AMA with Crypto Differ

On 3rd November, the FORE team joined one of the leading crypto news channels for an AMA to discuss the upcoming launch of FORE Predict. Check out our recap below, as we cover:‍

- People-powered predictions
- How to earn FORE on FORE Predict
- Sneak peaks of the platform
- New partnerships and integrations
- See the full transcript here

1. Can you briefly tell us what is FORE Protocol?

FORE is the first of its kind: a truly decentralized peer-to-peer predictions ecosystem powered by people. You make prediction markets, you participate in markets against each other, and you validate the markets outcomes too. Whether the future price of Bitcoin, the next US President, the length of SBF’s sentence, or even the winners of this AMA, you can find (or create!) any prediction market on FORE.

For example, as Bitcoin hit $35k yesterday, we shared a case study explaining all the ways you can profit off BTC on FORE without even holding the asset. From price projections, institutional investments, market sentiment, to anything else related to Bitcoin (or any asset), you could profit off Bitcoin by creating, participating in, or validating prediction markets on FORE Predict: 

- Create any Bitcoin related market to earn rewards regardless of the outcome 
- Take a position on any future outcome for BTC and profit off your opinions 
- Or simply validate Bitcoin market outcomes to generate consistent revenue without the risk
- Learn more here

I’m just using Bitcoin as one example that I feel would be relevant for this channel - you can create and participate in markets on literally anything! And you’re actually rewarded for your activity on FORE Predict too: 50% of all platform fees are redistributed back to users in the form of FORE’s hyper-deflationary utility token. This self-regulating and self-sustaining ecosystem creates a truly decentralized and democratic predictions ecosystem where the house doesn’t win - you do.

This people-powered ecosystem will be live on November 30th - count down with us here!

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2. How does someone use FORE Predict? And importantly, how does someone profit on FORE Predict?

As I mentioned, FORE is a people powered ecosystem, where people have the freedom to create, participate, and validate any markets on any events, and are rewarded for doing so through the redistribution of platform fees. 

How much you can earn depends on your role in the ecosystem:
‍CREATOR: Generate income by creating prediction markets on any event 
PLAYER: Earn limitless rewards by taking a correct position in any market 
ANALYST: Generate revenue by simply validating market outcomes
‍Learn how to earn on FORE.

CREATOR: As a Creator, you have the ability to create unique and compelling prediction markets, determining parameters such as market prompt and categorization, prediction phase closure, validation phase start, verification source, and starting odds. As creator, you are rewarded with 0.5% of the total market payout, so as participation increases, your earnings increase. This provides an incentive for you to ‘market your market’ and actively promote your markets to attract more participants, liquidity, and volume. This innovative approach flips the traditional model on its head, allowing you to earn rewards regardless of the outcome. This model benefits everyone in the ecosystem: holders, players, creators, and the FORE foundation. ‍Learn how to earn as Creator on FORE.

PLAYER:  Players participate in any markets against other players with better odds, low fees, and trustless resolution. Importantly, we don’t determine the odds, you do. Taking a position on the outcome of an event is a zero-sum game, so there are always going to be winners and losers, so while we cannot guarantee that all Players taking a position on an outcome will win, we can guarantee that Players can participate in markets on a platform that is fair, transparent, and rewards you for your activity. ‍Learn how to earn as a Player on FORE.

ANALYSTS: As a market validator (or Analyst), you earn up to 2% of the total market size for accurately confirming the outcome of a market. You act as the market's 'architects' and are responsible for verifying that a given outcome is accurate and recorded to the blockchain, thus ensuring that all payouts are correctly executed.  To maintain a stable protocol, we created an asymmetric incentive model that rewards users for accurate validations, but significantly penalizes inaccurate or fraudulent validations.  Collectively, Analysts create a decentralized oracle by confirming outcomes and uploading this data to the blockchain, playing a critical role in facilitating a truly decentralized and limitless predictions ecosystem that can feature markets on any event.  Learn how to earn as an Analyst on FORE.

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3. If users are earning FORE token on FORE Predict, can you explain FORE’s tokenomics?

We spent a lot of time thinking through the tokenomics of FORE Protocol to ensure that we were creating a sustainable and deflationary structure. So we created a system where the total supply of FORE tokens would reduce as there was more activity on the protocol. We think this is really unique, is very important, and again is some alpha for the CryptoDiffer community...

FORE is a true utility token in the sense that it underpins all activity on the protocol, and the supply of the token is directly proportional to this activity – as is the token’s hyper-deflationary nature. Instead of minting new tokens for rewards, we’ve built a sustainable, deflationary, fee-driven reward model: rewarding productive activity through fee redistribution. That incentive drives further activity on the protocol, which in turn reduces the token supply… and the cycle continues.

There are two core tenets to FORE’s tokenomics: 
- A sustainable, fee-driven reward model
- Activity-driven deflationary mechanisms

SUSTAINABLE REWARD MODEL: In order for a reward model to be sustainable, it must be attached to productive activity. Our reward model allows users to generate income through activities such as market creation and validation, benefiting the protocol as a whole.

Half of the platform fees are redistributed for activities such as market creation and validation, allowing users to generate income through quick and easy activity on the protocol. Of the 5% maintenance fee taken from each market:
- 0.5% redistributed to market creator
- 2% shared among validators
- 1.5% to the protocol
- 1% burned and removed from circulation

ACTIVITY DRIVEN DEFLATION: Rather than hosting arbitrary burn events, the deflationary nature of FORE is built into the protocol itself. It’s simple: as activity on the platform increases, supply decreases. Several core functions drive the deflationary nature of FORE:
- Market Participation: 1% of the value of all markets is burned on market resolution and removed from the total supply.
- NFT Minting: 100% of FORE used to mint NFTs is burned. To create a new NFT, a user must lock 1,000 FORE, which is then permanently removed from circulating supply.
- Additional Burns: FORE is removed from circulation through incorrect validation penalties, market creation fees, dispute mechanisms, and more.

Together these encourage organic growth, user acquisition, and sustainability of the protocol itself, creating long-term revenue-generating opportunities for active participants in our ecosystem. Learn more about FORE token.

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4. Can you tell us about some of your recent or upcoming partnerships?

Absolutely! We have a lot of partnerships in the works we are yet to share, but partnerships are typically either platfrm-specific or centered around user acquisition. From an infrastructure/product perspective, we’ve announced partnerships with Arbitrum, Polygon, Fantom, and UMA so far. There’s a LOT more to come!

In less than two weeks, FORE will make its debut on stage at GenesisXBT alongside industry giants like Tim Draper and Justin Sun, BlackRock, Binance, Kucoin, and Coinbase. With over 10,000 attendees (and 300,000+ online) expected at the largest and leading crypto event in EMEA, this will mark the debut of FORE Protocol to the public at a truly grand scale, just in time for FORE Predict’s main net launch on November 30th.

We’ve also recently started sharing some of our ‘real world’ partnerships, including our upcoming sponsorship of the Sydney Millions Poker Series with thousands of high net-worth poker enthusiasts and gambling professionals from around the globe.

We have several other partnerships to be announced over the coming weeks, one of which I’m particularly excited about! We think this partnership will really take FORE Predict to the next level to create the first AI-powered predictions platform… Ultimately, prediction markets are information markets. What if we could enable the sourcing and validation of that information all WITHIN the FORE ecosystem? Sounds like a gamechanger to me 👀

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5. Let’s now talk about the milestones you have achieved so far and about your upcoming plans?

Our biggest milestone to date is almost here: FORE Predict’s will be live on November 30th at 12:00 UTC. From then on, you’ll be able to create markets on any topic of interest, participate in markets against others with lower fees and better odds, and earn rewards through simply validating market outcomes. If you like what you’ve seen so far, ahead of launch you can win 10,000 FORE to use on FORE Predict here.

After FORE Predict mainnet launch, we have a number of other key milestones:
- Additional integrations to enhance user experience
- A lot of new partnerships
- FIAT onramp integration
- Gamification seasons launch
- Additional chain integrations
- Secondary market launch 
- FORE Predict 2.0 with new market structures

In 2024, we plan to scale FORE Predict with a mobile app, and finally expand the FORE ecosystem into FORE Oracle, FORE Audit, FORE Sight, FORE Resource, and more. Follow our roadmap here!