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Prediction markets have been in existence for centuries, serving as a means to forecast the outcomes of various events, from sports matches to political elections. However, traditional prediction markets are plagued with issues such as high transaction fees, limited accessibility, and a lack of transparency.
The advent of blockchain technology has paved the way for decentralized prediction markets to address these shortcomings. Foreon is a decentralized prediction market built on the Cardano blockchain, aiming to offer a secure, transparent, and accessible platform for users to make predictions and trade on event outcomes.
Foreon seeks to tackle the problems associated with traditional prediction markets by harnessing the benefits of blockchain technology and the robust infrastructure of Cardano. Utilizing smart contracts on the Cardano network enables Foreon to facilitate trustless and transparent transactions while reducing transaction fees.
Moreover, the decentralized nature of the platform ensures that no single entity can manipulate or control the market, providing a fair and open environment for all users. The adoption of a stablecoin, such as DJED, as the trading medium offers stability for users, mitigating the volatility often associated with other cryptocurrencies.
In this whitepaper, we will delve into the core features of Foreon, the advantages of utilizing a decentralized prediction market, and how the implementation of blockchain technology and Cardano can resolve the issues plaguing traditional prediction markets. We will also address potential drawbacks and limitations of the platform and outline a roadmap for future development.