Crypto_Thai
We got an AMA with Modefi today at 20.00 pm CET!
Building the foundation for real world adoption of Oracles and DeFi
In the end there is room for Community Questions š
š The best question will receive $50 dollar worth of ETH!
š» Website: https://modefi.io/
š¼ TG: https://t.me/modefi_official
š¦ Twitter: https://twitter.com/Modefi_Official
Gem Collectors Telegram
Crypto_Thai in Gem Collectors Portal
Crypto_Thai
Welcome Team Modefi! A warm welcome to the Gem Collectors group
Ryan | Modefi.io
Thank you sir! Happy to be here.
Crypto_Thai
Good to have you guys onboard
Trevor | Modefi.io
Thanks for having us!
Crypto_Thai
Modefi is quite an interesting project to have an AMA with
Ryan | Modefi.io
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Crypto_Thai
Can you guys give us an insight about what Modefi is and who is behind it
Ryan | Modefi.io
Sure Iāll start by introducing myself
Ryan | Modefi.io
Hi everyone thank you so much for having us here to discuss our project, itās a real pleasure to be here
My name is Ryan, I am the CEO and co founder of Modefi
Trevor | Modefi.io
Hi everyone! My name is Trevor, I am the COO and cofounder of Modefi.
I dove into the crypto space about 4 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 many online ventures since.
Ryan | Modefi.io
I have been a huge advocate of the blockchain space for almost 4 year. In that time itās been a real adventure. Iāve been in the tech space for over 11 years. Itās been my passion ever since I was old enough to type on a keyboard.
Crypto_Thai
Amazing to see that there is a lot of experience in this team
What is the reason to start building on this project?
Ryan | Modefi.io
When I first got involved with blockchain I instantly fell in love with the technology and made it my mission to educate myself day in day out. I canāt tell you the number of sleepless nights Iāve endured just researching and building knowledge about this amazing decentralized world.
After getting involved with Ethereum I started diving straight into smart contracts and realized the huge real world potential they have. I am a problem solver by nature, simply put I find problems and develop solutions.
Crypto_Thai
There is a lot of potential for sure!
Ryan | Modefi.io
With seeing the number of exploits and hacks being caused alone just by oracle manipulation, it made us think there must be a better way
We did countless hours and days of research only to come up empty handed, no one had truly solved the oracle problem. Thatās when we came up with Modefi
Crypto_Thai
The safety of the investors should be number one in this Defi space
Ryan | Modefi.io
Absolutely, we are looking to help any way we can!
Crypto_Thai
In what way can Modefi help with this
Ryan | Modefi.io
Oracle manipulation has been one of the biggest culprits when it comes to contracts and DeFi hacks. Protocols are exposing their users to potentially massive risks when relying on centralized or single data point oracles within their eco-systems.
Trevor | Modefi.io
See here for the history of recent Oracle attacks and exploits.
https://docs.modefi.io/general-information/history-of-oracle-based-hacks-exploits
Ryan | Modefi.io
Modefiās Oracle Solution Suite will allow DeFi protocols to reduce the potential of putting their usersā hard earned capital at risk due to unforeseen circumstances.
Crypto_Thai
Do you have any visual concept for this?
Trevor | Modefi.io
Ryan | Modefi.io
You can see more details on how the system works here
https://docs.modefi.io/oracle-solutions-suite/decentralized-aggregated-oracle
Crypto_Thai
thanks!
Are you guys now in competition with other platforms?
What makes Modefi different and why would one invest in the token/?
Ryan | Modefi.io
Itās important to note that we are not looking to be direct competition to existing Oracle networks like band or chainlink. We are actually looking to incorporate them into our suite of oracle solutions.
The aggregator actually 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 more decentralized data and precision.
In fact, the more oracles that we can incorporate into our solutions, the more secure our solutions become.
Crypto_Thai
The last phrase is really comforting to hear
Ryan | Modefi.io
So to answer this question directly
We donāt consider other oracles as competition, itās rather beneficial for our platform to have more oracles in the space.
Crypto_Thai
Exactly. Thanks for clearing up
Ryan | Modefi.io
No problem!
Trevor | Modefi.io
We are also flipping Oracles on their head. Chainlink, Band etc. set the data that is being validated and the users donāt have a choice of data. With Modefi users will be able to set the exact data they want, create the contract and have data flowing and validated in under 5 minutes.
Crypto_Thai
under 5 minutesā¦
Any demonstration vid for this?
Ryan | Modefi.io
Thatās the goal!
Very soon there will be a demo. š
At least for the aggregator I mean.
Crypto_Thai
That would be amazing
Ryan | Modefi.io
There will be a explainer video example coming very soon as well
Crypto_Thai
What is the biggest struggle for Modefi right now to cope with?
Ryan | Modefi.io
I can honestly say at this point there have been no major roadblocks.
Trevor | Modefi.io
The attention we have been getting has be amazing and super positive.
Crypto_Thai
Any plans to expand the team? If yes, what kind of team members are you searching for and why?
Ryan | Modefi.io
Development has been moving along very smooth so far.
Crypto_Thai
Always good to hear
Ryan | Modefi.io
Yes, weāve already started building our team out, currently in the hiring process and narrowing down candidates
We already have 5 strong core team members
Trevor | Modefi.io
Who each have their own specialty to suit the project.
Crypto_Thai
perfect!
What would be the biggest edge Modefin got for this market?
Ryan | Modefi.io
I would say first to market for the majority of our products. First mover advantage.
Crypto_Thai
Thats for sure a good statement
Ryan | Modefi.io
Solving āTheā Oracle problem
Trevor | Modefi.io
We also will be aiming to solve the user onboarding issue that other Oracles have. For them and in turn us as well. Our on-demand oracle will also help giving people the option to get whatever information they want validated and onto the blockchain.
For anyone looking for some of the finer details about our solutions, I invite you to check out our pitch deck that goes a bit more in depth they we can here.
https://bit.ly/modefi-pitchdeck
Crypto_Thai
This is simply a must for the best UX/UI
Can you go more in depth about the tokenomics?
Trevor | Modefi.io
Our tokenomics structureās focus was for wide distribution, strategic value and long term emission.
Ryan | Modefi.io
We thought it was beneficial to start with a low marketcap on listing and a slower release of tokens overtime. Also daily vesting which reduces pressure on specific days or weeks like most projects do.
Crypto_Thai
Why do you think that this is more benficial?
Ryan | Modefi.io
Initial Circulation Supply: 2,860,000.00 MOD
Uniswap Listing Price: $0.24
Initial Marketcap on Listing: $686,400.00
Trevor | Modefi.io
For the full details please feel free to look at our tokenomics section with our distribution, emission schedule and token stats here
https://docs.modefi.io/token/tokenomics
Ryan | Modefi.io
Sustainable growth
Crypto_Thai
What about team tokens?
How much is the team lock?
Ryan | Modefi.io
They are locked for 6 months and vested daily after that for 3 years
Total of 3.5 years until they are completely circulating
All those details are here
https://docs.modefi.io/token/tokenomics/token-distribution
Crypto_Thai
really good!
Will there be more tokens added in the near future?
Ryan | Modefi.io
We believe in our project for the long term.
No, total max supply will be 22M
Crypto_Thai
great!
Talking a lot about the safety of the users. What are steps you guys made to secure this for Modefi?
Like audits
Ryan | Modefi.io
Audits will be our top priority. Any contracts that put users funds at risk will be audited by numerous known companies before mainnet deployment
Crypto_Thai
Can you give us a sneakpeak about the audit firms you guys are willing to ask?
Ryan | Modefi.io
We have a short list but havenāt confirmed yet.
We will vetting each company individually
Based on their specially, experience and the scope of our contracts.
Crypto_Thai
Alright all good
Ryan | Modefi.io
All audits will be made public
Crypto_Thai
What is the long term vision for āModefi?
Ryan | Modefi.io
To be the go-to Oracle solutions platform for developers, businesses and everyday users. We want to make Modefi the industry standard.
Crypto_Thai
Ambitions, I like that
Trevor | Modefi.io
And even other oracle platforms because they have no users.
Crypto_Thai
How about the marketing roll-out. There a lot of AMAās scheduled on your calendar. Besides this what kind of steps did you take or are you willing to take for any form of marketing
Ryan | Modefi.io
We canāt give specifics but we have some well known people ready to bring awareness to Modefi.
If you use Dextools, youāll be seeing a lot of us in the weeks to come š
Crypto_Thai
šŖšŖšŖ
Ryan | Modefi.io
We do have a partnership with DextForce Ventures. They are an investment arm of Dextools š
Another partnership will be announced this coming week.
Crypto_Thai,
Amazing Amazing!
Stay tuned everyone
Before opening the community chat for the Questions
Ive got one question left
Is there anything else you would like to share with us?
Ryan | Modefi.io
Weād like to share some social and docs links if thatās ok?
Crypto_Thai
you can for sure
Ryan | Modefi.io
Website ā https://modefi.io
Medium ā https://modefi.medium.com
Telegram ā https://t.me/modefi_official
Telegram Announcements ā https://t.me/modefi_ann
Twitter ā https://twitter.com/Modefi_Official
Trevor | Modefi.io
Public Sale
Pitch deck
https://docsend.com/view/wciu8iqedxiqicqs
Docs
DFV medium
https://dextools.medium.com/dextforce-ventures-early-stage-investment-in-modefi-6941eab5647d
Unofficial Modefi Traders Group
Crypto_Thai
Thanks a lot!
Lots of reading to do
Lets open the community chat
Feel free to answer as much as possible
Klassika Odno
Is there some kind of risk that if the oracle solutions dont jump onboard of the modefi train that you will have an oracle aggregator without oracles or you dont actually need a partnership to work with them(plug and play)
Ryan | Modefi.io
[In reply to Klassika Odno]
We are already in talks with a few oracles and they are very receptive to joining us. However, we donāt need partnerships to use their data since it is permissionless, so it wonāt restrict the growth of Modefi.
Crypto_Thai
The floor is yours Team Modefi
Andrei
What are the benefits/value to Modefi, when people can opt to go directly to the root oracle provider?
Ryan | Modefi.io
[In reply to Andrei]
We are providing a trustless and transparent way for developers to get their data. There is no favoritism.
It also provides higher security, and reduced exposure to manipulation.
Aamir
Does Modefi have plans to launch its own blockchain nodes for independent data collection?
Ryan | Modefi.io
[In reply to Aamir]
We will be using existing infrastructure for this. Think cross chain interoperability
Kurzes Epos
How does Modefi oracle actually design bring more use-cases to blockchains? Can it process data beyond DeFi such as real-world events ? And How does Modefi stand out from other oracle networks?
Trevor | Modefi.io
[In reply to Kurzes Epos]
It brings more use cases because it will be the users, businesses, developers that decide what data they need validated, how often, how secure and cost. This gives the on-demand platform unlimited use cases. Yes it can process real world events, weather data, insurance data, farm data, esports, and so many more.
Modefi stands out from other oracles for several reason. A portion of our platform plans to bring all of the oracles together(meaning the more Oracles the better for us), we are the only platform that is helping others onboard users to create real adoption of blockchain. There are many reasons why Modefi is unique in comparison to other oracles and we canāt wait to show everyone!
Russian Roulette
How will Dextools actually help in the marketing efforts for Modefi? What can we expect?
Ryan | Modefi.io
[In reply to Russian Roulette]
Dextools will be fully supporting us on their social accounts as well as front row center all over the Dextools platform. Many users will have their eyes on Modefi
Jerry Zizkov
What benefits does Oracle aggregation achieve over one decentralized Oracle input such as Chainlink??
Trevor | Modefi.io
[In reply to Jerry Zizkov]
When each oracle is hand selected by a single entity, is it really decentralized?
Roshan
What is the token value proposition in the ecosystem of Modefi for an investor?
Ryan | Modefi.io
[In reply to Roshan]
Hereās a link to the MOD token utility
https://docs.modefi.io/token/token-utility
Avangator
Network of Oracles are the only gateway in order to bring real world information onto blockchain. A single oracle cannot do that. Does Modefi plans to work with other oracle platform to aggregate all information onto blockchain?
Trevor | Modefi.io
[In reply to Avangator]
We want to work with as many oracles as possible. The more oracles that are fully functioning, the more secure and precise our data becomes.
Delphi Mint
Could you please give an example of an on-demand oracle application use case, what type of data they might be needing and how Modefi can support and provide a solution?
Ryan | Modefi.io
[In reply to Delphi Mint]
Hereās a link to read more details about the on demand oracle
https://docs.modefi.io/oracle-solutions-suite/one-off-oracle
Hereās some examples of use cases
E-Sports
Sporting Events
Elections
Voting
Weather conditions in a location at a specific time
Prediction Markets
P2P wagers
Insurance Payouts
Ryan | Modefi.io
Hey guys, thank you so much for the AMA. We have an important call we have to jump on to right now.
Trevor | Modefi.io
Thank you everyone for the awesome questions!. Thank you @Crypto_thai for being an excellent host. If we didnāt make it to your question please feel free to join us over at https://bit.ly/Modefi-Telegram and we will gladly answer you there.
Have a great day everyone! Thanks again!
Crypto_Thai
Thanks for all the answers
that were a lot of Qās
Trevor | Modefi.io
So many good questions wish would had the time to answer them all
Ryan | Modefi.io
Thanks again for having us! Join our group if you have any further questions
Thanks for being an amazing host my friend!
Crypto_Thai
It was an amazing session guys. Wish you all the best with Modefi
Website ā https://modefi.io
Email ā info@modefi.io
Documentation ā https://docs.modefi.io
Telegram ā https://t.me/modefi_official
Telegram Announcements ā https://t.me/modefi_ann
Twitter ā https://twitter.com/Modefi_Official
