FORE Protocol Primes Prediction Markets to Become an Unexpected Source of Truth in an Age of Misinformation
HONG KONG, Nov. 28, 2023 /PRNewswire/ — FORE Protocol, a web3 protocol bringing real-world data to the blockchain, has unveiled FORE Predict, the first ‘people-powered’ predictions platform launching on November 30 at 12pm UTC. The decentralized platform leverages the wisdom of crowds to forecast and validate any event.
Traditional prediction markets, such as casinos or bookmakers, offer individuals the chance to profit from predicting the outcomes of future events. However, these entities, often called ‘the house,’ are widely recognized for prioritizing their profit maximization at the expense of market participants.
Disrupting this model is FORE Predict, a decentralized ecosystem where users control every aspect of a prediction market, from creating the markets to determining market odds and even validating the results. Users are rewarded for doing so through a revenue-share model, creating a self-regulating and self-sustaining ecosystem that brings transparency, democracy, and value generation to predictions in ways not seen before.
By decentralizing prediction market creation to a global user base, FORE Predict provides insight into user forecasts on any conceivable event, including, but not limited to, sports and esports, political analysis, financial markets, and more. Users can create markets on and forecast the outcome of any future event, from Bitcoin market movements to travel disruptions or even the next U.S. president.
American academic Robin Hanson, a professor at George Mason University and proponent of prediction markets, endorses them over traditional expert opinion and pundits.
While the value of prediction markets in accurately forecasting events through crowdsourcing has been well-established, FORE Protocol has realized that the value of decentralized prediction markets extends beyond forecasting.
On FORE, prediction markets are created by users and user-validated by thousands of users globally. Validators independently verify the occurrence of events and record them to the blockchain in a transparent and immutable way, acting as a collective source of truth to minimize the influence of any single entity or individual. Validators then upload this information to the blockchain, where transparency creates a strong incentive for them to report accurate information, as any attempt to manipulate data would be easily detectable, significantly damaging their reputation within the decentralized network.
“In an era marred by misinformation, this decentralized network can act as a reliable and impartial arbiter of truth, helping users verify the accuracy of information circulating in the public domain,” said Timothea Horwell, Co-founder of FORE Protocol. “As FORE Predict will index an ever-expanding array of real-world events, its potential for creating a comprehensive and reliable source of truth grows with every user, laying the foundation for myriad other solutions on our roadmap for businesses, researchers, policymakers, and any other real-world entity relying on accurate and impartial data.”
FORE further reinforces its commitment to decentralization and accuracy of information through its partnerships. To add another layer of decentralized validation of outcomes, FORE has teamed up with UMA Optimistic Oracle to leverage a third-party network of independent validators to settle disputed markets. Additionally, FORE has integrated PAAL AI into its prediction platform, enabling users to have comprehensive web access within the platform and make the most informed predictions.
Launching tomorrow, November 30, at 12 pm UTC, market conditions look favorable for FORE Predict to begin onboarding thousands of users, over ten thousand of whom have been waiting to use FORE Predict since participating in its recent testnet.
Alongside the opportunity to find and create markets on any event, FORE Predict plans to capture market share from other prediction markets with its unique fee redistribution model; FORE takes only a 1.5% fee on markets, with 50% of platform fees redistributed back to its users.
The main currency on the platform is the FORE token, which launched at the end of June 2023 and is currently trading at around 3.5x the ICO price (Market Cap: $11 Million, 24 Hour Trading Volume: $150,000, Fully Diluted Valuation: $138 Million).
To learn more about FORE Protocol and FORE Predict or to speak with FORE Protocol Chief Marketing Officer Timothea Horwell, please contact Ashni Pabley at firstname.lastname@example.org.
ABOUT FORE PROTOCOL
Incentivizing the wisdom of the crowd to bring real-world data to the blockchain.
FORE has created a tokenized incentive economy to mobilize and reward the wisdom of the crowd to problem-solve at scale. In doing so, FORE Protocol utilizes a decentralized network of people to bridge the gap between the real world and the blockchain, forming the foundation for web3 solutions that remove friction from real-world industries, including prediction markets, oracles, and more. Visit www.foreprotocol.io for more information.