KuCoin AMA With Modefi — Building the Foundation for Real-World Adoption of Oracles and DeFi
Dear KuCoin Users,
Time: August 19, 2021, 12:00-13:03 (UTC)
Modefi is a complementary suite of Oracle products. Modefi is building the first-ever Oracle Aggregator, helping existing Oracle systems like Chainlink, Band, Tellor, etc. to become fully decentralized and secure while giving all data a built-in automated failover system necessary for bigger businesses to adopt blockchain.
Modefi’s On-Demand Oracle allows anyone (companies, developers, new users) to easily onboard customized data to their needs on any EVM chain in under 10 minutes. This can be used for applications such as tournaments, real estate, insurance, gambling, NFTs, and more.
Modefi is also building a P2P/B2B marketplace for data providers and data users from any oracle network to buy and sell, giving users the ability to pick and choose based on statistics like security, pricing, reliability, and more.
The Modefi mission is to create a safe, secure, reliable, and efficient oracle ecosystem to allow the largest data users and providers to adopt blockchain into their business models while keeping their clients’ assets and safety in mind.
Official Website: https://modefi.io
Lite Paper: https://docs.modefi.io
Ryan Lowe — CEO & Co-Founder of Modefi
Trevor Hall — COO & Co-Founder of Modefi
Q&A from KuCoin
Q: Please introduce yourselves to the KuCoin Community.
Ryan: Thank you very much for the great intro! A pleasure to be here.
Hi everyone, I'm Ryan, the CEO and co-founder of Modefi.
I have been a huge advocate of the blockchain space for almost 5 years. In that time, it’s been a real adventure. I’ve been in the tech space for over 11 years, it’s been my passion ever since I was old enough to type on a keyboard.
Trevor: Hi everyone! An absolute pleasure to be here. Thanks for the awesome intro!
My name is Trevor, I am the COO and co-founder of Modefi.
I dove into the crypto space about 5 years ago and have not come up for air. I have been in the online space for over 15 years and have been involved with several online ventures since.
We are excited to be here and tell you all about Modefi and how it can help the entire blockchain space.
Q: What are the differences between Modefi and other Oracles like Band and Chainlink?
Ryan: It's important to note that we are not a direct competition to existing Oracle networks like Band, Chainlink, Tellor, etc. Modefi is working to incorporate them into our suite of oracle solutions. The aggregator uses available on-chain data and removes any outliers or malicious data before being output on the other side of the smart contract.
This ensures data consumers receive decentralized data, which is safer and precise with a built-in automated failover system. In fact, the more oracles that we can incorporate, the more secure our solutions become and the less you will hear about millions of dollars being lost to hacks, flash loans, and bad data.
Q: Why does the world need multiple Oracles?
Trevor: Using one source of data can have many downfalls, now double that with the use of one Oracle validator. Targeted attacks, Sybil attacks, network congestion, government regulations, and business closures are some of the many reasons why having only one source of data is a bad idea.
A business managing billions of dollars will never allow its entire business model to rely on the business model of one other company.
Q: What is the Oracle Marketplace?
Ryan: The Oracle Marketplace will be a driving force for the adoption of oracles to businesses and institutions. The objective of the marketplace is to give consumers an easy-to-use platform to exchange data with any existing oracle. The marketplace will allow oracles from all networks to be involved (Band, Tellor, Chainlink, etc.) and will integrate into our Aggregation solution to allow for a higher level of security and transparency.
Q: Has there been any interest from the traditional finance world?
Trevor: Yes, Modefi has been researched and recommended to private investors by Stansberry Research. Also, the company has been in talks with a few connections to the largest financial institutions in the world.
Q: How does the Modefi oracle design expand beyond typical blockchain applications? Is it capable of processing data other than DeFi, such as real-world events?
Ryan: Being that we are developing a few different products, they all have their place and use cases.
Our On-demand Oracle will have the ability to handle any type of data or real-world event (with or without an API). Projects that require this data will be able to use our On-demand solution for this. Instead of taking weeks or months to set up these custom data points, it will take just minutes.
The potential use cases will essentially be unlimited. We will have some real-world examples we can share with everyone soon.
Anything from Esports, Sports betting, Insurance, Real estate, NFT's. The list goes on.
We will have the beta of our On-demand this quarter.
Q: What is the utility of the $MOD token?
Trevor: The $MOD token is a very important part of our ecosystem. Here is a list of the token utility.
- On-Demand Oracle Validation
- On-Demand Oracle Deployment
- DeFi Dashboard Subscription
- Oracle Marketplace Fees
- Token Staking
- Liquidity Mining
More details can be found here: https://docs.modefi.io/token/token-utility
Q: Can Modefi help protect users' funds?
Ryan: Yes, absolutely. That was one of our first goals when it came to the design of the Modefi solutions suite. Most oracle-related flashloan and malicious acts are made possible by using one single data source. This single data source is typically the point of failure that is exploited in the attacks.
Modefi's Oracle Aggregator helps combat these single point of failure events by integrating data from all available on-chain oracle networks. This is all done through the use of smart contracts, which are fully permissionless and decentralized. Our aggregation system makes these attacks virtually non-existent, preventing millions, even billions in funds from being stolen.
Free-Ask from KuCoin Community
Q: According to the project's roadmap, what are your most important next priorities?
Trevor: Our top priority at the moment is releasing the On-Demand beta and soon after the full public release for use. At the same time, we are also pushing to release our V2 of the Oracle aggregator.
Q: Talking about community programs, I read one of the Medium articles about "Mod Squad" but got confused about how to join. Is it still open for newcomers? Would you please explain the processes or criteria needed as I want to contribute my quota to this project?
Ryan: Details on how you can join the Mod Squad will be coming out soon. Just stay tuned to our announcements group and Twitter. We feel this will be something great the community can get involved in and help Modefi grow!
Q: Almost 80% of investors have just focused on the price of a token in the short term instead of understanding the real value of the project. Can you tell us the motivations and benefits for investors to hold your token in the long term?
Trevor: We are solving several very large gaps in the market that will allow for real businesses to adopt DeFi and blockchain.
Q: What's the uniqueness of your project that cannot be found in other projects that have been released so far?
Ryan: Modefi will be the first to market in all the products that are being developed.
Q: How important is the community to you, and how can we collaborate or help you with the development of the project?
Trevor: Community is always a top priority, and having a loyal one to help bounce ideas off is absolutely key. If anyone is unsure on how involved we are with the community, please feel free to ask our current community members here: https://t.me/modefi_official
Q: Can you give an overview of your tokenomics and the utility of token?
Trevor: Please visit here: https://docs.modefi.io for all of these answers.
Q: Being in a place like the DeFi/Oracle industry, the competition is getting tighter. Partnerships and/or integrations from the right projects are a necessary thing. Which are the partnerships that contributed most to your progress, and could you please list the oracles that you currently work with?
Ryan: We are already in talks with most of the major Oracle projects. Overall they have been very receptive regarding what we are building.
Q: So many projects just like to speak about the long-term vision and mission, but what are your short-term objectives? What are you focusing on right now?
Trevor: Short term, we will be releasing the on-demand oracle, which will allow users to show its true potential. Since it's customizable, it's up to the user to set the actual limit on how many different ways it can be used. All of this will be accomplished without any person-to-person interaction needed in minutes vs. other oracles that take weeks to months to get data running on the blockchain.
Q: What are the competitive advantages of your project? What advantages do you have over competitors? What would be your project's most similar contender in the market today in terms of scalability, security, features, and adaptability?
Trevor: Please see above.
Also, we are a complement to other Oracle systems, meaning the more oracles there are, the better our system runs.
Q: What is the best way to follow all your upcoming news and updates? What are your plans for the coming future?
Ryan: You can find all of our links and socials here: https://linktr.ee/modefi
The roadmap on our website gives a good guideline about the upcoming releases and products.
Q: How can I buy tokens from your project? Will you have a program to sell tokens to users in the near future?
Q: Currently, NFT is very hot. Do you think you will apply NFT technology to your products in the future?
Q: Is there anything else you would like to share or you want us to know?
Trevor: Thanks to everyone for joining us! If you have any further questions for us, please feel free to ask us over at https://t.me/modefi_official
Ryan: Thank you very much to the lovely KuCoin community!
KuCoin and Modefi have prepared a total of 1,770 MODEFI to give away to AMA participants.
1. Free-ask section: 70 MODEFI
2. AMA activity: 1,700 MODEFI
Activity 1 — Quiz: 1,200 MODEFI
Activity 2 — Price Guess: 400 MODEFI
Participation Rewards: 100 MODEFI
Note: Modefi (MODEFI) on KuCoin = Modefi (MOD)
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