Benefits of Integrating Forward with A Social or Community Token
- It connects the community to a growing token economy that is not reliant on the success of any single token. Instead, it is built on a thriving ecosystem of connected platforms that leverage the velocity of a real utility token - $FORWARD.
- It provides an open-source, simple drag and drop, no-code environment for easy deployment.
- It removes the barrier to adoption - no capital development expenditure or marketing time required.
- It offers fully customizable smart contracts and an optimized UI.
- Integration partners can explore the option to create a social token. Even though the $FORWARD token is the default utility token throughout the ecosystem, one can create another social token on Forward Chain if they prefer a social token, from where it can be bridged to any other ecosystem. It will first be minted in Forward Chain as part of the Forward ecosystem, and from there, it can be bridged to ERC-20, BSC or added to any other exchange and traded like any other coin.
A major benefit of only using $FORWARD token is that you don’t have to do any maintenance or moderation of the issued token. When a creator launches a social token, it is accompanied by other token-related maintenance tasks such as liquidity provision. These responsibilities would not apply if a platform decides to use the token internally. The strategy employed by each organization would need to be determined for their particular use case.
An example of Forward Protocol ecosystem with an integration partner, Wim Hof Method:
Protocol provides the framework to bridge CICs to a global learning environment. It uses smart contracts to help learning systems adopt blockchain technology to facilitate transparent, rewarding, and immutable transactions in an ever-growing DeEd ecosystem. The smart contracts reduce redundancies, cut unnecessary expenses, and ensure better remuneration for every stakeholder in the knowledge acquisition process.
Community Inclusion Currencies (CICs) introduce a replicable mechanism for communities to eradicate poverty by creating connected, inclusive, and sustainable local economies using community currencies and open-source blockchain technology. Source
Forward Protocol will create a bridge between CICs and the global economy using ForwardID and ForwardPay.
Coupled with grant and donor funding, the additional influx of fiat into a community via an “earn as you learn” gamified model will help to achieve the Sustainable Development Goals, including alleviating poverty, hunger, improving learning outcomes, promoting gender equality, clean water, economic health, reduced inequality, innovation and infrastructure, and creating sustainable communities.
According to UN estimates, it would take about two trillion US dollars to meet the Sustainable Development Goals (SDGs) and World Bank Credit Gap targets. Of the many factors limiting the achievement of these goals, insufficient funding leads the way. Cash injection from external sources to give students access to tools that will facilitate the “earn as you learn” model is a viable and sustainable alternative.
This model can help leverage existing humanitarian efforts to provide a workable solution to fill these gaps.
Students in vulnerable communities do not lack intelligence, ability or aptitude. They lack opportunities to connect to quality resources.
They lack a mechanism to incentivize them to get educated and improve their learning, reinforcing positive rewards as they progress, and giving them the ability to generate financial capital for themselves.
These multi-layered incentives are at the core of our proposal to connect Forward Protocol to Community Inclusion Currencies. Forward Protocol aims to provide a replicable mechanism that enables students in local communities to contribute to their local economy through an “earn as you learn” protocol that motivates knowledge acquisition in a society.
Students will be able to trade $FORWARD tokens for any Community Inclusion Currency using a swap/exchange built into their Forward ID.