Introducing Forge Protocol

Forge Protocol is a new NFT platform building on Terra Money.

From $2M dollar purchases of a jpeg of a rock, to an army of penguins and apes taking over the internet, in 2021 art and NFTs have captivated the attention of the world.

Outsiders looking in cannot understand the social phenomenon that are NFT’s, and insiders can hardly hold themselves back from aping into every new project that has a mint.

Whichever side of the camp you are on it is clear that something is happening here, there is a change in the atmosphere, crypto is no longer just about DeFi, tokens, and coins. Art and social networks are beginning to forge an entire new form of social identity for thousands of people around the world.

Platforms like Opensea on Ethereum have grown exponentially in popularity, but that platform still has some core issues. They believe we can rethink how an Opensea like platform should work on Terra.

Decentralized Verification For NTF’s

Opensea is a centralized entity. This means that there is centralized control over key elements of the platform such as the verification process for new projects (which is of key significance for people investing in various projects). For example if a DMCA request is filed against a project on Opensea, Opensea is required to take down the project from the platform until the claim has been formally refuted. This can be devastating for a community of investors who rely on that platform to advertise, view, and sell their art.

Through the formation of a DAO we intend to decentralize the process of verification and enforce community driven terms of engagement. These terms of engagement will be up for vote by the Forge community. And Forge governance stakers will be highly incentivized to review project proposals and associated verifications.

Why Terra? And Timing

They choose to build Forge in the Terra ecosystem because they themselves are passionate community members in the Terra world. They noticed the desperate need for a thriving NFT marketplace on Terra, and they think they have assembled the A-team they will need to bring this project to life.

They understand that the need for an NFT platform on Terra is urgent, and they are committed to bringing Forge to the community as quickly as possible. They will continue to update you with progress and milestones as they build. They are targeting Q1 2022 for launch of V1.

About Terra

Terra is a price-stable cryptocurrency that will power the next-generation payment network and grow the real GDP of the blockchain economy.

INFO

https://medium.com/@forgeprotocol/forge-protocol-3d3e5e42ec45

Source: https://thebittimes.com/introducing-forge-protocol-tbt2381.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam

Category: DeFI News

Post by: TheBitTimes.com