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Greeting Everyone,
Welcome to the 5th week of the crypto academy. In today’s homework, I will be sharing details about the famous project called Chiliz. It is one of the fastest-growing cryptos and the professor has taught us about it in a detailed manner and assigned some tasks. I hope you guys like my explanation for each question.
(1.) Describe the Proof-of-Authority (PoA) protocol
(1.) Describe the Proof-of-Authority (PoA) protocol
Every crypto uses a preferred consensus mechanism to provide much better services to the users. You may have heard about Proof of Stake, Proof of Work, Nominated Proof-of-Stake, and several others that are widely used by major projects like Bitcoin, Ethereum, Polkadot, and others. There’s also Proof of Authority (PoA) which is a unique protocol as compared to others and used by Chiliz.
It is said that it was created by the co-founder of Ethereum Gavin Wood. Everyone knows that PoW consumes a lot of energy and requires a huge investment while it is not much scalable. PoS is also widely preferred but the biases and lack of decentralization are considered as its weakness. We can consider PoA as the much-advanced protocol as it doesn’t require huge investment.
A user can become a validator by attaching their reputation and start verifying transactions and creating blocks. So, identity really matters which makes it better as compared to PoS while the limited number of trusted validators improves the scalability issue.
The actual identities are exposed so that users can gain recognition and become a validator. Plus, the users are selected at a random basis who has to invest some amount to carry on the procedure. Plus, no one really makes any fishy transaction as the real identities are known to everyone.
(2.) Who are the partners or sponsors of Socios.com?
(2.) Who are the partners or sponsors of Socios.com?
There are a great number of Socios’ sponsors that you can find out by exploring its official website. The most fascinating thing is that they also have some of the leading partners like Barcelona, Paris Saint-Germain, UFC, and many others.
Additionally, Socios is not limited to football clubs only as you can also find tokens for gaming, basketball, tennis, ice hockey, motorsport, American Football, and others. You can see some of them from the following sections:
Here are some of the renowned football clubs that are partners of Socios.
There are several gaming partners as well and all of them are shown in the below-mentioned image.
You can see that the UFC and PFL are also official partners of Socios.
Here are the motorsport partners of Socios.
These are the world’s top basketball teams who are partners of Socio as well.
I have attached the pictures of tennis and cricket teams as well that are partners of Socios.
You can also find American football and Ice Hockey teams as partners of Socios.
(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).
(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).
I downloaded the mobile application of Socios.com in my mobile app from the play store. It is also available for iOS users as well but the app is not available in some countries due to which using VPN is the best solution. However, it was not available in my country due to which I had to use VPN as well.
Once the mobile app is installed, log-in details were required like a mobile number so I entered mine but an error occurred which stated that Socios.com is not available in your country although VPN was opened as I have highlighted it as well.
However, it sends a verification code and required some more user details like name and email to create an account on Socios.com. But I was unable to do that because of unavailability in my country.
However, I was able to learn more about its mobile app through its website, so I will be still sharing some details so that you can get to know about its basics.
Purchasing & Hunting Tokens
The mobile app of socios provides the opportunity to the users to purchase tokens of their favorite team from any category. Plus, tokens are also available for the hunt as all you need is a single token in your wallet and you can hunt the rest as the map will show you the availability.
Influencing The Preferred Team
Sports fans on socios has influence over their favorite team as it provides poll system in which users can vote for their prefer option and prove to be an impactful fan.
Chance to Win Amazing Prizes
Socios has made it possible to connect with the preferred team like never before. Users can get the opportunity to win signed merchandise, VIP tickets, meet their favorite sportsman, and much more. All it takes is to become a token holder.
(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.
(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.
There are several exchange platforms where CHZ token is available for trading but I personally recommend Binance for its user-friendly interface. So, I will be making a trade on USDT pair by visiting its website.
The price of each token was around 0.2725 while purchasing so I got 40 CHZ against 11 USDT.
The order was successfully executed and you can see that I received 39.9 CHZ after fees deduction in my spot wallet.
Now I will show you the all-time high of the CHZ token from coingecko.com. All you need is to type CHZ in the search bar and click on the given result to get details about a specific token.
As you can see from the highlighted part that the price reached $0.878633 on March 13, 2021.
(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.
(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.
Now I will show you the price of several renowned football clubs token in CHZ and USD. I will be doing this task on Chiliz Exchange so that I can get the perfect price for each token.
FC Barcelona
You can see that the native token of FC Barcelona is referred to as BAR which cost around 20.74 CHZ and as for the USD, it was available at 8.04 while doing this task.
Juventus
The single token of Juventus which is regarded as JUV was trading at Chiliz exchange for 30.63 CHZ during the time of writing. As for the USD price, it was 8.31.
Paris Saint-Germain
The token of Paris Saint-Germain or PSG cost around 50.61 CHZ at the time of writing and it was 13.73 in the USD.
(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.
(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.
Now we will observe if the result of the football club match makes an impact on the team. There was a match between PSG and Monaco on December 13, 2021, in which PSG showed great performance and won with 2 goals while Monaco couldn’t make a single goal.
I opened the chart of PSG/CHZ and observed that when the team won the match, the price of the token started to increase which means that the outcome surely affects the price.
Here’s another example of Juventus vs U.S. Salternitana in which JUV won the match by 2 goals. Plus, the price of the native token was increased to a great extent as show in the below-mentioned chart.
Screenshot Source
Screenshot Source
(7.) Conclusions
The conclusion of my homework is that Proof of Authority is a great consensus algorithm that has also improved blockchain trilemma. Plus, socios.com is a great platform for sports enthusiasts to connect with their favorite team and all this is possible because of the Chiliz project. It has made it possible for the fans of any sport category to express their enthusiasm from any part of the world through socios.com. Further, it’s amazing how people are leveraging blockchain technology as sports communities are also adopting it.
Thanks For Visiting My Post And Your Appreciation
Cc:
@imagen
