Foreon Network on a mission to revolutionize blockchain-based prediction markets
Foreon network is a decentralized prediction market that allows you to speculate on the outcome of real-world events.
The prediction market industry has witnessed a consistent upward trajectory in recent times, thanks to a number of platforms that allow users to invest in stocks linked to the outcome of various events.
The roots of prediction markets can be traced back to the 16th century when they were used as an instrument to predict papal elections. Fast forward to the 21st century, they have morphed into a sophisticated methodology, referred to as idea futures or information markets, for measuring the potential outcomes of real-world events.
Nevertheless, a significant number of these platforms operate on centralized systems, which unfortunately results in a lack of transparency, security measures and user autonomy.
The Foreon Network is built on the Cardano Blockchain, a third-generation Proof of Stake (PoS) blockchain that operates with a UTXO (Unspent Transaction Output) model similar to Bitcoin. This foundation guarantees a non-permanent decentralized platform when the Foreon Network goes live on the Cardano network.
Launched in early 2023, Foreon Network is dedicated to creating an authentic decentralized prediction market platform. It allows users to buy shares in either ADA or $DJED stablecoin, on the potential outcomes of real-world events, be it elections, sporting events or current affairs, and rewards users with cryptocurrency for their accurate forecasts.
As a decentralized betting platform, Foreon Network prides itself on being non-custodial – it never holds user funds – and ensures that all transactions are exclusively in crypto. Each process is transparent and automated, using smart contracts on the innovative Cardano Blockchain.
On the Foreon Network, you will come across prediction markets that ask simple “yes” or “no” questions about future events. This can be anything from predicting cryptocurrency prices on specific dates, guessing the results of sports bets or elections, or estimating certain global socio-economic indicators.
These predictions are confirmed by an independent source, known as a decentralized oracle. If you think an outcome is more likely, you can invest in stocks that support your prediction, essentially placing a bet against those who disagree.
Participating in the Foreon Network is not just about making predictions; it’s about supporting your perception with your digital assets. This motivates the participants to speculate sincerely on outcomes. If you predict accurately, you can profit financially from your insights. But if your prediction doesn’t pan out, you risk losing your investment. So essentially it’s about putting your money where your mouth is.
How the Foreon Network works
Using the Foreon Network involves a few steps. First, you need a Cardano wallet and a web browser. Your wallet is non-custodial, so only you have access to your money.
You start by depositing either ADA or DJED stablecoin into your wallet. Stablecoins are cryptocurrencies that are linked to stable assets such as the US dollar.
With your wallet funded, you can choose a market, predict an outcome and buy “outcome shares” with your stablecoins. The price of these shares, which range from $0.01 to $1.00, reflect the market’s overall expectation of the outcome.
You are free to sell your shares at any time before the market decision. If your prediction is correct, your shares can be paid out at $1.00 each. If wrong, they are worthless. In case of ambiguous outcomes, Foreon Network’s validators, who are $FRN token holders, decide the outcome.
Why Foreon Network chose to write its smart contracts in Aiken
Aiken is an innovative programming language and toolset specifically tailored for creating smart contracts on the Cardano blockchain. It is designed with a focus on robustness and enriching the developer experience.
Foreon Network has chosen Aiken to write its smart contracts, with the intention of reducing fees and increasing scalability. This ensures Foreon’s ability to manage high volume transactions while avoiding exorbitant transaction costs associated with platforms such as Ethereum.
Decentralized prediction markets like the Foreon Network, unlike their traditional online counterparts, offer notable advantages, including reduced transaction fees via Cardano, the ability to sell shares before an event closes, and improved privacy.
As the industry expands, it is clear that decentralized prediction markets will become integral components of the ever-evolving landscape of the information economy.
Foreon Network Utility Token and its role in governance
According to the white paper, Foreon Network’s governance will be in the hands of those who hold the Foreon Utility token, denoted as $FRN. This token, a native resource on the Cardano blockchain, has a total supply of 1,000,000.
In line with Foreon Network’s tokenomics strategy, a segment of this offering is earmarked for early backers. These seed investors have the opportunity to acquire $FRN tokens in the early stages of the project, potentially positioning themselves as future validators in the Foreon network.
Upcoming Foreon Network Seed Round
Do you want to become one of the early adopters / investors in the Foreon Network? Look no further as Foreon Network is preparing to kickstart its first private seed round to early stage investors, a crucial phase in its development journey.
This event represents a unique opportunity for early backers to join, as it offers the chance to acquire the $FRN tokens before they are widely available.
Participating in the Seed Round not only supports the growth of the Foreon Network, but also gives participants the potential to become validators in the platform’s ecosystem.
It’s an exciting prospect for anyone who wants to get involved in the future of decentralized prediction markets.
More details about the upcoming Seed Round of Foreon Network can be found at Seed deck here
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