Fresh off its notable achievement at the Cardano EMURGO BUILD 2023 Hackathon – a prominent Cardano blockchain-centric Web3 contest which Foreon Network clinched the second position stands as a testament to the budding potential and prowess of Foreon Network within the Cardano ecosystem.
Understanding the ISPO Model
The ISPO serves as a groundbreaking fundraising paradigm, primarily benefiting Cardano projects. By harnessing the delegation mechanism inherent to PoS blockchains like Cardano, ISPOs allow for effective fundraising without the investors having to spend his ADA.
Notably, Blockchain technology underpins this innovative fundraising model, ensuring transparency, security, and trust in the process. Foreon Network leverages Cardano’s PoS (Proof of Stake) blockchain, which is known for its sustainability and scalability.
Here’s how the ISPO works:
- Foreon Network establishes a staking pool on the Cardano blockchain.
- Users stake their ADA into this pool which has a 99% Margin.
- Rewards are delegated to Foreon Network for further development.
- In exchange, stakers receive Foreon Network’s tokens.
This innovative fundraising model not only provides projects the capital influx they require but also empowers users to gain rewards, especially during bear markets.
The Foreon Network’s ISPO kicked off on Epoch 433 and will last for 45 epochs until the token presale, ADA holders are afforded a golden chance to delegate their ADA to Foreon’s pool here.
The enticing part? Instead of ADA, stakers are reciprocated with FRN tokens, proportional to their commitment.
For instance, a delegation of 2,000 ADA to Foreon’s pool fetches a reward of 1 $FRN per epoch.
Foreon Network ISPO Specifics
- Pool Owner: Foreon Network
- Pool Name: Foreon Stake Pool
- Pool ID: 10ecebfb1bbb0d1132c41952f9de613431d4fef626b2de8050e1a80b
- Pool Ticker: FRN
- Pool Margin: 99%
- Duration: Commencing from Cardano’s 433rd Epoch (28th August 2023) and spanning 45 epochs.
- ISPO Rewards: A reward of 1 $FRN for every 2,000 ADA staked.
The $FRN token, an integral component of the Foreon Ecosystem, will be earmarked for fee payments on Foreon’s prediction platform in the foreseeable future.
Foreon Network Testnet: What Lies Ahead
Foreon Network’s diligent team has hinted at an imminent testnet launch. Holders of Foreon NFT will have the privilege to register their testnet addresses, qualifying them to partake in the inaugural public testnet. This move enhances the utility of Foreon NFTs, especially after the successful minting of the first 100, available on Jpg.store.
Additionally, owning a Foreon NFT entitles the holder to claim up to 12,500 $FRN tokens, albeit with bonus provisions for the first 40 NFTs minted.
About Foreon Network
Foreon Network empowers users to speculate on potential outcomes of forthcoming events. By curating a share portfolio anchored to their predictions, users can reap dividends based on the precision of their projections.
Blockchain technology forms the foundation of Foreon Network’s trustless prediction market, ensuring fair and transparent outcomes for all participants.
For further details about Foreon Network project or any inquries or questions regarding the project, users can look at the links below:
- Join ISPO: https://docs.foreon.network/foreon-ispo
- Twitter: https://twitter.com/foreonnetwork