fc Barcelona fan token
BAR/CHZ
As at the time of doing my assignment, the price of 1 Barcelona fan token is 29.76 chz or $8.59
Chiliz
Juventus fan token
JUV/CHZ
As at the time of doing my assignment the price of 1 Juventus token is 29.44chz or $8.46
Chiliz
Paris Saint German fan token
PSG/CHZ*
As at the time of doing my assignment the price of 1 PSG token was 50.30 chz or $14.53
Chiliz
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.
For this question I will be taken Juventus football club into consideration. Juventus is a popular Italian club who have gain much recognition for their dominance in their league, winning the league for 10 times in a row. But they have not had much success in the champions league either as they have tried all they can to win it.
For the past 2 seasons Juventus has fallen short in their league, failing to win it for the first time in 10 years. This season they have not had much success too after the departure of Ronaldo things seem to be getting worse for them in the league.
But their champions league form has been somewhat incredible.
Now let us consider their recent match in the champions league against Malmo.
Trading view
Looking at the chart above, one would have expected that before the match against Malmo and considering the super form the Italian side is in when it comes to the champions league, the token will be rising in price. But rather the token was rising and then when it came to the day of the match there was a sudden downtrend in price which is really confusing. But during the match day the price started to rise again but it didn't spike too much.
Now let's take a look at another chart.
Trading view
After their success in the champions league and managing to qualify as group leaders, they had a league match against a really weak side at the weekend.
I would have expected that the token will keep on rising till their next match day. Buy you will realize that the token was falling until the natch day arrived and them ut started trending upwards regardless of their poor form in the league.
Looking at this statistics I don't think the outcome of a match really affects the price of a fan token. I believe there are many factors that affect the price of the fan token even if the team if playing really good football or bad football.
Conclusion
The PoA as we spoke about it is a different protocol from the PoS and PoW protocols. This protocol acts differently as it is mainly more scalable and has more advantages than the rest. The PoA requires that a user who wants to be a validator is as transparent as possible so that other users will feel safe to actually put their funds there. That is why the true identity of a validator and reputation is an important factor.
The socios.com has helped fans to interact with their favorite clubs and what better way to do it than to be able to earn rewards whiles doing that. Fans are able to influence decisions that affect the club and they can actually see them implemented.
The socios.com runs on the chiliz blockchain and the chiliz use the PoA consensus mechanism.
Thank you.