Greetings to all! it is another wonderful opportunity to participate in this week five of the season lesson series, and this week professor @imagen has developed the lectures based on 'Chiliz. From that lectures, there are a series of questions given as a homework task and I would be presenting the answers based on my understanding, let's begin:
DESCRIBE THE PROOF-OF-AUTHORITY (POA) PROTOCOL
Proof-of-Authority is another variation of a consensus mechanism that was derived from Proof-of-stake and it's designed to allow users or participants within the network to stake their valuable reputation or well-known identity for possible rewards, unlike the proof-of-stake consensus mechanism that only permits users to stake their coins or token in a network without attaching any value to the identity of those who stake their tokens.
The acronym for Proof-of-Authority is POA and it was designed in the year 2017 by the co-founder of Ethereum Network known as Gavin Wood. Gavin Wood saw the need for developing a mechanism that will allow participants within a network to utilize their identification to partake in block creation and validation of which gave way to the development of the Proof-of-Authority mechanism.
The use of Proof-of-Authority has created a high level of scalability and transparency within a network, in the sense that the next validator can be indemnified thereby reducing the large numbers of validators required in a network and eliminating the concept behind the proof-of-work mechanism.
The Proof-of-Authority mechanism has a working system that allows nodes to be randomly selected as validators within the network and such selections are solely based on nodes' reputations and identity. The use of a node's identity and reputation as the next validator as earlier mentioned aids to create a network that is governed by the transparency of which will protect the network from vulnerable harm or attack.
Proof-of-Authority can be recommended for chains that are private due to their scalability and level of security because the POAconsensus mechanism is seen to be centralized based on the fact that it requires limited numbers of participants for validation within the network.
Presently, numerous blockchains have implemented the use of Proof-of-Authority and among them includes, VeChain - VeChain is known to be a public chain that deals in business information management, another blockchain that is making use of the Proof-of-Authority protocol is known as Ripple.
WHO ARE THE PARTNERS OR SPONSORS OF SOCIOS.COM?
Before I proceed, socios.com is known to be a platform that provides tokens to fans of a football club or other world sport and offers the fans the opportunity to create suggestions or decisions for their choice of club. It is also designed in a way that cryptocurrencies can be utilized as an exchange and can be earned as rewards by the fans through their engagement within the platform.
Furthermore, the socios.com platform is currently under a partnership with a huge list of world sports starting with the lines of Football, Gaming, Fighting, Motorsport, Cricket, Basketball, Tennis, American Football, and Ice Hockey.
For the Football section, there are clubs like Juventus, AC Milan, Arsenal, Manchester City, PSG, Atletico Madrid that are partners with socios.com and each of the clubs has been designed with the fan token. see the screenshot below for a list of the clubs:
Under the Gaming and Fighting section, there are six-game and two fight clubs partners of which also have their tokens for fans. see the screenshot below for a list of the clubs:
Under the Motorsport and Cricket section, there are three motorsports and four crickets club partners that also has their fan token. see the screenshot below for a list of the clubs:
Under the Basketball and Tennis section, there are twenty-five basketball and one tennis ball club team that is partnering with the platform. see the screenshot below for a list of the clubs:
Under the American football and Ice Hockey section, there are one American football and thirteen Ice Hockey clubs that are partners of the platform. see the screenshot below for a list of the clubs:
The above is the full list of the clubs under a partnership with socios.com and it is been seen that the platform is urgently needing more partnerships of which is open to any group of team or club to fill in the forms and join.
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)
To accomplish the instruction, I will be providing a step-to-step tutorial on how I download and create an account as well as other necessary features. I have already downloaded the application from Google Playstore and below are the step as follows:
STEP 1: After the download, open the application and click on Get Started.
STEP 2: Next, select your country call code and fill in your phone number. wait for a code that will be sent within 60 seconds and fill it in the space provided. see screenshots below:
Screenshot from Socios app
Screenshot from Socios appSTEP 3: Next, fill in your preferred username, E-mail address, and thick to the T&C of the app and click on Register Now to finalize the registration process.
STEP 4: The account has been successfully registered and I now have full access to the features. see screenshots below:
Screenshot from Socios app
Screenshot from Socios appA: (1) Below the homepage is a list of features found in the app, so the first feature found is Wallet.
- (2) The wallet has two sections and the first is the fan token section which shows the available balance in the app. it also has where to withdraw/send, deposit, buy, coins, or tokens for the app as well as the transaction history. screenshots are seen below:
Screenshot from Socios app
Screenshot from Socios app- (3) To explore more on the wallet, I opened the Deposit page and it contains the account Chiliz ERC-20 wallet address of which can be used to receive or deposit such coins or tokens into my app.
- (4) Based on the wallet, the second section is known as Digital collectibles which shows a list of collectible gifts or reward tokens from the app promotion. screenshots are seen below:
Screenshot from Socios app
Screenshot from Socios appB: The second feature is Hunt and it is designed for users to daily hunt for tokens or coins that are offered freely within their location, when opened, it will ask to access the user's location and scan through for any available tokens. just as you can see in the screenshot below:
Screenshot from Socios app
Screenshot from Socios app- Based on the second feature, after a complete scan for available free tokens, a list of available will appear on the page and you can grab the tokens of which will automatically be added to your wallet. Just as you can see below that I was able to acquire 1 SSU token for free.
Screenshot from Socios app
Screenshot from Socios appC: The third feature is Feed, it contains current news and update of what's happening with the world of sport as well as other events that needs to be documented for the benefit of the fans. Just as you can see that I opened one of the latest trends in the feed below.
Screenshot from Socios app
Screenshot from Socios appD: The fourth feature is Rewards, the feature contains a history of rewards that have been received in the app either as a badge, leaderboard, or fan reward and from the screenshots below, you can see that I have gained rewards in hunting.
Screenshot from Socios app
Screenshot from Socios appE: The next following features are found are the top of the homepage of the application: the fifth feature is $CHZ and it contains space where users can utilize their EUR coins to purchase or swap for CHZ tokens with ease. see the screenshot.
F: The sixth feature is Market and it contains space where fan tokens of different cubs can be tradable, swapped, or otherwise. see screenshots below:
Screenshot from Socios app
Screenshot from Socios appG: The seventh feature is Vote and it is designed to allow fans to vote for their club in the available matchday either for changes or adjustment,
H: The last feature is Predict, it allows fans to predict results for the upcoming matches of the choice of club, and from the screenshot, there are numerous clubs available for selection.
Screenshot from Socios app
Screenshot from Socios appMAKE 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
Please, due to the loss I had on some coins during the process of preparing this assignment, I was not able to purchase the token concerning the said minimum.
I have purchased 20 CHZ of which is approximately USD 5.32 from my verified poloniex exchange wallet. see screenshots below:
At the time of purchase, the CHZ token was $0.2672, and as said earlier the purchase was made for 20 CHZ. the below screenshot shows how the coin was bought and the equivalent in the poloniex exchange:
To get an accurate fundamental analysis of the CHZ token, I utilized coinmarketcap. The analysis shows that CHZ had an ATH of $0.8915 in the year 2021 March 13 of which was accompanied by an ATL of $0.004001 two years ago - 2019. see screenshot below:
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
The present price rate of the FC Barcelona fan token is 30.41 CHZ with the equivalent of 7.94 USD.
The present price rate of the Juventus fan token (JUV) is 30.58 CHZ with the equivalent of 8.09 USD.
The present price rate of the Paris Saint-Germain (PSG) fan token is 51.05 CHZ with the equivalent of 13.61 USD.
| TOKENS | CHZ VALUE | USD VALUE |
|---|---|---|
| BARCELONA | 30.41 | 7.94 |
| JUVENTUS | 30.58 | 8.09 |
| PARIS SAINT-GERMAIN | 51.05 | 13.61 |
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
According to the instruction, I will be using Fc Barcelona, on Tuesday 14 December 2021, Barcelona went on a club-friendly match with Boca - Juniors and the match ended at first with 1 - 1 of which was summarized with a penalty that gave the resulted of Barcelona 2 - 4 of Boca - Juniors.
Surprisingly after the good draw match, Barcelona lost the match. what effect has the match had on the fan token, let take a look at the chart for the match day, below:
From the fan token chart for Barcelona, we see that the market chart on the matchday began as an imbalanced uptrend and downtrend movement and when the match ended we see that a downtrend began resulting in a bearish period and the bearish period continue intensely after the loss of the penalty that took place in the game. The chart shows that a price consolidation was taking place in the game as well as the price of the fan token and after the match ended officially, the chart began to react in a low bullish trend although not balanced. Therefore, the value of the fan token reduced drastically because of the failure of the club in the lost match.
Let's consider another example of a match played on Sunday 12, 2021, and from the match, Barcelona and Osasuna had 2 - 2 of which ended pretty well and was a huge increase in value for the fan token of Barcelona. The fan token chart shows that the value increase of the token within the match was 9.65 USD and decrease as the match day.
Literally, from my standpoint, if Barcelona wins a match or goes to draw with another club, the price for the fan token is assured to increase, but if Barcelona losses a match, the price value of the fan token will surely decrease thereby having a bearish period resulting to the loss in value for the tokens.
CONCLUSION
The Proof-of-Authority is a consensus mechanism that requires to be utilized by numerous blockchains because it has all needed to function in a network chain - the concept of staking with user's reputation or identity is quite interesting of which will eliminate the need for proof-of-work and staking of a large number of tokens before participating as validators within a network.
The invention of Socios.com in connection with football and the world of sport will aid to boost the fans' base for their respective clubs as well as being utilized by the fans to gain rewards, exchange, and trade cryptocurrency as part of its features. Thank you so much professor @imagen for this well-developed lecture, I have learned a lot from the study and I hope to see you next time.