Forward Protocol’s Three-Step Plan to Sustainability
As an industry, the blockchain space has experienced exponential growth over the last decade, but it faced a lot of resistance when it first appeared on the scene. One of its major criticisms was the volatile nature and short lifespan of projects within the space.
While failing startups and projects is not peculiar to the blockchain space, these failures are more frequent because of one of blockchain technology’s strongest points — decentralization. The absence of intermediaries and openness of the technology allows anyone to build and seek backing for their innovations.
It did not help that blockchain was also a victim of its own success. After the initial success of the earliest cryptocurrencies, including Dogecoin, which was obviously launched as a joke, the potential of blockchain technology quickly became apparent. The success stories motivated VCs, private investors, and crypto enthusiasts to support innovations within this space, even with the associated risks.
However, while the market is already used to astronomic rises and cataclysmic falls in every other cryptocurrency, we have also seen some projects steadily rise and consolidate their market position irrespective of market cycles.
This article explores how Forward Protocol compares to some of the most reliable and consistent blockchain projects and the qualities that favor the project as a long-term feature within the blockchain space.
A Viable Product and Utility
The success of a blockchain project is dependent on industry perception and reception. Utility in the blockchain refers to the problem a project aims to resolve. The relevance of the solution and the quality of the product will contribute to how the sentiment about its utility.
Forward Protocol aims to solve the perennial problem of blockchain adoption through a dynamic and quintessential approach. Its solution covers blockchain technology and all its subsequent innovations, including Web3, Metaverse, NFTs, etc. accessible to every user. It uses a suite of easily customizable smart contracts, applications, and services available through Forward Factory to provide this essential utility.
Lowering the entry barrier into the blockchain space is an essential service that no one else comes close to providing. Forward Protocol’s vision and success on this goal sets it in the privileged position as one of the few blockchain projects that present a solution for the present and will persist into the future.
Tokenization ( $FORWARD)
Tokenization is an important part of blockchain technology, allowing investors and community members interact in the economy around a blockchain or project. Depending on the issuing entity, the tokens can either be used to pay for gas and other activities on a blockchain or set into smart contracts to perform specific functions within an ecosystem, such as liquidity provision, farming, or staking.
The terms coins and tokens are used interchangeably within the blockchain space, even though they mean different things. Coins typically don’t serve any other purpose other than to serve as payment methods (sometimes for specific products and services) while tokens are valuable in the blockchain where they are issued. Sometimes, tokens can also be sent as payment, but it is based on the inherent value attached to the project that issued them.
The Ethereum blockchain stands out as an exceptional success story because of its role in facilitating smart contracts and supporting innovations that have advanced the blockchain sector.
Forward Protocol provides the infrastructure to deploy customizable smart contracts and applications for expert and non-tech savvy users, without the financial and time commitment required in these situations. This utility is tied to the demand for its native token — $FORWARD — that facilitates, motivates and rewards the activities of ecosystem participants.
Forward Protocol exists on the same blueprint as Ethereum, and the latter’s success and longevity make a strong case for Forward Protocol.
Partnership and Collaboration
Forward Protocol does not compete with anyone. We collaborate with integration partners, search partners, product and services partners, developers, investors, communities, etc., to make our vision for mass blockchain adoption come true.
The Forward Protocol vision aims to eliminate the need for anyone to build from the ground up to integrate blockchain technology and its innovation into their business or personal life. Hence, our partners are people, projects and entities that share our vision and provide the support to deliver and continue to improve on our monumental vision.
Our website provides an insight to our illustrious list of partners, with experience, expertise, and a record for long-term sustainability within the blockchain space.
Forward Protocol aims to be around for a long time. The team consists of an international team of multidisciplinary experts with experience working on successful traditional and decentralized finance projects. The project also acquires an impressive mix of partners that share the project’s vision and long-term sustainability goals.
Forward Protocol provides an easy-to-use solution that evolves with the latest developments in a fast-paced industry. It also motivates and rewards collaborations with partners and third-party developers to improve its library of smart contracts, tools, and applications, according to industry-leading standards.