ForTube is an open-source distributed set of protocols for crypto-financial services on the Blockchain platform. The old name of this platform is The Force Protocol. ForTube provides efficient solutions for transactions such as cross-platform asset trading, cross-chain communication and token securities. Read on to learn more about the project.
What is ForTube (FOR)?
ForTube, formerly known as Force Protocol, describes itself as a set of distributed protocols for crypto-financial services that run on an open-source blockchain. Its main goal is to provide crypto financing solutions to developers through the software development kit (SDK) and application programming interfaces (APIs) for the development of decentralized applications (DApps).
The platform offers solutions for cross-platform asset transactions, cross-chain communication, cryptocurrency-backed stablecoin insurance, token card insurance and on-chain payments. The Force Protocol Project is a decentralized protocol layer developed and maintained by the Force Protocol Foundation Ltd.
ForTube launched its Decentralized Finance (DeFi) service on Binance Smart Chain (BSC) in September 2020. ForTube offers many benefits, including flexible support for globally popular cryptocurrencies that offer higher yielding combinations and an algorithm and updated registration structure that reduces gas costs. significantly lowers . It also has a robust technical framework with more secure smart contracts.
How does ForTube work?
By using mutual funds, the ForTube (FOR) platform allows users to earn interest or provide collateral to borrow crypto assets. This mechanism works in the same way as the secured loan system in the world of conventional financing. Users who deposit their crypto assets will receive tokens with interest that accumulates the deposits plus the interest generated over a period of time.
The asset markets are divided into two sections, namely the main market and the innovation market. The main market includes the main collateral assets such as Ethereum, Bitcoin and other stablecoins while the innovation market consists of the assets that have a limited lifespan and also carry risks. This separation is done to ensure that the risk is split into two rather than one pool.
The governance structure allows FOR token holders to wager their tokens and receive rewards based on the number of tokens wagered on the ForTube network. FOR token holders can also vote on key decisions for each loan pool. These decisions may include suggestions for changes to the platform, such as interest rate models, risk management factors and future updates.
To encourage members of the ForTube community to participate in the green development of the project, it launched a membership plan that offers 8% monthly income to participating members. Each membership is upgradeable based on star value that increases with membership. After each month, the top 10% of members will receive rewards, the star value will be reset again.
Academy of User Education
There is a special educational academy where users can learn how the ForTube platform works. Includes an explanation of NFT, settlement, DEX and other aspects of the DeFi ecosystem that will spread knowledge about ForTube products and an understanding of the DeFi world.
ForTube: full positions guaranteed
The ForTube (FOR) protocol follows the “total position guarantee” mechanism, which means that every time a borrower deposits their assets as collateral, the calculation of the health index reflecting the health of a user’s debt is calculated against the total amount of borrowed and deposited assets of a user. This provides a major benefit to the user, as it reduces the risk of a single asset collapsing and having a significant negative impact on the health score.
Risk management structure – The ForTube protocol (FOR) offers three types of risk management strategies including financial security, smart contracts, and oracle security.
Financial security – Financial security consists of individual and system-level security that ensures that the user is protected against financial risks that arise at the contract or token level. Unauthorized use of contract management accounts, abnormal user logins, sudden and significant drop in position status, etc. are some examples of the financial security provided by the ForTube protocol.
smart contract security – ForTube platform smart contract security consists of experienced contract developers, audit and monitoring system and various audit mechanisms. To ensure that smart contracts are protected, the ForTube protocol (FOR) employs highly trained contract developers who ensure that all security vulnerabilities in the smart contract are patched to avoid major losses.
The audit and monitoring system ensures that the smart contract is properly accounted for, is always highly available and runs all day without delay. The audit mechanism means that the ForTube protocol (FOR) is evaluated multiple times by a known security authority before and after release. This is done to ensure that there are no errors or flaws in the code that could be considered a security risk.
Oracle Security – The ForTube platform is hosted on an oracle system and the presence of over 40 currencies makes it important to keep the platform secure at all times. For this, the ForTube platform regularly updates and optimizes the oracle system to ensure the accuracy of price feeds, improving the decentralization, security, and scalability of the entire platform.
BEFORE the sign
The total supply of FOR tokens is 1 billion and there will never be an issue again. Led by the Force Protocol team, 85% of the tokens will be used for community building and donation programs. Community Ecosystem Building, Force Protocol Foundation, strategic investors and community donations account for 30%, 25% and 30% respectively. The remaining 15% will be saved to reward the Force Protocol founding team and the ForTube development team for their contributions and to encourage new team members. Team tokens will be locked for 3 years, so the contract will release 30% of the tokens 12 months after the first public trade, plus 30% after 24 months and 40% after 36 months.
Where do you buy the FOR token?
The FOR token can be purchased on several major cryptocurrency exchanges, including the main ones: Binance, MEXC, CoinW, and Phemex.
The main goal of the PourTube platform is to provide developers with crypto financing solutions through its SDK toolkit and APIs for dApp development. It also supports stablecoins and tokens with cryptocurrencies. The ForTube platform aims to provide decentralized lending services to cryptocurrency enthusiasts around the world. PortalCripto hopes the article provided the necessary information about the ForTube project.
* PortalCripto appreciates the quality of the information and attests to the verification of all the content produced by its team, but emphasizes that it does not make any form of investment recommendation and is not responsible for losses, damages (direct, indirect and accessories ), costs and loss of profit.