⏩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.
$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.
Governance
To 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).
Revenue Model
A 20% commission on developer and designer fees that they charge for the use of their templates through the Forward Marketplace (fixed deployment fee, a monthly/annual fee, a transaction fee, or a percentage of the transaction fee) like App Store or Play Store. All smart contracts will first attempt to deduct fees from the deployer’s pre-purchased token pool, otherwise, they will acquire tokens from the open market as necessary to fulfill the transaction.
% markup on gas fees by the chain
Every transaction on the Forward Chain requires gas to be paid in $FORWARD
When a blockchain or subnet is deployed, there will be a fixed cost incurred for the deployment and an annual renewal cost paid in $FORWARD.
The way the protocol makes money is by increasing dApps, blockchains, and subnets deployed, and increasing usage of the same.
Token Utility
pay for protocol fees and developer fees by the dApp deploying user,
pay for the validator fees by the blockchain or subnet deploying user,
pay for blockchain or Subnet annual fees for Forward Factory (like Runcloud)
Pay for gas tokens of Forward Chain and subnets (Like Wordpress.com self hosting),
Non-reward staking to be part of the Developers’ DAO to earn from approving/declining developer submissions to earn rewards from developer’s income (sourced from the payment by the deploying user to the developer),
Non-reward staking by a developer to commit and be able to deploy templates on Forward Factory. On non-compliance to the standards set, the stake may be used for penalizing (like a security deposit),
Delegate to a validator,
And other protocol-level utilities.
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