people-powered
predictions.
Create, predict, and validate any market on any real-world event.
Create, predict, and validate any market on any real-world event.
CREATOR
Creators are users that create engaging and distinctive prediction markets. In order to encourage activity on the protocol, creators are incentivized by 0.5% of the total market size: earnings dynamically adjust to market interest and participation, so it's in a creator's interest to “market their markets” and drive activity to increase rewards.
PLAYER
Players are protocol participants who take a position in any market on the protocol. FORE is designed to help market participants gain access to more liquid, decentralized, and varied markets on any real world event, with zero counterparty risk, market-determined odds, incredibly low fees, and transparent and trustless market resolution.
ANALYST
Analysts are users responsible for validating a market's outcome. They are rewarded a share of 2% of the market size for accurate validation, proportional to the “power” of their Analyst NFT (which increases with consecutive accurate validations). Penalties for inaccurate validations exist to ensure an accurate validation model.
A creator submits a new market to FORE Predict, setting the parameters for:
- Market prompt and categorization
- Prediction phase closure
- Validation phase start
- Verification source
- Starting odds
An ERC721 mNFT is received by the creator, which can be used to claim the market creator rewards upon market resolution (0.5% of the total market size)
The participation phase starts immediately upon market creation, lasting until the end time set by the market creator in market configuration.
During this phase, players can take a position by wagering FORE on outcomes. Anyone can take a position as long as they hold FORE tokens in their connected wallet (the amount must be greater than 0 and less than or equal to the amount of FORE in their wallet).
With every position, the total market size will increase per that position. With any subsequent prediction on the same market outcome, it will be added to the users’ original position.
Player funds are held in a smart contract until market resolution.
The verification phase begins at the time and date set by the market creator in market configuration. The minimum time for verification is 12 hours. The maximum time is 96 hours, but markets can be resolved before if sufficient power has been voted on the outcome after 12 hours.
In order to verify a market, users must hold an Analyst NFT (these can either be minted or bought on FORE’s NFT Marketplace).
Once a user votes their NFT on this market, it will be held in a smart contract until market resolution.
The amount of rewards paid out to each Analyst is proportional to their vote in the market (dependent on the locked FORE in their respective NFTs).
After the verification phase ends, the dispute period begins. The minimum time for dispute is 12 hours, and the maximum time is 96 hours. Users and High Guards can create a dispute by voting FORE as a ‘dispute fee’ (returned to the dispute creator if the dispute is deemed necessary).
The dispute phase has four outcomes:
- No dispute: validation was correct.
- Won A/B: Analysts who validated the wrong outcome lose their NFTs and the FORE locked into it.
- Draw (validation power is equal and not zero): the verifier award is divided equally among the High Guard and the creator of the dispute.
- Invalid (single sided liquidity or no validation): the Analyst award is divided equally among High Guard and the creator of the dispute.
At the end of the dispute phase, the resolution phase begins, with two outcomes:
1. Payout released
(occurs when no dispute / won A/B)
95% of total market value is distributed amongst winning participants. The market fee (5%) is redistributed:
- 0.5% to the creator
- 2% to validator (or High Guard)
- 1% burned
- 1.5% to foundation
2. Refund released
(occurs when draw / invalid market occurs)
In the case of a draw:
- Players are refunded (minus fees)
- Analysts refunded in full
- 50% of analyst rewards burned
- 50% of analyst rewards are sent to the High Guard
- Dispute Creator loses Dispute Fee (shared among High Guard)
In the case of an invalid market:
Analysts and players are refunded in full
