BRIEF ABOUT ORACLE
Oracles are small pieces of software whose purpose is to connect
blockchains to external data. The most popular oracle projects
currently are Chainlink, API3, Band Protocol, Augur and DOS
Network.
A data oracle provides the transfer of real-world data to smart
contracts on the blockchain.Modefi’s main objective is developing
Oracle blockchain solutions that empower true decentralization of
data on-chain for integration via Smart Contracts.
INTRODUCTION AND EXPLANATION
Modefi is a decentralized oracle aggregator and on-demand oracle
data provider. Powered by the native Modefi token (MOD), the platform
offers a secure, decentralized marketplace, and an innovative,
modifiable, modular dashboard.This means that it will use data
from several different oracle markets and use its protocol to give a
fair, trust-less, and decentralized solution to its users can be sure
that a decentralized network of 3rd party agents will take care of
aggregating and sourcing data for their smart contract. This
reduces disputes, smart contract development costs, time as well
as legal fees.
Modefi will also allow developers to make one-time data requests for
customized smart contracts to bring real-world data on-chain.
Single-use oracles often provide limited or basic data and can be
expensive to execute when doing so infrequently. Furthermore,
traditional data validation models are often unsuitable for small tasks.This can be limiting for developers, as it restricts the amount of data
they can handle.
PRICE : CURRENT AND PREDICTIONS
The current price of MOD is $2.030 and our data indicates that
the asset price has been in a downtrend for the past 1
year.Modefi has been showing a declining tendency so we
believe that similar market segments were not very popular in
the given period. The future price of the asset is predicted at
$1.8558 (-8.581% ) after a year according to current
predictions.
USES IN POSSIBLE SECTORS
● The $MOD token will be used as a form of governance
token, giving the community the power to be the
major decision-maker behind any changes.
● Gambling ( Decentralized Casino’s that require pure
randomized Data)
● Sports Betting (e-sports smart contracts)
● Voting results ; self-explanatory
● Insurance ( Automatic payouts based on
environmental data)
● Predictions markets that require frequent Data
updates
● P2P wagers (user-friendly, Trustless p2p betting)● LP pools ( not having to worry about impermanent loss
from Arbitrageurs)
● Anything that relies on the accuracy of price data.
One can use the $mod token to pay fees for the on-demand
oracle, the oracle marketplace, as well as subscription fees
talked about later down the line for the DeFi Dashboard.
SUMMARY
Mission is to provide truly decentralized, transparent,
secure and precise oracle solutions for all off-chain data,
on-chain. Oracle manipulation has been one of the biggest
culprits when it comes to contract and Defi hacks
Eduindex News 