KuCoin AMA With Forward (FORWARD) — The Future of Development: No-Code Solutions for Blockchains, Subnets, and dApps

 

 

Dear KuCoin Users,

 

Time: February 15, 2024, 12:00 PM- 1:54 PM (UTC)

 

KuCoin hosted an AMA (Ask-Me-Anything) session with the Co-Founders of Forward, Karnika E. Yashwant and Mitch Rankin, in the KuCoin Exchange Group.

 

Official Website: https://forwardprotocol.io/

Whitepaper: https://docs.forwardprotocol.io/

 

Follow Forward on Twitter, Telegram and Discord

 

 

Q: What is the core purpose of Forward and what motivated its creation?

Mitch: Well, we all know that web3 can be complicated, especially for non-technical users, which causes friction for people joining web3. Currently, Web3 is built for thousands of users, but it needs to be upgraded and built for millions of users that will come into the space, people who need help understanding.

 

The entire world is upgrading their financial and business systems, and we believe the mass market will need an easier way to start experimenting with all the applications coming out in the web3 space, but how will they do this if they don't understand what's going on? Almost impossible. So this is what needs to be done:

 

1. Make it easy to use for traditional/non-technical users (this means no code solutions).

2. Create a solution that is chain agnostic and developer language agnostic (you can build in any language as a dev and your template can be used by any user).

3. and create interoperability across the web3 ecosystem.

 

This is what it would look like:

 

 

Forward connects all the players in the web3 space, creating opportunity and a route to market for devs, and super easy onboarding for non-technical users.

 

Q: Could you elaborate on the backgrounds and experiences of the Forward team members, highlighting how their expertise contributes to the project's success? Additionally, are there any interesting facts about the team or their locations?

 

Mitch: We have an amazing and competent team from across the board. Ex-Facebook, Cointelegraph, Polygon Ventures, NewsBTC, etc. I'll show you who they are:

 

 

We have a great mix of chain, marketing, technical, business development, experience, etc., and each member is an expert in their field with many years of experience. The team is spread across a wide geographic region - UAE, USA, SEA, Europe, and Africa. The one thing that makes this team exceptional is their vast experience and connections over the years (since 2013).

Q: Who are Forward's primary partners, and what factors influenced the decision to collaborate with them?

 

Mitch: This is a great question! And one that makes the juice of web3 work. After all, we are a community connected by a belief that what we are doing here can have a massive impact worldwide, and the partners we have come from every part of the world. We have over 200 partners in DeFi, integration, ecosystem, infrastructure, education, media, marketing, chain exchange, and more.

 

 

Take a moment to have a look. It's a strong partnership filled with excellent companies.

 

Q: What demographics or user groups does Forward primarily target as its ideal users, audience, and customers?

 

Mitch: If I look around at the amazing KuCoin community, it is a great representation of the demographics or user groups that are part of the Forward audience. People in our community are devs, traders, and users from SEA, Europe, Africa, and UAE. That is a good representation of our audience. They are all part of the Forward family, but let’s focus on the two main groups that would interact with Forward.

 

1. Developers

2. Users (individuals and businesses)

 

Forward is an AI-powered no-code platform to deploy dApps, blockchains, or subnets. You could call it the WordPress for Web3. You know how WordPress works, right? You go to the marketplace, select a template, customize it, and deploy your website, but for the marketplace to function, we need both groups. The developers create the templates for the library, and the users use the templates from the library. So which one are you? A Dev? Or a user? There is a place for everyone at Forward, and we create a simple, practical way to interact with web3. If you want to try Forward Factory, you can log in here. I'd love to hear your feedback.

 

Q: What unique features or advantages does Forward offer compared to its competitors, and why should developers and end-users choose Forward for dApp development and deployment?

 

Mitch: Forward Protocol - Wordpress for Web3

Forward is an AI-powered no-code platform to deploy dApps, blockchains or subnets. Over $250m of RWA is being tokenized. Last month’s deployments= 165+ dApps and 60k+ transactions achieving ATH.

 

➔ 713+ Chains Integrated

● Linktree

● Website

● Twitter

 

● Platform Demo

● Deck

● Traction

● Tokenomics

● 25 months of bi-weekly reports

 

Key Highlights:

● RWA: $250m+ RWAs committed for tokenization, prepaid revenue of $500k generated.

● AI: AI Integrated Developer & User Assistance

● Revenue Model: 20% commission charged from developer's sales revenue and chain transaction fees.

● Team from Ex-Facebook, Cointelegraph, Polygon Ventures, NewsBTC, etc.

● Exchanges: 4 Exchanges secured, including Tier 1

● Successful IDO: DaoMaker & Mahastarter

 

● Case Study: 61,746 Transactions and 165 DApps in 4 weeks for RSK Network. Forward constituted around 50% of Rootstock’s total transaction volume and managed to help Rootstock reach their All Time High of daily transactions!

There are tons of info in here. I'll leave it here for you to check out. You know what is really unique about Forward? Imagine it was easy to deploy a dApp. Imagine your granny could deploy a dApp?!! Well, it is! It’s super easy, 5 minutes and you're done.

All you have to do is go here and select a template for your use case from the library, customize it with your brand, colors, videos, images, etc., and select from 800+ blockchains to deploy to. I think that devs have a massive opportunity here.

 

The WordPress revenue is $700B, mostly made up of devs selling plugins and templates for $100s to non-technical users. What will happen when the world wakes up to the usefulness of blockchain? Devs are going to profit BIG TIME!! So, if you're a dev, figure out a super useful template, put it in the Factory, and sell it to the world!

 

Q: In your opinion, what standout feature of Forward distinguishes it in the market, and why is it particularly compelling?

 

Mitch: Our biggest achievement is our amazing community and team! Without them, nothing can happen. A good way to demonstrate unique features is to show you a case study done two months ago. We ran a collaboration between Forward and IOV Labs to increase the volume of transactions on the Rootstock blockchain by leveraging the Forward Factory and Marketplace.

 

The main objective was to increase transaction volume on Rootstock. Over four weeks, 61,746 Transactions and 165 DApps delpoyed for RSK Network. Forward constituted around 50% of Rootstock’s total transaction volume and managed to help Rootstock reach its all-time high of daily transactions! The power of Forward Factory is incredible. Take a look at this:

 

 

Forward is a flywheel, creating a hub for all participants in web3 to utilize, cutting costs, cutting time, and getting to market quicker.

Q: What specific objectives is Forward currently prioritizing, and what strategies are in place to accomplish these goals?

 

Mitch: Plans for this year are to bring out V4 of Forward Factory, which makes the entire process of launching a nocode template even easier. We've simplified the Factory completely, removing 80% of the features, making it easier to understand and use. This will be launched soon (it's currently in testnet).

 

We've integrated a Vently wallet, which enables a user to utilize the Factory without needing a wallet, and streamlined many other processes. Why? To make it easier. More developer languages are currently in testnet (Move, Go, Python, Haskell, Rust), and new chains are added constantly. There are 800+ chains integrated into Forward Factory. Hackathons are ongoing (watch out for some great announcements with awesome prizes), and coupled with grant funding from chains, we aim to increase users and templates in the library.

 

I always get asked, "How does Forward make money?" based on the revenue that goes through the platform. Launching the payment models will allow developers to earn from selling their templates on a paid structure. Forward charges a 20% commission on developer and designer fees that they charge for the use of their templates through the Forward Marketplace (this could be a 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 to fulfill the transaction. It creates a positive buy pressure—also a % markup on gas fees by the chain. The protocol makes money by increasing dApps, blockchains, and subnets deployed, and increasing usage of them.

 

Every transaction on the Forward Chain requires gas to be paid in $FORWARD. When a blockchain or subnet is deployed, a fixed cost will be incurred for the deployment, and an annual renewal cost will be paid in $FORWARD. This is a game-changer!

 

Q: Could you outline Forward's plans for the year 2024 and its long-term vision?

Mitch: We are looking to the community to help us here. Forward Factory is built for you as a connector between users and developers. Everyone talks about blockchain adoption, but we know that something has to change to reach a billion users in Web3.

 

Over 90% of the potential web2 users are excluded from the web3 space because of the knowledge barrier. They don’t know how to take the next step. There is so much talk about re-educating and teaching people about web3, but I’d like you and I to have a complete paradigm shift and think about this. What if we didn’t have to go through that steep learning curve and re-educate people? What if we could leapfrog this learning barrier using technology and use our existing skills to access web3 functionality?

 

Could this create the network effect for Web3? We believe it will. What is the one thing that could bring millions of users to Web3? A super simple-to-use user deployment experience. That is Forward Factory. Read more about it here.

That’s our long-term vision. If it’s useful and easy to use, we can onboard millions into web3.

 

Q: What strategies has Forward devised to facilitate mainstream adoption among both crypto and non-crypto users, ensuring widespread usage and acceptance?

Mitch: Forward has two elements.

 

1. B2C- WordPress for website.

 

2. The B2B side of Forward is the tokenization of RWA.

 

B2C

We are running hackathons with chains to encourage developers to build USEFUL templates for web2 businesses. (something a business would pay for because it makes their job easier)

 

The B2B side of Forward is the tokenization of RWA.

 

Real World Assets (RWAs) are a class of crypto tokens representing tangible assets outside the digital spectrum.

 

These can range from bonds to real estate properties, commodities, and machinery.

 

 

Imagine tokenizing a cargo ship (RWA), allowing any investor to own a piece and earn revenue, or owning a piece of amazing real estate. Exclusive investment classes just turned inclusive! We've witnessed a lightbulb moment with business owners embracing Blockchain, which will be huge! Over $250m of RWA is being tokenized on Forward. The revenue generated was $500k in Q4 2023.

 

At Forward, we are deeply committed to simplifying the blockchain experience for our users.

We believe blockchain technology should be accessible to everyone, regardless of their technical expertise. Here's how we make it simpler:

 

1. User-Friendly Wallet Integration

2. Gasless Transactions

3. User Onboarding
- Developer Onboarding and Hackathons

- B2B Organization Adoption via Accelerator Collaborations

- Forward has forged strategic partnerships with a multitude of accelerators and incubators,

- serving as a vital gateway for their affiliated companies to launch dApps swiftly.

 

If you'd like to find out more about Forward, come and say hi here, and you may also get in touch with us on X.

 

 

Q: Having a solid marketing strategy is crucial for the success of any project. Can you share your plans for expanding relationships and building communities in English-speaking and non-English-speaking countries? Are there any specific limitations or restrictions to consider?

Mitch: As we expand, we'll look for communities (and key people in those communities) to connect and grow the Forward opportunity. The Factory will have different language options in the next version, and we'll make videos in local languages to help onboard and use Forward.

 

Q: Does your platform offer a staking program? If so, please explain how your stake system works and what requirements users need to meet to participate.

 

Mitch: We do have a staking program. You can find more about it here (this link will be updated soon with more details).

 

Q: In the volatile market, where investors are hesitant, what are the compelling reasons to invest in your tokens? Furthermore, what are the incentives for token holders to hold onto them?

 

Mitch: Most projects in web3 are token projects, without a real business attached. This is fine if you are a speculator, but what if you want to be part of something and grow with it long term?

 

Forward offers that. The more dAps being used, the more buy pressure as every template needs $FORWARD to work as fuel.

 

This is the 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 self-hosting)

- Non-reward staking to be part of the Developers’ DAO to earn from approving/declining developer submissions to earn rewards from the 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

 

If you get to understand what Forward is, you will hold.

 

Q: Forward Protocol offers a no-code approach to dApp/blockchain deployment. How does this balance ease of use with the potential need for custom code or modifications?

Mitch: When a dev publishes a template, it comes with an admin panel. Any updates or modifications will be pushed to users who have deployed the templates, and they can accept if wanted. The templates are fully customizable. The best thing to do is to go here and try it for yourself.

 

Q: You've mentioned about the AI integration. Could you give examples of how AI might improve the user experience on Forward Factory, both for developers and end-users?

 

Mitch: A user coming in may need to know what template to choose for their use case, and AI can help suggest and even customize a template with the user brand, etc.

 

AI will also help devs prompt progress, streamlining compiler loading, provisioning of frontend etc.

Q: As an investor or user, what features of the FORWARD project would attract me to invest? What aspects of the FORWARD project would appeal to me?

 

Mitch: Sometimes we miss the opportunities right before our noses because we need more if. I suggest you learn about Forward and how it can solve some of the pain points in the industry.

 

Investing gets you skin in the game if you're a business owner. We need smart business people to come in and help develop our industries.

 

Our focus is the tech, partnerships, marketing, etc. Please reach out if you want to see how you could fit it.

 

Q: How does the Forward require a high level of security in processing and transmitting sensitive data, including protection against distributed attacks and paying attention to protecting user privacy? What measures are used to assess risks, detect and detect vulnerabilities in algorithms and protocols, and how is continuous monitoring and updating of the protection systems of users and their assets monitored?

 

Mitch: We have partnerships and integrate very high levels of security. On the user side, when you select a template in the library, you will be able to see the ratings, review, number of deployments, and security audit, and based on that information, choose a template for your use case. Developers must ensure dApps are audited and secure to attract users' interest. We are serious about security and place responsibility on all the stakeholders to participate in this.

Q: How does the Forward project generate revenue for the smooth running of the project? And how sustainable is this revenue model?

 

Mitch: Forward charges a 20% commission on developer and designer fees that they charge for the use of their templates through the Forward Marketplace (this could be a fixed deployment fee, a monthly/annual fee, a transaction fee, or a percentage of the transaction fee) like App Store or Play Store.

 

Also, a % 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, a fixed cost will be incurred for the deployment, and an annual renewal cost will be paid in $FORWARD.

 

The protocol makes money by increasing dApps, blockchains, and subnets deployed, and increasing usage of them.

 

 

 

🎁 Participate in the Forward AMA quiz now for a chance to win $10 in FORWARD!

 

 

The form will remain open for five days from publishing this AMA recap.

 

 

 

KuCoin and FORWARD have prepared a total of $4,000 in FORWARD to give away to AMA participants.

 

1. Pre-AMA activity: $2,500 in FORWARD

2. Free-ask section: $50 in FORWARD

3. Flash mini-game: $600 in FORWARD

4. Post-AMA quiz: $850 in FORWARD

 

 

Sign up for a KuCoin account if you haven’t done so yet, and ensure you complete your KYC verification to be eligible for the rewards.

 

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