The Forward Ecosystem
- Forward Protocol
- Forward Factory
- Proof of Value-Delivered (PoVD)
- Proof of Value (PoV)
- Distributed Reward and Revenue Sharing (DRRS)
- Proof of Ownership (PoO)
- Initial Value Offering (IVO)
- Forward ID
- Forward Pay
- Tokens & Staking
- FORWARD (Forward Token - Utility)
- FUSD (Forward USD - Stable)
- Staking & LP Contracts
- Governance
- Forward Chain
- Forward Explorer
- Forward Bridge
- Multiple Consensus
- Forward SDK
Forward Factory: Instant Deployment Model
Forward Factory has a no-code, drag and drop interface. Any platform can install its open-source application integrated with the smart contracts of choice (fully customizable), pre-integrated with Forward Protocol and $FORWARD.
The Forward Protocol architecture will be layered, dividing each segment of the value-driven economy into multiple smart contracts to provide targeted solutions for specific problems.
Platforms that deploy contracts through Forward Factory can set the fees (revenue model) for users on their platform, turn features on/off, modify terms/policies, and easily integrate these modifications with their business model.
The process is designed to help platforms deploy and become blockchain-ready with a much shorter lead time than it would take to develop a platform themselves.
Examples of Customization Options can be reviewed here.
The 5 Core Smart Contracts
- 1.Proof of Ownership (PoO)
- 2.Initial Value Offering (IVO)
- 3.Proof of Value-Delivered (PoVD)
- 4.Proof of Value (PoV)
- 5.Distributed Reward and Revenue Sharing (DRRS)
1. Proof of Ownership (PoO)
Forward Protocol supports recognition and protection of the intellectual property of content creators. When a creator uploads their content, they can protect them by minting them as NFTs (non-fungible tokens), which uniquely registers and identifies each separate part of the creation on the blockchain.
NFTs in their current form are speculative assets with the option to buy, sell and hold. The real-world trade and commerce functions in the NFT space will add versatility and a wide range to the market. It will add the capabilities to license, rent, and lease NFTs either as an exclusive or semi-exclusive contract.
To increase adoption, bulk minting and gasless minting are essential from a no-code interface.
An example from the Decentralized Education (DeEd) sector: Certification minted as NFTs for validation of skills certification.
The smart contract becomes even more effective in combination with other contracts to validate the reputation score for the certificate. This will track the reputation of the test, the teacher, the student and the difficulty or value of the course itself. A course provided by a tier 1 university like Oxford would have a far higher certificate reputation score than a course provided by a local university as the course would have a greater value in the marketplace.
Gasless NFTs minting will assist organizations that issue millions of certificates. They can simply mint and allow students to claim the certificates with their Forward ID.
An example from the Decentralized E-commerce (DeCom) sector: Integrating the smart contract into camera filters, mobile apps, and one-click support for converting images shot through their app to NFTs with one click to rent or sell them later in the marketplace.
An example from the Decentralized E-commerce (DeCom) sector: A company wants to batch-upload 10,000 products to its e-commerce website. They can use the Proof of Ownership smart contract to upload them in batches and instantly add inventory to their stock without paying gas fees.
2. Initial Value Offering (IVO)
Forward Protocol offers the infrastructure for IVO – Initial Value Offering. This is the Kickstarter program on Blockchain, creating transparent fundraising opportunities and safety for backers. The IVO provides a solution for creators who need to invest substantial amounts of time and money into new products, but lack the certainty that they will become popular enough to cover the costs and assure profit for their product. Until the production is complete and released to the market, creators cannot ascertain commercial success. Consequently, many creators are reluctant to take on the financial risk to produce material that could have benefitted themselves or others, which may never be produced.
The IVO system resolves the problems associated with market uncertainty and financial risk by enabling creators to introduce themselves and their product and to sell them before committing to producing them. It also protects prospective buyers’ funds in a similar way that the KickStarter platform works.
When an initiative to produce a new product is presented by a creator, interested parties may choose to back this and secure access in advance of production. Each backer transfers the requested amount in $FUSD to an escrow wallet. When the total amount in escrow reaches the target within a specified period, the project is funded and the creator can begin production.
The platform integrating the IVO can define when the funds are released to the creator. It can be released when:
- 1.The entire product is created, published and accepted by the majority of the backers, then the complete funds are released.
- 2.When each milestone is released and accepted by a pre-defined % or number of backers, then a part of the funds is released.
- 3.When the product is fully created and released, with or without backer acceptance or a % of backer’s acceptance.
As the product is released, backers can gain access to it. The amount from the escrow wallet will be transferred to the creator. If the project fails to attract the necessary funds from prospective buyers within the defined period, or if the creator fails to deliver the product, the funds will be returned to the backers.
In this way, the IVO insulates against judgement errors from the creators. Sometimes, they may fail to identify insufficient demand for their product or to notice a potentially successful product worth investing in. Simultaneously, it protects the payments made by project backers in the event where the creator fails to deliver the final product or fraud. This drawback is a major challenge in many centralized platforms where creators fail to deliver. If the creator needs the funds to create, the integrating platform can explore DeFi loans backed by assets for the interim working capital as well.
An example from the Decentralized Education (DeEd) sector: The average sale price of a $10 -$50 course is not enough to cover the costs of creating a high-quality course if the sale volume is not high enough. With an Initial Knowledge Offering (IKO - the DeEd analog of the IVO), course creators can provide the course outline before it is created along with their profile to substantiate their knowledge or experience.
The course may cost $50,000 to develop, but can be advertised to students, who can pre-pay for the course, say $500 per student.
Once the creator reaches the $50,000 target, they can start to develop the course. The money paid by the students who want the course material will remain in escrow until the course is created and released as defined by the platform, either on total completion or according to preset milestones.
The integrating platform can also enable rewards for early supporters. A percentage from all future sales of the course can be set aside for them as rewards for their early support in creating the course. These rewards can be scheduled to run for any length of time (or forever, as per discretion or platform rules). These options can be customized in the Forward Factory.
An example from the Decentralized Ecommerce (DeCom) sector: A company plans to build a vegan food e-commerce platform that can adapt quickly to changing global markets and supply chains. The end goal is to create extraordinary customer experiences and the ability to stay on top of new customer demands. They can achieve this by adapting existing offerings and introducing new products and services to the market as soon as new opportunities become available. The full tech stack will cost $300,000, and the company will use the IVO smart contract to raise the funds.
They can offer to make supporters of the program shareholders in the company (e.g. 30% of company stock will be issued to backers).
The company will describe the development roadmap and rollout in a scoping document and draw down on escrow funds on completion of pre-determined milestones being achieved. This process protects backers from non-delivery, and ensures progress is rewarded.
An example from a larger organization’s utility: The NHS wants to produce a dental training program for primary healthcare workers across sub-Saharan Africa and India. They have to hire experts and maxillofacial surgeons and dentists. The time in theatres and teaching models needed for a quality course will cost around £500,000 to produce. However, the NHS wants to know with certainty that the course will be useful. Hence, they create a framework for the program, reaching out to aid organizations and private backers for pre-funding. Once they reach the £500,000 target, the NHS produces the training program. The funding that the backers provide will remain in escrow until the training program is created and released as defined by the platform, either on total completion or preset milestones.
3. Proof Of Value-Delivered (PoVD)
Proof of Value-Delivered can be useful to -
- Product marketplaces
- Freelancing marketplaces
- Corporate remuneration and bonus incentive schemes
- Corporate training
- Hiring Interns
- Crowd-Freelancing
- Escrow
Proof Of Value-Delivered is a smart contract which deals with the actual transfer of value in exchange for money. It’s a smart contract that says, “you do this, and then you get the reward (e.g. money) for completing the task.” This smart contract works purely on the condition that a predefined value is delivered with proof of delivery.
An example of a company using a smart contract to incentivize workforce upskilling: An employer wants their employees to complete an annual LinkedIn Learning training program, completed on a monthly cycle. The employer can incentivize (add rewards) the course to encourage completion. For context, the employer may tell their employees, “Your bonus this year is dependent on you completing and passing this course that will upskill you for your job position. Complete the course, improve your skills, and you get the reward (the bonus).” The rewards can be unlocked on a linear vesting schedule spread over the year as monthly training is completed.
The accumulated rewards are held in escrow until bonuses are paid at the end of the year, and then released to the employee according to their training completion rates. Hence, an employee that completed 80% of their training will receive 80% of their bonus.
The statistics show that most people never complete the courses they start. An organization that spends a lot of money on training staff should also be able to measure the value transferred. This extra layer of oversight and incentive acts as motivation for the employee to complete their monthly training. As a result, the organization benefits from better trained staff and self-motivated employees.
An example for the escrow model: The freelancer-client relationship. Applicants will apply for the job, indicate their terms, submit bids and qualifications. As a part of the terms defined by the application's smart contract, the applicant can define a cashback to the employer upon job completion and full payment on the project and leave a review/feedback. The employer will validate the qualifications of the applicants registered on the blockchain and choose the most suitable candidate for the position. Payment (in the form of $FUSD) will automatically be transferred from the employer's wallet into an escrow wallet and the selected contractor will begin their work. Upon job completion, the contractor will notify the employer and deliver any necessary submissions. Once the employer confirms that the deliverables are up to specification, the payment will be transferred to the contractor's wallet, minus commission fees that will be transferred to the deploying platform’s wallet, from where Forward Protocol's fees reach Forward’s wallet. Part of Forward’s commissions will then be distributed within the community if the Distributed Reward & Revenue Sharing (DRRS) smart contract is enabled. The smart contract will automatically transfer $FORWARD to the employer’s wallet upon the completion of the freelancer’s set metrics. These checks and balances will reduce uncompleted projects where clients become unresponsive.
The PoVD smart contract will create open terms through which someone can verify:
- The amount to be paid to the escrow and terms of service.
- The amount to be returned/rewarded on successful job completion.
This interaction will be defined by the smart contract that any of the above parties can customize (to the extent allowed by the deploying platform) before initiating the smart contract.
An example from the Decentralized Education (DeEd) sector: An expert adds a new training course to the Marketplace. A student buys the course and gets access to valuable information. The expert can incentivize (add rewards to) the course to increase the completion rate, making them eligible for further rewards from the learner's success. Experts or platforms deploying Forward Protocol can customize the criteria and the settings of the escrow contract to deliver the reward/incentive outcome they need for their use case.
If a learner pays $1,000 for a course, and we can validate that the expert covered the curriculum and the learner completed the material, the expert receives the agreed fee ($1,000).
The expert can recommend a value (say 20%) to go back to the learner from the original fee ($1000) if they complete the course.
This reward wallet is a public wallet that users can share on social media or with friends and family when they enroll in the syllabus. Supporters can top-up the reward wallet with donations/incentives to be shared with the learner upon reaching preset milestones instead of directly giving the money to the user, motivating them to complete the course.
Examples for community support: Tech products like Cloudflare/AWS don’t offer tech support for free-tier users. However, they have a large user base in the free-tier level who still need support platforms that are very active, and integrating Forward Protocol with the support desk will act as a bridge between active platform users, free-tier users and their queries. Users with queries can offer a $5 or $10 reward for resolving their queries. Integrating Forward Protocol will reduce the burden on the in-house support team and provide a better service to users, with quicker response times incentivized with a reward or tip.
Busy exchanges like Binance have to deal with hundreds of queries every hour. Integrating Forward Protocol with an exchange of its size, where a $5 or $10 reward is offered for an active user that correctly replies to a query (most of which are repetitive and basic), will reduce the responsibilities of the in-house support team.
Products/Projects listed on Product Hunt can post specific challenges/gaps and ask the community to help them out. Upon getting the solution, the product owner rewards the user who helped resolve them.
4. Proof of Value (PoV) - Facilitating High-Quality Value Transfer from many-to-many
Proof of Value (PoV) rewards value creators as recognition for their time and effort.
This smart contract can be applied in various scenarios:
- A person writes an article
- An employee contributes value to the company or a community and receives a reward for it
- A student publishes in the Q&A
- A manager displays and propagates acts of leadership
- An expert delivers a keynote speech to an audience
- A salesperson achieves high-value results and meets targets
Proof of Value aims to show that the contribution will solve the consumer’s use case (or problem). It connects value transfer from end-to-end points (revenue with users), allowing the entity to determine the criteria for reward.
Once the PoV criteria are established by the deploying platform, the person delivering the value gets the incentive or monetary reward paid from the advertising on the page, other sources of revenue provided by donors, scholarships, incentive schemes, etc.
A platform collecting donations can use it as the reward wallet in addition to the advertising revenue or other revenues their business model provides. The rewards are distributed based on the proof of value framework, which is the value placed on the creator’s output. This figure is based on the demand and interaction of the end-users. It is usually a product of importance to the audience and can be measured by the number of upvotes received, readership stats, number of times shared, amount of times saved, etc.
For example, through the Proof-of-Value mechanism in Forward Protocol, a free reply post by an expert to a user's question can turn out to be an ongoing source of profits for the expert.
An example from the Decentralized Education (DeEd) sector: The ad revenue (or the reward wallet set by the entity requesting the content creation or the platform wanting more content created) is then distributed to all parties involved based on parameters such as the value of their contribution, upvotes and viewership. The entity distributing the reward determines the percentage of revenue to distribute back to users. Their impact is judged based on personal experience, validated credentials and community response. The POV smart contract will be useful in platforms like Quora, which would use advertising revenue to reward engagement. A user like Wikipedia can also use income from donations to reward engagement.
Rewards can also be given to a user based on their efforts to help others on the platform. An example of this could be a user on Quora sharing an answer written by another user. The author of the original post can announce a reward to other users that amplify their post.
An example from the Decentralized Organization (DeOrg) sector: A tourism startup wants to motivate its team to increase revenue and commit to the company for five years. They create a static proof of value contract that tracks commissions and is vested over a five-year period. This innovation allows the company to pay lower salaries upfront and reward employees for performance while retaining trained employees for a longer period (five years) until the payout of the smart contract. This enables the company to give employees a sense of ownership without diluting the equity of the company.
An example from the Decentralized Humanitarian (DeHum) sector: An aid organization distributing funds can use it as the reward wallet to incentivize good behavior in refugee camps or settlements (picking up litter, education and camp governance, conflict resolution, etc.). The rewards are distributed based on the proof of value framework, which is the value placed on a person's contribution to society and how they improve the environment for their community. This figure is based on the need and interaction with the relevant end-users. It is usually a product of importance to the audience and can be measured by the number of upvotes received, if acts of leadership are shown, contribution to community structures, etc.
This smart contract can also be used to reward community engagement and behavior in a social or community token environment.
It can also be integrated into free content sharing social media platforms to focus on quality rather than clout and activity. Eg: A detailed analysis post about ‘how to get your next job,’ posted on LinkedIn which receives traffic, upvotes and social engagement.
5. Distributed Rewards and Revenue Sharing (DRRS)
This smart contract creates a layer of incentivization across all modules of a platform. It creates a long-term passive revenue stream for all active contributors, beyond the limited scope of individual smart contracts.
An example from the Decentralized Education (DeEd) sector: If a student completes their training and gets a job via the platform’s job board, it is a result of many factors. They include lessons by world-class tutors, help from community members, interactions and community forums, etc. The algorithm takes a small percentage of the fee charged to recruiters and distributes it algorithmically among everybody that was actively involved in the learning process of the recruit. Hence, it rewards them for their contribution to the learning that resulted in the job. This system makes the experts lifelong "knowledge partners'' of their former students.
For example, for a $1,000 job where the deploying platform takes a 10% commission, the platform can configure half of the commission to go to the people that helped the student get that job. It may only be a few cents per student, but it can easily add up to a substantial income for an active teacher or trainer with thousands of students or trainees.
This algorithm takes into account the relevance of the course or training to the job won, community-driven voted value for the said course and the expert, the expert’s relevance and activity on the platform (if they are active or inactive for years), recency of the course or contribution and other qualitative and quantitative parameters.
Customizations in Forward Factory
Example of customizations in the Initial Value Offering (IVO) smart contract (a.k.a Initial Knowledge Offering - IKO - when used in Educational context) for DeEd application:
- 1.Should the backers of the course receive a percentage of revenue for future course sales? If yes, what percentage? If not, the feature can be disabled.
- 2.Should the funds from the smart contract be released to the expert immediately on 100% hard cap met, OR should it be released in stages as the course is developed and made accessible to the supporting learners OR should it be released in stages as the course is deployed ONLY with X% consensus of the backing learners attesting to the quality of the course?
- 3.What percentage of the fees will the platform charge?
In the Proof of Value-Delivered contract, the receiver has the freedom to set the reward percentage, stage(s) of release, and measured KPIs. For example, in DeEd, the experts or organization can set the smart contract to release 5% of the reward after completing specific milestones, or 100% released on full completion of the course and passing a test with a particular success rate.
In the Proof of Value smart contract, website owners can deploy the contract and set a percentage of the revenue generated to be distributed to contributors based on the value they offer. They can also set the source of funds, distribution criteria, frequency of distribution, consensus model and more.
In addition, they may add a donation wallet where viewers can donate and a percentage of the donations to be released to the contributors on an hourly, daily, weekly, or monthly basis. They may also release the amount received after it reaches a specific cap - for example, $500. Proof of Value is customizable based on platform activity.
The options are fully customizable as per the preference of the deploying platforms and their business models. Forward Factory’s vision is to provide all the options to suit various industry sectors, deploying smart contracts without requiring them to edit or rewrite their underlying code.
Forward ID
When they register on any platform that integrates Forward Protocol, a user will create a Forward ID – a single ID that lets them automatically log in to any website that utilizes Forward Protocol. This universal ID is similar to Facebook and Google's IDs that enable automatic connection to websites and services.
By integrating Forward ID, learning apps and institutions no longer need to process their users' personal information. Forward Protocol removes this redundancy through a fast and strict KYC process to verify their identity before receiving their Forward ID. It saves cost and time that would have been wasted on complex user verification procedures.
The Forward ID is a blockchain ID that gives a user complete control over their data and the ability to share personal information on a need-to-know basis. Forward ID allows users to authenticate themselves 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
Forward Pay is a digital wallet that connects to a user’s Forward ID. It allows users to store, manage, swap and trade their funds/cryptocurrencies. It is connected to Fiat ramps (in and out) so that users can complete transactions using their credit cards and bank accounts.
Forward Pay uses Forward ID/username to send/receive payments, improving usability and adoption rather than using 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.
A user can log in to any platform integrated with Forward Protocol using Forward ID and pay for services using Forward Pay.
Tokens and Staking
FORWARD (Forward Token - Utility)
The native digital cryptographically-secured fungible token of Forward Protocol ($FORWARD) is a transferable representation of attributed governance and utility functions specified in the protocol/code of Forward Protocol, and which is designed to be used solely as an interoperable utility token on the protocol/network.
$FORWARD is a functional utility token that will be used as the medium of exchange between participants on Forward Protocol in a decentralized manner. The goal of introducing $FORWARD is to provide a convenient and secure mode of payment and settlement between participants who interact within the ecosystem on Forward Protocol, and it is not, and not intended to be, a medium of exchange accepted by the public (or a section of the public) as payment for goods or services or for the discharge of debt; nor is it designed or intended to be used by any person as payment for any goods or services whatsoever that are not exclusively provided by the issuer. $FORWARD does not in any way represent any shareholding, participation, right, title, or interest in the Company, the Distributor, their respective affiliates, or any other company, enterprise or undertaking, nor will $FORWARD entitle token holders to any promise of fees, dividends, revenue, profits or investment returns, and are not intended to constitute securities in any relevant jurisdiction. $FORWARD may only be utilized on Forward Protocol, and ownership of $FORWARD carries no rights, express or implied, other than the right to use $FORWARD as a means to enable usage of and interaction within Forward Protocol.
$FORWARD also functions as the economic incentives which will be distributed to encourage users to contribute to and participate in the ecosystem on Forward Protocol, thereby creating a mutually beneficial system where every participant is fairly compensated for its efforts. $FORWARD is an integral and indispensable part of Forward Protocol, because without $FORWARD, there would be no incentive for users to expend resources to participate in activities or provide services for the benefit of the entire ecosystem on Forward Protocol. Given that additional $FORWARD will be awarded to a user based only on its actual usage, activity and contribution on Forward Protocol and/or proportionate to the frequency and volume of transactions, users of Forward Protocol and/or holders of $FORWARD which did not actively participate will not receive any $FORWARD incentives.
FUSD (Forward USD - Stablecoin)
$FUSD is the protocol-issued stablecoin that supports stable value transfers, purchases and payments within the ecosystem.
$FUSD is pegged against other USD-based stablecoins like USDT, BUSD, and USDC in a smart contract. Users can deposit these stablecoins to mint an equal amount of FUSD to use within the ecosystem. FUSD is burnt when deposited stablecoins are removed from the smart contract. It is primarily used for the internal cross-chain liquidity to avoid holding liquidity in multiple stablecoins.
Example: Users can buy a product/course/service in the Proof of Value-Delivered contract via $FUSD, but the rewards will be in $FORWARD.
The protocol will add more stablecoins in the future as it grows. Forward Pay will help increase its adoption globally.
Token Holder’s Incentives
$FORWARD functions as membership loyalty reward points, so users will be classified into different loyalty tiers based on the amount of $FORWARD they hold and the value they delivered in the ecosystem. The premium membership tiers offer greater access to the protocol, including exclusive products, services and lower fees charged at protocol and application levels (as indicated by the deploying applications).
Example at the protocol level: Based on their $FORWARD holdings, users will be charged lower fees on smart contract transactions as long as the specified levels are maintained during the regular snapshots.
Example at the application level: A DeEd platform will have premium incentive schemes for teachers in their marketplace applications. For context, let’s examine an expert who lists a course on the marketplace. The algorithm ranks the teachers’ knowledge, reviews, ratings, reputation etc. It will also consider the amount of $FORWARD that the expert holds as an indication of commitment to calculate the teacher’s rank in the marketplace. This system is a hybrid ranking mechanism. It applies to freelancing boards or any form of visibility prioritization. Ranking will not be based solely on token holdings as the only metric for premium visibility in a marketplace. This system is obviously biased and supports the “rich get richer, poor get poorer” dogma (if you are a wealthy teacher you could easily “buy” your way to top positions on account of your financial resources.
A mix of certain parameters can be used to create a fair ranking outcome:
- 1.Tokens held
- 2.History (Ratings, reviews, reputation in the ecosystem, years of contribution)
- 3.Credentials (Eg: certifications, verified credentials, etc.)
Since the reputation of every user is measured across all connected platforms, deploying platforms can leverage this crowd-sourced reputation by integrating these loyalty-based ranking factors.
Staking and Yield Farming Contracts
Forward Protocol itself is simply a blockchain protocol that, by design, does not offer any resources for utilization, so in order to provide easy access to $FORWARD and promote ecosystem growth, users will need to be incentivized to become liquidity providers and stake their digital assets into various decentralized pools to provide the necessary liquidity for transactions. As compensation for opportunity costs, these liquidity providers who help to promote Forward Protocol by staking or including 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 relative contribution after applying various adjustments and correction parameters.
Governance
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/or parameters of Forward Protocol (e.g., level of system fees). The right to vote is limited to voting on features of Forward Protocol; it does not entitle $FORWARD holders to vote on the operation and management of the Company, its affiliates, or their assets or the disposition of such assets to token holders, or select the board of directors of these entities, or determine the development direction of these entities. It does not constitute any equity interest in any of these entities or any collective investment scheme, and the arrangement is not intended to be any form of joint venture or partnership.
Validator rewards
When the native Forward Chain is built, 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 for payment of fees to validators for their services.
Applications
There will be many open-source applications that will be developed in the process of integrating with various platforms and partners. All of these applications will be made available for the community to plug-and-play. They will be pre-integrated in the Forward Protocol. Those who want to use these applications just need to install them, customize the UI with the user-friendly interface, head to the Forward Factory to customize the smart contract based on their organization’s needs and deploy them.
Some other applications in the roadmap include the following modules:
- Developing a Q&A module
- Building a course marketplace and a freelancing marketplace
- Creating a crowdsourced-freelancing marketplace
- A dashboard for tracking employee incentives
The developers’ community is encouraged to create new applications in the open-source model to grow the blockchain revolution. Smart contract developers can contribute to the Forward Factory to extend the templates in the smart contracts library.
Forward Chain
Forward Chain will act as the “value chain” for tracking the global value transfers and ‘impact’ of various elements involved in the value transfer process. It also helps large partners attain scalability.
Forward Chain is a blockchain built using the Cosmos SDK. The future of blockchain is interoperability. Forward Chain will be EVM-compatible and will become part of the internet of blockchains.
Developing the Forward Chain offers many benefits and opportunities compared to deployment on an existing chain.
Forward Chain will help application users avoid congestion and high gas fees associated with other chains, especially during peak activity periods.
Since Forward Chain is EVM-compatible, users do not have to worry about being siloed from other ecosystems. In the future, the Forward Chain will work with all chains, making it chain-agnostic. By being chain-agnostic, Forward Chain users will be able to tap into every part of the blockchain universe and will have access to all decentralized users and dApps.
Bridge & Explorer
Forward Chain will be bridged to all EVM-based chains like Polygon, BSC, and Ethereum via its custom bridging solution. The bridge is the gate to Ethereum and its communities. The Forward Chain developers’ community and potential service providers can conveniently join the Forward Chain without worrying about any limitations or barriers. The Forward Chain will have its own unique blockchain explorer where users can track their transactions and monitor the network’s status.
Networking & Consensus Mechanism
The Forward Chain will use Tendermint Engine where the networking and consensus layers are built. The Forward Blockchain will deploy a Byzantine Fault Tolerance (BFT) consensus algorithm. The networking layer is a peer-to-peer network where nodes ensure privacy and security. The nodes are responsible for securing and validating transactions between network users. Forward Chain will use Polygon's validator to validate transactions in a decentralized fashion using Proof of Stake. The Forward Chain team will focus on building the ecosystem, developers’ community and more without having to worry about the network’s infrastructure.
Cosmos SDK
Cosmos SDK is a framework that allows developers to build new decentralized blockchain applications and smart contracts. With a foundation of clean, well-structured modules from Cosmos SDK, Forward Chain developers can continue to expand the Forward Chain ecosystem.
Advantages of Forward Chain
Advantages of Forward Chain
- 1.Based on the reliable and fast Tendermint BFT consensus engine
- 2.Minimal transaction fees
- 3.Truly decentralized as it uses Polygon’s validation engine to validate transactions
- 4.Multi-layered consensus
- 1.BFT facilitated by Tendermint at the network layer
- 2.POS facilitated at the application layer
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Contents
Forward Factory: Instant Deployment Model
The 5 Core Smart Contracts
1. Proof of Ownership (PoO)
2. Initial Value Offering (IVO)
3. Proof Of Value-Delivered (PoVD)
4. Proof of Value (PoV) - Facilitating High-Quality Value Transfer from many-to-many
5. Distributed Rewards and Revenue Sharing (DRRS)
Customizations in Forward Factory
Forward ID
Forward Pay
Tokens and Staking
FORWARD (Forward Token - Utility)
FUSD (Forward USD - Stablecoin)
Token Holder’s Incentives
Staking and Yield Farming Contracts
Governance
Validator rewards
Applications
Forward Chain
Bridge & Explorer
Networking & Consensus Mechanism
Cosmos SDK
Advantages of Forward Chain