Forward Factory — Smart Contracts, Products, and Services for Decentralized Value-Intensive Ecosystems
A blockchain is a distributed ledger that stores information in data blocks linked by chains through an advanced form of mathematics — cryptography. Each block connects to the next in chronological order, and no single person or group has control over it. This lack of central control helps with the immutable and irreversible nature of blockchains.
The most common application of blockchain technology is in cryptocurrencies like Bitcoin, Ethereum, etc. However, it has also enjoyed success in distributed ledger technology (DLT), smart contracts, decentralized finance (DeFi) applications, non-fungible tokens (NFTs), metaverse, Web3, etc.
The potential applications of this technology are limitless, but it faces some perennial issues. One of them is the knowledge gap between the technology and users. Users can’t use something they don’t understand, and that, among others, is one of the limiting factors in the usability of this versatile innovation.
Forward Protocol aims to bridge this gap and allow users to leverage this technology without first working out all of the technicalities involved. The protocol uses Forward Factory to provide products, services, and applications to allow anyone to participate in decentralized value-based ecosystems.
Forward Factory Smart Contracts
Forward Factory has five fully customizable smart contracts covering almost every value exchange interaction between participants in decentralized systems. These smart contracts eliminate third-party authenticators and other intermediaries to facilitate efficient processes governed by preset conditions.
The five smart contracts currently available in Forward Factory are:
Proof of Value (PoV)
The smart contract that rewards content creators for their value-generating activities.
Proof of Value Delivered (PoVD)
This smart contract monitors the actual transfer of value in exchange for money. It confirms value delivery to issue the pre-determined rewards.
Proof of Ownership (PoO)
The smart contract that proves ownership throughout the blockchain.
Distributed Reward and Revenue Sharing (DRRS)
Adds a layer of incentivization across all platform modules. It creates long-term passive income streams for active contributors through automatically activated rewards when certain clauses are triggered.
Initial Value Offering (IVO)
The Kickstarter program of the blockchain that allows innovators to test the market and measure acceptance before committing resources to production.
Forward Factory includes products that aim to deliver on usability and functionality. It employs a simple interface that allows users to participate within decentralized value-intensive systems easily. The products currently available in Forward Factory include -
The Forward ID is a blockchain ID that gives users complete control over their data and accessibility. Forward ID allows users to authenticate across platforms and carry their reputation, history, credentials, and identity across apps and ecosystems.
Using Foward ID, users can add as many wallet addresses as they have as the wallet address is the identity of the decentralized space. By connecting their wallet addresses to a single Forward ID, users can monitor their progress and manage their experience across different platforms.
Forward Pay uses Forward ID to send/receive payments and improve usability and adoption rather than complex wallet addresses. It reduces the risk of losing funds to wrong wallet transfers, allows users to request/send payments, and aids accountability and financial transactions audit.
Forward Pay also includes a fiat ramp so that users can complete crypto transactions using their credit cards and bank accounts. A user can log in to any platform integrated with Forward Protocol using Forward ID and pay for services with Forward Pay.
Forward Chain is an EVM & RUST-compatible blockchain built using the Cosmos SDK. It aims to become the internet of blockchains by resolving the interoperability issue and facilitating open communication between blockchains. The blockchain also seeks to fix the problem of scalability and high gas fees to encourage non-discriminatory participation.
Forward Protocol’s services are native activities prescribed by the project, with future changes to be proposed and voted on by DAO members. Each service aims to improve the protocol’s overall performance and motivate and reward participation.
Staking and Yield Farming Contracts
Forward Protocol is the blockchain protocol that facilitates blockchain adoption through the services available in Forward Factory. Leveraging $FORWARD to promote ecosystem growth through staking in various decentralized pools to provide the necessary liquidity for transactions is one.
As compensation for their commitment, liquidity providers who help to promote Forward Protocol by staking or adding assets to liquidity pools in exchange for LP tokens will be rewarded with $FORWARD (i.e., “yield farming” on Forward Protocol), according to each user’s contribution after applying various adjustments and correction parameters.
To promote decentralized community governance for the network, $FORWARD will allow holders to create and vote on on-chain governance proposals to determine future features and parameters of Forward Protocol (e.g., level of system fees). The right to vote is limited to voting on Forward Protocol features and does not entitle holders to vote on the operation and management of the project or its assets.
When the native Forward Chain is online, it will feature a peer-to-peer networking layer where nodes will be responsible for maintaining security and validating transactions between the network users. Accordingly, $FORWARD will be utilized as the native currency to pay fees to validators for their services.
Forward Factory offers a suite of smart contracts, products, and services that work together to help Forward Protocol deliver on its vision to foster blockchain adoption in different situations. It aims to achieve its goal through easy-to-use, customizable, flexible, and rewarding processes.
Forward Protocol doesn’t compete with anyone. We collaborate with everyone. We make things simple, connect the traditional business world with blockchain using no-code toolkits, and make the dream of blockchain adoption practical.
If it’s easy for you to use, you’ll use it. Join us; let’s move forward!
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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.