5 Core Smart Contracts

The 5 Core Smart Contracts
  1. 1.
    Proof of Ownership (PoO)
  2. 2.
    Initial Value Offering (IVO)
  3. 3.
    Proof of Value-Delivered (PoVD)
  4. 4.
    Proof of Value (PoV)
  5. 5.
    Distributed Reward and Revenue Sharing (DRRS)
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 PayForward 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 StakingFORWARD (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:Tokens heldHistory (Ratings, reviews, reputation in the ecosystem, years of contribution)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 ContractsForward 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.GovernanceTo 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 rewardsWhen 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.ApplicationsThere 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 moduleBuilding a course marketplace and a freelancing marketplaceCreating a crowdsourced-freelancing marketplaceA dashboard for tracking employee incentivesThe 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 ChainForward 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 & ExplorerForward 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 MechanismThe 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 SDKCosmos 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 ChainAdvantages of Forward ChainBased on the reliable and fast Tendermint BFT consensus engineMinimal transaction feesTruly decentralized as it uses Polygon’s validation engine to validate transactionsMulti-layered consensusBFT facilitated by Tendermint at the network layerPOS facilitated at the application layerPreviousArchitectureNextGo-To-Market Strategy
Last modified 6m ago
Love Weava?Please give us a 5-star rating!
Account Settings
My Research Folder
Upgrade Premium
Not now
Sign up to create your first highlight with Weava 1 highlight | 15th AprHIGHLIGHT PDF FROM MY COMPUTER
Go To Dashboard
Highlight ModeONOFF
Last modified 1yr ago