Chiliz - Crypto Academy S5W5 - Homework Post for @imagen
Hello dear friends,
in the 5th week of the Steemit Crypto Academy, we are dealing with another blockchain. After first familiarising myself with the topic with the tutorial of dear @imagen I researched Chilizz Blockchain in detail to answer the related questions. Without further ado, let's answer the questions.
1.) Describe the Proof-of-Authority (PoA) protocol.
The most common consensus mechanisms today are Proof of Work (PoW) and Proof of Stake (PoS). However, blockchains, which are very open to innovation, produce new alternatives to these two consensus mechanisms every day. Proof of Authority (PoA) is one of these new algorithms.
There are points where PoS and PoW mechanisms are insufficient in bringing this new consensus mechanism to the agenda. While blockchains using the PoW mechanism have scalability problems, blockchains using the PoS mechanism face relatively lower decentralization.
PoA can actually be called a more advanced version of the PoS consensus mechanism. As it is known, it is necessary to stake some tokens in order to verify in PoS. In PoA, on the other hand, the reputation of the users is important instead of the stake. In other words, block validators verify using their reputation.
PoA has a limited number of block validators, this ensures the scalability of the PoA consensus mechanism. But on the other hand, it makes it less centralized, just like in PoS.
In the PoA system, the true identities of the validators are known. In order for these people to gain reputation, they have to verify their identity by going through a very challenging process and then prove that they are willing to respect reputation.
(2.) Who are the partners or sponsors of Socios.com?
Socios.com's partners are many sports clubs, especially football clubs. For example, one of the giant football clubs of the world, Barcelona, Juventus, PSG, AC Milan, Manchester City, Atletico Madrid are just a few of the football clubs that partner with Socios. In addition, Socios partnership is not limited to football clubs only. It has also cooperated in many different branches such as Gaming, Fighting, Motorsport, Cricket, Basketball, Tennis, American Football.
In the image below, you can see the football clubs partnering with Socios.
You can see the gaming and fighting partners of Socios in the image below.
You can see the motorsport and cricket partners of Socios in the image below.
You can see basketball partners of Socios in the image below.
You can see tennis and American football partners of Socios in the image below.
(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).
First, I downloaded the Soicios application to my phone and then registered. You can see these steps step by step in the images below.
1- I downloaded the Socios app from the Google Play Store.
2- After downloading the application, I started the membership process by pressing the "Start" button.
3- After entering your phone number, a confirmation code will be sent to your phone. After entering this code, you can proceed to the next step.
4-Here, you complete the registration process by specifying the username you will use in the application, and then adding your e-mail.
You can complete the registration process by simply entering your e-mail and phone number. Authentication is also required for further processing. But for now, this much information is enough for us to explore the application.Let's see what we can do in practice in the next stages.
In order to be able to take action in the application, first of all, it is necessary to have CHZ, the native token of this platform. For this reason, I first discovered the wallet section in the application. I wanted to examine how to deposit money, how to withdraw.
On the main page, there is a "Wallet" tab at the bottom left of the page. You can access your Wallet here. When you enter your wallet, it is possible to trade for fan tokens or digital collections. Here you can trade related fan tokens and send tokens to your wallet. You can also see your current balance here.
I currently do not have any tokens in my account. If I were to use the application continuously, I would have to deposit tokens in the application first. For this, I would have to click "Deposit" and send tokens to the wallet address here. In addition, when we click on digital collections, which is another subject, it is seen that I do not have any assets.
Another feature that the application offers us is the "Token Hunt" feature. With this feature, you can allow location access and access SSU or CHZ tokens in your environment. This feature will be familiar to those who play Pokemon Go. The more you move, the more tokens you will have the chance to win.
First of all, after selecting the "HUNT" option on the main page of the application, we see the awards located near us. While I was preparing this assignment, there were several SSU tokens where I was.
After choosing the closest of these tokens, I hit the "Catch Token" button and I got 1 SSU token.
The features we can discover in the app are not limited to these. For example, we can participate in surveys and predict scores. But for this, we need to have the token of the relevant sports club. Since I do not have tokens in my account, I did not have a choice in this matter. However, it is possible to see these surveys and survey results only as a member.
For example, in the example above, the poll of Galatasaray, which I am a fan of, and the score prediction options for the upcoming matches are displayed. The survey ended in November, but the design of the scoreboard sign in Galatasaray's stadium was decided with this survey. Another feature is to predict the score of Galatasaray's upcoming matches. As I have expected before, I could not make a prediction for the next match, since I could not have a GAL token.
(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.
I bought 10 USD worth of CHZ from my Binance account.
The instant price of CHZ was 0.2692 USDT while I was buying this. As we had to purchase 10 USDT as part of the homework, I purchased 40 CHZ. This is worth 10.7680 USDT. You can find the details of the purchase process below.
I used athcoinindex.com to find the ATH value of this coin. According to these data, CHZ reached its highest value on March 13, 2021 with a value of 0.878633 USD.
(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.
At the time I am writing this article, the price of 1 Barcelona Fan Token (BAR) is 31.65 CHZ, or 8.81 USD.
At the time I am writing this article, the price of 1 Juventus Fan Token (JUV) is 29.5 CHZ, or 8.21 USD.
At the time I am writing this article, the price of 1 Paris Saint-Germain Fan Token (PSG) is 51.47 CHZ, or 14.41 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.
In order to answer this question, I chose Galatasaray, the football club I normally follow. Because I believed that I could interpret it better this way. First of all, let's look at the results of the last two football matches played by Galatasaray. Galatasaray met with Lazio away in the last match of the Europa League Group E on December 9, 2021. This match ended in a 0-0 draw. With this result, Galatasaray finished their group undefeated.
According to the GALUSDT chart above, there was a bullish trend in the GAL token price until the morning hours on the day of the Galatasaray Lazio match. Later in the day, it is seen that this trend changes direction and turns into a bearish trend. This bearish trend continues during and after the match. Frankly, I was surprised that the price continued to drop after the match. Because this was a very important result for Galatasaray. It was the first time in its history that the Europa League group qualifiers were undefeated. For this reason, I would expect an increase in price. However, what I understand from here is whether these token prices have increased or decreased due to a single factor. After all, this is a stock market and one of the most important factors affecting prices here is supply and demand.
Let's come to another game played by Galatasaray. This match is Turkey Super League match. Although things are going well in Europe for Galatasaray, they are having a very bad season in the Turkish Super League. He was defeated 1-0 in the match he played against Sivasspor on 13 December 2021. With this result, Galatasaray is in the 9th place in the league.
It is seen that the prices, which decreased after the Lazio match, recovered with a correction. Then a bearish trend was formed again and it is observed that this decline continued until the Galatasaray Sivasspor match. Although Galatasaray left this match with a loss, there is no decrease in prices after the match. The result I deduced from here is that the match results do not seriously affect the token price. Perhaps very important events such as a championship or the transfer of a world star can seriously affect the token price. Other than that, developments do not change only with a match played by the team. Apart from these, it also depends on many factors.
(7.) Conclusions
Blockchains are one of the most important inventions of recent years. This innovative approach is not limited to eliminating third parties and transferring money. It touches many areas of our lives day by day. Sports also inevitably met with blockchains at a common point. With the Chiliz blockchain, sports clubs bring their fan tokens together with their fans. While these fan tokens are an extra source of income for the clubs, they also give the fans the chance to have a say about their team.
Chiliz uses the PoA consensus mechanism as the blockchain consensus mechanism. Here, validators gain reputation points by revealing their identities. Thus, they get the right to be a validator. Since the validators are limited in the PoA mechanism, it is very advantageous in terms of scalability compared to PoW and PoS mechanisms. The problem here is that it compromises the decentralization that is so important to blockchains.
Best Regards, Özge