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Hello all, hope we are all doing great...merry Xmas in addy.
Describe the Proof-of-Authority (PoA) protocol
The Proof of Work (PoW) and Proof of Stake (PoS) systems are the most common consensus mechanisms used today in cryptocurrencies. Regardless, the blockchain system, which is very open to creation, produces new varieties concerning the two consensus mechanisms each day.
One example of this new algorithm is the proof-of-authority.
At times the PoS and PoW mechanisms are superficial in bringing the new consensus mechanism to the program. While blockchains systems that make up the PoW mechanism have scalability issues, the blockchains that make use of the PoS mechanism also face somewhat lower decentralization compared to others.
The PoA is a more advanced version of the PoS consensus mechanism. It is essential to stake some tokens in a blockchain system to validate in PoS. Whereas in PoA, the user's reputations are of importance instead of staking.
So, therefore, block validators validate with the use of their reputation.
The PoA mechanism has a finite number of block validators, ensuring the scalability of the PoA mechanism. Meanwhile making it less centralized, just like in the PoS mechanism.
The true identities of the validators in the PoA system are identified. To gain reputation, they verify their identity by going through some challenging procedures also proving that they are ready to obey the reputation.
Who are the partners or sponsors of Socios.com?
Socios.com's partners with many different sports clubs, most especially the football clubs, let's take one of the giant football clubs of the world for instance; Barcelona, Real Madrid, Manchester City, etc are exceptional of the football clubs partnering with Socios.
In addition to this, Socio's partnership with sports clubs ain't limited to only football clubs, socios has cooperated in different branches of activities such as Fighting, Gaming, Cricket, Basketball, motorsport.
The image below shows the different football clubs partnering with Socios
We can also view the gaming and fighting partners of socios
We can also see the motor spot and cricket partners of socios
We can see also the basketball partners of socios
We can also see the tennis and American football partners of socios
We can also see ice hockey partners of socios
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)
1- Firstly, I downloaded the Soicios application to my phone through App Store.
2- I clicked on “get start” in other to start the membership process.
3- After I entered my phone number, a confirmation code was sent to me via email on my phone. I entered the code in other to proceed to the next step.
4- I completed the registration process by selecting an unused username, which I would make use of in the application, and entering my phone number with my Gmail.
Explore the application and describe its functions
WALLET:
For users to be able to take action in socios applications, it is of importance to have CHZ, the platform's native token.
For this reason, let’s start with the wallet icon in the application, here, I wanted to explore how one can deposit and withdraw money.
On the app main page, there is a "Wallet" tab at the bottom left corner of the default page, Here you can easily and quickly access your Wallet.
Trading of various fan tokens or digital collections is possible through your wallet, trading related fan tokens and as well sending tokens to your wallet. One can see their current balance as well.
On the wallet page, we would see various options such as; withdraw, receive, top-up, and transactions. We can also see “fan tokens” and “digital collectibles”
We would see the following digital collectively that we have here.
When we click on the receive option still under the wallet page, we would be able to view the contact address of the coin we wish to receive.
HUNT:
The "Token Hunt" feature permit location access, accessing the SSU or CHZ tokens around your environment. This feature is known to those who play the game “Pokemon”.
The more movement you make the more tokens you earn in other to have the chance to win.
First, after selecting the "HUNT" option on the default page of the socios application, click on “the global hunt”. Here, we would see the awards close to our location. While doing this homework, there were several SSU tokens around my vicinity.
Next, click on any of these tokens as shown in the map on the image below as indicated by a red circle in other to claim them.
After selecting the closest tokens in my vicinity, I clicked on "grab Token", and I was rewarded with 1 SSU token.
PREDICT:
the predicted feature is where one can predict all kinds of sports played that are registered on socios.
On the home page as indicated with a red box at the left bottom corner, click on “predict” which is located at the top right corner as indicated by a red box.
A page would open, labeled “socios predictor”. Select any country of your choice in other to predict the game's performed by that country.
I choose “united kingdom” which is down the options I'm other to predict the football match of the football club “manchester city”.
The labeled boxes with across sign inside as indicated by a red box are the options you would click in other to select the number of goals that will be scored in the match.
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.
STEP I
I logged into my verified binance account through my binance application
STEP II
I search for chiliz “CHZ” token under my spot account
STEP III
I choose the currency pair of CHZ/USDT in other to purchase chili tokens.
STEP IV
Under CHZ/USDT pair, at the price of $0.2709 indicated by a blue box, I purchased a total of 40 CHZ (indicated by a yellow box) with) using the limit order with $10. After that, I clicked on “Buy CHZ”.
As we can see below the image, my transaction to purchase a CHZ token worth $10 was successful, as indicated by a red box.
In other to indicate the ATH of the coin, login to the site athcoinindex.com to get at the ATH value of CHZ.
According to these data, the CHZ token attained its all-time high on March 13, 2021, with the price of 0.878633
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.
BAR/CHZ
As of the time of writing this article, the price of 1 Barcelona Fan Token (BAR) is 26.69 CHZ, or $7.98.
JUV/CHZ
As of the time of writing this article, the price of 1 Juventus Fan Token (JUV) is 30.64 CHZ, or $8.24.
PSG/CHZ
As of the time of writing this article, the price of 1 Paris Saint-Germain Fan Token (PSG) is 50.98 CHZ, or $13.72.
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.
The question would be answered concerning Barcelona football club.
On 14th December 2021, one of the powerful football teams Barcelona lost against Boca Juniors in a club-friendly match, which ended in a 1-1 draw.
Moving over to the penalties which is a norm in football whenever there is a draw, and the match is mandated to be won by a single team.
The football team Barcelona lost to Boca juniors 2-4 during the penalty shootout.
On that same day, there was a bullish-to-bearish trend reversal on the price of Barcelona fan token, which continued on a downtrend movement throughout the remaining days. Looking at the price of the Barcelona fan token on the 17th of December 2021, the price closed on a green candlestick bar, which I would say gave hope and a possible trend reversal in Barcelona fan token price. Then on the 18th of December 2021, Barcelona played against Elche in a local match (laliga Santander) which ended in a 3:2 win for Barcelona. Being a victorious match for Barcelona, the Barcelona price token was still on a bearish trend. Following the above analysis depicted by the price chart of Barca fan token as of the time they won the match against Elche (3:2), there was still a bearish trend movement in as much as the won. So with this and other researches made, I would say that at times, matches won or lose (which is dependent on how important the match is) do not certainly affect the price of a Fan token. But a crucial important match like the Champions league final or an important player transfer announcement can impact the price of the fan token. The Blockchain system is one of the most significant inventions in recent years, this ingenious method aims at eliminating third parties in transactions and transfer of money. The blockchain system affects various areas of our day-by-day lives. The Sporting system as well necessarily met with the blockchain system at a mutual point. With the Chiliz blockchain system, sports clubs bring together their fan tokens together and their fans, these fan tokens serve as an extra source of income for various clubs, giving their fans a chance to have a voice about the team's welfare. Chiliz blockchain makes use of the PoA consensus mechanism. Here, as explained earlier in my question one answer were the validators gain more reputation points by disclosing their personalities Thus, having the right to validate. Since there are limited number of validators in the PoA mechanism and it is a huge advantage to the system in terms of scalability described concerning the PoW and PoS consensus mechanisms. Thank you professor @imagen for these intriguing courses. All unsourced images are properties of the author gotten from the various applications assigned for this task CC:
