Forward Protocol’s Smart Contracts For Dummies

Forward Protocol has 5 core smart contracts:

Forward Protocol aims to solve the problem of connecting a billion learners with experts through a self-actualizing structure that allows them to access a world-class education. Forward Protocol runs on five core smart contracts. They are fundamental to the design, functionality, and implementation of the protocol. It leverages some of the best features of blockchain technology to provide a feasible solution, making it easier for anybody to participate in the global education economy.

Forward Protocol Architecture
  1. Proof of Value
  2. Distributed Reward/Revenue Sharing
  3. “Proof of Ownership”
  4. Initial Knowledge Offering (IKO)
Forward Protocol Business Model

Proof of Value-Delivered

Proof of Value-Delivered smart contract is designed to control the movement of money among participants within the ecosystem. There are two participants in this smart contract, the contributor and the participant node.

  1. Determine an incentive for participants nodes

Example 1:

Susan is an experienced math teacher who created an extensive course for high school students. She published the course on Udemy with a price tag of $650. It is accompanied by a 30% incentive to be released to students who complete the course and pass the test.

Proof of Value

The second smart contract is Proof of Value (POV), which is designed to determine the value of the delivered product or service. Value is a subjective yet quantifiable entity. The value of a product or service is what the user is willing to pay for it. The value of the product depends on whether it solves the customer’s problem, whatever that might be. The term value refers to many things. like, writing code, teaching, logo design, leadership role, management role, designing a flyer, or creating music.

Example 1: Employment of Contractor

  1. An employer posts a new job on a marketplace.
  2. Applicants apply for the job and indicate their terms, pricing, and qualifications.
  3. Applicants may choose to pay back a percentage of the pricing to the employer upon completion of the project.
  4. Employer verifies applicants’ qualifications and selects the suitable contractor.
  5. Employer payment will be in an escrow contract and when the contractor starts the job
  6. Contractor informs the employer of job completion and delivers any necessary documents/submissions
  7. Employer verifies that the job is completed. Once confirmed, payment is released to the contractor in FUSD.
  8. Commission fees will be transferred from the employer’s wallet to Forward’s wallet.
  9. Forward wallet deducts cost and transfers commissions to the educators involved in the contractor’s training.

Example 2: Free Content Sharing Platforms

There are many free content-sharing websites such as Quora, Reddit, Medium, Hackernoon, Product Hunt, etc. The writers and contributors create content on these platforms for readers to gain value. Readers give likes, upvotes, comments, and shares when they find content that is valuable to them.

Distributed Reward/Revenue Sharing

The third smart contract is designed to distribute recurring rewards to contributors like teachers or tutors who provided courses and training to former students. Also, rewards may be provided to participant nodes such as students and learners when completing a course.

Example 1:

A student has completed 10 courses and is looking for a job on Forward’s Protocol Job Board. He then gets hired, completes the job, and provides all his deliverables on time. The employer confirms that the job is completed via the POV smart contract. Once payment is released from the escrow contract, Forward’s wallet sends an incentive to all 10 teachers who provided courses and training to their former student. The commission may be a few cents, but for a teacher with hundreds of students, these commissions accumulate and motivate teachers to continue to provide quality education.

Proof of Ownership

The fourth smart contract is designed to register and protect the intellectual property of several categories of content and documents — course material, exam results, certificates, diplomas, licenses or research papers. All these can be minted on the blockchain as an NFT (non-fungible token) using Ethereum Request for Comment #721. NFTs are digital proofs of ownership of almost any real or virtual property stored on a blockchain ledger. It covers artworks, music, multi-media, collectibles, course materials, certificates, etc.

Initial Knowledge Offering (IKO)

The fifth smart contract named Initial Knowledge Offering (IKO), is designed to provide large-scale education contributors a mechanism to raise funds to create new courses.

Example 1:

Let’s assume a group of experts would like to make an extensive course that costs $30,000. There are two problems here, raising funds and market reaction. The expert teams all agree to use Forward Protocol IKO. First, they issue a paper that describes the course’s goals and curriculum. Next, they explain the problem that the course aims to solve. The proposal paper is then issued to the public via the IKO smart contract with a $30,000 cap and a predetermined duration to raise the fund.

Conclusion

Forward Protocol uses the fundamentals of blockchain technology to develop a system that resolves the shortcomings of the current education system. It runs on five smart contracts that work to make the ecosystem efficient and self-sustaining. Also, its integration across multiple blockchains makes it easily accessible to a broader audience. Without intermediaries or third parties slowing down processes, the protocol works faster than any existing solution. Finally, it provides an ecosystem that provides jobs and other employment opportunities to everyone involved in the operation and maintenance of the ecosystem.

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Forward Protocol

Forward Protocol

Reforming and Redefining Education with Blockchain