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.
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.
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
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Ethereum Network $MOD contract address
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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