Foreon Network | Decentralized Prediction Market On Cardano

[GENERAL] Name and surname of main applicant

Toshi Cardanomoto

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Entity (Not Incorporated)

[GENERAL] Co-proposers and additional applicants

Mit Sachani (Product Manager)

Milan Cheung: Full Stack / Blockchain Engineer

Insy Som (Frontend Dev)

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

12

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language

No

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

Foreon will bring prediction markets to Cardano by utilizing Aiken Smart Contracts for improved security, reduced fees, and transparent operations.

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

Yes

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”

To ensure that our markets are settled in a transparent and decentralized manner, we need to have robust oracles in place ensuring that.

Unfortunately the current existing oracles (Orcfax & Charli3 don’t have products tailored to our use case, which is a dynamic market different from the normal regular price feeds.

With this Catalyst funding, we intend to build our proprietary oracles from scratch in collaboration with Txpipe.

[GENERAL] Will your project’s output/s be fully open source?

No

[GENERAL] Please provide here more information on the open source status of your project outputs

We don’t plan on open sourcing our contracts immediately, but will do so in the future on an incremental basis. Ps. we are one of the first Cardano projects that wrote their contracts in Aiken.

[SOLUTION] Please describe your proposed solution

Having a free prediction market where anyone can bet on the outcome of anything would increase the activity and hype on the Cardano blockchain.

Also it can be used for numerous other use cases.

We have developed the MVP and we are seeking this catalyst funding for Enhancements to market creation, transaction management, UI, and platform features to improve user experience and functionality.

[IMPACT] Please define the positive impact your project will have on the wider Cardano community

The project will provide a more user-friendly and efficient prediction market platform on the Cardano blockchain, fostering community engagement and adoption.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

We have a track record of delivering clean code projects, and we work in Collaboration with TXpipe to utilize agile methodologies to ensure accountability and feasibility.

[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?

Milestone 1: Enhanced Market Creation UI

A: Milestone Outputs

• Develop and implement a user-friendly market creation interface.
• Incorporate feedback mechanisms and interactive design elements to facilitate easier navigation and functionality.

B: Acceptance Criteria

• User interface must pass usability testing with at least 90% positive feedback from test participants.
• The interface should support the creation of new prediction markets with all necessary features accessible within three clicks from the homepage.

C: Evidence of Milestone Completion

• Documented feedback from users and stakeholders during testing phases.
• Screen recordings and screenshots of the new UI in action.
• A detailed report describing the development process, challenges faced, and how they were overcome.

Milestone 2: Improved Transaction Management Functionality

A: Milestone Outputs

• Implement enhanced transaction handling features to reduce failures and improve speed.
• Integrate comprehensive logging and monitoring tools to facilitate easier troubleshooting and optimization.

B: Acceptance Criteria

• Achieve a transaction failure rate of less than 1%.
• Transaction processing times should not exceed 10 seconds for 95% of transactions under normal conditions.

C: Evidence of Milestone Completion

• System logs showing reduced error rates and improved processing times.
• User testimonials and feedback highlighting the improved reliability and speed.
• A technical report detailing the improvements made and the quantitative benefits observed.

Milestone 3: UI Enhancements

A: Milestone Outputs

• Implement additional UI enhancements based on user feedback, focusing on error notifications and custom messages.
• Enhance the overall aesthetic and functional aspects of the interface to ensure a seamless user experience.

B: Acceptance Criteria

• All new UI components must be integrated without disrupting existing functionalities.
• User feedback should reflect a 95% satisfaction rate with the new enhancements.

C: Evidence of Milestone Completion

• User feedback reports and surveys reflecting positive reception.
• Before and after comparisons of the UI, documented with visuals and user interaction data.

Milestone 4: Platform Feature Implementations

A: Milestone Outputs

• Integrate new features such as variable platform fees and NFT-based market stakes.
• Ensure these features are fully compatible with existing platform architecture.

B: Acceptance Criteria

• Successful integration of new features, verified through comprehensive system testing.
• Platform should handle concurrent transactions and interactions without degradation in performance.

C: Evidence of Milestone Completion

• Test results and performance benchmarks confirming the robustness of new features.
• Documentation and user guides on how to utilize new features, accompanied by tutorial videos and FAQs.

Final Milestone: Overall Project Review and Assessment

A: Milestone Outputs

• Conduct a thorough review of the entire project to assess achievements against initial objectives.
• Prepare the MVP for public release with complete documentation and support materials.

B: Acceptance Criteria

• The final product must meet all specified technical requirements and user acceptance standards.
• Achieve a bug-free release as confirmed by the final round of testing and quality assurance.

C: Evidence of Milestone Completion

• A comprehensive project report summarizing all phases, outcomes, and user feedback.
• Release notes and version history documents.
• Public announcement and availability of the MVP on the official website.

[RESOURCES] Who is in the project team and what are their roles?

Toshi Cardanomoto: Project Designer: https://twitter.com/cardanomoto

Mit Sachani: Product Manager:

Insy Som: Front-End Developer:

Milan Cheung: Full Stack / Blockchain Engineer: https://twitter.com/cryptox427

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources

Budget Breakdown for Foreon Network MVP (Total: 410,000 ADA)

UI Enhancements: 50,000 ADA

• Purpose: To improve the user interface, making it more intuitive and accessible, which includes the design and implementation of new UI features based on user feedback.
• Milestone Link: Associated with Milestone 1 and Milestone 3 for initial and further enhancements.

Oracle Development: 100,000 ADA

• Purpose: Development of reliable oracle systems for fetching and verifying external data sources crucial for the prediction markets.
• Milestone Link: Critical for ensuring data integrity and functionality in Milestones 2 and 4 where market operations are enhanced.

Contract Audit: 60,000 ADA

• Purpose: To perform thorough security audits on all smart contracts involved in the project to ensure they are secure and free of vulnerabilities.
• Milestone Link: Directly relates to Milestone 4, ensuring that new features are secure before full deployment.

Server Costs: 40,000 ADA

• Purpose: To cover the expenses related to server hosting, maintenance, and the necessary infrastructure to support a decentralized application.
• Milestone Link: Ongoing cost throughout the project lifecycle, supporting all technical milestones.

Marketing & Awareness: 100,000 ADA

• Purpose: To fund marketing campaigns, community engagement, educational content, and promotional activities to boost user adoption and market presence.
• Milestone Link: Particularly relevant after Milestone 4 to promote the newly added features and the final MVP release.

Legal: 60,000 ADA

• Purpose: To cover all legal fees associated with the regulatory compliance of operating a prediction market on the blockchain, including intellectual property rights and user agreements.
• Milestone Link: Ongoing, but particularly critical ahead of the MVP release in the Final Milestone to ensure all operations are legally compliant.

This budget is designed to ensure that sufficient funds are allocated to each critical area of development, security, and market launch, facilitating a successful project rollout within the Cardano ecosystem.

Each category is linked to specific milestones to demonstrate the allocation of resources throughout the project timeline, aligning financial planning with project execution phases.

[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

The budget allocation of 410,000 ADA for the Foreon Network MVP proposal represents value for money for the Cardano ecosystem in several key aspects:

Strategic Allocation of Resources: Each budget category has been carefully determined to maximize the impact and operational efficiency of the project. For example, significant resources are allocated to UI Enhancements and Oracle Development, which are central to improving user experience and the accuracy of market predictions—critical for user adoption and the overall success of the platform.

Cost Justification: The budget reflects industry standards and the specialized nature of the work:

• UI Enhancements and Oracle Development require skilled professionals in blockchain and user interface design, whose rates align with the higher end of the tech industry due to their specialized skills.
• Contract Audits are priced at 60,000 ADA, reflecting the critical need for high-level security in decentralized finance (DeFi) applications, where expert audits are essential to ensure the integrity and safety of smart contracts.
• Legal fees and Server Costs are based on estimated market rates for services essential for maintaining compliance and operational reliability in a decentralized network.

Economic Efficiency: Investing in marketing and legal compliance not only prepares the platform for wider adoption but also ensures that it operates within regulatory frameworks, thereby securing its long-term viability and trustworthiness.

1. Return on Investment (ROI): The funds will not only support the development of the MVP but also ensure that Foreon Network can scale effectively within the Cardano ecosystem. This has potential long-term benefits for Cardano by attracting more users and developers to the ecosystem, stimulating growth, and increasing the utility of ADA.
2. Supporting Evidence from Industry Benchmarks: Costs are aligned with average wages and freelance rates in the blockchain industry, where demand for high-quality technical skills justifies premium rates. The investment in high-caliber talent ensures that the project will be executed efficiently and effectively, delivering a product that enhances the Cardano ecosystem's value.