Review on The Force Protocol by David Olayide
The Force Protocol Project
The Force Protocol is a Decentralized Finance (DeFi) service protocol built on Binance Smart Chain and Ethereum. FOR is the native utility token of ForTube and The Force Protocol. The token can be used for platform governance voting and as a reward for participating in lending services and governance staking. There are currently two products offered by the project. ForTube Bank and ForTube Bond.
ForTube Bank is an algorithm-drive crypto digital bank that allows users to deposit and withdraw anytime, borrow and repay anytime. Meanwhile, ForTube Bond is a one-stop crypto digital bond issuance and investment platform. ForTube is developed based on The Force Protocol. The Force Protocol is a decentralized finance service protocol built on blockchain systems comprised of a set of DeFi technical components and tokenized protocols.
I think the goals of The Force Protocol project, can best be summed up as trying to improve on the deficiencies and challenges faced in Ethereum decentralized applications development. These challenges include difficulty in contract upgrade, fixed data structure, slow on-chain interaction, poor user experience, lack of necessary infrastructure, and security issues.
So yes the project was developed to bring a better and more satisfying solution to the problems listed above which are currently not solved by the Eth network. The Force Protocol is committed to providing decentralized financial services for users worldwide and it is secure, interactive and not to forget, also innovative. If not for the fact that explaining the entire project will be too technical, the project is a very interesting one and I am optimistic about how it will eventually turn out. Already I like the structure they have on ground. In fact there are various ecological applications of The Force Protocol which can provide individuals and enterprises with crypto assets investment, financing, and transaction services to meet the digital financial needs of different users.
There’s a circulating supply of 438,000,000 and a maximum of 1,000,000,000 coins in total.
Pros
- The Force Protocol provides two products including a digital bank and a bond and investments platform
- FOR is the native utility token and a lap a reward for services
- The Force Protocol is decentralized
- The project makes use of highly innovative technology
- Project intends to solve some of the challenges faced on ETH DApps development
Cons
- The project is very technical and needs to have a watered down explanation so that new cryptocurrency enthusiasts can understand the project
