Update 3 — Spoiler Warning: On-Demand Sneak Peak

Make sure you don’t miss the first preview of the on-demand oracle in this article and the introduction and invitation to the exclusive MOD Squad.

We have reached a few more milestones in the development and marketing since the last update. Here is a summary.

Marketing updates / Community involvement

Introducing the MOD Squad! $1000 up for grabs. Exclusive sneak peaks and unprecedented access.

Join our exclusive membership, more details here.

https://twitter.com/Modefi_Official/status/1435722786035716096?s=20

Staking Updates

Modefi will be switching from a 30 day to a 90 day locked staking period for the next staking rounds on Fantom and Matic.

Prediction Markets Development

User generated prediction markets are coming to Modefi!

By specifying a few basic parameters in our prediction market interface anyone can create wagerable events.

These wagers could involve crypto prices, sporting events, award shows, election results, and more.

Because the outcome of the event is determined by decentralized consensus all participants can be assured the terms of their wager will be fulfilled safely. Cryptocurrency allows near instant settlement with no KYC required.

Modefi On-Demand Oracle Demo

We are extremely excited to share the very first visual demo of the eagerly awaited On-Demand Oracle system. In the demo you will see how it can be utilized to bring data from a UFC event. Once the event is completed and the data is validated by the Modefi network it will be available for anyone to use on the blockchain. This is one example of how the oracle system can be used.

Time to get your thinking caps on. While watching the video try and think of a possible use case that pops into your head. We will be holding a contest to see who can come up with the most unique use case.

Don’t forget your thinking cap!

Please keep in mind that this is the standard Oracle and several other Oracle formats will be added in the near future. One that we are particularly excited for can handle an entire tournament setup from start to finish. This will include teams, single entries, sponsors, entry fees, sponsored entries and winning settlements with customized settings and security for large and small tournaments alike. Alongside the tournaments, user generated prediction markets are coming!

Without further ado please enjoy the very first preview of the On-Demand Oracle! Full write-up below the video if you missed anything.

This demonstration will run through the process of requesting the results of the upcoming UFC 266 event. The data that will be validated and placed on chain would be the winner of:

Main Event: Volkanovski vs. Ortega
Prelim #6: Moraes vs. Dvalishvili
Prelim #7: Abdurakhimov vs. Daukausi

The event data will be available for use on-chain after match completion. Once on-chain the data can be used in smart contracts for any purpose. Allowing for unlimited possibilities and virtually unlimited use cases for users and data on-chain.

Check out the video below for the demonstration of the On-Demand Oracle

The user signs in with their wallet. This is a similar method which is used when connecting your wallet on the Matic network. This allows the dashboard to confirm you are in fact the actual owner of the wallet and not spoofing the web3 interface. Essentially this is as secure, if not more secure than a typical email / password login, without the need to register.
After signed in they will see events, sponsorship opportunities, validation opportunities and betting opportunities that are available to them.
The user starts by selecting “Create a new event.” Then enters the details of the data being requested.
They then select the type of Oracle data required.
The date and time is selected for the completion of the event, or when the data can be retrieved.
This is where the data to be requested is now added.
A label and description is then input. This will let the validators know what data is being requested.
The data format is then selected. In this case “Single Value” is selected as there will only be 1 winner.
Selecting whether the data will consist of integers or words.
A list of all the possible outcomes is then added.
This window will allow the user to verify that everything has been entered correctly.
This modal will allow the user to add another data request and show previously added data sets.
The user then enters the second event title and description.
This data will be added to a group along with the next request.
The user then is given the option to select an existing group (if there is one) or create a new group.
The user then selects the group the data will be added to.
Selecting if the data requested is one value or a list of values.
The user selects whether the data will consist of integers or words.
A list of all the possible outcomes is then added.
The user again verifies that all of the data has been entered correctly.
This will allow the user to add another data request to the contract.
The title and description is input for the third event.
This data will be added to a group along with the previous request.
The desired group to add the data to is then selected.
The user then selects if the data requested is one value or a list of values.
The user selects whether the data will consist of integers or words.
A list of all the possible outcomes is then added.
The user again verifies that all of the data has been entered correctly.
All required data has now been added.
Submitting where the relevant data can be retrieved from, for use by the data validators.
Creation of the event is now complete and ready for deployment on chain.
The creator is able to edit the data request up until the smart contract has been deployed.

Polygon($MATIC) Network $MOD contract address

0x8346ab8d5ea7a9db0209aed2d1806afa0e2c4c21

Binance Smart Chain Network $MOD contract address

0xd4fbc57b6233f268e7fba3b66e62719d74deecbc

Fantom Network $MOD contract address

0xe64b9fd040d1f9d4715c645e0d567ef69958d3d9

Ethereum Network $MOD contract address

0xea1ea0972fa092dd463f2968f9bb51cc4c981d71

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.

Website: https://modefi.io

Docs: https://docs.modefi.io

Telegram: https://t.me/modefi_official

Twitter: https://twitter.com/Modefi_Official

CoinGecko: https://www.coingecko.com/en/coins/modefi

CMC: https://coinmarketcap.com/currencies/modefi/

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Building the foundation for real world adoption of Oracles and DeFi