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Forward Protocol Whitepaper
by Karnika E. Yashwant (Mr. KEY) and Mitch Rankin
The barriers to blockchain adoption are high investment costs, lack of knowledge, reluctance to change, and technological immaturity amongst others (Fuzzy Delphi Sustainability 2022). Blockchain is found across many industries, but the level of diffusion varies and actual implementations of blockchain technology are still in their infancy (Grover et al., 2019; Kar & Navin, 2021; Wamba & Queiroz, 2022). The segment of the economy most affected are the companies that don't have access to capital, and by default cannot participate. The need for a cost-effective solution is evident.
The key challenge in why this has not been solved is the technological immaturity in the blockchain space. As this changes, connecting users with applications using intuitive, native processes becomes increasingly important.
The high cost of entry and long development timelines in the blockchain space exclude the majority of entrepreneurs and startups that do not have access to funding. Eliminating this completely creates global inclusion for all.
Forward is a blockchain operating system that handles the basic operations of your Web3 environment. It is a no-code, cost-effective tool to create blockchains, subnets, and dApps.
With drag and drop technology, fully customizable templates, and no technical knowledge is required to set up basic infrastructure. You can create anything from simple dApps to enterprise-level blockchain solutions.
The building blocks are
- Layer 0 cosmos extension
- Layer 1 public cluster chain
- Layer 3 protocol and factory multi-chain
The environment is Solidity/RUST agonistic and supports both natively. Forward is cross-chain IBC compatible with other L1/L2 as a Protocol and inter-compatible with other L1 deployed from L0 infrastructure.
Supporting international expansion will require help widgets to be translated into target market languages and a support desk. Development elements ensure navigation design is flexible enough to be translated into another language, incorporating localized features to enable easy onboarding.
Hackathons and Beta-testing will involve users from a wide range of socioeconomic and educational backgrounds to ensure product ease of use and that implementation is simple and universally accepted.
The adoption of blockchain into companies' architecture has the potential to dramatically reshape the capital markets industry, with a significant impact on the way businesses model themselves, manage risks, and save cost and capital. However, the revolution will not happen overnight due to the high barrier to entry into this sector.
- 1.The capital expenditure needed to develop workable blockchain solutions is insurmountable for most companies.
- 2.The technical knowledge and development expertise needed to build an effective solution is limited and would take too long to implement.
These limitations raise two questions that need to be answered for industry-wide adoption to occur:
- 1.How can companies reduce the capital costs of developing a blockchain application?
- 2.How can companies reduce the time needed to develop and implement a market-ready version of the technology?
Forward Protocol solves the challenges highlighted above by:
- 1.Lowering the barrier to entry across verticals through a B2B approach that connects ideas, companies, and markets with open source, fully customizable, no-code blockchain smart contract tools within Forward Factory to make blockchain adoption seamless.
- 2.Forward Factory makes blockchain adoption an unambiguous and straightforward process for organizations. Decide. Deploy. Test. Evaluate. No hidden cost is involved.
Forward Protocol employs an easy-to-use WordPress-like model to facilitate a no-code environment that users can interact with even without technical knowledge.
The modular architecture and ready-to-deploy fully customizable smart contracts, dApps, blockchains and subnets are designed for anyone to adopt blockchain technology, without any risk. The template-driven design allows any organization to choose the module suited to their platform and modify it to be functional to their use case.
Forward Protocol will be fully decentralized, maintaining independence from any third-party influence.