Welcome to 6method crypto hub, right in this article we’ll discuss everything you need to know about the FORWARD token contract address and utility purpose of the coin.
What is FORWARD token?
Forward Protocol employs an easy-to-use WordPress-like model to facilitate a no-code environment that users can interact with even without technical knowledge.
Forward Protocol provides blockchain toolkits that connect the value-driven economy.
The modular architecture and ready-to-deploy fully customizable smart contracts are designed for anyone to adopt blockchain technology, without any risk.
The protocol’s modular design allows any organization to choose the module suited to their platform and modify it to be functional to their use case.
Forward Protocol sets the stage for a value-driven economy, while the deploying organizations set the parameters.
The terms of interaction in Forward Protocol are validated and executed by various types of smart contracts.
These smart contracts were built to motivate and reward particular outcomes, leverage on-chain data, and cut costs while enabling blockchain operability.
Forward Token Contract Address
Forward Protocol will be fully decentralized, maintaining independence from any third-party influence.
Forward Protocol’s smart contracts can be deployed in any EVM-compatible blockchains, both Layer 1 and 2.
We are an 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 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.
- Proof of Value-Delivered (PoVD)
- Proof of Value (PoV)
- Distributed Reward and Revenue Sharing (DRRS)
- Proof of Ownership (PoO)
- Initial Value Offering (IVO)
forward token contract address & Staking
FORWARD (Forward Token – Utility)
FUSD (Forward USD – Stable)
Staking & LP Contracts
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.
The 5 Core of forward token contract address
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)
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.
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.
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 the 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.
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.
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.
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.
The protocol will add more stablecoins in the future as it grows. Forward Pay will help increase its adoption globally.