Predictions Beyond Traditional Betting

In its simplest form, a market is where services or goods (tangible or intangible) are bought and sold. In prediction markets, the product is a position on the outcome of an unknown future event. These are open markets where specific outcomes on real world events can be predicted via financial incentives, where market prices (or odds) indicate what the crowd thinks the probability of an outcome is.  From political outcomes to sports matches, weather events, or crypto prices, these positions are then used to create an aggregate prediction about what will happen, and this market value can then be used by others to make decisions about their own behavior. By incentivizing correct predictions with profit, prediction markets provide an incentive for people to gather information, evaluate it and make accurate forecasts. While 2/10 economists accurately predict inflation, 6/7 prediction markets accurately predict inflation. 

But while the power of people has been realized, it is rarely rewarded - at least not fairly. In traditional prediction markets, the house always wins because “the house” is a centralized entity that creates the rules, and the odds are stacked in their favor. Most of the value in the traditional prediction markets is captured by these centralized entities - whether casinos, bookmakers, investment banks, insurance companies, or exchanges. They are profit seekers, and operate in accordance with their own tried and tested incentive structures. Participation in such markets can be unproductive and unprofitable for many: odds are pre-set against the participant, fees are high (and often hidden), and revenue is never shared.

Traditional prediction markets have already been disrupted by the emergence of online markets and bookmakers - enabling global access, greater convenience, and greater choice of odds. But this has only made these centralized entities more creative than ever in order to disguise their fees structures: odds and payouts are pre-calculated based on opaque proprietary logic designed to hide significant fees. Meanwhile, they make every effort to hold on to players’ funds, exposing users to significant counterparty risk. Ultimately, online bookmakers remain centralized entities driven by a mission to extract as much profit from participants as possible.

Prediction markets evolved out of the need to harness the wisdom of the crowd and are, by nature, powered by people – yet the centralization of most prediction markets goes against their very nature. FORE is here to change that. We exist to democratize, decentralize, and disrupt the predictions landscape as we know it: inverting the traditional prediction model to create sustainable value for all participants - not centralized entities. 

FORE Predict is a predictions ecosystem rather than a ‘betting platform’ because it allows users to participate in all aspects of predictions, from market creation through to validation. This allows us to tap into various different audience types and risk-profiles beyond the ‘traditional bettor’. For example, you may be following the French Open but too risk-averse to take a position on an outcome. Typically, that means you aren’t participating in the predictions ecosystem, but on FORE Predict you still can. Instead of utilizing your expertise on the future outcome of a game, you can do so by taking part in the validation process once the game is over. If you know the results of the games already, it makes validation that much easier for you. So in that sense, you don’t need to ‘play’ by taking a risk on future outcomes. You can instead generate ‘nearly’ passive-income through validating the results of a market.

Leading DeFi prediction markets, although built on the blockchain, typically still operate in a similar way to traditional prediction markets like bookmakers and casinos. Polymarket for example is still ‘the house’: they determine which markets you can participate in, they take a share of the market, and they charge withdrawal and deposit fees on your own funds. FORE is not a predictions 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 a hyper-deflationary utility token. 

The community is the driving force behind FORE, 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, FORE creates a self-regulating and self-sustaining ecosystem that brings transparency and democracy to predictions in ways not seen before.

Enter a limitless world of predictions spanning sports, current affairs, crypto, and more - limited only by your imagination.

FORE Protocol, and FORE Predict, is powered by FORE token. FORE token will be available for trading on MEXC. FORE Predict's main net will be live following the completion of our security audit.

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