Fore Protocol review as a web3 betting platform


     

Doing random stuff on Zealy, I found a nice contest about Fore Protocol. As a person who was (a bit) addicted to gambling, back in the days of Matched Betting, when, I will admit, I made quite some money for a year or two, while probably putting the fear of god in my Bank account managers, as they watched me being checked by more than 250 online betting websites, to start betting on them all. With something crazy like £30-40k coming in and out for a couple of thousands in profit.

fore bit.jpg

While my gambling days are far behind, this little gimmick made me curious. First of all, they have different roles, the first being the Maker, where you are the bookmaker. earn rewards for creating interesting and unique prediction markets on anything from sports to weather, to elections, and whatever else you may think about. Imagination is the only limit. As a Maker, you can create a market and earn 0.5% of the total market size, regardless of the outcome. The second role is being a Player, where you take a position in any market and enjoy market-determined odds, zero counterparty risk, incredibly low fees, and transparent and trustless market resolution. There are no hidden fees, except the blockchain fees that you pay to record your move on the blockchain, but the whole activity is on the ETH layer 2, Arbitrum, so the fees are quite low. The other role, as an Analyst, is quite cool as you don't have to play to earn. If you are up to date with the results of your favourite team, but too risk-averse to take a position, then you can earn rewards for simply confirming the outcome of a market. This role is a bit different, because, while 2% of market contributions are redistributed to validators for confirming market outcomes, you may need to mint a special NFT costing 1000 Fore if you want to start to be a validator. But then, you can level up your earning power with multiple consecutive successful validations, making your NFT more and more valuable.

walet fore.png

The short version of the token mechanics is the following:

  • Players take positions against each other in a market with two binary outcomes.

  • Players’ funds are held in a decentralized smart contract until market resolution.

  • Market odds are determined upon market closure based on market participation on either side.

  • Payout is determined by the player’s respective share of the winning side relative to the losing side 95% of the total market is distributed to winning players.

  • Payout is trustless and immediate upon resolution.

They even got referrals, please use mine (click here) if you want to be rewarded $10 for each of us, or just go straight to their website (https://www.foreprotocol.io/), if you just think to have a look. The website is easy to use and intuitive, and they reward the activity, especially if you joined Discord too. If you like betting and creating your market, you may want to give it a try. My strategy will be to get 1000 Fore to mint an NFT and become a validator, and then, just switch some Fore profits into ETH. mORE eth, more BTC, more Hive, this is my basic strategy these days. Did you get something better?

Do we have anything like this on Hive?

All the best,
George

Why not...

...have fun and win rewards on my favourite blockchain games (Splinterlands- Hearthstone-like card game) (Mobox - GamiFI NFT platform) (Upland- real-life virtual land) (Holozing- Pokemon-like game)and (Rising Star - Music creators game).

...Get ETH while writing on Publish0x blog, using Presearch search engine to maximize your income with PRE tokens. Use Torum instead of Twitter . I am also writing for crypto on Read.cashand Hive.

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Heruvim78
Heruvim78

I am a writer, gamer, healthcare professional. I am.


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