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How to buy, sell and trade All Sports Coin (SOC)
Curious about All Sports Coin? Here’s your guide to buying, selling and storing SOC.
All Sports is building a decentralised public blockchain for the sports industry. Through the use of smart contracts and token systems, the platform is designed to support a wide range of sports-based dapps.
Its native cryptographic token is All Sports Coin (SOC) which was launched in January 2018 and climbed into the top 100 digital currencies by market cap in Q2 of the same year. This guide provides detailed instructions on how to buy, sell and store All Sports Coin, and how those tokens interact with the All Sports platform.
Quick guide to buying All Sports Coin (SOC)
Here’s an overview of the steps, using Huobi Pro as a sample exchange.
- Register for an account with Huobi Pro.
- Enable 2-factor authentication.
- Hover over “Balances” and click “Deposit & Withdraw”.
- Select the coin you want to trade and click “Deposit”.
- Copy the wallet address and transfer BTC, ETH or USDT into your account.
- Click the “Exchange” tab.
- Search for the currency pair you want to trade, such as “SOC/BTC”.
- Choose a limit or market order.
- Enter the amount of SOC you want to buy or the amount of BTC you want to spend.
- Review transaction details.
- Click “Buy SOC”.
Where to buy SOC
A step-by-step guide to buying SOC
If you’re looking for detailed instructions on how to buy All Sports Coin (SOC), keep reading:
Step 1. Register for an account with an exchange that lists SOC
You can see a list of exchanges that allow you to trade SOC in the table above. Compare the features of these platforms before deciding on the right one for you.
To register for an account you’ll need to provide your email address and create a password. Some platforms will also require you to provide detailed personal information and proof of ID to satisfy Know Your Customer and Anti-Money Laundering (KYC/AML) laws.
Finally, make sure you also enable 2-factor authentication (if supported by your exchange) for increased account security.
Step 2. Deposit funds into your account
There’s currently no way to buy SOC directly with Philippines pesos, so you’ll need to own or acquire one of the digital currencies listed in a pair with SOC – bitcoin (BTC), ether (ETH) or Tether (USDT). If you need help on how to purchase any of these currencies, check out our how to buy BTC, how to buy ETH and how to buy USDT guides.
To deposit these coins into your exchange wallet, you’ll need to know your wallet’s address. For example, if you’re using Huobi Pro, you can hover your mouse over the “Balances” tab and click “Deposit & Withdraw” from the drop-down menu. Next, select the coin you want to trade and click “Deposit”, then copy the wallet address and use it to transfer BTC, ETH or USDT into your account.
Step 3. Buy SOC
The final step is to navigate to the exchange page of your chosen trading platform, find the currency pair you want to trade, and enter the details of how many SOC you want to buy.
For example, on Huobi Pro you’ll need to click the “Exchange” tab at the top of the screen and then search for the currency pair you want to trade, such as “SOC/BTC”. After choosing a limit or market order, specify the amount of SOC you want to buy or the amount of BTC you want to spend in the “Buy SOC” tab.
Don’t forget to review all the details of your transaction before clicking the “Buy SOC” button.Back to top
How to sell SOC
If you want to sell SOC, the process you’ll need to follow is essentially the same as that outlined in step 3. However, after navigating to your exchange’s trading page, make sure you use the “Sell SOC” tab to enter your transaction details.
It’s also worth remembering that SOC is only paired with a handful of other digital currencies, so you may not be able to directly exchange it for the currency you want.
Which wallets can I use to hold SOC?
While you can keep SOC on an exchange if you wish, most crypto users recommend moving your holdings into a secure wallet that allows you to retain your private keys.
As SOC is an ERC20 token on the Ethereum blockchain, you’ll need to use an ERC20-compliant wallet. Examples you might like to consider include the MetaMask browser extension, the MyEtherWallet web interface, or a cold-storage hardware wallet like the Ledger Nano S.Back to top
How the All Sports platform works
As outlined in the project whitepaper, the team behind All Sports wants:
“to create a decentralised, globalised sports blockchain platform which is deeply rooted in the sports industry ecosystem, enabling free-flow of sharing and transmission of values by all users and participants in the industry, and a variety of blockchain-based applications in the sports industry”.
The All Sports platform is designed to provide developers with a complete set of interface protocols for payment and settlement as well as application development. It will include several key features such as:
- Community open platform. This will combine platform-generated content (higher-quality content is rewarded with SOC), user-generated content (sharing, posting etc.) and developer-generated content (third-party apps and services).
- Intellectual property (IP) asset trading platform. This platform is designed to connect IP asset owners, fans and content developers to, as the whitepaper explains, “fulfil the integration of industry resources, the delivering of values and the promotion of the sports industry development as well as evolution”.
- Sports prediction and entertainment platform. This provides an API (Application Programming Interface) and SDK (Software Development Kit) that prediction and entertainment providers can use to implement their own online applications. Users can then participate in prediction markets or create their own prediction games.
- Application, game and live streaming open platform. Third-party developers can use the API and SDK developed by the All Sports team to build and deploy sports-based games and apps.
What to consider if buying All Sports Coin
Cryptocurrencies are complicated and volatile assets, and their prices are influenced by an extensive range of competing factors. It’s essential that you understand those factors, not to mention the risks involved, before purchasing any coin or token.
If you’re thinking of buying any SOC, make sure you consider the following factors:
- Supply. According to CoinMarketCap, the circulating supply of SOC at time of writing (October 2020) was 1,499,865,882. The total supply of coins is capped at 1.5 billion SOC.
- Distribution. The coins are to be distributed as follows:
- 40% (600 million) sold in private sale
- 40% (600 million) held by All Sports Foundation for the incubation, marketing and development of the platform
- 20% (300 million) issued to the founding and development team
- Use. SOC is a utility token for use on All Sports Chain. As the unit of exchange for platform participants, it can be used to deploy smart contracts and trade digital assets with other users, and to reward users for contributing to the All Sports platform.
- Whitepaper. For more detailed information on how the All Sports platform works and the services it’s designed to provide, check out the project’s whitepaper.
- Availability. SOC is currently only available on a limited range of exchanges. This could have a negative effect on demand for the coin, while obtaining listings on additional exchanges could potentially increase demand.
- Partnership. All Sports has secured a partnership with All Football, an app with tens of millions of downloads around the world. As part of the agreement, All Football will be the first to gain access to the information and community open platform and the games/apps open platform.
By doing your own research into All Sports and its SOC currency, you’ll be able to make an informed choice about whether or not you should buy any SOC.Back to top
At the time of writing, the author holds IOTA and XLM.
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