What is ForTube coin (FOR) token, DeFi crypto funding? | PortalCrypto

ForTube is an open-source distributed set of crypto-financial services protocols on the Blockchain platform. The old name of this platform is The Force Protocol. ForTube offers 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 crypto-finance service protocols that run on an open-source blockchain. Its main objective is to offer crypto-finance solutions to developers through its 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 communications, 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 advantages, including flexible support for globally popular cryptocurrencies that offer higher yielding combinations and an algorithm and an updated registration structure that significantly reduce gas costs. 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 a crypto asset. This mechanism works similarly to the secured loan system in the world of conventional finance. Users who deposit their crypto assets receive tokens with interest which accumulates the deposits plus the interest generated for a certain period.

The asset markets are divided into two sections, namely the main market and the innovation market. The main market covers the main collateral assets such as Ethereum, Bitcoin and other stablecoins, while the innovation market consists of the assets that have a limited operating life and also carry risks. This separation is done to ensure that the risk is split into two rather than one pool.

Governance structure

The governance structure allows FOR token holders to stake their tokens and get rewards based on the number of staked tokens 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 control factors and future updates.

membership system

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 can be upgraded based on star value which increases with membership. After each month, the top 10% members receive rewards, the star value is reset again.

User Education Academy

There is a dedicated educational academy for users to 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 each time a borrower deposits their assets as collateral, the calculation of the health index which reflects the health of the debt of a user is calculated against the total amount of borrowed and deposited assets of a user. This provides a great 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 control structure – The ForTube (FOR) protocol provides three types of risk control management strategies which include financial security, smart contract and oracular security.

Financial security – Financial security consists of individual-level and system-level security that ensures that the user is protected against financial risks that occur at the contract or token level. Unauthorized use of contract management accounts, abnormal user logins, sudden and significant drop in position health, 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, auditing and monitoring system, and various auditing mechanisms. To ensure that smart contracts are protected, the ForTube (FOR) protocol has employed highly trained contract developers who ensure that all security vulnerabilities in the smart contract are patched to prevent major losses.

The auditing and monitoring system ensures that the smart contract is properly accounted for, always highly available, and running throughout the day without delay. The audit mechanism means that the ForTube (FOR) protocol will be evaluated several times by a known security agency before and after its release. This is done to ensure that there are no errors or flaws in the code that could be considered a security threat.

Oracle Security – The ForTube platform is hosted on an oracle system and the presence of more than 40 currencies makes it important to secure the platform at all times. For this, the ForTube platform frequently updates and optimizes the oracle system to ensure the accuracy of price feeds, improving the decentralization, security and scalability of the entire platform.

FOR the token

The total supply of FOR tokens is 1 billion and there will never be another issuance. Under the leadership of 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 incentivize new team members. Team tokens will be locked for 3 years, so the contract will release 30% of the tokens 12 months after initial public trading, plus 30% after 24 months and 40% after 36 months.

Where to buy the FOR token?

The FOR token can be purchased on several major cryptocurrency exchanges, among the most important: Binance, MEXC, CoinW and Phemex.

Conclusion

The main objective of the platform For Tube is to provide crypto-finance solutions to developers through its SDK toolkit and APIs for dApp development. It also supports stablecoins and cryptocurrency-backed tokens. The ForTube platform aims to provide decentralized lending services to cryptocurrency enthusiasts around the world. PortalCripto hopes the article brought the necessary information about the ForTube project.

* PortalCripto values ​​the quality of the information and attests to the verification of all the content produced by its team, emphasizing however that it does not make any type of investment recommendation, not being responsible for losses, damages (direct, indirect and accessories ), costs and loss of profit.

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What is ForTube coin (FOR) token, DeFi crypto funding? | PortalCrypto


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