What is FORE Protocol?

Our world is people-powered, and centralized entities are increasingly utilizing people’s behavior and activity to problem-solve, predict outcomes, and generate revenue. But while the power of people has been realized, it is rarely rewarded. Until now. FORE Protocol has created a tokenized incentive economy to mobilize (and reward) the wisdom of the crowd to problem-solve at scale. In doing so, FORE Protocol utilizes a decentralized network of people to bridge the gap between the real-world and the blockchain: forming the foundation for web3 solutions that remove friction from real-world industries. A myriad of decentralized applications can be built on this infinitely-scalable architecture, including:

  • FORE PREDICT (a peer-to-peer predictions platform)

  • FORE ORACLE (a crowd-sourced decentralized oracle)

  • FORE SIGHT (a business intelligence application)

  • FORE AUDIT (crowdsourced financial auditing tool) FORE RESOURCE (HR management tool)

FORE Predict, the first decentralized application (or dApp) built on FORE Protocol is democratizing, decentralizing, and disrupting the predictions market by building an infinitely scalable peer-to-peer predictions protocol, powered by people. Users can enter a limitless world of predictions spanning sports, current affairs, crypto, and more, and enjoy zero counterparty risk, better odds, and incredibly low fees.

From passive income seekers to action chasers, people have different risk profiles. But in our people-powered model, everyone wins. FORE harnesses the power of people to create, participate in, and validate markets, and rewards them for doing so through the redistribution of protocol fees. Via FORE’s proprietary NFT validation model, a decentralized network of validators (or ‘Analysts’) perform the role of oracle by uploading the results from real-world events to the protocol. They act as the market's 'architects' and are responsible for verifying that a given outcome is accurate, and ensuring that all payouts are correctly executed. In doing so, the protocol can index real-world outcomes on any real world event (in much the same way Google indexes real-world information) to create an infinitely scalable predictions protocol.

Typically, protocol rewards would go to a centralized entity, but we intend to democratize and decentralize those sources of power to create income and wealth-generating opportunities for the community. Many founders focus on the outcome of behavior (price, volume, etc) instead of focusing on creating an ecosystem of incentives to incentivize the desired behavior itself. Unlike traditional prediction markets (or blockchain projects in general), we don’t intend to drive participation solely to our own end, while reaping all of the benefits like a centralized entity. We want to use incentives to create a productive and profitable economy for users who are rewarded for productive behavior on the protocol and in turn benefit from protocol growth. Using FORE as the protocol’s sole currency allows us to invert the incentive model of previous prediction markets - enabling every participant to earn sustainable rewards for productive activity:

  • ‘Creators’ can be rewarded for cultivating new activity on the protocol by creating interesting and unique prediction markets

  • ‘Players’ can take a position in any market with zero counterparty risk, greater odds, incredibly low fees, and transparent and trustless market resolution

  • ‘Analysts’ can generate sustainable passive income by simply confirming the outcome of a market

Unlike most inflationary projects that mint new tokens to reward activity, FORE is built on the idea of sustainable and deflationary rewarding via FORE token, the hyper-deflationary utility token underpinning all activity on the protocol. The deflationary nature of FORE is directly proportional to activity on the protocol: its dynamic burn mechanism burns a percentage of every single market, and burns all FORE locked into NFTs used to validate outcomes. This reduces the circulating and total supply, ensuring that the protocol is strictly deflationary. As activity increases on the protocol, the total available supply to support that activity is proportionally declining to create a level playing field for later participants (vs early adopters), attracting more participants to create an ecosystem based on the principles of decentralization, independence, and self-governance.

Furthermore, FORE is bringing ‘play-to-earn’ to predictions via a gamified NFT-based platform on FORE Predict. The main aim of gamification is to foster human motivation and performance, and casinos have perfected the art of gamifying predictions to drive activity. Financial incentives are not the only lever that drive participation in prediction markets: this can be achieved by tapping into innate psychological drivers beyond money alone - innate needs for entertainment, status, prestige, and reputation. The more of these innate needs that we can address via tiered structures, leaderboard rankings, in-app tasks and badges, competitions, and more, the more time and activity we can cultivate from users to drive long-term participation.

Last updated