FORE's Hyper-Deflationary Utility Token

foretoken
/fɔːˈtəʊk(ə)n/
NOUN | a sign of something to come.
"a foretoken of the opportunities that lay ahead"

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FORE exists to incentivize the wisdom of the crowd to bring real-world data to the blockchain, creating the architecture for a number of web3 solutions that remove friction from real-world industries like prediction markets, oracles, auditing services, and more. FORE Predict, the first decentralized app on the protocol, is a peer-to-peer predictions platform powered by people. Whether sports, crypto, current affairs, or ad hoc bets between friends, users can create, predict, and validate any market on any real world event - and are rewarded for doing so through the redistribution of fees.

FORE TOKEN UTILITY

Users are rewarded in FORE token: FORE’s hyper-deflationary utility token. Many projects class their native asset as a utility token, without much utility to their token at all. FORE token is a true utility token because is the sole currency on the platform and underpins all activity on the protocol.

• CREATE: all markets created with FORE, and creator rewards are paid out in FORE.
• PLAY: all winnings from successful market positions are rewarded in FORE. 
• ANALYZE: all validator rewards paid in FORE, which can either be claimed or compounded into the value of the Analyst NFT.
• NFT ACCESS: users can mint, buy, or sell any FORE NFT (analyst, community, or badges) on the NFT marketplace (priced in FORE).
• GOVERNANCE: holding FORE will enable governance of the protocol in areas such as market verification.
• PLAY2EARN: in the future, users will be able to gain metaverse access by holding FORE.
• EVENTS: in the future, users will be able to gain access to exclusive events by holding FORE.

DEFLATIONARY TOKENOMICS

As main net will coincide with FORE’s TGE, the token will have full utility from day one. This is important not just for its status as a utility token, but for its hyper-deflationary nature, as FORE’s supply is directly proportional to activity on the protocol. Put simply, as activity increases, supply reduces.

FORE’s maximum supply is capped at 1 Billion FORE, although the circulating supply will never come near that due to its deflationary nature. A portion of all FORE tokens utilized on the protocol is removed from circulation forever: these tokens cannot ever be recovered or recreated. As activity increases on the protocol, the total available supply to support that activity is proportionally declining.

Two core functions drive the deflationary nature of FORE: 

• Market Participation - 1% of the value of all markets is burned and removed from the total supply, thus increasing the scarcity of FORE. 
• NFT Minting - to create a new NFT, a user must lock 1,000 FORE, which is then burned and permanently removed from the circulating supply
• Additionally, FORE is removed from circulation through incorrect validation penalties, market creation fees, dispute mechanisms, and more.

Many blockchain projects disregard economic principles when building their tokenomics, leading to failed projects. FORE team, on the other hand, has carefully crafted token release schedules to best support sustainable tokenomics. Combined with a carefully designed, revenue-generating product from day one, alongside inbuilt aggressive deflationary mechanisms, we can ensure the continual reduction of the supply of FORE token.

REDISTRIBUTED REWARDS

Unlike many projects that use utility tokens in an inflationary manner, FORE Predict uses its sole currency, FORE, to incentivize productive activity in a sustainable way without ever minting new tokens. Instead, a 5% maintenance fee is imposed on all market participation, which is used to reward participants and maintain the protocol's homeostasis, a flywheel of activity that benefits everyone involved.

Of the 5% maintenance fee:

• 1.5% goes to the protocol as revenue
• 1% is burned and permanently removed from supply
• 0.5% goes to the creator as a reward
• 2% is shared among validators as rewards

TOKEN SALE

Entirely bootstrapped up until now, we have successfully completed our initial BUILD phase in preparation for token and protocol launch. We are currently in the process of closing out our private round to rapidly accelerate our roadmap to drive protocol growth and enterprise value.

Ahead of TGE in Q2, we are working to establish a three-tiered launch plan across DEXs, centralized exchanges, and launch pads. 

As a people-powered network, decentralized ownership and incentives are two tenets at the core of FORE Protocol. We understand the power of people and we want to reward productive activity: be it protocol testing, social amplification, or community engagement. We want to ensure that people who want to build with us and provide value to our ecosystem have the opportunity to ‘own’ part of what they are building. Learn how to get involved in FORE's private round here.

Click here to learn more about the FORE token.