Building the Decentralized Web3 on Layer 0 — The Web on Forward Protocol
Blockchain technology is global, and its censor-proof infrastructure makes it the ideal innovation to connect users worldwide. While the internet has been an overwhelming success since it became mainstream, a new version of the web (Web3), a hybrid of traditional web and blockchain technology, may be the future of global connection systems.
The crypto community is vibrant and excitable, and it has met the latest iteration of the web with the same enthusiasm. However, the glimpses of Web3 we have seen so far have excited us for the future. The blockchain space also moves fast, with technological advancements in existing technologies and new inventions supplying news sites and crypto journalists with a constant stream of updates to publish by the minute.
Web3 needs blockchain technology to reach its full potential. However, a familiar obstacle stands in the way of development — the blockchain trilemma.
Web3 on Blockchain Technology
A successful Web3 experience depends on the blockchain meeting certain conditions — scalability, security, and decentralization. Finding the perfect balance remains a significant barrier for blockchain projects, with many resorting to compromises on these essential pillars of the ideal blockchain.
Other than the existing problems of the blockchain trilemma, the blockchain still faces a few obstacles before it is ready to support the decentralized web. While the original cryptocurrency, Bitcoin, does not support smart contracts, other Layer 1 blockchains like Ethereum and Solana do. While the latter class of Layer 1 blockchains support smart contracts and can host dApps that are essential on Web3, they still have fundamental deficiencies.
For example, these systems rarely communicate. Interoperability is a major condition to support the success of a decentralized web based on the blockchain. These perennial problems and many others led to the evolution of a new layer of blockchains — Layer 2.
Layer 2 protocols are solutions built on existing blockchain systems aimed at resolving issues and improving the operation of the blockchain. Layer 2 protocols depend on the parent network to complete transactions and perform other core network functions, even though they may have their own native token. Some examples of Layer 2 protocols include the Lightning Network on the Bitcoin blockchain, Binance Smart Chain and Polygon on the Ethereum blockchain, etc.
While some Layer 2 solutions support smart contracts and resolve network vulnerabilities, they also raise new issues. Certain Layer 2s may excel at specific portions of the Web3 experience. Still, the lack of flexibility means no single Layer 2 solution can support all the dynamic needs of an accessible and functional Web3. Many Layer 2s still suffer from the interoperability issue and do not communicate with each other, which is an essential feature of a seamless Web3 experience.
Layer 0 solutions are the most recent layer of blockchain technology. This layer allows blockchain users to build interconnected and interoperable value systems consisting of smart contracts, dApps, and blockchains and toggle their features according to their specific needs. Layer 0 protocols immediately resolve the interoperability issue.
Assuming a single appropriate Layer 0 solution protocol resolves the existing problems, usability remains an issue. The knowledge barrier to entering the blockchain space remains high, with a steep learning curve that many potential users may be unable to scale.
A Layer 0 solution like Forward Protocol resolves these issues along with the usability problem for users to encourage free participation on Web3.
Forward Protocol & the Ultimate Web3 Experience
While Web2 has an interface many users can easily interact with, some of its apparent shortcomings are linked to the centralized nature of the underlying technology. The ideal Web3 experience combines the speed and user-friendliness of the Web2 interface and blockchain technology’s decentralized nature and security systems.
Forward Protocol provides all these essential features in a plug-and-play, no-code, and user-friendly interface. Protocol users can choose features, test, re-test, and deploy their innovations, businesses, communities, etc., on Web3 without the associated high barrier to entry into blockchain-based systems.
Through Forward Factory, Forward Protocol offers a suite of smart contracts, applications and products that allow every user to participate freely and conveniently on the blockchain-based web.
For example, gasless minting allows users to print certificates and transfer content ownership without paying for every transaction and interaction on Web3. Forward Chain is EVM-compatible with RUST compatibility within sight, allowing users to participate in scalable, interoperable, and secure value-based ecosystems. All our technological advancements from the second quarter of 2022 are available on our Q2 2022 progress report.
The internet is one of the greatest human innovations, hosting sensitive information and supporting future developments. In its current state, only a few individuals and companies own and control large portions of the internet and all the data it holds. Blockchain technology is the technology of the future, with the potential to improve entire ecosystems, including the internet.
A decentralized web offers immense promise for the future. It also creates new questions that need to be answered to avoid building such an important technological system on a structurally deficient framework. Layer 0 solutions that offer users the flexibility to set participation parameters lead us in the right direction towards resolving these concerns.
Usability is also important to creating the ultimate Web3 experience. Users willingly give up privacy and allow myriads of unknown apps to collect their data for ease of use. While Web3 is still in its earliest stages, it can only achieve mass adoption by delivering on usability, transparency, security, and interoperability.
A Layer 0 protocol that provides usability with transparency and interoperability is a no-brainer for delivering the ultimate Web3 experience to different classes of users. Forward Protocol does not compete with anyone. We collaborate with everyone to make the blockchain adoption vision straightforward and rewarding.
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About Forward Protocol — Forward Protocol uses an easy-to-use WordPress-like model to facilitate a no-code environment that users can use to deploy their blockchain applications without technical knowledge. Forward Protocol has elements of NFT, DeFi, Gamification, AI, ML and Social Tokens inbuilt that connect the value-driven economy. Applications and smart contracts from Forward Protocol can be deployed on any EVM compatible chains in one click. Forward Protocol is cross-chain compatible, industry-agnostic, and adoption-focused, with an ultimate goal to fast-track mass adoption of Blockchain Technology.