Forward Protocol Litepaper
Forward Protocol uses a model similar to that of WordPress. Simple to use. No code environment. No technical knowledge is needed.
Forward Protocol provides blockchain toolkits that connect the value-driven economy. The modular architecture and ready-to-deploy fully customizable smart contracts are designed for anyone to adopt blockchain technology, without any risk.
The protocol is designed to be modular so any organization across verticals can use whichever module they need to make their platform functional for their use case. The rules are defined by the organization deploying it, but Forward Protocol sets the stage for a value-driven economy.
The terms of interaction in Forward Protocol are validated and executed by various types of smart contracts - which are built to motivate and reward particular outcomes, leverage on-chain data, and cut costs while enabling blockchain operability.
Forward Protocol will be decentralized, maintaining independence from any third-party influence.
Forward Protocol’s smart contracts can be deployed in any EVM compatible blockchains, both Layer 1 and Layer 2. Forward Protocol is an open ecosystem where any developer can contribute to the Smart Contract Template Library. The smart contract developers will profit from the transaction fees charged on the contracts they develop and deploy. This is similar to the “WordPress plugin directory” with their own revenue models.
The Forward Team will kickstart the process by creating 5 core smart contracts which we believe covers most of the global value transfer situations. The fees on these contracts will be decided by the DAO governance. The primary purpose of these core smart contracts is to track and incentivize value transfer between two or more parties, ensuring the relationship between them is transparent and trusted, and that it rewards a particular outcome.
Database: No off-chain DB; all data will be on-chain. It will be up to the platforms deploying the protocol to replicate the data off-chain or not.
- Forward Protocol
- Forward Factory
- Proof of Ownership (PoO)
- Initial Value Offering (IVO)
- Proof of Value (PoV)
- Proof of Value-Delivered (PoVD)
- Distributed Reward and Revenue Sharing (DRRS)
- Forward ID
- Forward Pay
- Tokens & Staking
- FORWARD (Forward Token - Utility)
- FUSD (Forward USD - Stable)
- Staking & LP Contracts
- Forward Chain
- Forward Explorer
- Forward Bridge
- Multiple Consensus
- Forward SDK
Forward Factory is a no-code, drag and drop interface, with which any platform can install an open-source application integrated with the smart contracts of choice (fully customizable) pre-integrated with Forward Protocol and $FORWARD.
Forward Protocol architecture will be layered, dividing each segment of the value-driven economy into multiple smart contracts to provide solutions for specific problems.
They will be able to set fees percentage (revenue model), turn features on/off, set terms/policies, and easily integrate with their business model.
The process is designed to help platforms deploy and become blockchain-ready with a much shorter lead time than would be expected if they were to develop a platform themselves.
Forward Protocol uses a B2B model to acquire users. The objective is to onboard various applications, organizations, companies, partners, websites, and so on to adopt Forward Protocol. Forward Protocol’s focus is not to attract users one by one in a B2C model.
Fiat On/Off Ramp will be provided with the applications developed to ensure easier adoption. Users who are not fully familiar with blockchain can use the ramp to transact as they normally do with their credit cards to purchase, which will then get converted to USDT/BUSD/USDC and then to $FUSD (1:1) for internal liquidity and cross-chain transactions. It will be converted from $FUSD and $FORWARD to their local currency when they want to withdraw to their card/bank account.
The integration of fiat ramp into the Forward Protocol’s applications will also provide payment gateways to multiple debit and credit cards and facilitate the adoption of the Forward Protocol framework worldwide in the value-driven economy.
By enabling Web 3.0 adoption, Forward Protocol becomes the connection for companies and organizations who aren't familiar with navigating the complexities of blockchain. These organizations should be able to use the deployed applications with the ease and familiarity of the applications they use on a day-to-day basis.
Instead of forcing users of the deploying platforms to pay fees at every step, traditional applications absorb these as ‘infrastructure costs’.
Forward Protocol will provide a gasless transaction experience to enhance the ease of blockchain adoption.
You wouldn’t use most applications you use today as much if you were asked to pay gas for every step!
Research shows that the value-driven economy is one of the world’s fastest-growing markets across sectors, with estimates of increasing expenditure to $394 billion by 2027.
The current marketplace is served by traditional centralized markets, many of which are currently exploring adopting blockchain for various needs.
There are a plethora of use cases for blockchain as more and more organizations look to how they can implement the technology. With the high barrier to entry into the space, companies face the challenging task of deciding how and which opportunities to pursue. Forward Protocol eliminates this challenge by providing the opportunity to deploy blockchain toolkits and test them without the risk of financial commitment.
The smart contracts are fully customizable and can be tailored to any organization's needs. This means that we aim to cooperate and partner with legacy entities rather than compete with them.
There are two primary revenue streams:
- 1.There will be a percentage of fees charged on all smart contracts deployed from Forward Factory. For example, if someone uses an escrow service with the Proof of Value - Delivered model, Forward Protocol will charge a small fee for all transactions (decided by DAO).
- 2.Every transaction on the Forward Chain will have a fee, and $FORWARD will be used to pay the transactional fees. (Once Forward Chain is live on the mainnet)
The $FORWARD token is used as the reward token in the system to encourage and incentivize continued engagement with the protocol. Every platform using Forward Protocol will be giving $FORWARD as rewards which they have to buy from the market to reward their users. All smart contracts will first attempt to deduct fees from the integrating platform's pool of tokens that have been pre-purchased, otherwise the smart contracts will acquire tokens from the open market as necessary to fulfill the transaction.
Forward Protocol’s first Deployment is in Decentralized Education (DeEd).
First Platform Deployments:
- 1.English Forward - PoV, PovD, DRRS
- 2.Unified Council - PoO
The first platform building on Forward Protocol is English Forward. EnglishForward.com is a 19 years old Q&A platform and the largest English Learning community on the internet, with 310+ million unique visitors served.
Join us on social media and stay up-to-date!
Last modified 1yr ago