Creation Phase

KEY POINTS:

• A creator submits a new market to FORE Protocol, 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 later be used to claim the market creator rewards (0.5% of the total market size)

When creating a new market, creators must provide:

1). the market prompt - a statement about a verifiable future event with an unambiguous outcome. For example, "will Piere Gasly finish in top 3 for the Abu Dhabi Grand Prix 2022?"

2). the category and subcategory - an organization tree of markets to classify them. An example of the above market prompt would be "Sports" with a subcategory of "Formula1."

3). the end datetime of predictions - a specified date and time which would mark the close of the market to new predictions. As such, no new contributions will be accepted to the market after this datetime.

4). the start datetime of verification - a specified date and time which would mark the open of the verification period to analyst market verifications. After this datetime, the market is available to the analyst community to evaluate the prompt and statement in order to receive the analyst reward.

5). the source of the verification - an objective and reliable source which market analysts can evaluate to determine the official market outcome. Note that markets with ambiguous prompts, or poorly specified sources are less likely to attract participants and are more likely to be disputed. Creators are highly incentivized to ensure quality markets are created, and the official source of the market is an important piece of that. An example of a source for the ongoing example may be: https://www.formula1.com/en/results.html

At the time of market creation, the creator can express their predictions by contributing to either side of that market. The rest of the parameters are optional.

The market prompt should be written such that the answer is yes or no and in a manner that is not ambiguous.

From the received inputs, FORE Protocol will create a market object and load it into IPFS. The converted object hash is used when creating the market. It provides proof of the immutability of the question.

If the protocol administrator has set a fee for creating a market, the creator must incur it. The fee is 100% burned.

The contract will be created with the Market Config currently set in Protocol Config. After that, it cannot be changed.

The creator must incur a non-refundable fee in Fore tokens (if the fee is set). These tokens are burned. The amount of fee is set by the administrator in the Protocol Config (fee can be disabled).

As a result of the market generation, the Market NFT(mNFT) and the market are created.

The FORE team cannot turn off a market in a smart contract, but we can delist it from our page. Such measures apply to markets containing profanity, insults, and other prohibited behavior. The team monitors the quality of markets with a reporting system. If your market was delisted by mistake, contact support