Project Overview: FORE Protocol

Project Overview: FORE Protocol

The predictions industry has long been dominated by centralized entities, relying on a select few experts and institutions to forecast future events. This resulted in a lot of stereotypes, one of the biggest being that the house always wins.

But, what if there was no house in the first place?

Such a groundbreaking idea would give birth to a whole new space, a decentralized predictions market where the people will work and win in a P2P manner. The same idea was employed by FORE Protocol, a peer-to-peer predictions ecosystem powered by people in a decentralized manner.

By harnessing the power of blockchain technology, this project aims to revolutionize predictions, making them more inclusive, transparent, and resistant to manipulation.

In this article, we dive into the workings of this innovative crypto project, exploring how it challenges the traditional dynamics of forecasting and offers a new paradigm for predicting the future.

Main Takeaways

  • Three main protocol participants: Creator, Player, and Analyst
  • FORE aims at becoming a suit of various decentralized tools
  • $FORE is the only token available within the ecosystem
  • FORE Protocol already launched its first product: FORE Predict
  • Over 25 people working side by side on their team

What is FORE Protocol?

At a protocol level, FORE exists to incentivize the wisdom of the crowd to bring real-world data to the blockchain. In doing so, they are creating the architecture for a number of web3 solutions that remove friction from real-world, centralized industries like prediction markets, oracles, auditing services, and more.

FORE Predict is the first decentralized application built on FORE Protocol. It’s the first of its kind: a truly decentralized peer-to-peer predictions ecosystem powered by people. People create prediction markets, determine market odds, participate in markets against each other, and validate market outcomes themselves. Whether popular events in sports, esports, current affairs, or crypto, to incredibly niche and granular events like Discord rankings, flight delays, or whether Donald Trump will go to jail, you can find (or create!) it all on FORE.

Unlike centralized bookmakers, users are actually rewarded for using FORE: platform fees are redistributed to users for all productive activity. Creators create prediction markets and earn 0.5% of the total market size; Players participate in markets against each other, with incredibly low fees, market-determined odds, and trustless payout; and Analysts validate market outcomes to earn a share of 2% of the total market size. This decentralized network of Analysts acts as an oracle, meticulously ensuring the accuracy of market outcomes and facilitating the seamless execution of payouts. This self-regulating and self-sustaining ecosystem creates a truly decentralized and democratic predictions ecosystem where the house doesn’t win – the users do.

Users are rewarded for this activity in FORE’s hyper-deflationary utility token. The token’s supply is inversely correlated with activity on the platform: as activity increases, supply reduces. The protocol features several deflationary mechanisms (including burning all FORE locked into NFTs and 1% of every market), reducing the total supply with every transaction to ensure that FORE’s utility token remains strictly deflationary.

FORE Protocol is powered by 3 main technologies: NFTs, Blockchain, and Peer-to-Peer. Here are their main use cases and attributions: 

What Makes FORE Protocol Unique?

  • People-powered prediction on real-world events
  • Hyper-deflationary token to fuel the ecosystem
  • Sustainable rewards for protocol activity
  • The use of Peer-to-Peer technology
  • Leverages NFTs for maximum value

Products

FORE Protocol, unlike most blockchain companies that are driven by an idea at first, came on the market with a finalized product, FORE Predict.

Their team has successfully developed a comprehensive beta version of the protocol, providing an opportunity for real users to engage in testing and experiencing the core functionalities.

Users can actively create, participate in, and validate markets, ensuring a completely decentralized and people-powered predictions ecosystem. Additionally, the beta version includes exciting supplementary features like a fully operational NFT marketplace, portfolio pages that consolidate user activity, and a leaderboard system.

But wait, there’s more! Besides its existing product, FORE Protocol also has some future steps on its roadmap. Here are the products they intend to launch in the next 2 years:

  1. FORE Oracle: Serving as a crowd-sourced decentralized oracle, FORE Oracle enables people to provide reliable data feeds for various applications within the protocol
  2. FORE Sight: As a business intelligence application, FORE Sight empowers users with valuable analytical tools, enabling informed decision-making and strategic planning within the ecosystem
  3. FORE Audit: Functioning as a financial auditing tool, FORE Audit taps into the collective expertise of users to ensure transparent financial practices, bolstering the credibility of the protocol
  4. FORE Work: Designed as an HR management tool, FORE Work facilitates efficient workforce management, allowing users to optimize their organizational operations

Token Overview & Use Cases

FORE Protocol embraces a truly hyper-deflationary utility token model, serving as the fundamental building block for all activities within the protocol. It employs an innovative system that actively reduces token supply in direct correlation to the level of protocol activity, ensuring a dynamic and responsive ecosystem.This reduction in supply is made possible through the implementation of a burn mechanism, NFT locked-value system, and robust dispute-resolution processes. These mechanisms work synergistically to continuously decrease the token supply as the project gains traction and experiences heightened activity.

While the maximum supply of FORE is set at 1 billion tokens, it is crucial to highlight that the circulating supply will never approach this limit due to the deflationary characteristics of the token. As the protocol operates, tokens are systematically removed from circulation, contributing to the scarcity and long-term value preservation of FORE.

In contrast to many other blockchain projects that claim utility tokens with limited actual utility, FORE Protocol stands out by integrating the FORE token at the core of its ecosystem. The token’s utility extends across various use cases within the protocol, including:

Roadmap & Updates

Launched in 2021, FORE Protocol has already completed some of the most important milestones on its roadmap. The team has already launched the Beta version of their dApp, FORE Predict, and has integrated it with Polygon, Arbitrum, and Fantom.

Also, the project has filled the majority of their private round (accounting for 20% of total supply and $5,500,000 of their raise) with funds from strategic partners in the betting, sports, and crypto space

Current Roadmap

FORE has ambitious plans for the near future, including the launch of their token on multiple DEXs and the development of a Fiat on-ramp. To enhance accessibility, the protocol aims to incorporate widely-used payment methods such as Apple Pay, Samsung Pay, Visa, Mastercard, and bank transfers, among others.

Looking ahead to the end of 2023, FORE envisions integrating additional EVM-compatible chains into its ecosystem. This expansion will foster interoperability and provide users with more choices for engaging with the protocol.

Additionally, FORE plans to establish a secondary market for their NFTs, enabling users to trade and exchange these unique digital assets. Furthermore, the highly anticipated launch of FORE Predict 2.0 is on the horizon, promising enhanced features and an improved user experience within the decentralized prediction platform.

These forthcoming developments illustrate FORE’s commitment to innovation and continuous growth, as they strive to bring increased functionality, convenience, and value to their users.

Project Team

Merv Merzoug – CEO + Co-Founder

Andres Soriano – COO + Co-Founder

Timothea Horwell – CMO + Co-Founder

Rick Van Der Knaap – Chief Finance Officer

James Woodruff – Chief Data Officer

Harry Clarke – Head of Creative Strategy

Stephen Duplessie – Marketing Advisor

Simon Kruse – Chief Technical Advisor

Ignacio Soriano – Head of Dev Ops

Bogdan Sinicki – Back End Lead

Closing Thoughts

All in all, FORE Protocol is an interesting project with lots of ambitious ideas and products coming in the next 2 years. By choosing a highly competitive niche and introducing new technologies and concepts, FORE Protocol has a high chance of gaining a loyal customer base.

Once people realize that decentralization is absolutely necessary for the realm of predictions, be it sport, crypto, or financial predictions, FORE Predict is probably going to be a complete game-changer.

Overall, FORE Protocol is a project worth looking into.

Disclaimer

NOT FINANCIAL ADVICE: The information provided on this website is for informational purposes only and should not be considered financial or investment advice. It is not a recommendation to buy, sell, or hold any security or investment.

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