Chiliz - Crypto Academy S5W5 - Homework Post for @imagen | By @salemumar5
Assalamualaikum,
Hello and welcome fellow steemians to my post. I am good and healthy and I hope so that you all are also good. Today I am posting again in @cryptoacademy. I hope that you all will like it and give some of your precious time to give it a read. This is a homework post given by Professor @imagen on the Chilliz platform and describing the project of Chilliz Socios.com and its influence on the sports world.
Question 1
Describe the Proof-of-Authority (PoA) protocol
Proof Of Authority is a type of consensus algorithm in which trusted and well-known validators generate blocks means that the validators as a guarantee of transparency put their real identity and reputation at stake. It is a more efficient solution for private blockchains because in POA only real identities are allowed to have validation within a blockchain.
PoA is the comparatively more advanced version of the PoS consensus mechanism. As it is known, In order to stake some tokens in PoS to get verified. 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 and identity. So any action that threatens the reliability of the network falls on that person or institution resulting in the direct downgrade of the following person. People and institutions whose identity is at stake will always be trying to preserve the network.
PoA operating conditions:
The validators must have to verify their real identities. If someone is becoming a validator then he has to make his reputation and identity public.
The validator must be ready to invest his money and put his reputation at stake as a guarantee.
The system removes any malicious actor if found to prevent the rights and reputation of the blockchain and also other investors have their faith in the network.
Question 2
Who are the partners or sponsors of Socios.com?
To check the sponsors and partners we have to visit socios.com. The New Global Official partner of [socios.com](https://www.socios.com/socios-partners/) is LaLiGa. In addition to the outline, socios.com has many partners covering several fields such as Football, Gaming, Fighting, Motorsport, Cricket, Basketball, Tennis, and American Football. Here's the explanation:
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.
Question 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).
- From the Google Play Store downloaded the Socios app.
- After downloading the socios .com application from the google play, I pressed the "Get Started" option to Create an account on socios . Com .
A confirmation code will be issued to your phone after you enter your phone number. You can move on to the next stage after inputting this code.
After that, you finish the account creation procedure by entering your e-mail address and the username you'll use in Socios.com.
After that, your account on socios.com has been successfully created.
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So this is the method of creating an account on socios.com . But unfortunately this application is not available in our country . I was try to open it by many VPNs but all time they said Socios.com is not available in your region.
Question 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.
To Buy (CHZ) I use my Binance account. This coin is also available on many other exchanges but I use balance the most.
*, First of all, I open my Binance account.
After that, I touch on the "wallet" option and go to spot wallet.
After that I search CHZ Coin and select CHZ/USDT pair because I have 39 USDT In my spot wallet.
Then I put 10 USDT in the price box and click on the buy option at the current market rate.
35.9 CHZ Coins have successfully been added to my spot wallet. So this is the simple method.
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To check the All-time high of any coin coinmarketcap is the best option . I always study any coin on coinmarketcap website.
Open CoinMarketCap Website or Application .
Go to the search bar and search Chiliz coin. All details of the CHZ coin open at the front of you. You chk price, supply cap, and all details of the selected coin.
As we check the All-time high of CHZ coin we have to scroll down. The All-time high of CHZ Coin is 0.8915 $ and the date was 13 March 2021.
Question 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) 8.06 USD.
At the time I am writing this article, the price of 1 Juventus Fan Token (JUV) 8.30 USD.
At the time I am writing this article, the price of 1 Paris Saint-Germain Fan Token (PSG) 13.76 USD.
Question 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.
I am taking an example relative to the past and present scenarios of PSG club.
In the PSG match against Bordeaux which PSG won by 3-2 on 7th November there was an uptrend came and make a very high wig.
However, 13th December PSG faces Monaco and won the match by 2-0 but the value of the coin had dropped.
So in the light of these scenarios I can say that the match fixture or result does not effect the value of coins in any means.
But if we look at the very big events at the club levels like winning club competition or champions league or any big player transfers to the club then it do make an impact and it did in the past.
Like, when in August's second week when Lionel Messi left Barcelona and join PSG there was a big uptrend came and the price of the coin flew by up to the sky.
Conclusion
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.
Proof-of-Authority (PoA) is a consensus algorithm that has the function of increasing efficiency in a reputation-based blockchain network. Validators gain reputation points by revealing their identities. Thus, they get the right to be a validator. But the only issue remains is their compromise on decentralization.