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 (PoVD) 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 (PoV) 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.