Lightpaper of Project Forbole
The corrupted social network service (“SNS”) providers such as Facebook and LinkedIn have done more harm than good. These SNS behemoths infringe users’ interests and harm the industry as a whole. People are demanding for a new kind of social networks.
The root of their problems is the structural deficiency of their business model. We believe a social network of the users, by the users, for the users will be a solution to reshape the scene of social networking.
Project Forbole [ˈfɔːbəl] is an initiative to build an ecosystem of decentralized social networks. We advocate for a new business model and a new mindset of social networking with the help of blockchain technology.
This Lightpaper and the Whitepaper aim at providing a deeper understanding of the scope and value proposition of Project Forbole to the audience who are interested in the first private presale of the native token of ForboleChain, the Desmo Token.
FBC is the backbone of a social networking ecosystem of the users, by the users, for the users.
ForboleChain (“FBC”) is the blockchain we are developing using Cosmos Hub and Tendermint. FBC will be a hub connecting to Cosmos Hub and IRIS Hub. Based on the core developments of Cosmos Hub, FBC will develop its own modules specifically for decentralized social networks, these include the concepts of distributed reputations and contribution-by-engagement.
We target to launch the testnet of FBC in Q1–2019.
As of the atoms of Cosmos Hub, FBC will also have a native utility token called Desmos [ˈdɛsmɒ]. Desmos are a license for the holder to vote, validate, or delegate to other validators on FBC. Desmos can also be used to pay for transaction fees to mitigate spam.
We suggest an inflation rate of 5–20% of the total supply of Desmos per annum. Inflationary Desmos and block transaction fees are rewarded to validators and delegators who delegate to validators.
FRN is a decentralized professional fraternity with one belief: help the people you trust to succeed by referring them opportunities.
The first dApp on FBC will be Forbole Referral Network (“FRN”). FRN is a decentralized business social network based on users engagements. The purpose of FRN is to transform the trust attributes generated from close business relationships into secured, traceable and portable digital assets such that the circle of influence of a user can grow efficiently and various circles can connect with each other base on the same belief: help the people you trust to succeed by referring them opportunities.
Phanero [fəˈnærəʊ] is the token to support the crypto economics of FRN. Every new Phanero will be created at a constant rate commencing from genesis except a number of Phanero will be created and distributed on a one-off basis to users who have made the contribution-by-engagement before genesis. In fact, the users’ activities before genesis will also give us valuable insights in designing Phanero.
Users have to earn the new Phanero purely by “sweat”: making contribution-by-engagement. There will not be any sales of newly created Phaneros.
Desmo-Phanero dual-tokens Model
We are eliminating the preconception that the SNS provider is the sole owner of the social network. This is the users who should own the social network. This is a movement similar to the French Revolution or abolition of slavery.
Desmo means the right to participate the governance of FBC. While our target early participants of Desmo will be the validators or investors of Cosmos or its ecosystem projects, we also want to encourage FRN users to participate the governance of FBC directly or indirectly in the long run.
Governments need to educate, encourage and sometimes force (by law) their citizens to vote in elections. Decentralization needs the same attitude.
One of our challenges ahead is to educate and encourage users of FRN to participate the governance of FBC by earning, owning and delegating Desmo to their preferred validator candidates. We need to promote civic awareness of a decentralized ecosystem.
Phanero connects fiat and crypto economics. The sources of income of FRN are membership fee and advertising income just like other social networks. After deducting the management fee for FL, the balance will become a reserve to provide liquidity for Phanero. Ones may regard this reserve as the “buyer of last resort” in the secondary market of Phanero. Through this arrangement, we convert the traditional centralized business model of SNS into a decentralized one.
No more saying like “we share profit with users”, as you cannot share thing you don’t own. At FRN, its business is owned by its true owners: Phanero holders.
We hope to make Project Forbole as decentralized, inclusive and diversified as possible, as early as possible. We design our fundraiser such that more comrades, especially experienced validators, investors and business networkers can join us to fight against the social networks behemoths.
Below are our targets:
- Beta of FRN: before 31/1/2019
- Testnet of FBC: before 31/3/2019
- Demo day (at AppWorks): 5/6/2019
- First institutional funding: before 31/8/2019
We are at early stage despite the promising progress we have made and hence this is a great timing to join this journey and buidl this revolution together. That’s why we have named the first private presale of Desmo as “Round Table”.
“The Round Table has no head, implying that everyone who sits there has equal status.”