Topic: [ANN]FORESIGHT(FORS)-We Are Bringing Insurance To DeFi (Read 542 times)

I Should say this project is good for investors in crypto since there's a lot of scams out there. I also read the Litepaper and it's quite assuring since some of factors that questions the project has been answered already, but there are still some questions that needs to be answered and clarified.
These are the list that popped-up on my mind within this project.

1. How can investors ensure this Foresight project isn't a scam either (For DAO and Supreme DAO).
2. Since it's an insurance project, is there any legal documents or license for this project to be shown for it's concrete legitimacy.
3. There's a low chance of possibility that someone can manipulate DAO and Supreme DAO by having the slots secured. Anything's possible within this especially when you have plenty of funds to use.
4. Regarding on the DAO's position whenever there's a trial, How can the subscriptor of the insurance assure that the DAO and Supreme DAO will be doing their job for fact finding so that the trial won't be biased?
5. How does Foresight can manage plenty of trials incase the project start for the Insurance?


By the way, This project is good and I hope that it would help all of the investors. Goodluck!

P.S

This project should start a campaign so that this project will be known widely on social media platforms.
Regarding on this, I recommend InTheSilence for managing the campaign since he already finished campaigns within these past months smoothly and widely spreading the project he handles.
Here's the TG Link of his Campaign group: https://t.me/Inthesilencecampaign

Exit scams present one of the most significant threats facing the cryptocurrency industry today and that's why Foresight will offer protection against exit scams first

Hi, we’re currently in the process of getting the appropriate legal structure established. We are awaiting on a final proposal from a large legal firm who is very experienced with both blockchain and insurance. We’ll keep the community updated as this progresses.

Insurance companies must have insure license from government organozation (in country where are you located/your company registered). Do you have such license and where I can see it?

Hello Foresight community!

We welcome you to have a read of this article by our Founder @drfinch, it is part one of a two part series into exit scams and the Foresight claims handling process.

“All of this should by now paint a clear picture: exit scams present one of the most significant threats facing the cryptocurrency industry today.”

Enjoy!

https://link.medium.com/xyVlHuulHab

Here’s the link to the medium article

https://t.co/TfB9MHCRIu?amp=1

The FORS weekly lottery has begun! 🛡🍾

The winner of the first lottery is:
0xaa9cdb10a0b64b18b285dfdccbef8903ad6ac4ce

5000 FORS tokens have now been sent to your wallet. Congratulations!

All holders with >5000 FORS are eligible for the lottery (including those who have staked tokens in Unifyre). Community members who would be eligible for the Common DAO get a single ticket of entry. Those members who would be eligible for the Supreme DAO get five tickets, along with the additional bonus of getting cumulative ticket entries for every additional 50,000 FORS they hold. For example, a member with 100,000 FORS will get 10 lottery tickets.

This lottery structure will be temporary until the establishment of our platform. Once we go live the current proposal is to make the lottery available only to those who have been active on the Foresight platform over the week (eg. claims handling, project vetting). This will be one way to incentivize participation on the platform.

Out of our total number of investors we currently have 203 investors who will be eligible to join our DAOs. Of this, 159 will be eligible to join the Common DAO and 44 will be eligible for the Supreme DAO.

A quick update with regards to our progress.
— We have spent the past two weeks attending a number of virtual meetings with lawyers and law firms in various countries around the world. Creating such a unique project like Foresight and complying with insurance regulations will require assistance from the best legal and financial teams in the space, so it is very important that we take our time and make the best decisions possible for the project regarding who to hire. One firm in particular has stood out to us as being a perfect match for Foresight. Due to confidentiality agreements we cannot yet reveal more about this, but we believe you will be extremely pleased with the news when we are able to provide more details.

— We have commenced the process of recruiting a dedicated development team for our platform. We decided to expand to a full team of developers so that we can get the project completed in a suitable timeframe and to an excellent standard. We also want to explore our options regarding alternative blockchain networks and/or Layer 2 solutions such as xDai.

— Our Chief Marketing Officer is in the final stages of drawing up a marketing strategy for Foresight going right through until 2021. Rather than garnering too much early hype we want to grow the community organically as we develop and this strategy should be a reflection of that.

— In the coming week our CEO Dr Finch will be providing some information on what our claims handling process may look like as well as some case studies from recent exit scams we have witnessed.

As always, thank you all for your support, particularly during these past few weeks when the DeFi market has not been in the greatest shape. And once again, congratulations to our lottery winner for this week.

Link to the said medium article? I don't understand the connection between these two projects and yours, can't find info about YF-DAI itself on this forum.

Didn't see it before but there is a detailed Litepaper which explains very good some aspects of the project and even gives examples of use case

YFDAI joins the Crypto Investors Alliance (CIPA), with SafeSwap added as CIPA's endorsed exchange.
Read our medium article to find out more.

YF-DAI
twitter.com/CryptoIPA
twitter.com/ForesightDeFi
twitter.com/DEXToolsApp

Isn’t FORS has a big potential to grow faster than any other project because of their ideas, product and goal. Well, still DYOR. The team is doing their best to produce a great project soon.

There is insurance premiums range from 2-15%. It completely depending on risk level. You can get premium by paying with FORS and for being a DAO member.

Here’s the transcript from our recent AMA with SatoshiClub

https://esatoshi.club/foresight-x-satoshiclub-ama-from-17-september/

The Foresight team are proud to announce that $FORS token is now listed on Probit

You can trade FORS using the following pairs:
✅FORS/BTC
✅FORS/USDT

Probit has an average of 3 million monthly visitors, putting it in the top 20 global crypto exchanges according to real volume.




Korean users can find our updated litepaper translated for your convenience 👍
https://foresightdefi.io/Foresight-Litepaper-Korean.pdf

I would guess that some will be excited to do the "duty" for several times before they started to see them as a burden. Doing one or two research and knowing their vote matters would be exciting, but with repetition, it will became a burden, especially once this task overlapping with their own life matters like work and family time. Eventually they'll do a halfhearted study, or perhaps not even reading the entire given evidences and vote blindly. Thus, leading to a bias of overall decision.

It will make more sense to dedicate half of those 50 juries to people who specifically give their time and capability for said matters. They are more adept and sharp on many factors, and given that they're paid for it and work full time for it, the final result will be much less biased.

My two cents.

Quite untrue. Kleros has a large active user base and the chance of actually getting selected for a case is exceedingly small. Similar with Nexus - you only get paid if you participate in the platform.

This is not the case with Foresight. You get rewards regardless of your activity (although it is planned that those who are more active get more bonus). Our rewards are decent. We have a DAO fund of 15M FORS of which 1% will get distributed every two weeks to our members. Might not seem like a lot at current market cap of 600k, but rewards will grow rapidly as this goes up.

DAO members also build social/XP points depending on their activity on the platform and in some cases can lead to promotion to the Supreme DAO.

Eventually we plan to incorporate some pay per service jobs for the DAO units also.

Our market research suggests that many community members are happy to assist with the functioning of a platform they believe in, and which interests them, rather than just put their tokens in a staking wallet. You may see this as a burden, but many do not.

-owner

It seems to me that the DAO members got a lot of burden. These are the people who stake their token, right? Wasn't it a bit troublesome? Because not only they froze certain amount of their liquidity for you, while they can actually use them for other purposes, they also get some tasks to read given materials and investigate project in question by themselves, and all those for some "reward" token and lottery tickets, which other projects perhaps offers the same for a much less work, namely just stake their token.

Owner’s reply

I think perhaps you are getting mixed up between the vetting process and the claim process. Having an anonymous team alone doesn’t constitute an exit scam. As you say, it may be a flag, and it may change if Foresight was willing to cover it or not according to the vetting process, but if there has been no exit scam then there is no claimable event.

An exit scam takes many forms - hard exits such as rug pulling and soft exits such as fake presales followed by gradual token dump. If a user believed ABC has exit scammed, they submit a claim, and the DAO then has a duty to investigate. Evidence is found and submitted to the DAO unit such as transaction hx, Uniswap liquidity info, wallet analysis, social media info, news sites and more. Upon review of this info, each DAO member will vote as to whether they believe an exit scam has occurred or not.

It may sound subjective, but it’s the way jury’s work. Also bear in mind traditional insurance does a similar thing except it’s only a single person who makes the decision. If you made an insurance claim, would rather your outcome depend on one person’s judgment, or a group of 50 people reviewing the evidence? The latter - p2p Insurance - is the way of the future.

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?

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.