Forward Protocol

Connecting Blockchain with a Value-Driven Economy. Forward Protocol's ultimate goal is to fast-track mass adoption of Blockchain Technology

Published on June 13, 2022

Can you tell us about your company/project?

Mitch Rankin (Co Founder) -
Forward Protocol is the WordPress for Web 3.0: Blockchain adoption for everyone.

Forward features blockchain toolkits requiring no code or technical knowledge that will enable anyone to create and participate in Decentralized Value-Driven Economies.

By using a similar model to that of WordPress, Forward will help increase blockchain technology adoption and its capabilities.

These toolkits are blockchain agnostic, industry agnostic, bull & bear agnostic, adoption focused and can be deployed for free.

The goal is to create a protocol that is simple to use with no code or technical knowledge needed, allowing users to deploy their own app - in any EVM chain - with no programming skills.

Forward Protocol will tap into several markets to make this a reality: DeFi, NFTs, Social Tokens, Gaming, e-Learning/EdTech, E-Commerce, Artificial Intelligence, Machine Learning.

I’ve read for projects coming onto Forward, the user transaction will have no gas fees. Care to shed some light on that?

Mitch Rankin (Co Founder) -
When Forward has their token launch, the project will pay the gas fees for any user coming into the GoForward launchpad.

In the future, for smart contracts, an integrating platform can decide whether they will pay the gas fees or pass the fees on to the end user.

What are the advantages of any application coming onto Forward Protocol?

Mitch Rankin (Co Founder) -
Forward Protocol does this by 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.

Forward Factory makes blockchain adoption an unambiguous and straightforward process for organizations.

Decide. Deploy. Test. Evaluate. No hidden cost involved.Anyone can use it, without technical knowledge.

I read somewhere about your dedicated payments system called “Forward Pay”. Could you elaborate on this a bit more?

Mitch Rankin (Co Founder) -
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.

Forward Protocol provides blockchain toolkits that connect the value-driven economy with ready-to-deploy fully customizable smart contracts as we know, so how do you plan to expand & build the developer community?

Mitch Rankin (Co Founder) -
Forward will allow developers to build their own smart contracts on Forward and submit them to the developer library for integrating platforms to use. Developers can set the fees associated with smart contract use and create an income from this.

Can we know more about your “Wordpress plugin directory” based revenue model?

Mitch Rankin (Co Founder) -
Forward is open ecosystem where any developer can contribute to the Smart Contract Template Library. The smart contract developers will profit from the transaction fees charged on the contracts they develop and deploy. This functionality is similar to the “WordPress plugin directory” with its own revenue models.

The Forward team will kickstart the process by creating five core smart contracts which we believe cover most of the global value transfer situations. The fees on these contracts will be decided by the DAO governance. The primary purpose of these core smart contracts is to track and incentivize value transfer among participants, ensure transparency and trust, and reward preset outcomes.

Can you explain more about the DRRS model?

Mitch Rankin (Co Founder) -
Distributed Rewards and Revenue Sharing (DRRS) 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.

How is Forward Protocol trying to achieve the goal of fast-tracking mass adoption of Blockchain Technology in education & e-commerce domains?

Mitch Rankin (Co Founder) -
For adoption to take place a protocol has to be made simple to implement, or it will never gain traction. The barrier to entry into blockchain space is high, very capital intensive and long dev timelines.

Forward removes the barrier to entry completely with a drag and drop environment which is open source, with fully customizable smart contracts. We are buildings toolkits for Web 3.0, to allow mainstream real world business to utilize the power of blockchain.

This creates a very long term project, with integration partners from every market sector.

Can you please tell the community about your FUSD (Forward USD) coin & its benefits which will be coming in Q2?

Mitch Rankin (Co Founder) -
$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.