Foreon Network Builds Crowd-Powered Prediction Market on Cardano, Launches First NFT Offering
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 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.
Foreon network is built on Cardano Blockchain, a third-generation Proof of Stake (PoS) blockchain that operates with a UTXO (Unspent Transaction Output) model similar to Bitcoin.
Launched in early 2023The Foreon Network is dedicated to creating a people-driven prediction market where Foreon NFT holders can create a market and allows users to buy stocks on the created markets, be it elections, sports events or current affairs, and rewards users for their accurate forecasts.
Foreon Network prides itself on being non-custodial as it never holds user funds – ensuring that all transactions are done on-chain using Aiken’s smart contracts on the Cardano Blockchain.
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. 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.
These predictions are confirmed by an independent source, known as a decentralized oracle.
Foreon Network Utility Token and its role in governance
according to white paperForeon Network’s governance will be in the hands of those who hold the Foreon Utility token, denoted $FRN.
The $FRN token, a native resource on the Cardano blockchain, has a total supply of 10,000,000.
In line with Foreon Network’s tokenomics strategy10% of this offer is earmarked for early supporters in the form of a private NFT offer.
Foreon NFT holders have the privilege to open markets and earn rewards at each market settlement.
Foreon NFTs, in their exclusivity, are limited 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 not only receive 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 growing interest in the Foreon Network. Foreon Network also partnered with Nmkr.io for a smooth coining experience.
You can Mint Foreon NFT now by clicking here
Foreon NFT Offer Details:
🗓️ Closing date: 13 July 2023, at 17:00 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%)
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