Foreon Network is a decentralized prediction market that allows you to speculate on the outcome of real world events.
The prediction markets industry has witnessed a consistent upward trajectory in recent times, courtesy of an array of platforms empowering users to invest in shares tied to the outcomes of diverse events.
The roots of prediction markets can be traced back to the 1500s when they were used as an instrument for predicting papal elections. Fast forward to the 21st century, they've transformed into a sophisticated methodology, referred to as idea futures or information markets, for gauging potential outcomes of real-world events.
Nonetheless, a significant number of these platforms operate on centralized systems, which unfortunately results in a deficiency of transparency, safety measures, and user autonomy.
Foreon Network is built on the Cardano Blockchain, a third-generation Proof of Stake (PoS) blockchain that operates with an Unspent Transaction Output (UTXO) model akin to Bitcoin. This foundation guarantees a non-custodial decentralized platform when Foreon Network goes live on the Cardano mainnet.
Launched in early 2023, Foreon Network is dedicated to the creation of an authentically decentralized prediction market platform. It empowers users to purchase shares in either ADA or $DJED stablecoin, on the potential outcomes of real-world happenings, be it elections, sports events, or current affairs, rewarding users with cryptocurrency for their accurate forecasts.
As a decentralized wagering platform, Foreon Network prides itself on being non-custodial – it never possesses user funds – and ensures all transactions are exclusively in crypto. Every process is transparent and automated, utilizing smart contracts on the innovative Cardano Blockchain.
On Foreon Network, you'll come across prediction markets that ask straightforward 'yes' or 'no' questions about future events. This could be anything from predicting cryptocurrency prices on specific dates, guessing the results of sports games or elections, or estimating certain global socioeconomic indicators.
These predictions are confirmed by an independent source, known as a decentralized oracle. If you believe an outcome is more likely, you can invest in shares that support your prediction, essentially placing a bet against those who disagree.
Participating in Foreon Network is not just about making predictions; it's about backing your beliefs with your digital assets. This incentivizes participants to speculate sincerely on outcomes. If you predict accurately, you stand to gain financially from your insight. However, if your prediction doesn't pan out, you stand to lose your investment. So, in essence, it's about putting your money where your mouth is.
How Foreon Network Works
Using Foreon Network involves a few steps. Firstly, you need a Cardano wallet and a web browser. Your wallet is non-custodial, so only you can access your funds.
You begin by depositing either ADA or DJED stablecoin into your wallet. Stablecoins are cryptocurrencies that are pegged to stable assets like the U.S. 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, ranging from $0.01 to $1.00, reflects the market's aggregated expectation of the outcome.
You're free to sell your shares anytime before the market resolution. If your prediction is right, your shares can be cashed out at $1.00 each. If wrong, they're worthless. In case of ambiguous outcomes, Foreon Network’s Validators, who are $FRN token holders, determine the result.
Why Foreon Network Chose To Write It’s Smart Contracts In Aiken
Aiken is an innovative programming language and toolkit specifically tailored for crafting smart contracts on the Cardano blockchain. It's designed with a focus on robustness and enriching the developer experience.
Foreon Network has chosen Aiken to write its smart contracts, intending to diminish fees and boost scalability. This ensures Foreon's capability to manage high-volume transactions while sidestepping exorbitant transaction costs associated with platforms like Ethereum.
Decentralized prediction markets such as Foreon Network, unlike their traditional online counterparts, provide remarkable benefits including reduced transaction fees via Cardano, the ability to sell shares before an event concludes, and enhanced privacy.
As the industry expands, it's clear that decentralized prediction markets will become integral components in the ever-evolving landscape of the information economy.
Foreon Network Utility Token & It’s Role In Governance
According to the whitepaper, Foreon Network's governance will rest in the hands of those holding the Foreon Utility token, denoted as $FRN. This token, a native asset on the Cardano blockchain, has a total supply of 1,000,000.
In line with Foreon Network's tokenomics strategy, a segment of this supply has been 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 within the Foreon Network.
Upcoming Foreon Network Seed Round
Looking to become one of the early adopters / Investor of Foreon Network? Look no further as Foreon Network is preparing to kickstart its initial private Seed Round to early investors, a crucial phase in its development journey.
This event represents a unique opportunity for early supporters to join in, 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 Foreon Network but also grants participants the potential to become Validators in the platform's ecosystem.
It's an exciting prospect for anyone looking to engage with the future of decentralized prediction markets.