FAQ for people who love learning and reading things in Q and A format (like us!)
Q. What's a prediction market?
A. A prediction market is a marketplace where people can answer questions with Yes or No. They can buy, sell, trade those Yes's and No's around. When the market ends, the correct answer will turn into $1. Read more here!
Q. Why a prediction market?
A. The Foresight team are fans of discussing and researching their beliefs and so it was in our destiny to create a website for like minded people! We built a product of what the space could greatly improve on. We also threw in our our personal touches where decentralization is a must. We also love intense late-night discussions between people so we wanted to let people list questions themselves. Can't wait to see all the interesting markets!
Q. But why a prediction market?
A. Are you serious?.... I just told you that a moment ago
Q. Is Foresight.Exchange completely decentralized?
A. Yes! we are building everything decentralized on the Solana blockchain.
Q. So how do I start? (when the site is not Devnet and uses real money)
A. You will need to connect a wallet like Phantom or Sollet and have some USDC. If you do not have a wallet, you will need to make one and then send yourself SOL and USDC, perhaps from an exchange like FTX or Binance.
A. We call units of Yes and Noticketsbecause they can be redeemed for $1 if they are correct by the time the market ends.
Q. What is a Question? What is a market?
A. On every listing in our front page, you can see how every box has a question and all those questions have a Yes or No answer. The exchange of these tickets are what makes it a market.
Q. What happens when I click Yes or No?
A. An orderbox drops down and you can make an order for how many you want to buy or sell.
Q. What is an Orderbox?
A. An orderbox is the dropdown (on the front page) or the gray box (on detailed mode) where you can play your order to buy or sell tickets. It also display potential winnings and gives you the option to set a limit order in detailed mode.
Q. What is detailed mode? (Also called the 'Details Page')
A. Detailed mode is a more in-depth look into a market. There is an orderbook, rules, and discussion area. You can also place a limit order.
Q. Why does the screen split into two the desktop front page?
A. We designed the split so it's like a book! Questions (front page) on the left and Detailed mode (details page) on the right. You can quickly navigate around and view all the questions and markets with ease.
Q. Do I have to go to the details page? Can I just stay on the front page?
A. Yes! you can stay on the front page. We built the site to allow you to scroll through all the questions on the front page and quickly make your predictions there.
Q. What is an order book?
A. It's a list of orders that other people placed with their ideal price and quantity. You can look at the orderbook and make your decision on the kind of price you want to buy or sell at.
Q. If you own a Yes ticket, is selling your Yes ticket the same as buying a No ticket?
A. Yes, because one Yes and No are worth exactly $1, selling a Yes is the same as buying a No. It works similarly to going long or short in a futures market!
Q. Do I have to do anything after I buy a Yes or No ticket?
A. You can wait until market ends. We built code on the blockchain to immediately cash you out then! You don't have to do anything else! You can trade around or participate in the community discussions.
Q. When does a market end?
A. Every market has an end date when it resolves! There will be more details in the rules if you want to know the exact time and exactly how markets will be resolved. Some markets might resolve before the listed end date. For example, a market for a sports match might end immediately after the game is over.
Q. When are you releasing your coin? When is your IDO happening? Wen token?
A. Some time in 2022! We've been focusing on building more features for our site but we will announce it when it will happen, stay tuned!
Q. What is a DAO? What are your plans for one?
A. DAO stands for 'decentralized autonomous organization.' It's how communities push changes in a project. People make requests and the community votes if they accept the new plan. We are doing everything decentralized so we are building this on top of Foresight! The DAO will decided how everything in Foresight should be administered. We are adding lots of unique ideas and concepts that the end product will evolve to something that really suits Foresight and will work well for those who run everything behind the scenes.
Q. What is the difference between a Prediction Market and a Prediction Platform?
A. We are both a prediction market and a prediction platform. We call Foresight a platform because we have all these other features and products that we are making that extends beyond a prediction market. One of them is a way for people to make their own markets and set their own fees! There's lots of great ideas for us to work on! Drop by and let us know if you have any other cool ideas or feedback.
Q. Who is Teddy Seer?
A. Teddy Seer is our super cute mascot! Teddy Seer are magical teddy bears who can predict the future. Everyone who uses Foresight can be a Teddy Seer!