Charting Our Course: Foreon Network’s Updated Roadmap, Tokenomics & Vesting Schedule

Hello Foreon Community,

We’ve come a long way since our inception, and it’s incredible how time flies when you’re busy building the future of prediction markets on the Cardano blockchain.

Today, we’re excited to share our progress, our journey so far, and what lies ahead.

Our Vision

From day one, our vision has been clear: to create the first decentralized prediction market on Cardano.

We believe in the power of blockchain technology to revolutionize how predictions are made and how markets operate.

And now, we’re closer than ever to turning this vision into reality.

Journey Highlights

Here’s a quick recap of our journey so far in 2023:

• Introducing Foreon Network to the Cardano Community: We started by introducing Foreon Network to the Cardano community, sharing our mission and values.
• Website Release: Our website went live, providing a platform for users to explore our project.
• Initial Litepaper Release: We shared our initial litepaper, outlining our initial goals and strategies.
• Foreon Network Documentation: Transparency is essential to us. We released a comprehensive documentation detailing our project.
• POC with Clickable Prototype: We demonstrated the Proof of Concept with a clickable prototype, giving users a taste of what’s to come.
• NFT Bonds Seed Funding Round: To build our MVP, we initiated the NFT Bonds Seed Funding Round, securing resources to take our project to the next level.
• Emurgo Hackathon (Finished 2nd Place): We participated in the Emurgo Hackathon and secured the 2nd place, which gives great testament to our technical capabilities.
• Foreon Ambassador Program Launch: Building a community is crucial. We launched the Foreon Ambassador Program to engage with passionate individuals who believe in our vision.
• Strategic Partnerships: Collaborations are key to success. We forged strategic partnerships to enhance our ecosystem.
• AI Moderation Bot: We worked closely with CardanoGPT to develop a custom Foreon AI moderation bot which is now in beta.
• AMAs & Twitter Spaces: Engaging with our community is a top priority. We hosted several AMAs and Twitter Spaces sessions to answer questions and share insights.
• Initial Closed Private Testnet: Our first private testnet marked a significant milestone, allowing us to test our platform’s functionality.

2024 has elapsed by just a month but we have made some progress this year as we have:

• Release of the ISPO Dashboard: The ISPO Dashboard is now live, providing a seamless experience for ISPO participants to track their rewards.
• Bugs Fixes & Testnet Enhancements: We are diligently addressing bugs and made substantial enhancements to our testnet.
• Foreon Discord Community AMA: We held our first-ever Discord Community AMA, connecting directly with our community members.

Our technical team has been hard at work and we’ve made significant improvements to the testnet in recent weeks.

We’ve tackled various issues, made design improvements, and enhanced overall user experience.

We are also in talks with the good guys from Txpipe to augument our existing team to fast track our development time.

What’s Next?

As we move forward, here’s a glimpse of what’s on the horizon:

• Release of the 2024 Roadmap: We have an exciting roadmap planned for 2024, which includes improvements to our testnet, an upcoming IDO, and listing on Minswap.
• Token Vesting Update: We’ll be updating our token vesting schedule to align with our project’s goals and milestones.
• Foreon NFT / Token Vesting Dashboard: A dashboard is in the works, allowing users to monitor their Foreon NFT and token vesting status.
• Launch of IFTO (Initial Foreon Token Offering): Stay tuned for more news about our IFTO towards the end of our ISPO, a significant event in our journey.
• Minswap Listing: After the IFTO, we’ll begearing up for our listing on Minswap, opening up new trading opportunities for our community.
• $FRN Token Staking & Farming: We will introducing staking and LP farming options for our $FRN token, giving users more ways to earn rewards.
• Smart Contract Audit: Ensuring security is paramount. Our smart contracts will undergo a thorough audit before going live on the mainnet.
• Incentivized Public Testnet: A public testnet will be launched within the next quarter, allowing a broader audience to test our platform.
• More Partnerships: We’ll continue to explore partnerships to expand our ecosystem.
• Development of Foreon Network Governance: We believe in community-driven governance. The development of governance structures is on our agenda.
• Mainnet Launch: The culmination of our efforts will be the mainnet launch, bringing our vision to life.

Updated Tokenomics & Vesting Schedule

To ensure the sustainability of Foreon Network, we’ve designed a robust tokenomics model. Here’s an overview:

• Team: 10%
• Advisors & Partners: 5%
• NFT Bonds Allocation: 13%
• ISPO Allocation: 3% (The remaining 22% will be locked in the vault for one year)
• Exchange Liquidity: 8%
• Farming Rewards: 10%
• Marketing: 7%
• IDO Allocation: 10%
• Vault / Treasury: 34%

$FRN Token Vesting Schedule

To promote responsible token usage and ensure the sustainability of our project, we’ve implemented vesting schedules highlighted below.

Please note that the locking and vesting schedules will be in effect once the ISPO ends on epoch 483.

• Team: 6 months cliff, with a 5% monthly vesting.
• Advisors & Partners: 4 months cliff, with a 20% monthly vesting.
• NFT Bonds Allocation: 2 months cliff, with a 25% monthly vesting.
• ISPO Allocation: 1 month cliff, with a 25% monthly vesting.
• Exchange Liquidity: No vesting.
• Farming Rewards: Will remain locked until ready for farming.
• Marketing: 5 months cliff, with a 2.5% monthly vesting.
• IDO Allocation: Vesting details to be decided.
• Vault / Treasury: Locked for 12 months

Also note that the cliff period starts from the end of the ISPO on epoch 483.

As we progress, our commitment to transparency, innovation, and community engagement remains unwavering.

Thank you for being a part of our journey. Together, we’ll redefine prediction markets on Cardano.

Stay tuned for more exciting development updates particularly the Foreon NFT & Vesting Dashboard.

Let’s build the future of Foreon Network together!

Keep up-to-date with Foreon Network:

• Visit our official website: https://foreon.network/
• Join our vibrant community on Discord: https://discord.com/invite/zwPfBRGDEu
• Follow us on Twitter: @foreonnetwork
• Connect with us on Telegram: @foreonnetwork
• Dive into our Medium publications: https://medium.com/foreon-network
• Contact us via email: beep@foreon.network