Chiliz - Crypto Academy S5W5 - Homework Post for @imagen
Describe the Proof-of-Authority (PoA) protocol
From the inception of blockchain technology, there are several consensus algorithms are introduced. These consensus algorithms work as the base of blockchain technology. Proof of Work, Proof of Stake, and Proof of brain is an example of consensus algorithms.
Here is another algorithm name proof of Authority. PoA is a consensus algorithm is designed by a group of developers in 2017. It is an Ethereum protocol-based consensus algorithm and is coined by Gain Wood. In this algorithm, authority is declared by a set of validators.
The function of the validator and authority is to check and validate the newly added identity. They also validate the transaction and add the transaction in blocks. The performance and security of this consensus algorithm is high because the number of validators less in number. The number of validators does not cross the 25 number.
We can say, that the the proof of authority is an upgrade version of proof of stake. Because in this system the identity of the validator is used in the form of a stake in the network. The purpose of the design of the PoA algorithm is to secure the network from scammers.
There are few advantages and disadvantages of PoA algorithm. We will discuss both in the following table.
| Advantages | Disadvantages |
|---|---|
| The Transaction execution speed is very high | Identity of validator is transparent in this algorithm |
| It consumes less power with respect to other algorithms | Sometime is behave like centralized system |
| Less transaction fees applied in PoA | When we select the authority in the system, then it is exposed to everyone |
| Number of transaction execution per second is higher than PoW algorithm | Proof of Authority algorithm does not support the censorship resistance |
Who are the partners or sponsors of Socios.com?
If we want to know that who the partners are and of socios.com then we need to visit the socios.com website. Here we will be able to see the partners of the socio.com platform. The check the partners of socios.com, we visit socios.com.
In the top menu bar, we can see the Company tab. You need to click on the Company and then click on the Partners options. In this way, the list of socios.com partners is shown in the next window.
In the following figure, you can see that the socios.com partners list includes Football, Gaming, Fighting, Motorsport, Cricket, Basketball, Tennis, and American Football. These are the partners of socios.com. There are several teams that are included in these game categories.
Football
In the following figure, you can see that the Football category. There are many football teams who are attached to socios.com. I mention a few names of teams. FC Barcelona, Manchester City, and Juventus are included in the Football game category. The remaining teams are shown in the following figures.
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Gaming
In the gaming section, there are several teams are included. Alliance, Endpoint Centralized exchange, Galatasaray S.K, Natus Vincere, OG, Team heretics, and Vitality are included in the gaming team category. All the team logos are shown in the following figures.
Fighting
Socios.com covers the fighting section. The fighting clubs are also included in the partner of socios.com. The famous fighting clubs PFL and UFC boxing fighting club are included in socios.com.
Motorsport
This category is related to the racing of motorbikes and cars. The club including in partners are Alfa Romeo, Aston Martin, and Roush Fenway Racing. All the Logos are mentioned in the partner list of socios.com.
Cricket
Socios.com covers the cricket category. There are four teams, that are playing in the Indian Premier League are included in the partner of Socios.com. Knight Riders, Punjab Kings, and Royal Challenger are included.
Basketball
Basketball is a very loving game. There are several teams that are including in. A few of them are Dalando Magic, Sacramento Kings, Chicago Bulls, and Detroit Pistons. All remaining teams are mentioned in the following figure.
Tennis
In this category, only one team is added. The name of the team is the Davis cup. You can see this in the following figure.
American Football
In this tab, only one team is mentioned that belongs to America. The name of the team is not mentioned. You can see the logo in the figure.
Ice Hockey
This is another sports category that is recently added in the list of partners. All the team regarding Ice Hockey are included in this partner tab. You can see all the logos of hockey teams.
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).
The process and downloading and installing Socios.com is easy. But the process of operating socios.com is not so easy. Because it is operational in a few regions. In my region, it is not operational. So, use the VPN for operating the Socios.com application.
So, for downloading this application, you need to good on google playstore and enter the name Socios and then click on the application. After that, click on the install button.
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Create an Account on Socios.com application
After installing the application, you need to do the following procedure to create an account. I connect the VPN as well because it is not operational in my region.
- Open the application.
- Then click on the Get Started button.
- Next, enter your phone number and then click on Send Verification Code.
- Enter the code the verification in for authentication.
- Next, enter a user name and then enter the email address in the second textbox.
- Check the term and conditions and at the end click on the Register Now button.
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In this way, we can create our account on the socios.com application.
Feature of Socios.com
Socios.com is a decentralized supports platform that is created for retaining supports fans. In this platform, the product regarding supports is sold to its fan directly. There is no third party between them. It is D2C (Direct to Consumer) platform. There are many other features that socios.com offers. We will discuss these features one by one.
Home
After creating an account, we land on the home screen. There are several functions, that we can do on the home screen. At home, we screen we can see our profile at the top of the window. Next, we can see the notification message at the top right corner. We can visit the different supports categories and see the reward that we earn from games.
In the above, figures, there are four menu tabs that are placed at the top. One is $CHX, Market, Vote and Predict. R
- $CHZ: In the $CHZ tab, we can deposit $CHZ first and then buy another fan token from this Token.
- Market: In Market, the tab is for buying and selling fan tokens. We can buy another coin here like Ethereum and Bitcoin.
- Note: We can vote to our relative pool if we want a $CHZ token.
- Predict: In this, we can put our knowledge to the test and predict the final score after and climb up our team leaderboard.
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Wallet
This is the second feature of the application. In this, we can buy and sell fan tokens with a $CHZ token. As we can see, the button with Withdraw, receive, Top-up, and Transaction is listed. Here we can also buy the NFT’s by clicking on the Digital Collectibles*. But the NFT option is not supported so far.
Feed
We can read the news about any match that is going to play. In this tab, we can read the news about supports. We can filter the news according to our tastes.
Rewards
The feature that this tab offers is to hear the reward that we get from this application. When we click on the tab, the Badges tab is open, here we can see the reward that we get by token hunting. The next, tab Is the leaderboard. Here the pool is shown that we vote to increase the lead. The next tab is Fan Reward. In this tab, we can see the reward that we get after owning the Fan token.
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Here are all the features that the socios.com application offers.
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 have an account on Binance. For buying the CHZ token, you need to do the following steps.
- Open the Binance and Click on the Markets Tab.
- Then Search the pair CHZ/USDT and select the first one as shown in the figure.
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- Select the Buy first, then select the order type whether the order is limited or market.
- Next, the price and then entry the price. I enter 20.26 USDT. I received 69 CHZ. At the price of $0.2937.
- At the end, click on the Buy CHZ button.
Order details are also mention in the figure
In this way, we can buy CHZ tokens from the Binance exchange.
All-Time High of CHZ token
The ATH of CHZ tokens is achieved by token on March 12, 2021. The price at an all-time high is $0.9458. You can see the details about ATH in the following figure.
ATH Price = $0.9458
Date = March 12, 2021
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.
To check the value of all these fan tokens, first, you need to visit the Chiliz exchange. Then click on the market or trader button. Then search for your related token with pair of CHZ.
FC Barcelona price
In the figure, you can see that, I select the BAR/CHZ pair. Next, the results are shown.
1 BAR = 31.6 CHZ
1 BAR = 9.34 USD
Juventus price
In the figure, you can see that, I select the JUV/CHZ pair. Next, the results are shown.
1 JUV = 30.3 CHZ
1 JUV = 8.95 USD
Paris Saint-Germain price
In the figure, you can see that, I select the PSG/CHZ pair. Next, the results are shown.
1 PSG = 52.62 CHZ
1 PSG = 15.55 USD
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 understand the price effect on fan token by winning or defeating the match. We will understand this by explaining the real examples. I search about the only two matches that are played between the given time period.
1. PSG Vs Monaco
The first match is played between the PSG Vs Monaco. Match is Won by PSG by 2 goals. Now we observe the effect of tie match on chart.
First, I go to Chiliz exchange and search for PSG/CHZ pair on the exchange. Then I set 1Day chart. After that, I go the 13 December candle and mark it by vertical line. You can see in the above figure, that the price of BAR is increased by 3.47% after the match.
2. Match Aston Villa Vs Norwich
Next match is played with Aston Villa and Norwich at 15 December. In this match Aston Villa win the match by 2 goals. Now see the price fluctuation at Chiliz exchange.
In the figure you can see the AVL/CHZ pair is selected. 1Day time is set. I go to the 15 December candle and mark it. You can see that the price of AVL is decreased 4.93% at 15 December after wining the match.
In the second the match the price is not increase as same like PSG in the first match. In this way, I conclude that the match winning or defeating has no effect on the price of fan token. It is only influenced by the attraction of buyers that are interested in. Match wining or defeating has no effect on any fan token.
Sport is a great source of entertainment. Socios.com is a decentralized sports platform that is owned by Chiliz exchange. If we want to participate in socios.com, then first we need to buy a CHZ token. After that, we can buy Fan tokens from a different club.
Where the price of the fan token increases, we can take profit from our fan token. Fan token price fluctuation is associated with match-winning and beating. When a particular club won the match then it has a positive effect on the token. There are many features that are offered by this platform.