Socios.com is a platform that was built majorly for the lovers of sport, in particular for the die hard lovers of football. It is one of a kind platform that is built on the etheruem blockchain to bring the for hard fan of each team closer to them by giving them the ability to make decisions about the club they love.
Socios.com has moved from an online platform go a mobile app which makes it's easier for users to use. You might be wondering what does it mean for the platform to be built on blockchain or how those that make it a special app, well the answer is you are quite aware that cryptocurrencies are actually built on blockchains which are the digital ledgers that are made public.
Another important features of the blockchain is that it registera all transactions done it on and doesn't allow modification of any transaction that has been done.
This is the initiative that socios.com has and thought about bringing real life activities into the blockchain, this way the voting of fans and their decisions is registered on the blockchain and timestamp and can't be reversed by anybody at all.
The platform offers two types of voting for the game which is the bind voting and the non bind voting. Bind voting is the one which opinion of the fans are taken into consideration and acted upon by the club while the non bind vote is to get the opinion of the fans and know their stand but they don't neccesarily do their bidding.
Since this platform is built on a blockchain the sweet thing is that it has its own governance token called CHILIZ (CHZ). This CHZ is what is used by the user to purchase what we call the fan token that has been created for each club that is supported in the socios.com platform.
Don't get it twisted just yet, like I mentioned earlier that the platform allow users to cast their votes on certain topics and matter, to be eligible to cast a vote it to be a Superfan so as to cast a vote you need something to be eligible just as we need a voters card to be eligible to vote for Presidents. The eligibility is what we call FAN TOKEN.
A fan token is a cryptocurrency that has been created for a particular club so as to be held by their fan to use in placing votes on platforms and also to buy their favourite club kits, tickets and more. Now we know what a fan token is.
EFECTS OF BLOCKCHAIN TECHNOLOGY IN THE SPORT INDUSTRY
The effects that the blockchain technology will be having in the sport industry will be very large. Infact all of the characteristics of blockchain is what will be integrated into the sport industry. Some of the characteristics are shown in the screenshot below which will also have an impact on the sport industry.
- Decentralization: decentralization simply means that a system is not run by a single entity or a governing body but by different nodes coming together to agree, this features will be so much valuable in the sporting industry in terms of the sporting bet industry.
The blockchain has the potential of changing the way the betting industry is and gives access to a peer to peer system in the betting industry by removing the use of a third party in betting and this gives users more freedom.
- Transparency: this is another aspect where blockchain technology will be of great use to the sporting industry. In the term of ticketing, alot of scam problems has been arising in the ticketing sector which blockchain technology can solve by proving the real ownerif the ticket and storing the transaction in that everyone can see who is the rightful owner of the ticket.
- Immutability: this is the act of remaining immune to the tweaking of data or modifications of data and this is very value in the sport industry as there are vitals informations that are sometimes modified to fit a particular purpose, but in the terms of blockchain it becomes difficult to do so and provides a more real data whenever needed.
- Security: the blockchain offers security to players, athlete or the sportsman data. There was hacking of data in 2016 by some Russian hackers who leaked the data of several athlete to the world and manipulated the data, this can't be done when the informations are stored on a blockchain
- Neutrality: the blockchain is neutral in that it doesn't support anybody or remain bias it works on the information it is provided with after many verifications must have been done. For example while using socios to vote if the platform isn't on the blockchain there is a possibility for the results of the vote casted to be changed by the team but since it's on the blockchain it's not possible to do so.
IS SOCIOS.COM A GOOD INVESTMENT PROJECT
Socios.com is a good project to invest in as it is a rare platform in the blockchain industry. Since it's launch in 2019 it has had quite a number of user but haven't really been known widely by people. When it is adopted by more users and more teams the project is going to be a great success with more developments to come.
It's currently have over 1.2 million downloads of the App with 900,000 active users, with this the price of the native token chiliz has seen a significant growth, from it's launch date. It has an all time high of $0.9 which means it will be getting to a dollar soon enough.
As seen in the screenshot above there has been a major rise in the token and it's a gradual process. Once there is more adoption of the project it will be a very good investment. The project is a long term project and still has a long way to go as there is no real.comoetitor presently.
How to install the app
First to use the socios app we need to download the app from play store or appstore depending on the type of phone we are using.
I am using an Android phone so I will be using the playstore to download the app. After launching the playstore app search for socios and then click on the app, then we click on install.
After installation of the app, we then launch the app and click on the get started button. Then it takes you to the next phase where you insert your phone number and wait for a confirmation code.
I have been waiting for a confirmation code for the past 24 hours to no avail,
so I decided to go to playstore and check the review, so.i saw that the problem was general and not me alone. So we won't be able to go any further with the lecture.