- Despite current controversies on its status, a new prediction protocol, Foreon Network has made its way into the Cardano protocol.
- Foreon Network has a goal of becoming the dominant Web3.0 prediction tool in 5 years.
Foreon Network, an information market prediction platform which is based on the Cardano (ADA) blockchain is poised for outstanding growth in the industry as it makes plans towards hitting milestones in no distant time.
The newly launched decentralized platform, according to the Press Release shared with Crypto-News Flash, intends to become the top blockchain-based prediction market within five years. While this is a laudable goal, many are concerned if Foreon Network has gained the resources required to achieve such a feat on the Cardano blockchain.
Brief Dive into the Forean Network Ideals
It is worth noting that Foreon Network presents itself as a unique and advanced decentralized prediction market platform. It was co-founded by Toshi and Sven who declared recently in an interview with Dappcentral, a Cardano-centric YouTube channel that the venture is his latest entrepreneurial pursuit. Foreon Network permits users to predict outcomes of future events, and in the end, accurate predictions are rewarded.
The project is proudly focused on achieving a nearly insurmountable feat; offering an early „product-market fit“ within the niche crypto-sector.
The platform is largely well-designed and user-centric in that it allows users to initiate a betting market on the subject of their choice and thereafter, launch it as an immutable Cardano smart contract. Majorly, the platform utilizes Foreon Non-fungible tokens (NFTs) and the Foreon Utility token to foster a rewarding, accessible, and efficient prediction market environment. This prediction model is quite different from what is usually encountered in the prediction market, especially as it is mostly available to Foreon NFT holders.
These holders have exclusive rights including the capacity to open markets, earn rewards upon each market’s settlement and also qualify to participate in an airdrop of 12,500 $FRN tokens. At the same time, with their exclusivity, they are only entitled to 80 mints and one 5 NFTs allocated to a wallet. Each NFT is currently priced at 10,000 ADA. Already, over 25% of these NFTs have been minted and this indicates a high level of interest in the unique offering.
Interested persons have until the later hours of Thursday, July 13th to mint an NFT. Notably, Foreon Network is launching at a time when there is a high demand for a new consensus approach. This becomes apparent as the United States economy is currently staggering, and the volatility of the digital asset market is becoming overwhelming.
IOG Says ADA is Non-Security
Input Output Global (IOG), the parent company of Cardano, on the other hand, is currently venting to the U.S. Securities and Exchange Commission (SEC) after its native token ADA was categorised with other tokens as securities in a lawsuit against Binance. In a blog post, Cardano stated that under no circumstances is ADA a security under U.S. securities laws.
Coinbase was also indicted by the regulator for operating as an unregistered broker and exchange operator, violating regulatory requirements. All of these crypto heavyweights including Ripple have teamed up to fight the menace caused by the SEC’s regulatory upheaval.
For more information
Mint Foreon NFT: https://foreon.network/mint