Chiliz - Steemit Crypto Academy - S5W5 - Homework Post for @imagen
Hello All Steemians !!!
Today I'm going to make my Steemit Crypto Academy Homework task by professor @imagen that talking about Chiliz. Very interesting lessons. Actually I have very little knowledge about this, but I will try to discuss it to improve my writing skills. On this occasion I will try to discuss it.
Describe the Proof-of-Authority (PoA) protocol
Proof-of-Authority (PoA) is a protocol consensus mechanism that runs on the blockchain that functions in the verification and validation process of transactions using a reputation basis. In this case, the main factor and important point here is the reputation and identity of the validator in carrying out their duties and responsibilities on the network. The role of validators is very influential because they determine the 3 main characteristics of blockchains which are decentralization, security and scalability. Therefore, the use of this protocol focuses on the reputation and identity of the validator who acts as a guarantee in carrying out governance process on the blockchain.
The use of a consensus protocol mechanism that runs on a blockchain has been very embedded in the world of cryptocurrencies. Proof-of-Authority (PoA) is one of the innovations and developments in the blockchain ecosystem to improve network quality and efficiency. The presence of PoA is believed to be able to fix the problems that exist in PoW and PoS which are well known in the blockchain ecosystem. PoA has the advantage of only choosing a validator based on a good reputation and identity compared to PoS which has a validator based on the number of stakes on the network and PoW which does not involve validators in the transaction validation process and block creation on the network.
How Proof-of-Authority (PoA) works is by selecting and limiting validators based on good reputation and identity on the blockchain. Validators play an important role in verifying and validating transactions and creating blocks on the network. This will increase the decentralization, security and scalability of the blockchain so that all users involved in the cryptocurrency world will get the convenience and benefit of having validators who have a good reputation and trust. The use of PoA has a positive impact and benefits many parties in the blockchain ecosystem.
Who are the partners or sponsors of Socios.com?
Socios.com has many partners or sponsors, especially in the sports sector. Many big companies and teams from various fields such as football, gaming, fighting, motorsport, cricket, basketball, tennis, american football and ice hockey. Socios.com's involvement with many parties shows that the world of cryptocurrencies already has a very wide reach and is used by many users, especially sports lovers. The presence of Socios.com has a positive impact and benefits many users in providing access to interact with all partners or sponsors for certain purposes and needs in daily life.
Socios.com has partners or sponsors in the field of football with many big and famous football clubs as shown below:
Socios.com has partners or sponsors in the field of gaming with many big and famous esports teams as shown below:
Socios.com has partners or sponsors in the field of fighting with 2 big and famous championships as shown below:
Socios.com has partners or sponsors in the field of motorsports with 3 big and famous racing teams as shown below:
Socios.com has partners or sponsors in the field of cricket with many big and famous cricket teams as shown below:
Socios.com has partners or sponsors in the field of basketball with many big and famous basketball teams as shown below:
Socios.com has partners or sponsors in the field of tennis with 1 big and famous tournament as shown below:
Socios.com has partners or sponsors in the field of american football with 1 big and famous club as shown below:
Socios.com has partners or sponsors in the field of ice hockey with many big and famous teams as shown below:
Download and install the Socios.com app. Create an account. Explore the application and describe its function
I downloaded the Socios.com app on the playstore using my smartphone. After the download was complete, I clicked Get Started on the main page of the Socios.com app.
On the next page, I login to the Socios.com app by filling in my phone number and clicking Send Verification Code. After filling in the verification code, I registered by filling in my username, email and clicking Register Now.
I opened my email and did the verification by clicking Verify Now. And I have successfully installed the Socios.com app and have a verified account.
On the next page, I can choose my favorite team from the various available teams. On the main page at the top left, I can see my verified account and I can choose many options available in the Socios.com app.
On the home page, Socios.com has CHZ, market, vote and predict features. I can choose categories, fan tokens, games & rewards and benefits that I can explore and find the information I need.
The add $CHZ feature allows me to make $CHZ purchases so that I can make any transactions on the Socios.com app. The trading feature allows me to make transactions or exchange CHZ with the available fan tokens.
The vote feature allows me to vote related to the latest polls in the Socios.com app. The socios predictor feature allows me to get information and predictive data about the available country selection teams.
The wallet feature allows me to withdraw, receive, top up and transact my CHZ on the Socios.com app. The token hunt trail feature allows me to search and do global hunts via google maps.
The feed feature allows me to find and read news that is constantly updated on the Socios.com app. The rewards feature allows me to see the rewards on the available badges, leaderboards and fan rewards.
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
Here I use Upbit exchange to buy CHZ. I filled in CHZ in the search field. All information about CHZ is available as shown on the screen below:
I chose the CHZ buy option by filling IDR 150.00 which is equivalent to 10.43 USD and clicked buy as shown on the screen below:
I confirmed the CHZ/IDR purchase order with market type and clicked buy confirm as shown on the screen below:
I got 37.31343283 CHZ and transaction details are as follows:
According to data available on CoinGecko, the ATH of Chiliz (CHZ) was $0.878633 which was reached on March 13, 2021. Until now the price of CHZ has decreased by 68.4% as shown on the screen below:
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
Here I visit the web Chiliz Exchange to find out the CHZ price which is equivalent to the USD price of FC Barcelona, Juventus and Paris Saint Germain fan tokens at the time I wrote the assignment. On the main page I can see some data and information such as CHZ/BTC, BAR/CHZ, JUV/CHZ, PSG/CHZ and GAL/CHZ as shown on the screen below:
- The price of the FC Barcelona fan token (BAR) is 30.26 CHZ and is equivalent to 8.33 USD. BAR/CHZ decreased by 0.72%.
- The price of the Juventus fan token (JUV) is 30.34 CHZ and is equivalent to 8.36 USD. JUV/CHZ increased by 0.19%.
- The price of the Paris Saint Germain fan token (PSG) is 50.75 CHZ and is equivalent to 13.98 USD. PSG/CHZ decreased by 1.55%.
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
The cryptocurrency world is increasingly showing its involvement and use in various sectors including sports. The presence of Chiliz (CHZ) is one proof that cryptocurrency market players can invest in fan tokens provided by Socios.com. This fan token has several factors that can affect the market and its volatility over time. Here I will analyze the price movement of fan tokens in the field of football where the football teams always competes every week and will win or lose or draw.
Based on the pictures and graphs above, I analyzed the Paris Saint Germain vs Monaco match which was played on 13/12/2021. The result of the match was PSG won the match 2-0 over Monaco. This makes PSG/CHZ fan tokens which before the match on 12-13 experience a decrease in price and on 13-14 experience an increase in price after winning the match. In my opinion, PSG's match-winning result was one of the factors that made the PSG/CHZ price rise and other factors such as PSG's reputation and quality. This result may affect price movements only in a short period of time because the football team will continue to compete over time and the results achieved will be different.
Based on the pictures and graphs above, I analyzed the Barcelona vs Osasuna match which was played on 12/12/2021. The result of the match was Barcelona drew 2-2 with Osasuna. This makes BAR/CHZ fan tokens which before the match on 11-12 experience an increase in price and on 12-13 experience a stable in price after draw match. In my opinion, Barcelona's match-draw result was one of the factors that made the BAR/CHZ price stable but it doesn't make the price go down because Barcelona's reputation and quality. This result may affect price movements only in a short period of time because the football team will continue to compete over time and the results achieved will be different.
In addition, the PSG/CHZ and BAR/CHZ market cannot be separated from the balance of supply and demand which is the main factor that can make prices go up and down in the market. Buyers and sellers play an important role in influencing the price movement of fan tokens within a certain period of time and perhaps many other factors that can affect the market and price volatility in the cryptocurrency world.
Conclusion
The presence of Chiliz (CHZ) in the cryptocurrency ecosystem brings a positive impact and benefits many cryptocurrency market participants. The involvement and use of Chiliz (CHZ) in the sports sector in various fields such as football, gaming, basketball and others shows the development of cryptocurrency which is increasingly widespread and has a high adoption rate. Socios.com provides access and services for users to be able to invest and transact CHZ for profit. Socios.com has many features that users can rely on to carry out trading strategies or to fulfill their daily needs. Fan token investment is one of the investments that have good potential for users in the cryptocurrency world.