Hey Steemit!

Here is my homework post for Professor @imagen. It was a great lesson, and I hope you will enjoy reading my post.

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1. Describe the Proof-of-Authority (PoA) protocol

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Proof-of-Authority (PoA) protocol

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In Blockchains platforms, consensus mechanisms are divided into premissionless ( e.g Ethereum and Bitcoin) and premissioned (e.g. Hyperledger and Ethereum private). Unlike permissionless blockchain in where anyone can become a node, while in premissioned blockchain, all of the nodes are already pre-selected. This authorizes to use of consensus types with high scalability and bandwidth. One of these consensus types is, as you can guess, Proof of Authority.

PoA is is a reputation based consensus algorithm (meaning nodes with the highest reputation values ultimately is considered an aspect of a consensus group that determines the state of the blockchain) that introduces a practical and profitable solution for blockchain networks. The term was proposed by Ethereum co-founder and former CTO Gavin Wood in 2017. The PoA algorithm leverages the value of identities, meaning the block validators aren't staking their coins but their reputation instead.

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Conditions for Proof of Authority Consensus.

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Valid And Trustworthy Identities:

It is a must for validators to corporates with the system by confirming their real identities.

Difficulty To Become A Validator:

A nominee must invest their money and put his reputation at stake. A tough process lessens the risks of selecting ambiguous validators and incentivizes a long-term commitment.

Standard For Validator Approval:

The procedure for determining validators must be equal to all candidates.

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Advantage of Proof of Authority Consensus.

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1. Elevated risk tolerance as long as 51% of the nodes are not behaving maliciously.

2. interval of time at which new blocks are generated is predicted. For PoW (proof of work)
   and PoS (proof of stake) consensus, this time varies.

3. Elevated transaction rates.

4. Far more sustainable than algorithms like proof of work which proposes computational power.

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Limitations.

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The perception of PoA is that it foregoes decentralized. Meaning PoA is not decentralized, but it's just an endeavour to make a centralized system more efficient.

Another common objection of numerous users is that the identities of PoA validators are apparent to anyone, which implies that knowing validators identities could potentially lead to a third party.

2. Who are the partners or sponsors of Socios.com?

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Socios.com

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Socios is Powered by the digital currency Chiliz ($CHZ), Socios.com is a fan engagement and rewards application. The platform, which enables the users to sell "Fan tokens" offering supporters the chance to influence decisions at their teams, has instantly boosted with a clutch of major cooperations. Soicos has recently announced the publication of a new kind of token known as "Arsenal token" adding another storied club to a roster that already comprises of Barcelona, Juventus, Manchester City and Paris Saint.

Socios name is borrowed and the kernel of its a concept from the Spanish word for supporter run clubs such as Barcelona and Real Madrid. By owning a token, which costs about £2, on which supporters can use the application to vote on different decisions that influences the game, such as what to name a training ground? Or which song should play after the goal is scored? The application has elevated quickly, with 1.2m downloads since it's launched in 2019. For teams, the incentive is a 50-50 spilt of revenue once their tokens are sold or traded, implying multi-million payouts potentially as additional tokens are published.

Socios has 45 partners in football, cricket, motor racing, NBA basketball and mixed martial arts, gaming teams and has conveyed $150m of revenue this year.

Its emergence is furthermore an example of cryptocurrencies' incursion into the sport, a trend that's already apparent in the NFT boom and increasing quantity of sponsorship agreements.

The platform is launched by Chiliz in 2019. a company whose eponymous cryptocurrency is used by the supporters for buying Socios fan tokens and these tokens are traded on major exchanges.

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Socios.com Partners or Sponsors

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The following screenshot contains the socios.com partners in football.

The following screenshot contains the socios.com partners in gaming.

The following screenshot contains the socios.com partners in fighting.

The following screenshot contains the socios.com partners in motorsport.

The following screenshot contains the socios.com partners in cricket.

The following screenshot contains the socios.com partners in basketball.

The following screenshot contains the socios.com partners in tennis.

The following screenshot contains the socios.com partners in American football.

The following screenshot contains the socios.com partners in ice hockey.

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).

So first of all I downloaded the application from Google PlayStore once that was done I had to use a VPN since it's not available in my country.

After the loading screen, there was an option where I had to write my phone number so I could get the verification code on that number to make an account.

Once writing my number I was waiting for the verification code but unfortunately, even after using VPN, there was no way for me to join since I don't have any other numbers that I could get the code on.

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Features Of The Application

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You must have read the word "Fan token" a lot in this article and there's a possibility that you might be wondering what exactly is a Fan token?

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Fan Token

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A Fan token is a digital pass to the team that you love or support. Unlike any other sport-related membership, a Fan token will never expire and is yours to keep permanently, you can easily buy these tokens from the socios.com application or you can use a feature Token hunt.

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Token Hunt

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Token hunt is a feature where you can get tokens and chilies using the AR system of the app meaning you are able to get these tokens by looking for them in the real world.

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Own A Share Of Influence Of Your Team And Influence Team Decisions.

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What socios thinks about sports fans is that you as a fan deserve a voice meaning you have a right to make votes on official poles that will help your team to make the right decisions.

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Earn Rewards.

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By voting on poles, participating, chatting, and even being active on the app you are able to earn perks and rewards.

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Follow Teams And Trading.

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You can follow multiple teams and you can also trade fan tokens and they are like cryptocurrencies meaning it's price will go up and down

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.

So, first of all, I opened the Binance app, and after that, I clicked on the Market Icon, as you can see in the ss below:

After it I searched for chz/usdt pair :

Now, as you can see that I bought 38 chz tokens at the price of 0.2696 for the value of 10.2448 usdt :

Now in this ss, you can clearly see all the details of the coin including its Avg. Price, Date, Amount, Fee Etc.

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INDICATING THE ATH OF CHZ/USDT

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This is the Screenshot of ATH (ALL-TIME HIGH) which was 0.9460.

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.

Currently at the time of writing (19/12/2021) this the price of FC Barcelona, ​​Juventus and Paris Saint-Germain Fan tokens is in the following screenshot.

i) BAR 29.94 CHZ 8.06
ii) JUV 30.68 CHZ 8.26
iii) PSG 51.05 CHZ 13.74

Currently the price of Chiliz is:

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.

There was a match played on 15 December between Manchester City and Leeds which was won by Manchester City and Leeds lost Ruthlessly with a ratio of 7:0, Leeds' depleted defensive line and risky tactics continued to be put to the sword as Kevin De Bruyne, on his first league started since November 6, sealed an excellent first-half exhibited with an unerring third just after the half-hour. Anyways the value of the Manchester City fan token (CITY) was 32.82, and the value of the Leeds token (LUFC) was 14.34 and once the match was done it the value of the Manchester City fan token should have increased if the value was affected by the outcome of the match, but it was the opposite since the value of CITY token dropped to 30.96 from 32.82.

Value of CITY dropped to 30.96 from 32.82.

While the value of LUFC elevated from 14.34 to 18.07.

Finally, the conclusion I came up with is that cryptocurrencies gain their value when their demand is higher than their supply. When a cryptocurrency is useful, people want to own more, which drives its demand since people want to use it instead of trading or selling it, ultimately it doesn't really make a scene if a football match can make a difference in the price, but my perspective can be wrong as well, but that is the conclusion I came up with after observing the charts and the token's value.

7. CONCLUSION

Socios.com is a really beneficial platform for sports lovers since you can be more than a fan on the platform, meaning you will be able to make decisions that influence your team, and you can buy or sell their fan token, which is great since you can enjoy sports as well as try to make some profit out of it. Due to the increase in sports interest, I can predict Chiliz(CHZ) having a great future.