As suggested by a few of our loyal community members we have decided to step up our transparency with bi-weekly updates of what’s going on behind the scenes!
We expect a majority of these bi-weekly updates will be short and sweet, straight to the point. We will be covering development progress, potential upcoming news and anything else we feel is important to keep everyone up to speed.
For our first bi-weekly update we are going to mainly be discussing development progress.
During the last couple of months, we’ve made great progress on both our On-Demand Oracle solution and V2 of our Oracle aggregator.
At the technical planning and research phase, we stumbled on a treasure trove of possible use cases. The Modefi team realized we were thinking far too small and needed to expand the ecosystem we had originally drawn up. The new On-Demand Oracle plan aims to target any and all types of data. Including, multifaceted data that can include many parties in the process. This will allow users to build their own contracts (no programming knowledge necessary) that can be privately used individually or involve large amounts of users (limitless). The user will also have the ability to create restrictions based on their needs.
Did we mention it will be available across multiple chains? Yes, the user will have the option to build their personalized contract on whichever chain they like. Giving the Modefi platform a large reach across the entire crypto ecosystem. Imagine a project currently on Ethereum wants to move over to Fantom, Avalanche, Moonbeam, or Polygon, but they need to do some reprogramming to get their data feeds working on another chain. Or they could have been using Modefi which would make the move across chains almost instantaneous.
With the power that the new plan will bring we know it may sound intimidating. However, we are developing a highly efficient Wizard that will walk brand new users through the process of creation. The creation time can be as little as 10 minutes for a brand new user. This is an astronomical difference from traditional Oracles which some require weeks or even months of planning and programming. These are the types of developments that give us tingles. We are beyond excited to show you guys the true power behind Modefi.
We have completed the technical and front-end design of the V1 On-demand Oracle, the front and back-end development are well underway. Our team of developers is currently in sprint mode and making amazing progress.
At this point, we want to shy away from giving rough timelines or “soon” responses in regards to its release. Once we have a more concrete date, we will share it with everyone. In the meantime here are a couple development screenshots from the dashboard and some use case examples.
Event Creation Wizard
Use Case Example #1 — Institutional Onboarding
A Fortune 500 company needs a fast way to get their data on the blockchain. Upper management asks John from Finance to look into it and find a solution within a week. John submits a request to a few Oracles via their email or online form.
John realizes after 5 days and 15 emails that the company will need to develop an API, set up an account, negotiate on cost per request, sign contracts, and then wait for the contract to be created and deployed by the Oracle provider before they can use the data on-chain.
This lengthy and complicated process will be a roadblock for on-boarding, privacy and adoption from institutions and businesses wanting to take advantage of blockchain technology.
This is where Modefi steps in to save the day. John simply connects his wallet, starts the wizard and in less than 10 minutes his contract is deployed and the information requested is ready to be validated and sent to the blockchain by the decentralized network of Modefi data validators.
Use Case Example #2 — Big & Small Customizable Tournaments
Sarah is a streamer who plays Call of Duty. She has a huge following on Twitch and streams daily. Sarah has always wanted to host a tournament but didn’t want to have to deal with the money, prizes, advertisers, sponsors, charities or contract side of any of it.
This would be the process if Sarah chose Modefi’s On-demand Oracle to organize her tournament.
First step she visits the Modefi Dashboard, connects her wallet, starts the wizard (which guides her through the process), and finishes the setup in less than 10 minutes. Sarah has set her tournament up to allow for 6 sponsors (each contributing a certain amount to tournament prizes), 30 participants (gamers), and her favorite charity. All Sarah needs to do now is announce the event to her following (potential participants) with the event details and where to go to sign up for the event.
After she informed her followers about the upcoming event, a few members had mentioned that they were interested in placing a wager on the outcome of the tournament. Luckily, the Modefi platform allows users to set up wager pools based on events just like Sarah’s tournament, within minutes!
Once the tournament has ended the smart contract is open for data validators to provide the outcomes. After a short period of time (~24–48 hours) the winning participants are eligible to claim their winnings.
The Modefi platform provides users with a fully customized platform to allow any type of event, from simple to complicated to be held within the Modefi ecosystem. Giving everyone a safe and decentralized way to host any event.
Have any use cases that come to mind? We would love to hear them! Let us know on Telegram or DM a team member!
Looking to stack a few more $MOD without having to touch your wallet? Well, we have something we think you’ll love!
We are working on building the ultimate “MOD Squad” of dedicated community members to jumpstart newcomers and hype up the current community. There will be a sign-up released in the coming weeks. For anyone that is interested in contributing, it will be limited to the number of members that can participate during the initial stages. These participants will be given a list of “bounties” from which they can choose their mission. These bounties will generate participants’ “points”, and can be used for redeeming rewards!
Upcoming Events / News
We are currently in the process of securing a few partnerships over the next month that we think the community will be very excited about. One in particular we believe will be our best yet, and will help us bring in a mass of users and adoption. We are hoping we can share details relating to that in the coming weeks!
Once again, thank you to our community. We love the immense amount of support. If you have any suggestions or feedback please email us at firstname.lastname@example.org.
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Modefi: An Oracle Solutions Platform
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.
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