ROAD TOWN, BRITISH VIRGIN ISLANDS / ACCESSWIRE / June 7, 2021 / 'A problem is a chance for you to do your best.' Modefi, working with such philosophy, has come up with 4 major solutions, one of which is Oracle Aggregation. To understand Modefi better, we first need to know more about Oracles.
Blockchain is not just a universe of its own, there are many stars to the puzzle. One of those major core pieces are Oracles. Oracles transfer real world data to smart contracts for use. It is vital that these Oracles be safe and secure and decentralized. Oracles made their first major appearance in 2018 for the public, Oracle blockchain has certainly gathered attention. Making major leaps, Oracle token Chainlink has recently replaced XRP in Grayscale's strategic large cap fund, as of 2nd April.
To keep smart contracts that control billions of dollars, secure and trustless, oracles are necessary. Although Modefi's presence in the crypto space is rather fresh, the project has made quite the impact in the space. Launched in February 2021, after a few weeks of its release Modefi received several unprecedented partnerships, including an offer from the Yield Optimization Platform (YOP). Modefi stated that this alliance ensures that their presence in the DeFi platform becomes fast, secure and easy.
Oracles in the current scenario are not fully trustless or transparent or even decentralised in their function. Third-party trust conflict and middle-man attacks add up to these issues and over the past few years billions have been lost. If Oracles can overcome this hurdle then the path to its massive success becomes clear. Modefi (MOD) thus can be considered a major push to help the Oracle space reach its true potential.
Let's now see how people are adopting the new DeFi coin- within its first 24 hours of trading, MOD registered a smashing record. $40m USD was traded at the Trustswap platform, with 2400 hodlers in its first launch which is an outstanding margin.
As mentioned in the beginning, Modefi is crypto's frontier Oracle aggregate service . Its utilization makes it possible for DeFi to become safer and more efficient. And these are just the records of the first few months, they still have a long way to go.
Coming to the other aims and solutions of the organisation:
- Provide secure data at low cost
- Create bi-directional cross-chain
- Generate a marketplace for easy data trade
- Remove corrupt data / sybil attacks
The Roadmap of Modefi is a key feature of interest. It is a strategic plan which includes all the steps from introduction to building up. The following brief explanation might help in understanding their visions better:
The first step included conceptual research and building a strong team of partners. Followed by an impressive market launch they started executing their marketing plans. Product development and Beta launches took place simultaneously. Scaling and bridging the connections across multiple chains being its key focus now. It seems to have developed a sound plan for its growth.
To sum up, Modefi aims at understanding the importance of the off-chain data that is transferred to the Oracle blockchain. And it also keeps up with the requirements of the ongoing tasks in the network. Thus it comprises a peer-2-peer type network built over the on-demand Oracle blockchain. This gives MOD an easy design that integrates users, developers and validators like no other technology in the field.
Modefi solutions thus facilitate ease and transparency in execution as well. Validators are checked by the means of social verification and collateral bonding before they can enter the data space. Manipulated or corrupt data is simply disqualified from the network and the validators might be at a risk of losing their stake. Keeping security and trustless data at the highest priority. Modefi will truly be a major factor in blockchain adoption.
To conclude,
Steady steps of this organisation have gathered significant attention in the market. When talking about DeFi space, nothing cannot be promised so soon. But the initial steps do ensure that MOD has a lot in its plan to offer in the long term.
Modefi's mission is to bring decentralized trustless Oracle solutions to developers and businesses. Using multi-chain solutions Modefi is building interoperability that will drive adoption and true power to the blockchain ecosystem.
Website: https://modefi.io
Docs: https://docs.modefi.io
Telegram: https://t.me/modefi_official
Twitter: https://twitter.com/Modefi_Official
Reddit: https://www.reddit.com/r/modefi/
CoinGecko: https://www.coingecko.com/en/coins/modefi
CMC: https://coinmarketcap.com/currencies/modefi/
Media Contact: RTC [email protected]
Website: https://RT.Capital
SOURCE: Modefi - An Oracle Solutions Platform