[ANN]FORESIGHT(FORS)-We Are Bringing Insurance To DeFi

[Wittycoin]

Links:

Official Website: https://foresightdefi.io/
Litepaper: https://foresightdefi.io/Foresight-Litepaper.pdf
Announcements:  https://t.me/ForesightAnnouncements
Trading Channel:  https://t.me/FORStrading
Uniswap: https://app.uniswap.org/#/swap?inputCurrency=0xb1ec548f296270bc96b8a1b3b3c8f3f04b494215
DEXTools: https://www.dextools.io/app/uniswap/pair-explorer/0xf8b411b077073a4d00e1449ceb3df6e968b47219
CoinGecko: https://www.coingecko.com/en/coins/foresight
CoinMarketCap: https://coinmarketcap.com/currencies/foresight/
Twitter: https://twitter.com/ForesightDeFi
Etherscan Link: https://etherscan.io/token/0xb1ec548f296270bc96b8a1b3b3c8f3f04b494215
Foresight Vietnam: https://t.me/ForesightVietnam

Contract Address: 0xb1ec548f296270bc96b8a1b3b3c8f3f04b494215


Foresight Uniswap listing details:
• Date: 5th September 2020
• Listing Price: 0.025 USD per FORS
• Circ Supply: 10.9 million FORS

You can now buy FORS on Uniswap here

[Wittycoin]

FORS Trading on Probit is now live!

https://www.probit.com/app/exchange/FORS-USDT

https://www.probit.com/app/exchange/FORS-BTC

[Jacob_Y]

There are so many tokens which you can buy on Uniswap this days. FORS also no exception. DeFi projects are really popular now

[r_Chain]

Foresight trying to protect users from financial losses by combining the reliability of smart contracts with the collective intelligence of a decentralized autonomous organization (DAO). I saw some projects with similar system, looks like it is good one, as it's uses our days

[Wittycoin]

There are so many tokens which you can buy on Uniswap this days. FORS also no exception. DeFi projects are really popular now

Thank you for your wonderful feedbacks guys. Stay tuned on the Project.

Foresight trying to protect users from financial losses by combining the reliability of smart contracts with the collective intelligence of a decentralized autonomous organization (DAO). I saw some projects with similar system, looks like it is good one, as it's uses our days

As the team doing their very best I believe they will reach their goal and success very soon.

[Wittycoin]

🚀 $FORS is #1 on coingecko's trending search!

🛡️ Foresight is your DAO governed DeFi crypto insurance.

💪 They just announced partnerships with FerrumNetwork and DistX.io.

🦄 Buy on Uniswap: https://app.uniswap.org/#/swap?inputCurrency=0xb1ec548f296270bc96b8a1b3b3c8f3f04b494215

[terciduk123]

Interesting, the FORS token price is above the initial listing price on Uniswap. You say "Say Goodbye to Exit Scams" but why you aren't transparent with your team? You only display names with images that are not real, you also don't link them with their social media accounts.

[Twinkledoe]

Interesting, the FORS token price is above the initial listing price on Uniswap. You say "Say Goodbye to Exit Scams" but why you aren't transparent with your team? You only display names with images that are not real, you also don't link them with their social media accounts.

Don't expect too much from DeFi related projects. Because believe most of them are just here for money. I don't think this project is different from scam DeFis. If they are indeed serious, they will fully disclose their team members, use real photos with corresponding profile links. We are talking about insurance here.

[Bitstar_coin]

  If you purchase insurance with Foresight and are deemed to be the victim of an exit scam or fatal blockchain hack, you get your entire investment back. 

I found that statement above interesting particularly because of the numerous scam project we have in the crypto industry, I think this is a huge task you are about to embark on, already there are several different exit scam cases in the Defi platforms not to mention the none Defi projects, and I see you guys are not exactly different from the other Defi projects with anonymous team, may I ask why an insurance Defi project who is about to fight the case of scam project will have all team members anonymous?

[holydarkness]

Got several interesting questions from reading your thread opener, first one will be: what do you meam by rewards? Like, we invested some funds and, in turn, got FORS biweekly?

[necromastery]

Got several interesting questions from reading your thread opener, first one will be: what do you meam by rewards? Like, we invested some funds and, in turn, got FORS biweekly?

Lol, sounds like a cat smell there's a fish here. We indeed need this OP answer that question, there are so many promising things like this, in the end the customer is the one who loses, maybe because of a sudden loss or some kind of error for some reason.

[Wittycoin]

Got several interesting questions from reading your thread opener, first one will be: what do you meam by rewards? Like, we invested some funds and, in turn, got FORS biweekly?

Lol, sounds like a cat smell there's a fish here. We indeed need this OP answer that question, there are so many promising things like this, in the end the customer is the one who loses, maybe because of a sudden loss or some kind of error for some reason.

Hello there mate  At the moment I’m still asking the team owner about your questions. Be right back with answers I really appreciate your beautiful discussions.

[Wittycoin]

To all of your questions guys here is the answers from the project’s owner

“Team-related questions are one of the most common ones we get (understandably).

We're certainly very keen to go public with our identities in the near future. We’ve already done so with exchanges and legal teams we’re working with. The main issue at the moment delaying this is that a couple of the team members feel it would be a conflict of interest with their current careers. However, once they can move to working on Foresight fulltime they will likely go public. We have discussed whether some of us (likely myself and our CMO) could go public and leave the others private, and this is a very real possibility.  

We are aware of the effect being private can have on a project (we're cryptocurrency investors too, after all). It is for this reason we have endeavoured to be as transparent as possible when it comes to other aspects of the project - not only answering whatever questions the community has but also locking all exchange liquidity and locking 45% of our total supply in a vesting period out to two years. In the meantime, we encourage investors to look at the partnerships we have formed (eg. DEXTools, Ferrum, DistX). We’ve had close dealings with their teams, including phone calls, so they’ve come to know us, and I don’t believe they would risk the reputation of their projects if they didn’t trust us.

A good example of this career conflict issue we heard about recently was of a friend who works for a French bank and was fired when they found her logged into Bittrex on her laptop.”




Let me know if you have more questions about it I’m happy to ask the team about it and give you there answers. Have a good day!

[holydarkness]

To all of your questions guys here is the answers from the project’s owner

“Team-related questions are one of the most common ones we get (understandably).

We're certainly very keen to go public with our identities in the near future. We’ve already done so with exchanges and legal teams we’re working with. The main issue at the moment delaying this is that a couple of the team members feel it would be a conflict of interest with their current careers. However, once they can move to working on Foresight fulltime they will likely go public. We have discussed whether some of us (likely myself and our CMO) could go public and leave the others private, and this is a very real possibility.  

We are aware of the effect being private can have on a project (we're cryptocurrency investors too, after all). It is for this reason we have endeavoured to be as transparent as possible when it comes to other aspects of the project - not only answering whatever questions the community has but also locking all exchange liquidity and locking 45% of our total supply in a vesting period out to two years. In the meantime, we encourage investors to look at the partnerships we have formed (eg. DEXTools, Ferrum, DistX). We’ve had close dealings with their teams, including phone calls, so they’ve come to know us, and I don’t believe they would risk the reputation of their projects if they didn’t trust us.

A good example of this career conflict issue we heard about recently was of a friend who works for a French bank and was fired when they found her logged into Bittrex on her laptop.”




Let me know if you have more questions about it I’m happy to ask the team about it and give you there answers. Have a good day!

How many people are there on the team? And you'll only reveal team identity as whole once everyone quit their main job and joined FORE fulltime? With little to no intention to rush it, when will this happen, approximately? Weeks? Days? Months?

Also a friendly reminder that my question is still hanging

[Anonylz]

To all of your questions guys here is the answers from the project’s owner

“Team-related questions are one of the most common ones we get (understandably).

We're certainly very keen to go public with our identities in the near future. We’ve already done so with exchanges and legal teams we’re working with. The main issue at the moment delaying this is that a couple of the team members feel it would be a conflict of interest with their current careers. However, once they can move to working on Foresight fulltime they will likely go public. We have discussed whether some of us (likely myself and our CMO) could go public and leave the others private, and this is a very real possibility.  

We are aware of the effect being private can have on a project (we're cryptocurrency investors too, after all). It is for this reason we have endeavoured to be as transparent as possible when it comes to other aspects of the project - not only answering whatever questions the community has but also locking all exchange liquidity and locking 45% of our total supply in a vesting period out to two years. In the meantime, we encourage investors to look at the partnerships we have formed (eg. DEXTools, Ferrum, DistX). We’ve had close dealings with their teams, including phone calls, so they’ve come to know us, and I don’t believe they would risk the reputation of their projects if they didn’t trust us.

A good example of this career conflict issue we heard about recently was of a friend who works for a French bank and was fired when they found her logged into Bittrex on her laptop.”




Let me know if you have more questions about it I’m happy to ask the team about it and give you there answers. Have a good day!

If you do then you won't bother coming out in the fist time as anonymous team, this is one of my major criteria to determine if I will pick up an interest on a project, immediately the team remain anonymous I stayed a mile away, if bounty hunters can be requested for an identification I don't see why a project to whom I will entrust my money by means of investing will choose to remain anonymous, and the excuse of btc founder is anonymous doesn't work anymore.

[TimeTeller]

If you do then you won't bother coming out in the fist time as anonymous team, this is one of my major criteria to determine if I will pick up an interest on a project, immediately the team remain anonymous I stayed a mile away, if bounty hunters can be requested for an identification I don't see why a project to whom I will entrust my money by means of investing will choose to remain anonymous, and the excuse of btc founder is anonymous doesn't work anymore.

We are not obliged to spend our money to them. So it is our decision if we will support them or not.
But it is not fair if they are asking for KYC from their participants, whereas, we don't know their identities.
Participants should think about the situation and not just send their docs blindly.

And just wondering, CMC is listing now new projects even if they are listed in only one exchange?
I thought the minimum is at least 2 exchanges.

[Wittycoin]

If you do then you won't bother coming out in the fist time as anonymous team, this is one of my major criteria to determine if I will pick up an interest on a project, immediately the team remain anonymous I stayed a mile away, if bounty hunters can be requested for an identification I don't see why a project to whom I will entrust my money by means of investing will choose to remain anonymous, and the excuse of btc founder is anonymous doesn't work anymore.

We are not obliged to spend our money to them. So it is our decision if we will support them or not.
But it is not fair if they are asking for KYC from their participants, whereas, we don't know their identities.
Participants should think about the situation and not just send their docs blindly.

And just wondering, CMC is listing now new projects even if they are listed in only one exchange?
I thought the minimum is at least 2 exchanges.

the team’s reply

I agree that a project wanting KYC info should not be anonymous. Rest assured that by the time our platform goes live we will not be anonymous, but for now because of the reasons above, at least some of us will be. But some we hope to go public soon.

Regardless, it may not be necessary that any KYC is required. As long as the user making the insurance claim can confirm that they are the wallet owner (via web3 connection, for example), we may not necessarily require KYC.

About CMC, we are listed on a smaller exchange, but are due to go on a larger one next week. Stay tuned for more info. We also have details about our staking pools with Ferrum due this week along with UniFyre wallet listing.

Got several interesting questions from reading your thread opener, first one will be: what do you meam by rewards? Like, we invested some funds and, in turn, got FORS biweekly?

Our litepaper describes the reward process clearly, so I encourage you to have a look at that in the link above.

To summarise, for locking/staking their tokens in our platform and doing services like vetting coins (underwriting) and voting on insurance claims, DAO members get:

1. FORS reward payouts every two weeks (more for Supreme DAO members). This equates to 1% of our DAO fund two weekly.
2. Weekly tickets into a lottery of 5000 FORS.
3. Reduced insurance premiums (20% off for Common DAO members, 40% off for Supreme)

[holydarkness]

Got several interesting questions from reading your thread opener, first one will be: what do you meam by rewards? Like, we invested some funds and, in turn, got FORS biweekly?

Our litepaper describes the reward process clearly, so I encourage you to have a look at that in the link above.

To summarise, for locking/staking their tokens in our platform and doing services like vetting coins (underwriting) and voting on insurance claims, DAO members get:

1. FORS reward payouts every two weeks (more for Supreme DAO members). This equates to 1% of our DAO fund two weekly.
2. Weekly tickets into a lottery of 5000 FORS.
3. Reduced insurance premiums (20% off for Common DAO members, 40% off for Supreme)

Ok, after a quick reading I see the gist of it, and understand that locking FORS for said level will allows certain portion on voting and deciding insurance claims. I also understand, by some system that is yet to be revealed, the said member will not be able to vote for their own case, but will there be a system to prevent "conspiration" where someone asked his friends to allocate some funds and became a supreme member then vote for his claim? After all, you said on above post that KYC might not be needed, and even with KYC, you can't tell who befriended who, especially behind anonimity veil of crypto

[Wittycoin]

Got several interesting questions from reading your thread opener, first one will be: what do you meam by rewards? Like, we invested some funds and, in turn, got FORS biweekly?

Our litepaper describes the reward process clearly, so I encourage you to have a look at that in the link above.

To summarise, for locking/staking their tokens in our platform and doing services like vetting coins (underwriting) and voting on insurance claims, DAO members get:

1. FORS reward payouts every two weeks (more for Supreme DAO members). This equates to 1% of our DAO fund two weekly.
2. Weekly tickets into a lottery of 5000 FORS.
3. Reduced insurance premiums (20% off for Common DAO members, 40% off for Supreme)

Ok, after a quick reading I see the gist of it, and understand that locking FORS for said level will allows certain portion on voting and deciding insurance claims. I also understand, by some system that is yet to be revealed, the said member will not be able to vote for their own case, but will there be a system to prevent "conspiration" where someone asked his friends to allocate some funds and became a supreme member then vote for his claim? After all, you said on above post that KYC might not be needed, and even with KYC, you can't tell who befriended who, especially behind anonimity veil of crypto

I have considered this possibility throughout the creation of the project (and most other ways of trying to game the system), but I don’t see it as being a major issue.

When a claim comes in a selection of 50 random DAO members are selected to rule on the case. So even if a claimant asks his friends to buy into the DAO, there’s no guarantee that they would be selected for the case. This is even less likely as we grow - not only will it be more expensive to join the DAO - but the chance of a single person being chosen for a claim falls further. And even then, if the friend(s) is lucky enough to be chosen, there are all of the other DAO members voting on the claim they will have to contend with.

A simple way to prevent this even further would be to have a standing period where new DAO members who lock their tokens would be eligible for rewards immediately but have to wait 7 days or so to be eligible to participate in claims.

You may have noted in the Litepaper where it mentions that Supreme DAO members will be used to moderate on Common DAO functions. There will be at least two Supreme DAO members in a DAO unit and their role is to ensure all of the evidence in support of the claim is being presented, keep the DAO unit in order, and monitor for bad actors.

On that final part, we can fairly safely assume that if someone is going to all of this effort then they do not truly have a valid claim (why would they bother otherwise). If it became obvious during claim review that one or two DAO members were quite clearly trying to sway votes without appropriate evidence, this can be reported to the moderators or noted by them directly. If there are significant concerns then it can be taken further, and the end result of that process is that a DAO member could lose their ability to vote on claims.

[holydarkness]

I have considered this possibility throughout the creation of the project (and most other ways of trying to game the system), but I don’t see it as being a major issue.

It made sense, alright.

Now I wanted to know more about the parameter of "scam project". What factors determine a project as scam and legit? We can safely assume dev leaving project and radio silent on all of their media is a clear sign of scam, as well as fake team details, and insurance claim for such should be rejected. But what about annon?

Suppose there's this project called ABC, with anonymous team, for whatever reason they give whenever asked about it, certainly it is a flag, but again, we can't be sure about it. Hence, we apply for FORS, just in case.

Considering that you leave decision to 50 people or so to determine a claim to be approved or not, the outcome can be heavily subjective. Most people will flag project like this as a scam, and knowing this fact from the beginning yet still proceeding can be considered as investor's own fault, thus claim should be rejected. On the other hand, from the eye of the said investor, this is the very reason they apply FORS, because ABC is a hit or miss.

So applying FORS as a safenet, while the decision is heavily subjective, is rather counterproductive, isn't it?