Chiliz - Crypto Academy S5W5 - Homework Post for @imagen
Hello steemian ...
This is my new post in the Steemit Crypto Academy community, on this season 5 week 5, I will be working on a homework from professor @imagen with the theme "Chiliz”.
we will discuss it through the homework below:
(1.) Describe the Proof-of-Authority (PoA) protocol
Definition of Proof-of-Authority (PoA)
Proof-of-Authority (PoA) is a term coined by Gavin Wood in 2017, who is one of the founders of the crypto asset Ethereum. Proof-of-Authority (PoA) is a consensus algorithm that has the function of increasing efficiency in a reputation-based blockchain network. That is, in this consensus the reputation and original identity of the validators are the most important things to run this consensus. The reputation and real identity of the validators serve as guarantees and the validators act as trusted parties to secure transactions with validation nodes in this consensus protocol.
Difference between PoA with PoW and PoS
Schematically, PoA has similarities with PoS in that it involves the participation of validators in the consensus mechanism, but PoA limits the participation of the number of validators intending to get clear advantages, especially in terms of increasing scalability and also speed in terms of access control of the blockchain network.
Meanwhile, when compared to PoW, the difference is very much because the PoW system only involves miners to validate their blocks. On the other hand, the use of PoW energy is also much greater than the energy used in the PoA consensus. In fact, in general, the energy savings of the PoA protocol is better than that of PoW and PoS.
How PoA works
As I explained earlier, the PoA protocol does not depend on mining activities and is also efficient in terms of energy and resource use. PoA relies on users acting as validators. the true identity of the validators is the most important guarantee for running this consensus because the validators are chosen very strictly. It aims to choose a validator who is truly worthy, trustworthy, and has a high commitment to running this network system for a long time. In addition to the original identity as a guarantee, validators must also invest their money in the network, this is an effort to build a network together.
Crypto Assets using the Proof-of-Authority (PoA) protocol
In this case, the Crypto Assets that use the most famous Proof-of-Authority (PoA) protocol are polka dots. According to the coinmarketcap website, Polkadot is a crypto asset that is ranked 9th as the best crypto asset today. This makes every transaction in the Polkadot blockchain network use the Proof-of-Authority (PoA) mechanism so that the Polkadot blockchain network is more secure.
(2.) Who are the partners or sponsors of Socios.com?
Based on the official page https://www.scios.com/scios-partners/, we can see that currently, socios.com has LaLiga as their Official Global Partner.
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:
Football
Socios.com partners in the field of Football are clubs barcelona, juventus, PSG, AC Milan, AS Roma, Atletico Madrid, independiente, Galatasaray, Istanbul basaksehir, manchester city, Novara Calcio, Sint-Truidense VV, trabzonspor, Club Universidad de Chile young boys , apollon limassol, legia warsawa, fortuna sittard, goztepe, alanyaspor, levante, argentina national team, Clube Atlético Mineiro, valencia, corinthias, portugal national team, arsenal, inter milan, GNK Dinamo Zagreb, everton, leeds villa, pohang united, aston villa steelers, flamengo, samsunspor, sao paolo, Racing Club de Avellaneda, bologna, Gazisehir Gaziantep, napoli, new england, santos laguna, atlas, as monaco, italy national team, palmeiras and crystal palace.
Gaming
Socios.com partners in the gaming field are NAVI (Natus Vincere), Team OG, and 4 other esports teams.
Fighting
Socios.com partners in the field of Fighting are the Professional Fighters League championship and the ultimate fighting championship.
Motorsport
Socios.com's partners in motorsport are the Roush Fenway Racing Team, Aston Martin Cognizant F1 Team, and Alfa Romeo Racing.
Cricket
Socios.com's partners in Cricket are teams Punjab Kings, Kolkata Knight Riders, Royal Challengers Bangalore, and Caribbean Premier League championships
Basketball
Socios.com's partners in Basketball are the Philadelphia 76ers, Boston Celtics, Cleveland Cavaliers, Sacramento Kings, Orlando Magic, Los Angeles Clippers, Houston Rockets, Chicago Bulls, Minnesota Timberwolves, Detroit Pistons, Golden State Warriors, Washington Wizards, Oklahoma City Thunder, Charlotte Hornets, Miami Heat, San Antonio Spurs, Milwaukee Bucks, Indiana Pacers, Brooklyn Nets, Utah Jazz, Phoenix Suns, Atlanta Hawks, Memphis Grizzlies, and Los Angeles Lakers.
Tennis
Socios.com's partner in tennis is the Davis Cup tennis tournament.
American Football
Socios.com's partner in American Football is the New England Patriot club.
(3.) Download and install the Socios.com app. Create an account. Explore the application and describe its function. Show Screenshot (If necessary use a VPN if the app is not available in your country or region).
Download, Install the Socios.com app and Create an account
To use the socios application, we must know how to install this socios application on a smartphone, here I use an android smartphone to install the socios application, and the steps are as follows:
Step 1:
Open the play store application on android and write it on the socios.com search menu as shown below.
Step 2:
Install the socios.com application by pressing the install button, and wait for the application to finish downloading.
Step 3:
After the download is complete, then open the socios application, and press get started to start registering a socios account.
Step 4:
Enter the mobile number and press the send verification code button to get the code, when the code has been sent then enter the verification code in the SMS verification code section. At this stage, if we have already registered for an account, we can immediately use it without the need to re-register, if we have never registered, we must register for an account from the beginning.
Step 5:
Then we will enter the account registration stage, first enter the username you use, second also enter your active email, check the list in the box below and click register now.
Step 6:
Before we go to the next step, we should verify the email that we used to register the socios account. First, open the email used for socios registration, if the email from socios has arrived then open the email, and then press verify now.
Step 7:
Here our account has been verified.
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Step 8:
Next, we will enter the socios application again, this step is just a brief explanation for the features that can be used in this socios application, we can read it or can directly press next until the next button turns to finish.
Step 9:
And here we can choose our favorite team, if we don't want to choose then we can skip by sliding this arrow-down.
Step 10:
Here we can use the application as we wish, if we want to make sure our account is verified then click the profile icon at the top left.
Step 11:
If our account has been verified, it will look like the image below, in the image we can see our username and level.
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Step 12:
Socios provides a free token called SSU to every user who has verified the account, to view it click on the wallet at the bottom and we will see the token given earlier.
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Explore the application and describe its function
Here I want to show the features that are in the socios application:
Because socios uses chiliz ($CHZ) coins, in this feature we can buy $CHZ coins according to our wishes.
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Market
In this feature, we can buy fan tokens for our favorite clubs using the $CHZ coins we bought earlier
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Vote
This feature allows us to participate in voting to influence the decisions of our favorite club.
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Predict
In this feature, we can guess the score in the match that will soon be carried out by our favorite club.
(4.) Purchase CHZ tokens with a minimum value of 10 USD from the verified account of your preferred exchange. Explain the process. Show the ATH of the coin and when it was reached. Show Screenshot.
Purchase CHZ tokens with a minimum value of 10 USD from a verified account
In this question, I will be using the Upbit platform to trade CHZ tokens.
- I will buy CHZ tokens amounting to 149,701 IDR (10.44 USD). For this purchase, I made a direct purchase on the market menu.
- After buying, I was also required to confirm the purchase. I immediately confirmed the purchase
- After confirming the purchase, the buy order received successfully displayed will appear.
- After a successful purchase, the CHZ assets have entered my wallet. From the purchase of 10.44 USD, I got an amount of 39.08642297 CHZ.
Chiliz (CHZ) coin ATH and when it was reached
According to the websites https://www.coingecko.com/ and https://coinmarketcap.com, the ATH for Chiliz tokens is 0.878633 USD. The All-Time High of the Chiliz token occurred on the 9th, to be exact on March 13, 2021. Compared to the current price, the price of the Chiliz token has decreased by 69.6%.
(5.) Log in to the Chiliz Exchange and indicate the price in CHZ and the equivalent value in USD of the following Fan Tokens at the time of writing your assignment: FC Barcelona, Juventus, and Paris Saint-Germain. Show Screenshot.
- To answer this question, I have to first log in to the website https://www.chiliz.net/, I go to the website at around 22.30 UTC+7.
- We can see that the prices for FC Barcelona, Juventus, and Paris Saint-Germain fan tokens are directly displayed on the main page without having to enter the exchange menu first.
- FC Barcelona (BAR) Token is currently priced at 32.51 CHZ or the equivalent of 8.94 USD. We can see that the token's current BAR growth is +3.46%.
- Juventus (JUV) Token is currently priced at 31.12 CHZ or the equivalent of 8.56 USD. We can see that the current growth of the JUV token is +3.42%.
- Paris Saint-Germain (PSG) Token currently has a price of 53.99 CHZ or the equivalent of 14.85 USD. We can see that the current growth of PSG tokens is +3.42%.
To see price movements in detail, you can see them directly on the exchange menu. Then in the exchange menu, you will also see a lot of fan tokens being traded.
(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 win, does the value go up? On the other hand, if you lose, will the price drop in the market? Reason your answer and provide at least one recent example, preferably in the week between Sunday 12 and Saturday 18 December.
I tried to take some data from the teams that competed on the week of December 12. I took match data from Aston Villa (AVL), Juventus (JUV), Barcelona (BAR), and Paris Saint-Germain (PSG) teams.
Then, I will provide information on the current price development of the four fan tokens.
From the data above we can conclude that winning does not have a significant effect on the increase in token prices. This is evidenced by the Aston Villa (AVL) fan token which experienced the highest increase (+6.59%) while Aston Villa lost the match. Meanwhile, the PSG team that won the match only experienced an increase of +1.87%. Then followed by two other teams who only won a draw, namely Barcelona and Juventus, both of which continued to experience an increase of +3.13% and +1.59% respectively.
From this data, I think that the increase in token prices is strongly influenced by the attractiveness of the match or not. Like the case of Aston Villa which played with Liverpool, it can be said to be a very interesting match, considering the backgrounds of the two teams.
Conclusion
Proof-of-Authority (PoA) is a term coined by Gavin Wood in 2017, who is one of the founders of the Ethereum crypto asset. Proof-of-Authority (PoA) is a consensus algorithm that has the function of increasing efficiency in a reputation-based blockchain network. That is, in this consensus the reputation and original identity of the validators are the most important things to run this consensus. The reputation and real identity of the validators serve as guarantees and the validators act as trusted parties to secure transactions with validation nodes in this consensus protocol.
Now many fan tokens are circulating and many sports clubs are collaborating with the blockchain network so this is a promising step and innovation for the blockchain network to continue to grow.
8.) Reference
https://www.inbizia.com/apakah-proof-of-authority-lebih-baik-dari-pos-dan-pow-288584
https://academy.bit2me.com/en/what-is-proof-of-authority-poa/
https://coinmarketcap.com/
https://www.coingecko.com/
https://academy.binance.com/id/articles/what-is-polkadot-dot
https://newdaycrypto.com/proof-of-authority-poa-consensus-mechanism/