Superumans #64 - Fore Protocol And Optimistic Oracle Powered Prediction Markets

By PVM | SuperUMAns | 5 Dec 2023


The Cryptoverse is going to heat up, as Fore Protocol mainnet launch was successfully smooth!  The prediction market protocol went live on the 30th of November, and it quickly added top sport, social, and crypto markets. 

The prediction markets sector was enhanced by UMA's optimistic oracle, and it is clear that the tool revolutionized the landscape. The tool came to decentralize prediction markets and solve problems associated with traditional venues.

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The Web3 platforms helps users bet on current events in sports, politics and more. The OO uses game theoretical principles to find a Schelling Point for any outcome, which makes it a powerful tool for resolving disputes.

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.

FORE Protocol has created a tokenized incentive economy to mobilize and reward the wisdom of the crowd to problem-solve at scale. FORE 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.

FORE Predict is a truly decentralized peer-to-peer predictions ecosystem powered by people. The users can create prediction markets, determine market odds, participate in markets against each other, and validate the market outcomes.

The platform fees are redistributed to users for all productive activities like creating and validating prediction markets, creating a self-regulating and self-sustaining ecosystem where .... the house doesn’t win! The users are the big winners, as they earn points for each action, and earn even more by becoming Fore Analysts

The analysts on FORE Predict will participate in market resolution by confirming market outcomes, contributing to a decentralized and trustless environment. For their contribution, they are rewarded with 2% of the total market size, ensuring that analysts have an incentive for correct validation.

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Fore Protocol – a next generation prediction market is launching using UMA's Optimistic Oracle

Online bookies are bullies, charging high fees and even blocking successful players from betting. Online betting companies will enforce low maximum limits to customers and play any card in their sleeves to make profit.

The synergy created by the Optimistic Oracle and Fore Protocol created an open and trustless alternative. Any user with a web3 wallet can bet on events and receive fair rewards if the bet is correct. UMA's Optimistic Oracle – the only oracle which validates natural language statements – is perfect for resolving prediction markets

How it works? The funds are locked in smart contracts, so traders who predict correctly receive instant payouts. Decentralized prediction markets don’t ask for KYC details, as the users will only need a Web3 wallet to participate. Everything is transparent as all data gets recorded on-chain and the participants can see where the funds are going. 

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The Optimistic Oracle helped prediction markets because it can determine any truth. The OO will verify any smart contract data, offering versatility to power markets predicting absolutely everything ... from the next US President, football winners, or the UMA total value secured! 

The Optimistic Oracle differs from Chainlink and other traditional oracles because it has the ability to find the truth for ANY outcome, easily solving  "gray area" disputes when there is no categorical right or wrong case. 

Fore is unique because it is totally user controlled – users create markets, participate in them, and resolve them, without centralized intervention. The markets are automatically settled, unless a dispute is raised. Fore uses UMA for security and disputed market outcomes will be submitted to UMA's Optimistic Oracle for resolution. 

More opportunities are available on Fore, where Analysts can earn rewards by validating prediction markets. You can earn up to 2% of the total market, and validating markets can become more than a hobby. 

Multiple successful validations will increase the earning power, with greater shares from the reward pool. You can fast track for the next 40 days, and level up your rewards six times faster. There are already 220 Analyst NFTs, burning 220,000 $FORE tokens. Mint yours and start validating! 

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PVM
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SuperUMAns
SuperUMAns

The superUMAns are crypto enthusiasts that recognized the colossal potential of UMA and a group of people that are ready to share their knowledge so the Cryptoverse will understand UMA's amazing features! ** Not an UMA official blog **

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