Forward Protocol on the Scale of the Scientific Method
The scientific method is the empirical process of adding new data to the body of scientific knowledge through careful observation, rigorous skepticism, experimental and measurement-based testing of hypotheses, and revisions according to the results of the experiments. The scientific method is not specific to any discipline, as it has proven reliable in improving the body of knowledge through verifiable and repeatable processes.
Without the scientific method to facilitate trust in the previous body of work, every scientist would have to test every theory to be true before proceeding with their own observations. For apparent reasons, no one would be able to move forward with anything in any discipline without the standard of the scientific method.
Blockchain technology is also a body of knowledge that has advanced exponentially since its inception. However, its progress is also hindered by a lack of continuity. Many innovations build from the ground up while they prepare to compete with other projects within the space. On the other hand, some projects build on existing infrastructure and enjoying significant success.
Applying the logic of the scientific method to the blockchain offers better odds of success because it allows innovators to build off previous achievements instead of ripping up the sheets and starting over every time. The performance of the Ethereum blockchain highlights the potential of this sustainable growth model. Forks of the Ethereum network such as BSC, FTM, and Polygon also make a compelling argument for the knowledge continuity.
This article explores Forward Protocol and how it compares as a solution that applies the scientific method model to facilitate sustained growth and development of the blockchain and DeFi space.
Critical thinking is essential to growth, and industries that move forward encourage critical thinking and skepticism. Since the blockchain first appeared on the scene, no other sector has recorded the same level of growth in the same period.
For example, early cryptocurrencies like Bitcoin and Ethereum inspired the industry’s progress and remain popular to date. However, they also had apparent shortcomings, which led to the development of thousands of other cryptocurrencies and platforms. The open, decentralized nature of the space means anyone can observe deficiencies and propose solutions.
As of the moment of writing, there are almost 20,000 cryptocurrencies, each representing a unique project that aims to resolve perceived deficiencies in the blockchain space and outside. This statistic is a clear indication of the blockchain space’s openness, which is in stark contrast with traditional technological industries, where a few companies maintain a stranglehold on innovation, user data, and the progress of the competition.
Forward Protocol facilitates openness and transparency and motivates participation in the process to move the blockchain space forward. Its smart contracts and applications are available in an open and customizable library that allows ecosystem participants to propose improvements to the ecosystem.
The core team proposed five smart contracts that loosely cover virtually every aspect of value transfer in blockchain-based ecosystems. The model also encourages third-party and in-house developers to suggest improvements to the protocol.
Hypothesis and Testing
A hypothesis is the second step in the scientific method, and it is the point where they develop an explanation for a phenomenon. According to the scientific method, an acceptable hypothesis should be available for repeated testing using scientific means.
The decentralization and transparency of most blockchain protocols allow almost anyone to test these systems objectively. It also means innovations can be subjected to testing according to the scientific method. This step in the scientific process is synonymous with the rate of funding that the blockchain space has enjoyed over time.
In 2021 alone, blockchain startups received $25.2 billion in venture capital funding. This statistic represents a 713% increase from 2020 ($3.1 billion). Hence, blockchain startups get plenty of support and motivation to test their observations and develop confidence in their innovations through repeated simulations in controlled conditions.
However, there is also an inefficiency inherent in these hypothesis-testing phases. Most of these funds were committed to developing innovations that did not connect or interact with existing systems within the space. Hence, most innovative solutions are built from the ground up instead of developing existing infrastructure and progressing the blockchain space. This lack of continuity translates to a lack of interoperability, leading to resource wastage in development and deployment.
Forward Protocol’s library of smart contracts is dynamic and can be customized and upgraded according to the ecosystem’s needs. Its readily deployed solution based on a peer-reviewed and backed system provides a solid foundation for newer innovations within the blockchain space.
Data Analysis and Conclusion
According to Wikipedia, a scientific theory is an explanation of an aspect of the natural world and universe that has been repeatedly tested and corroborated following the scientific method, using accepted protocols of observation, measurement, and evaluation of results. Where possible, theories are tested under controlled conditions in an experiment.
Following the hypothesis and testing, scientists can readjust their opinions according to the results. If their results support their original observation, they can progress towards developing a theory.
The data analysis and conclusion part of the scientific method is analogous to the product deployment phase. Assuming that the tests are done, smart contracts are audited, and network vulnerabilities are checked properly and objectively, developers can be confident in the product they release into the DeFi space. The stakes on performing these security and functional tests correctly are very high, as the DeFi space held $72 billion in February 2021 and grew to over $170 billion in November. The global blockchain market capitalization also grew close to $3 trillion around the same period.
Forward Protocol’s solution is built on a framework of transparently and professionally audited smart contracts and applications to protect ecosystem participants, their data, and their digital assets. Additions to Forward Factory will have to pass through every step of the scientific method and be subjected to the peer-review process of the protocol’s DAO.
Building on the Scientific Method
The scientific method has been deployed within the scientific community for centuries and has proven to be a reliable framework for innovations in different disciplines within the space. However, not all scientific innovations require every step of the scientific method.
Forward Protocol and the smart contracts and applications within Forward Factory leverage this time-tested process to ensure that every original item and future additions to the protocol meet the same high standards that undisputed scientific theories and laws such as the universal law of gravitation, Newton’s laws of motion, laws of thermodynamics, and many others.
This is the same standard to which the original smart contracts and applications within Forward Factory were subjected. Forward Protocol does not compete with anyone. We collaborate with everyone to make the blockchain adoption vision straightforward and rewarding.
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.