The betting market moves a lot of money around the world. The prediction market has been around for a long time. The game of predicting the results of various events, from sports competitions to political elections, is a growing industry.
However, many consider traditional prediction markets to have high transaction fees, limited accessibility, and a lack of transparency. The advent of blockchain technology has paved the way for decentralized prediction markets to address these shortcomings.
Foreon Network is a project under development for a decentralized prediction platform on the Cardano blockchain, which will allow users to open markets and make predictions about upcoming events using stablecoins as a trading medium, mainly Djed, offering stability to users, mitigating the volatility of cryptocurrencies.
Foreon will be a platform operated with trustless smart contracts, proposing security and transparency, and without the need for intermediaries, accessible for users to make predictions, reducing transaction fees, as an alternative to traditional centralized platforms.
The team proposes Foreon Network transaction fees of 2.5%, lower than traditional betting platforms such as Betfair, which according to them, charge between 5% and 7% of net profits.
The development proposes that the decentralization of the platform guarantees that no entity can manipulate or control its betting market.
Writer’s note: in some countries betting is limited, or even prohibited by law. The team’s challenge will be to develop the platform to operate in a limited way, or not operate, in these jurisdictions according to the laws of each one. 10 Countries Where Gambling is Completely Illegal
How Does It Work
Anyone can create a market on any event they think is predictable, whether it’s a political election, a sports match, or even the weather.
This creates a betting market to invite others to participate in the prediction of the result.
To create a marketplace on the platform, a user must own a NFT from Foreon, which helps prevent it from being filled with low-quality or spammy markets.
The user bets a certain amount of the Djed cryptocurrency with his prediction for or against the outcome of a future event.
Other users can then participate in those markets. As the event approaches and more users trade shares, the price of each share adjusts based on the perceived probability of the expected outcome.
Once the event occurs, the final settlement of the market is determined by the outcome of the event. If the predicted result is correct, the user actions that correctly predicted the result will be equal to 1. If the predicted result is incorrect, the user actions that did not correctly predict the result will be equal to 0.
Smart contracts automate the settlement process and eliminate any possibility of dispute, proposing transparency in the process.
The market maker receives a percentage of the commissions generated by trading the market as an incentive to create and maintain the market.
Foreon Network will use decentralized oracles that will aggregate data from multiple sources to ensure accurate and reliable information for prediction markets, to reduce the risk of manipulation, and to ensure the integrity of the platform.
Writer’s note: currently the offer of decentralized oracles is quite limited in Cardano, it is reduced to Orcfax and Charlie3. Chainlink it is not yet connected to the Cardano Blockchain. The information they provide is limited. You can read an article I published on this topic (1).
Foreon Network uses the betting system pari-mutuel, which allows you to group all the bets of a certain type. The total amount of the bet is divided between the winning bets, which results in a fair and transparent payment system.
Foreon Network offers the integration of the Djed stablecoin, avoiding the impact of ADA cryptocurrency volatility on the platform, and providing users with an easy and convenient way to participate in a decentralized, fair and efficient prediction market.
Writer’s note: I have not found information on the development of the computer code, nor if it will be open source.
The Foreon $FRN token will have several uses within the Foreon Network ecosystem, including:
- DAO Governance: $FRN token holders will be able to vote on key decisions related to the development and management of the network.
- Rewards: Users holding and staking $FRN tokens will be eligible for rewards in the form of transaction fees, token issuance, and other incentives.
- Buybacks: A portion of the commissions generated by Foreon Protocol will be used to buyback and burn $FRN tokens, giving a positive signal to the market that the team is committed to the success of the project and willing to invest in its future.
- Collateral: In the future, $FRN tokens will be used as collateral to create and participate in prediction markets on the platform.
10,000,000 $FRN have been issued. Each token is divided into one millionth: 0.000001. You can see their ID Policy here.
The token is not available for sale at the time of writing this article.
- Foreon Network Introduction ✅
- Website release ✅
- Litepaper Release ✅
- Release Foreon Network documentation ✅
- Launch POC with clickable prototype ✅
- Strategic Funding Rounds
- Release Foreon Network documentation
- Foreon Ambassador Program Launch
- Strategic Partnerships
- AMAs & Twitter Spaces
- Launch IFTO (Initial Foreon Token Offering)
- Public Testnet
- Dex Listing
- $FRN Farming
- Develop Foreon Network governance
- Mainnet Launch
- More Partnerships
- More Partnership
Sven Janseen is its co-founder, originally from Germany. He says that he has always been a technology enthusiast. He started his career as a software developer, working on various projects for large and small scale organizations, eventually owning his own software development company.
Sven exclaims his fascination with prediction markets and the power of collective wisdom, which inspired him to co-found Foreon with Toshi.
In ‘Meet The Foreon Network Team (Episode 1)’ is introduced to Insysiengmai Somsay, the team’s lead frontend developer.
Insysiengmai Somsay has a bachelor’s degree in computer science from the Lao National University. His journey into the blockchain world began when he worked as a Blockchain and Full Stack Developer at Harmony Blockchain from January 2020 to October 2021.
He also served as a part-time lead back-end developer at AdSmash from February 2023 to March 2023.
As he mentions on his LinkedIn profile, Insysiengmai is committed to delivering high-quality, secure code while adhering to good coding practices. “After a career as a Frontend Engineer and a 12-years experience as a software engineer, I wanted to take a step back and acquire new skills. Passionate about blockchain, I then took the ‘Cardano blockchain developer’ training. Respectful of good coding practices, I take care to always deliver quality, secure code with the necessary tests so that it is maintainable over time.”
In ‘Meet The Foreon Network Team (Episode 2)‘ Sven says that as a co-founder of Foreon he has played a key role in shaping the vision and direction of the platform, being actively involved in the commercial development of Foreon models and also leveraging his software development skills to provide input. much-needed critics to the project.
Sven’s primary responsibilities include overseeing the technical development team, partnerships, and public relations, while also working with the other core team on platform architecture design.
Sven believes that Foreon has the potential to revolutionize the prediction market landscape by offering a decentralized, transparent and secure platform for users to participate in various prediction markets.
You can see the team members here.
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