Foreon Network | People Powered 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 (Incorporated)

[GENERAL] Co-proposers and additional applicants

Daniel Nguyen - Product Manager

Leo Pelekh - Architecture Manager

Dominic - Community Manager

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

4

[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 provide a secure prediction market utilizing Aiken Smart Contracts for reduced fees, and transparent operations.

We have built and tested a functional MVP currently live on Cardano testnet

[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.”

We are utilizing external oracles to ensure that markets on Foreon are settled in a transparent and decentralized manner.

In a separate proposal, we intend to build our proprietary oracles to mitigate our third party dependency.

[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 plan on eventually open sourcing our contracts but will do so in the future on an incremental basis.

[METADATA] Horizons

Marketplace

[SOLUTION] Please describe your proposed solution

A prediction market on Cardano where anyone can bet on the outcome of future events would increase the activity and drive the much needed users and liquidity on the Cardano blockchain.

We have developed the MVP currently live on the Cardano preproduction testnet and we are seeking this catalyst funding for further enhancements and audit to improve user experience and security.

You can check it out here: https://uat-foreon-network-user.sotatek.works/markets

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

The project will provide an engaging 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 and intuitive interfaces.

We have worked in collaboration with TXpipe to develop our initial contracts in aiken and we have also in partnership with a Cardano development firm utilizing agile methodologies to ensure faster turnaround times.

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

Enhanced Market Creation UI

A: Milestone Outputs

• Ensure that the interface is user-friendly and intuitive
• Incorporate 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.

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.

Improved Transaction Management Functionality

A: Milestone Outputs

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

B: Acceptance Criteria

• Achieve a transaction failure rate of less than 5%.
• Transaction buildng times should not exceed 3 seconds for 95% of transactions under normal conditions.

C: Evidence of Milestone Completion

• 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.

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.

Platform Feature Implementations

A: Milestone Outputs

• Integrate new features such as USDM stablecoin integrations
• Ensure these features are fully compatible with the 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.

Overall Project Review and Assessment

A: Milestone Outputs

• Conduct a thorough review of the entire project to assess achievements against initial objectives.
• Prepare the Beta version 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 Beta version on the official website.

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

Toshi Cardanomoto - Biz Dev & Co-Founder

Daniel Nguyen - Product Manager

Leo Pelekh - Architecture Manager

Dominic - Community 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 (Total: 150,000 ADA)

UI Enhancements: 30,000 ADA

• Purpose: To improve the Foreon Network 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.

Smart Contract Development & Audit: 50,000 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: 20,000 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: 40,000 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: 10,000 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: 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 150,000 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 Smart Contract Development & Audit, which are central to improving user experience and the accuracy of market predictions—critical for user adoption and the overall success of the platform.