Foreon Network is a decentralized prediction market that allows you to speculate on the outcome of real world 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.
Launched in early 2023, Foreon Network is dedicated to the creation of a people powered prediction market where Foreon NFT holders can create a market and empowers users to purchase shares on the created markets, be it elections, sports events, or current affairs, rewarding users for their accurate forecasts.
Foreon Network prides itself on being non-custodial as it never possesses user funds – and ensures all transactions are done on-chain utilizing Aiken smart contracts on the Cardano Blockchain.
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. 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.
These predictions are confirmed by an independent source, known as a decentralized oracle.
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.
The $FRN token, a native asset on the Cardano blockchain, has a total supply of 10,000,000.
In line with Foreon Network’s tokenomics strategy, 10% of this supply has been earmarked for early backers in the form of a Private NFT Offering.
The Foreon NFT holders have the privilege to open markets, earning rewards upon each market’s settlement.
The Foreon NFTs, in their exclusivity, are restricted to just 80 mints. Each NFT, priced at 10,000 ADA.
Mint Foreon NFT Now
Interested participants can join via Foreon.network website.
Foreon NFT holders receive not only the benefits of market initiation and settlement fees but also qualify for an airdrop of 12,500 $FRN tokens.
Almost 35% of these coveted NFTs have been minted so far, demonstrating the increasing interest in Foreon Network. Foreon Network also partnered with Nmkr.io for a smooth minting experience.
You can Mint Foreon NFT now by clicking here
Foreon NFT Offering Details:
🗓️ End Date: 13th July, 2023, 5PM UTC
🎟️ Total NFT Supply: 80 Foreon NFT Chips
💰 Mint Price: 10,000 ADA
🎒 Max Allocation Per Wallet: 5 NFTs
🪙 $FRN Token Allocation for Private Seed Round: 1,000,000 (10%)
For more information about Foreon Network, join the Discord & Telegram community or follow on Twitter.
No spam, no lies, only insights. You can unsubscribe at any time.
Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Credit: Source link
