AMA with r/cryptocurrency

On 14th December, the FORE team joined Reddit’s #1 crypto community for another AMA with almost 7 million members. Check out our recap below, as we cover:

FORE's people-powered predictions ecosystem
Key features of FORE Predict
New ways to earn on FORE
New integrations and listings
FORE vs other prediction markets
Regulatory compliance
FORE tokenomics
Rewards redistribution and incentive models
And more..

Kingstiger220: What are the key features and components of the Fore Protocol ecosystem, such as governance, staking, and liquidity pools?

TIMOTHEA HORWELL: I’ll start with this one to set the scene on the FORE ecosystem. What you’re describing feels like ‘just another crypto project’ imho, which FORE certainly is not!FORE Predict is the first of its kind: a people-powered predictions platform where you generate income for creating, participating in, and validating prediction markets. Whether NFT prices, crypto volatility, sporting events, the next US president, or even the next AMA, you can take a position on the future outcome of any event on FORE. And in true decentralized fashion, you’re rewarded for your activity with up to 50% of the platform fees.

We’ve built the first truly decentralized predictions platform that’s powered by you. A predictions ecosystem where the house doesn’t win, but you do. A trustless, secure set of smart contracts that enables you to profit off your opinions on anything, and without the bad odds and high fees seen on centralized counterparts. A decentralized platform where you hold the power, and your own funds. And above all, a peer-to-peer predictions ecosystem where you have the freedom to create, participate, and validate any markets on any events, and can generate revenue while doing so.But our launch two weeks ago was just the start. Next year, we’ll see the rollout of new features, new integrations, and new solutions that enable you to generate income sustainably through your productive activity. With our hyper-deflationary FORE token at our core, we’ll continue to ideate and iterate to develop new solutions beyond predictions, heading into new sectors ripe for decentralization and disruption. And we’ll be doing this with our community members, holders, and users in mind.I hope you guys will be joining us for the ride!

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CompleteRemote2: How does someone use FORE Predict? And importantly, how does someone profit on FORE Predict?

TIMOTHEA HORWELL: There are three main ways in which you can use and generate revenue on FORE: as a market creator, as a market participant, or as a market validator. We built these roles to appeal to various risk-profiles beyond the ‘traditional bettor’, and I’ll share more on each of these. I'd love to hear which role interests you the most!

1. Market Creator: You can ‘Become the bookmaker’ and earn rewards for creating prediction markets on anything you like. You could create a market on literally anything, from “Will Bitcoin his $45,000 before the end of 2024?” to “Will the FORE team answer 15 or more questions during the r/cc AMA?” As a creator, you earn 0.5% of the total market size, regardless of the outcome - creating a ‘risk free’ way to participate in predictions.
Learn how to create a winning market here.

‍2. Market Participant: This one is simple! As with any other prediction market, you can take a position on the outcome of future events on FORE. The difference with FORE is, you’ll find any market, better odds, low fees, and transparent and trustless payout. Unlike traditional bookies, there are no hidden fees, and 50% of fees are redistributed back to users.
Learn how to become a profitable player here.

3. Market Validator: Let’s say you’ve been following the Champions League, but you’re too risk averse to take a position on a game. You can generate ‘passive’ income through simply confirming the outcome of a market after the game has occurred. Once again, this enables you to profit off predictions without the risk of traditional betting. The (conservative) return as a validator is currently 367% in just 6 months, so it’s a lucrative and sustainable way to earn rewards through an alternate model to staking.
Learn how to become the ultimate validator here.
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Another way to profit on FORE without holding the token or using the platform, our referral program launching today.

It’s simple:
CONNECT: Connect your wallet to FORE Predict and click ‘Referral’
SHARE: Generate your unique referral link and share it with your friends!
EARN: You earn 1% of markets positions and 1% of NFTs minted via your link
CLAIM: Claim your FORE rewards immediately, or wait to unlock greater rewards

What’s in it for your friends and family?$10 off their first position in any market(s)5% discount on their first Analyst NFT mint.

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Responsible_Law_1176: How are protocol Fees redistributed to the users?

TIMOTHEA HORWELL: This is a great question because it’s a really important part of our tokenomics. I’m sure everyone here is familiar with traditional staking models which seem promising at the start, but tend to:

- Inflate supply for rewards (impacting the price of the token long term)
- Require you to lock up tokens for an extended period of time
- Bring you in with high APRs that reduce over time
- Determine an asset as a security

We believe that in order for a reward model to be sustainable, it must be attached to productive activity. Instead of minting tokens for rewards like most other projects, we reward users by redistributing platform fees back to you for your activity - allowing you to generate income in a sustainable way. In the last two weeks alone, users have already generated thousands of FORE in rewards alone!

Of the 5% maintenance fee taken from each market:
- 0.5% redistributed to market creator
- 2% shared among validators
- 1.5% to the protocol as revenue
- 1% burned and removed from circulation

You can learn more here.


Inaeipathy: How can you stop the bookmaker from creating a bet and then just deciding that they are going to close the bet in the wrong direction just because they feel like it, or because their friends bet incorrectly? Doesn't seem to make sense.

TIMOTHEA HORWELL: That's a great question! Because markets are created as a decentralized set of smart contracts, the market creator (or anyone else) cannot alter the market conditions once it has been created. You can learn more about the market lifecycle here: foreprotocol.io/technology but in short, there are a number of checks and balances in place to prevent foul play!

Market outcomes are verified by validators who stake their NFT (with locked FORE) on an outcome to receive rewards. If they incorrectly validate, they lose their NFT, so there's a huge disincentive for them to try and game the system. In the case there is a disagreement between validators, our dispute resolution system allows for a final check and referees in a decentralized way: ensuring that any user has the opportunity to report any violations or concerns about a market or its results.

To reinforce and further decentralize the dispute process, we've integrated UMA: a dispute arbitration system that securely allows for arbitrary types of data to be brought on-chain. UMA's third-party network of validators, which operate independently from the FORE platform, establishes an objective and unbiased approach to settling disputes on FORE Predict.
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ShadowKnight324: But why should I bet on a prediction of a certain asset or game result when I could simply open a position and accomplish the same thing in a more straightforward way? What makes your product better than that of a simple exchange, broker or sport betting site?

TIMOTHEA HORWELL: Markets on FORE are not just limited to assets that you could long or short. Even if we do specifically focus on assets, you could take a position on any event related to an asset: market cap, TVL, staking rewards, trading volume, etc.The same logic applies for sports betting. On most bookmakers, you’re limited mostly to game outcomes or goals. But on FORE, you can find or create a market on anything related to that game or team: goals scored, weather conditions, red cards, player line up, match attendees, substitutions, etc.Regardless of the market topic though, you can find better odds and lower fees and are guaranteed payout (unlike bookmakers who stop you withdrawing when you win)Finally, what separates us from exchanges, brokers, or sports betting sites is that those entities are literally designed to extract maximum profit from you. What is exploitative, and rightfully creates such negativity around the prediction space, are the incentive structures that centralized entities like casinos and bookmakers employ to ensure “the house always wins”: whether hidden fees, predetermined odds that disadvantage the player, or halting payouts, they do everything they can to extract maximum value from users in whatever way possible.For the first time on FORE, you hold the power. You create the markets, participate in them, validate them, and are rewarded for doing so!


‍Kingstiger220: What specific features or advantages does FORE offer compared to existing prediction markets, including Polymarket?

TIMOTHEA HORWELL: A lot of decentralized prediction markets so far have had the same/similar incentive models as centralized prediction markets, essentially capturing all of the value themselves... But prediction markets are built on the wisdom of the crowd. At FORE, we prioritize the community as the driving force behind the platform, and the protocol is designed to grow and develop along with its users. By providing the architecture to allow users to create prediction markets for almost any event, while rewarding members for productive activity through redistributed fees, we're creating a self-regulating and self-sustaining ecosystem that brings transparency, democracy, and revenue generation to predictions in ways not seen before.Polymarket is a predictions market that, although built on blockchain, operates in a similar way to traditional prediction markets like bookmakers and casinos. Polymarket is still ‘the house’ as they determine which markets you can participate in. FORE is not a prediction market itself, but simply a set of smart contracts to facilitate community creation, participation, and validation of prediction markets.Thus, there is no house on FORE. FORE is entirely powered by people, as we believe prediction markets should be! You create the markets, you participate in markets against each other, and you validate the markets yourselves. And you're rewarded for this productive activity through the redistribution of platform fees, in the form of our deflationary utility token.

You can take a look at our recent FORE vs Polymarket case study.


‍Blauerblumentopf: Is there a link to your last AMA? So this is like a (more) decentralised betting platform? If I create a market for something like "EtH is losing his job as Manchester United coach in the next 4 weeks" I could earn FORE for creating this and then the earnings are dependend on how many people are betting on this

TIMOTHEA HORWELL: Absolutely, here’s the link to our previous r/cryptocurrency AMA: https://foreprotocol.io/post/ama-10-12-23

‍And yes, you could create this market in less than 60 seconds and earn a share of the total size!

I've just created it now for you:

Will Erik Ten Hag lose his job as Manchester United Coach before January 15th 2024?

‍You could either set the starting liquidity and odds, or leave this for the market to decide.Once live, the next step is to ‘market your market’, within and beyond the FORE community. The more participation, the greater your rewards! Once the market closes, you can then claim your 0.5% of the total market. It really is that simple 🔥

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SpySeaRamen: I’d be happy to bet against any prediction Cramer makes! Sounds really interesting since you can create an event.

TIMOTHEA HORWELL: Yes, I love this idea! There’s a TON of markets you could create on this:

- Performance of the Inverse Cramer ETF
- Accuracy of specific calls over a specific time frame
- Success rate of calls during earning seasons
- Which of Cramer’s calls will actually perform (lol, good odds on that one)
- Expected monthly performance of a hypothetical portfolio based on his calls
- Ratio of bullish to bearish calls made over a period

We’ve just made one now!

Will the stock price of Chewy drop by at least 10% from its opening price on Dec 15 2023?
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Beeblelabs: How would someone bookmake prediction of nft prices

TIMOTHEA HORWELL: There are many answers to this, but again some examples of different types of markets:

Average Price Change: The percentage change in the average BAYC price over the next 30 days
Top Performer: Which NFT collection or individual NFT will experience the highest percentage increase in value over a specific timeframe.
Market Capitalization: The total market capitalization of Pudgy Penguins by January 2024.
Volume Predictions: The trading volume of Gods Unchained in December 2023.And much more!

Teethrichards: What kind of costs are associated with creating a market?

TIMOTHEA HORWELL: The cost to create a market is 10 FORE (which is around $1.40 right now).
‍It’s a low entry amount, but we introduced this to prevent people from spamming markets and to ensure they are thinking about what markets they are creating - ensuring a good user experience for everyone. As with many fees on the protocol, this is burned 🔥
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Mbdtf95: I think it is a fun betting thing, and I already know a Polygon network dapp called Polymarket that works on same concept. Do you have plans to redesign a site a bit to look more user friendly? Add relevant pictures to the categories of predictions. At least on mobile it looks a bit too basic right now, otherwise sounds cool.

TIMOTHEA HORWELL: Absolutely! This is our MVP and we launched just two weeks ago, so there are a LOT of developments to come both in the near and short term. Our priority was to get our platform live, ensure our core functionality works on a public sale, and iterate from there. Now it’s time to do so, and UI updates are an important part of that. As well as improving the user experience overall, we’re also already in the process of integrating:

- Youtube integration for more dynamic content within the app
- PAAL AI chat bot to enable users to access the entire internet from within the app
- Highlighting featured markets, hotspots, etc
- Sponsored league tables and badges

There's a lot more coming next year, but these are a few of the immediate priorities for UI/UX. We have a number of large partnerships and sponsorships coming next year with the goal to onboard traditional betting audiences, so we want to make sure the user experience is easy, seamless, and enjoyable.

We’re early, but that just means more opportunities for you guys as newcomers! In that vein, we also have a ‘passive income’ fast track for early users for the remaining 30 days.

You can learn about that here: https://docs.foreprotocol.io/fore-protocol/fore-predict-pro/ultimate-analyst/how-to-maximize-your-earnings

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Sarcl: Can the markets be created only in the english language?

TIMOTHEA HORWELL: Great question! Markets can be created in any language on FORE - during our test net we saw markets in Korean, Indonesian, and Russian and we hope to see various languages on main net too.

As we prepare to expand globally, we’re actually working on a translation integration function to allow users to easily translate markets from any language to any other language seamlessly within the app. Meanwhile, we’re also working on a few language-specific versions of the platform in partnership with some big players in specific regions. If you create a market in a language other than English, let us know so we can highlight and promote this to our regional communities 🔥

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80UNC3EBACK: What locations are restricted from using the platform?

TIMOTHEA HORWELL: Our goal is to enable anyone in the world to profit off predictions, but naturally we have to adhere to regional restrictions. Currently, we’ve geoblocked:

- Countries with recognized cryptocurrency bans
- Countries on the United States blacklist
- Countries under United Nations sanctions
- Jurisdictions identified by the Financial Action Task Force (FATF)

This list will be updated in accordance with the latest regulations and international guidelines.

You can find more info on specific regions here.

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Freesoup2: Could you do parlays?

TIMOTHEA HORWELL: In the future, yes! We’ve built V1 around a parimutuel market structure (where users pool funds together and payout odds are determined by their respective share of the winning side relative to the losing side). However, we plan to expand our offering to include several market types and structures based on user demand, including (but not limited to):

Categorical Markets: The user can take a position on one (or more) of several choices defined by the market creator. Example: Who will win the 2024 presidential election? A. Donald Trump B. Ron de Santis C. Joe Biden D. Robert F. Kennedy, Jr.

Parlay Markets: much in the same way parlay bets work currently, parlay markets would payout based on the successful prediction of two or more markets (pre-defined by the market creator) Example:The next Grand Theft Auto game (GTA) will be released by the end of 2023.There will be an increase in named storms (globally) in 2023 compared to 2022.The Democratic party will win the 2024 United States presidential election.

Ordered Markets: The user can predict the order of pre-defined outcomes as set by the market creator. The most direct comparison for this market type would be an exacta, perfecta or exactor market. Example: What will be the top 3 cryptocurrencies by market capitalization by the end of 2023, in exact order?Bitcoin, Ethereum, TetherBitcoin, Ethereum, BNBBitcoin, Ethereum, USDC

Floating Point Markets: The user can participate in a market that relates to a floating point number. Users can then guess the number (with the users closest to the actual number winning). Example: What will be the total number of points scored by the Eastern Conference final MVP?

We’ve already developed the smart contracts for these other structures, so the next steps would be their front-end implementation and prioritizing their rollout based on user demand. Parlays would be my first choice - degens who love to bet on anything love parlays 😅

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Speedfire21: What will be the usability of the Fore token and what are the tokenomics of the token? Will it also be rewarded to users according to their wager?

TIMOTHEA HORWELL: Well, I'll correct you on the tense as FORE already has usability and utility right now 🔥FORE is a true utility token as it underpins every transaction in our ecosystem as the sole currency. The three primary utilities:CREATE: all markets created with FORE, and creator rewards are paid out in FORE.PLAY: all market participation is in FORE, and all winnings from successful market positions are rewarded in FORE.VALIDATE: all validator rewards paid in FORE, which can either be claimed or compounded into the value of an Analyst NFT.

Two main tenets underpin our tokenomics:

Sustainable reward model: Instead of minting tokens for rewards like most other projects, we reward users by redistributing platform fees back to them for their productive activity. 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. 1.5% of the fees go to the protocol as revenue, and 1% is burned and removed from circulation.

Activity-driven deflation: Continuing on from that last point, FORE's supply is inversely correlated with activity on the platform. As activity increases, supply reduces. The protocol features several deflationary mechanisms:

- 100% of FORE to mint validator NFTs burned
- 100% of market creation fee burned
- 1% of every market burned

FORE is also burned through incorrect validation penalties, market dispute mechanisms, and more.In short, we've built a hyper-deflationary token with a sustainable, deflationary, fee-driven reward model. These rewards drive further activity on the protocol, which in turn reduces the token supply… and the cycle continues.

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Reversenotation: what are the tokenomics? What is the total supply and what is the circulating supply?

TIMOTHEA HORWELL: I've already touched on the tokenomics in other questions, but not the supply yet so I'll share a little on that.

FORE’s maximum supply is capped at 1B FORE, although it will never come near that number. As I've shared, burns are not arbitrary like many other projects but deflationary mechanisms are built into the protocol itself instead.

Through activity on the protocol, a portion of all FORE tokens utilized on the protocol are removed from circulation forever. So, as activity increases on the protocol, the total available supply decreases.

In just two weeks since launch, we've already burned nearly half a million FORE through protocol activity - and we're just getting started!

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20yroldentrepreneur: Why did you choose arbitrum as the layer 2?

TIMOTHEA HORWELL: We chose to launch on Arbitrum for its low fees, speed, and rate of adoption (daily tx regularly exceed Ethereum).

However, our plan is for FORE to be chain-agnostic, as any truly decentralized platform seeking mainsteam adoption should aim to be. We’ve already integrated Polygon and Fantom into FORE, and we have other chains lined up based on user/industry demand.

We're working on a model to facilitate peer-to-peer, cross-chain markets to provide a seamless cross-chain experience for all - regardless of their preferences.

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Lisa_Ray0810: I see that as part of FORE's deflationary dynamics, the minting of an nft burns 1000 tokens forever, are there added incentives of doing so?

TIMOTHEA HORWELL: There’s a very important reason for this burn! 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.FORE is burned with nearly every transaction on the protocol:

- 100% of FORE to mint validator NFTs burned
- 100% of market creation fee burned
- 1% of every market burned

FORE is also burned through incorrect validation penalties, market dispute mechanisms, and more.We built this sustainable reward model to encourage organic growth, user acquisition, and sustainability of the protocol itself, creating long-term revenue-generating opportunities for active participants in our ecosystem.

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Thetwodor: Do you plan to accept other assets than $FORE on the protocol?

TIMOTHEA HORWELL: Yes, we do! We haven't shared this yet, but we're working on a model that allows users to participate in markets with leading assets, while ensuring the pools themselves will still use FORE as the main currency.

As well as having been highly requested in our community, accepting other assets as payment will enable broader accessibility and help us expand our userbase - while maintaining FORE always has full utility.

We’re also prioritizing the integration of a fiat onramp soon to enable access via Apple Pay, Samsung Pay, Visa, Mastercard, bank transfers, and more - allowing ANYONE to use the platform. Again, the goal is broader accessibility and seamless onboarding.

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ThatOtherGuy254: I know the answer is probably no, but is there any way that you could integrate Moons into your platform?

TIMOTHEA HORWELL: Once we’ve enabled the use of other assets on the platform, I don’t see why we couldn’t accept MOONS if there was enough demand 👀

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Responsible_Law_1176: Where can I find out about future Fore listings?

TIMOTHEA HORWELL: Right now, FORE is listed on MEXC and Uniswap, with more to come very soon. We’re in talks with a number of prominent centralized exchanges at the moment, with the first listing penned for quite early next year.

Trade on MEXC‍ | Trade on Uniswap

The 1,000 FORE reward will be shared among the following participants:
Kingstiger220
CompleteRemote2
Responsible_Law_1176
InaeipathyShadow
Knight324
Blauerblumentopf
SpySeaRamen
Beeblelabs
Teethrichards
Mbdtf95
Sarcl
80UNC3EBACK
Freesoup2
Speedfire21
Reversenotation
20yroldentrepreneur
Lisa_Ray0810
Thetwodor
ThatOtherGuy254

Send a DM to u/ForeProtocol on Reddit and you’ll receive your reward in the coming week.