AMA Recap w/ Gem Collectors

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 🙏

🚀 The best question will receive $50 dollar worth of ETH!

💻 Website: https://modefi.io/

📼 TG: https://t.me/modefi_official

🐦 Twitter: https://twitter.com/Modefi_Official

Gem Collectors Telegram

Crypto_Thai in Gem Collectors Portal

Welcome to the Gem Collectors Security Portal. Glad you found out about our Group🙏 Join the Main group with this Link…t.me

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

❤️

Crypto_Thai

Can you guys give us an insight about what Modefi is and who is behind it

Ryan | Modefi.io

Sure I’ll start by introducing myself

Ryan | Modefi.io

Hi everyone thank you so much for having us here to discuss our project, it’s 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 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.

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 can’t tell you the number of sleepless nights I’ve 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. That’s 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

Modefi’s Oracle Solution Suite will allow DeFi protocols to reduce the potential of putting their users’ 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

It’s 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 don’t consider other oracles as competition, it’s 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 don’t 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 minutes…

Any demonstration vid for this?

Ryan | Modefi.io

That’s the goal!

Very soon there will be a demo. 😁

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, we’ve 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 “The” 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 structure’s 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 haven’t 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 ‘Modefi?

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 AMA’s 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 can’t give specifics but we have some well known people ready to bring awareness to Modefi.

If you use Dextools, you’ll be seeing a lot of us in the weeks to come 😁

Crypto_Thai

💪💪💪

Ryan | Modefi.io

We do have a partnership with DextForce Ventures. They are an investment arm of Dextools 😁

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

We’d like to share some social and docs links if that’s ok?

Crypto_Thai

you can for sure

Ryan | Modefi.io

Website — https://modefi.io

Medium — https://modefi.medium.com

Telegram — https://t.me/modefi_official

Telegram Announcements — https://t.me/modefi_ann

Twitter — https://twitter.com/Modefi_Official

Trevor | Modefi.io

Public Sale

https://trustswap.medium.com/modefi-announces-february-10th-token-offering-on-trustswap-launchpad-258d7345a5c8

Pitch deck

https://docsend.com/view/wciu8iqedxiqicqs

Docs

https://docs.modefi.io

DFV medium

https://dextools.medium.com/dextforce-ventures-early-stage-investment-in-modefi-6941eab5647d

Unofficial Modefi Traders Group

https://t.me/unofficialMSB

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 don’t need partnerships to use their data since it is permissionless, so it won’t 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 can’t 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]

Here’s 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]

Here’s a link to read more details about the on demand oracle

https://docs.modefi.io/oracle-solutions-suite/one-off-oracle

Here’s 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 didn’t 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 Q’s

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

https://t.me/modefi_official

Thanks for being an amazing host my friend!

Crypto_Thai

It was an amazing session guys. Wish you all the best with Modefi

Website — https://modefi.io

Email — info@modefi.io

Documentation — https://docs.modefi.io

Telegram — https://t.me/modefi_official

Telegram Announcements — https://t.me/modefi_ann

Twitter — https://twitter.com/Modefi_Official

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Modefi

Modefi

Building the foundation for real world adoption of Oracles and DeFi