Beginner Course Steemit Crypto Academy Season 4 Week 1 | Socios.com - Blockchain Based Platform For Sports Industry | Homework post for Professor @wahyunahrul | by @small-ville
hello, steemians this course is a very interesting one and it is because it has to deal with sports
Question 1
Explain in detail what is the Socios.com Platform?
Before I begin I would like us to take a look at these numbers below which are records of attendance at the world cup competitions.
source
All these numbers can be interpreted as fans, fans are the heartbeat of a club. without the fans, football is like a stupid game where 22 men or women chase and kick a round ball. 2020 was a clear example of the importance of fans in football, a lot of clubs went into financial turmoil with the likes of Barcelona resorting to asking their players to take pay cuts and also letting their best player leave on a free transfer. A lot of other clubs also have to resort to taking loans from banks to make up for their losses, others had to sell prominent key players so they can survive the impact of the financial catastrophe.
Every club has a social media account with millions of fans subscribed to their pages, also these clubs have club websites where millions of their fans register to become officially registered fans and also have the opportunity to watch matches read club news and pre-order club marches, collectibles and seats.
Blockchain technology has been ever-expanding and they always seek to integrate the Blockchain ecosystem with other sectors. Football is also an ever-expanding sport that makes sense to as why the Blockchain ecosystem has integrated itself with the Football society.
These statistics, I believe prompted the creation of the Chiliz Blockchain, currency and Socios platform. The purpose of creating the socios platform is to bring the fans and their favourite clubs closer by allowing them to participate in minor decision making within the club.
But before we dive into what the socios platform is all about, I must first throw light on its parent creator which is the Chiliz Blockchain and CHiliz currency.
The chiliz Blockchain is a blockchain created as a sports and entertainment network provider where sports and entertainment projects or tokens can be built. The CHiliz coin is the official currency that is used on the blockchain.
The chiliz platform is the parent creator of the socios platform which is a platform where fans can be able to purchase, their favourite fan token, participate in various polls, purchase collectibles, Trade their Tokens and apply for VIP promotions or events.
What is an FTO?
source
When these fan tokens are created they are distributed to the fans through what is called Fan Token Offering (FTO). This is a process whereby a certain fixed price is placed a fan token and it is issued out to the public or fans so that they can purchase it. The FTO is similar to ICO and IPO.
The socios platform has been able to integrate itself with various sports bodies like NBA clubs, UFC, Cricket, Motorsports, Gaming and Football clubs.
Socios Gaming Partners. source
Socios Motorsports Partners. source
Socios Basketball Partners. source
Socios Football Partners. source
What are the effects when blockchain has entered the realm of the sports industry?
It is evident that the impact of blockchain in any industry always have massive impact on that industry. The world of sports is very massive in fact it is estimated that the industry is worth at about 1.3 trillion dollars and that is more than half of the value of the crypto market.
The sports industry has faced and are still facing a lot of problems which to name a few include; Fake doping results and false gambling bookmakers. and forgery and selling of fake tickets.
The Blockchain industry will help to increase the security of the different club company websites to protect it from crashing and hackers.
Also the blockchain industry will help to fight forgery of documents and data because of its decentralised nature which will prevent third parties or central authorities to have the power to alter results to their will.
With the integration of the blockchain industry and sports industries the creation of fan tokens will help to boost the clubs financial statues.
Is Socios.com a good prospect as an investment vehicle? Explain your personal opinion along with strong evidence.
Socios is currently the most popular leading platform responsible for the creation of fan tokens.
below are the reasons why i will chose socios.com as a good prospect for an investment vehicle.
- Increase in Value;
The fan Tokens created by the socios.com is like an asset which can increase in price over time for example i bought the psg fan token when it was still at a value of around $18 per token, this was days before the signing of lionel messi to PSG. A day after his announcement the coin was over the value of $40 per PSG fan token, this shows that investing in fan tokens can yield profit over time. - Tradeable Token:
These fan token has an advantage of beign traded on the socios platform and other various exchange and trading platforms which include Binance. This helps the token to have an increase in the number of active address and also an increase in its trading volume which will affect the price movement negatively or positively.
Explain the steps to install the Socios application in full and explore the various features in the application
Below are the step by step procedure to download and install the socios.com application
- Step 1. Shearch for socios app in the play store
- Step 2. Click install and wait for the application to download and install.
- Step 3. When the installation is done click on the app icon on the desktop view of your phone to start the app
- Step 4. Click on get started
*Step 5. Fill out the required area with your number, you will be sent a login code.
Due to the reason of not beign able to complete the registration due to no login number beign sent to my phone number, i cannot continue to answer the question completely.
Choose a Fan Token in the Socios application and do a detailed fundamental analysis
The psg fan Token is a, football fan token created by socios.com platform. it has a value of $30 per token and a marketcap of $87,341,282 with a circulating supply of 2,906,337.00 PSG
The coin is currently trading on various exchanges including the popular Binance. The token belongs to the PSG club founded in 1970.
conclusion
Socios is a fan token platform that is responsible for the issuing out of newly created tokens to fans which can be used to participate in polling decisions . the platform was created to enable fans have better communications with their owners. Making an investment into fan token is ideal because it will yield more profit.
Special thanks to
@wahyunahrul