1. Brief introduction
The Force Protocol is a distributed cyptofinance services provider.
2. Project positioning
The Force Protocol is committed to creating an open source open source platform for distributed crypto-finance, providing solutions based on cross-chain technology to developers of crypto-financial services applications. Specifically, The Force Protocol will be based on the current mainstream public chain and t The Force Protocol public chain in the future, through the abstraction and encapsulation of the universal module of the crypto-financial business, providing services in the form of SDK and API. On this basis, application services only need to be oriented to interface programming, focusing on the implementation of business logic, without the cost of implementing and maintaining the underlying technology of the blockchain.
3. Project Objectives
The Force Protocol will provide comprehensive support for the construction of decentralized financial service applications. Taking the loan scenario as an example, the platform based on the protocol (hereinafter referred to as the super node) can realize the global sharing of loan orders, greatly enhancing the transaction depth, and also allowing establish a stable currency system within the scope of supervision after government approval. In addition, for the phenomenon of money laundering in the field of crypto-assets and price fluctuations of crypto-assets, The Force Protocol also designed anti-money laundering strategies and methods for users to reduce asset losses in the context of extreme price changing.
On this basis, The Force Protocol will aim to achieve the following goals:
1) Significantly reduce the cost and technical barriers to creating DeFi applications and build a global network of cryptographic financial services;
2) The Force Protocol will disassemble and merge the standard processes of financial applications, further helping users to create DeFi applications more easily and quickly through a friendly application interface;
3) The Force Protocol will support institutional users to develop a global decentralized lending platform based on shared order book, and to meet the value stability requirements in regulatory and practical applications by introducing a dual token model combining functional token and stablecoin;
4) The Force Protocol will support users to issue loan demand based on the decentralized lending platform. In future versions of the agreement, the lender can choose the type of mortgage asset and set the credit requirements of the borrower, also realize the risk sharing of the group lending function;
5) Intelligent wind control system, on the one hand, The Force Protocol introduces the automatic forced closing function of the smart contract, and reduces the property loss of the user in the violent market changes through the loan insurance product; on the other hand, The Force Protocol will use artificial intelligence and large Data technology accurately predicts users' loan credits, reduces default risk, and provides support for future credit loans.
4. Product design
In order to achieve the above project objectives, The Force Protocol will be implemented through the following product designs:
1) Institutional user and individual user API interface
In the institutional and personal API interfaces, the super node only needs to establish the corresponding front-end application and database and call the interface, and the individual user can borrow the smart contract as the assets of both parties by directly calling the interface provided by The Force Protocol. provide assurance;
The Force Protocol will provide two stablecoin generation mechanisms based on the improvement of the USDT and other stablecoin models. One is that the SuperNode/Stablecoin supplier will choose the loan-backed mortgage assets according to its own risk control ability, asset preference, and The development framework provided by the agreement, the development of mortgage, risk control, liquidation and other contracts, for users holding different public chain assets to provide decentralized pledge assets through the stablecoin services. After market competition, the winning stablecoin will become the main source of stablecoin in The Force Protocol system; second, the SuperNode and the fiat currency investor will sign the contract, and the investors will deposit their funds into the account of the SuperNode in supervised third party bank. With fund in these account as the reserve fund, the SuperNode will issue the same amount of stablecoin, and the whole process will be supervised by the third party custodian bank and audit institution;
3) Share order book
All super nodes (application platforms) based on The Force Protocol will share the same order book, and fully release the market effect, greatly improving the speed and quality of the transaction for each order;
4) Insurance products
When the price of the cryptoasset fluctuates greatly, The Force Protocol team designed the insurance product to compensate the user's loss in order to avoid the loss caused by the smart contract not being able to close the position;
5) Instance based on The Force Protocol
The Force Protocol team will develop DAPP as one of the super nodes of The Force Protocol ecosystem based on The Force Protocol, providing users with the first free-to-borrow application platform, also as a test platform for future upgrades of The Force Protocol.
5. Economic model and token allocation
The Force Protocol issued an Etherum-based ERC-20 token with the symbol FOR. In the future, after the public chain of The Force Protocol is launched, FOR will swap with the function token on the main chain of The Force Protocol. Some of the main uses of FOR Token are as follows:
1) Trading fee deduction
In The Force Protocol system, when a order is completed, the smart contract will deduct a small amount of pending tokens from both parties to the super-node executing the order as the service fee, but those token has a certain freezing period. In order to prevent the super node from selling in a centralized manner and affecting the market, the super node can obtain the commission token only after the freezing period of the fee is over;
2) Staking and node mining
In The Force Protocol system, each super node needs to perform a certain amount of token pledge, and the pledge token is managed by the smart contract. In addition, the smart contract will check the number of pledge tokens of the node. Once it is lower than the system request value, it will send a reminder notification to the node. If the token is not replenished at the specified time, the information will be submitted to the arbitrator to determine whether it is necessary to delete the super node;
3) Community governance
FOR is the only voting tool for members of The Force Protocol community to participate in community governance. In the process of community governance, the issue proponent must hold the system token and mortgage a certain number of tokens to a specific smart contract when submitting the proposal, in order to enter the discussion forum, while the community holder can conduct the proposal content within a certain period of time. All iteration versions will be recorded on the blockchain. After the specified time limit is over, the community holders will vote and the proposal will be passed and executed after a certain number of votes have been reached.
Token allocation of The Force Protocol
The total amount of FOR tokens is 1 billion.
Community ecological building: 30%
The Force Protocol foundation: 25% (of which 1.25% of the total token will be exchanged through Huobi Fasttrack)
Strategic investors and community donations: 30%
Team and consultant: 15%
6. The Force Token token information and release
Total tokens: 1,000,000,000 FOR
Total Fasttrack release: 1.25% of total tokens
Fasttrack release unlock: no locking period
Seed round price: 0.018 USDT/FOR
Seed round of tokens: 50,000,000 FOR, accounting for 5% of the total
Seed round unlocking: Lock forever
Private round price: 0.03 USDT/FOR
Private round of tokens: 175,000,000 FOR, accounting for 17.5% of the total
Private round unlocking: 20% before initial offering on exchange, 40% unlocked every 3 months after the above, unlocked twice; after the community vote, the third time private round of tokens was unlocked on July 27, 2019. There is currently no private round of token in lock.
Team and consultant token unlocking: Since the first version of bibidai application started to lock for 3 years, 30% of FOR unlock after 12 months of bibidai lunch, 30% after 24 months, and 40% after 36 months. The first version of bibidai application has been launched in January 2019.
Partner token unlocking: Some of the community eco-building tokens are unlocked, and their use will be regularly announced by The Force Protocol Foundation.
Foundation token unlocking: no lock period, its use will be regularly announced by The Force Protocol Foundation.