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Describe the Proof-of-Authority (PoA) protocol
Since the initial blockchain transaction on the Bitcoin network, there has been significant growth and improvement in the cryptocurrency world. Other consensus mechanisms have come up, along with additional techniques for attaining consensus inside a blockchain system, in addition to the well-known Proof of Work and Proof of Stake algorithms.
Among these new developments in the crypto space is the Proof of Authority protocol. Ethereum co-founder and former CTO Gavin Wood coined the term in 2017.Proof of Authority (PoA) is simply a reputation-based consensus mechanism that relies on the value of identities rather than coins held like it is in the PoS protocol. This means that block validators stake their own reputation rather than coins. As a result, validating nodes that are arbitrarily designated as trustworthy individuals secure PoA blockchains.Validators required on the PoA protocol is limited making validation easier and the entire system highly scalable.
What really happens in a PoA blockchain network is that, validator's identity are made known and to protect their hard earned reputation on the network, they work carefully and make sure it is for the good for the entire blockchain network. It should be noted that attaining the status of a validator on a PoA network is not an easy one that would be readily given up and this go ahead to ensure the integrity and reliability of the network.
Who are the partners or sponsors of Socios.com?
The socios project is one huge project with endorsements and partnership with clubs and organizations in a number of sporting disciplines. I will take you through a number of sporting clubs from the football world to basketball, tennis, cricket, fighting among others. I will provide data on this from the official website of socios.com
The Football community
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This is the largest support group. At the time of preparing this work, there were about 48 football clubs on the project with great clubs like Barcelona, Juventus, Paris Saint-Germain among others.
Basketball
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The socios project have also received support from a number of basketball clubs and giants like Los Angeles Lakers, Miami Heat, Golden state Warriors and most of your favorite basketball clubs.
Other partners
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There are also partners from different sports disciplines like fighting, tennis, cricket, motorsport, ice hockey I have grouped together here.
Download and install the Socios.com application. Create an account. Explore the application and describe its functions.
You can download the socios.com from the Play store on Android devices and its available in the App store for ioS devices too. ( I will be doing this on an ioS device)
In the app store, use the search bar and type socios.com
Tap on Get to download and install
Once download is complete, hit open.
On the landing page, hit get started.
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- Enter your login details, submit your phone number to receive a verification code.
An sms is sent you with the verification code, enter it and hit next
Once that is clear, enter your username and e-mail to complete the process.
You are asked if you want to receive notifications, you can hit Maybe later to continue.
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The preliminary pages after here is more like tutorials on what we can do on the app.
Step 1, is introducing you to the CHZ token and the need to add $CHZ to your account.
Step 2, is about using the CHZ token to get fan tokens in the market.
Step 3, is being able to be part of the decision making of your favorite team.
Step 4, is about the prediction feature available on the socios platform.
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After this, we get to choose our favorite and viola our account is set.
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Exploring the app
The Home screen
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This is the landing page the user is greeted with once you enter the app. From here, users can enter where they can buy the CHZ token, enter a market where you can buy fan tokens, participate in polls using the vote tab and also predict a game ( all these were talked about during the registration process). You get real time data of your favorite fan tokens too.
The Wallet tab
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This is where users can see their account balance and transact from. You can withdraw, receive and top up CHZ tokens from here.
The Feed tab
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This presents a number of news items from your favorite clubs , announcements among others.
Rewards
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This is where rewards you earn from performing certain activities are shown. You can see Leaderboards and badges you acquire whiles using the app.
Let's head back to the home page and explore some important feature.
$CHZ: this is where you get to buy the CHZ token. You enter the amount of EUR you want to exchange for the CHZ token. You can change the currency to some other 4 alternatives including USD and GBP.
Market: this is where with our CHZ token we have, we can buy or sell the Fan token of our favorite club. You get to choose the club's fan token you want to acquire then you proceed to buy or sell.
Vote: This is where users can participate in polls happening and held by their favorite clubs.
Predict: This allows users to predict say the results of a match of their favorite club. This is one of the exciting features.
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Chat
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There is a chat space also displaying a number of chat rooms you can enter. Most of these chat rooms require you to be a fan token holder before you are given access.
Profile
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This displays the users details and helps the user make changes to the account anytime.
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.
I will make the purchase of the CHZ token from my Huobi Global account.
I open my Huobi Pro app.
Tap on Trade
Change the currency pair to CHZ/USD since I will be exchanging my USD for the CHZ token.
Tap on the existing currency pair at the top left corner, use the search bar and enter CHZ. The currency pair CHZ/USDT pops up. I select that.
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The minimum token value to buy per this assignment is 10USD and at the time of preparing this work, the price of the CHZ token was around $0.265 so for 10USD, I get about 38CHZ tokens.
I set my price and hit Buy. The trade was quick.
When I head to my wallet, this is it here.
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The ATH (All Time High) of the Chilliz token as presented by Coingecko is $0.0.878633 and it was recorded on March 13, 2021.
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Enter the Chiliz Exchange and indicate the prices in CHZ and their equivalent in USD of the following Fan Tokens at the time of writing your assignment: FC Barcelona, Juventus and Paris Saint-Germain.
To find this data, we enter the market tab from the home page of the socios app.
FC. Barcelona
At the time of preparing this work, FC Barcelona's fan token was 29.82$CHZ equivalent to 7.94USD.
Juventus
That of Juventus was 31.08$CHZ equivalent to 8.19USD
Paris Saint Germain
PSGs fan token was 50.31$CHZ equivalent to 13.49USD
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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.
Before I take on the practicalities of this task let me share my opinion, I believe most people will share same idea. In my opinion, a club's win should push the fan token's value and a terrible defeat will see the value drop because maybe the victory will excite fans and may buy more tokens pushing the price up and a defeat can lead to the sale of the token hence a fall in value but let's test this.
The example I will use is the Premier League leaders Manchester city. They have a Fan token named CITY. Manchester City faced Leeds United in a Premier League fixture on the 14th December, 2021. Kick-off was set at 8:00pm.
Let's look at the price of the token before 8:00pm which was the kick-off and see how it behaved after 90 minutes.
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From the screenshot above, before kick-off we see the price of the token drop steadily.
After kick-off, 8:00 pm we see a bullish candle emerge and the price began to go up. Manchester city had a landslide victory against Leeds, winning 7 goals to nil. It is not surprising the price of the token went up too. See screenshot below.
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This further supports the assumption that, club results can affect the value of it's fan token where a victory pushes the price up and a defeat may push the value down.
Conclusion
Like we have seen in the weeks past how blockchain and cryptocurrencies is affecting and creeping into every space of human life. Socios.com is one of the products of such innovative technology and is a very impressive projects. Only does it not have support from great clubs like Barcelona, Juventus, Paris Saint Germain and the others but it also cuts across different sport disciplines.
The platform brings clubs closer to their fans and interact with them easier. Fans can purchase fan tokens to prove their loyalty to their favorite clubs and also make profits from trading them. I must add how user friendly and easy it is to use the app with its nice interface.
Thanks to @imagen for this exciting lecture and I must be quick to add that I enjoyed undertaking each task of this assignment. Thanks for reading.
Regards