Modefi: providing with the first truly trustless and decentralized oracle data.

 Modefi: providing with the first truly trustless and decentralized oracle data.

N Nikhil raj . May 06 . 8 min read

 

2021 is blooming up as the year of block chain industry and bit-coins, and Modefi just happens to provide a suite of decentralized Oracle and DeFi solutions.

 

Modefi’s main objective is developing Oracle blockchain solutions that empower true decentralization of data on-chain for integration via Smart Contracts. Modefi’s suite of Oracle solutions will provide higher level transparency, precise data, and a fully trustless ecosystem.

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.

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.

ORACLE MARKETPLACE: Modefi’s Oracle Marketplace is a dedicated decentralized turnkey platform that will connect third parties and exchange important data autonomously. It allows oracle providers to advertise their services and clients the ability to create RFQ's.

 

 

The Modefi ecosystem is comprised of 4 main products / solutions:

1. Aggregated Oracle Solution

Modefi integrates major oracle and data providers to use them as complementary entities instead of treating them as competition. Integrating multiple oracles into the platform gives clients using Modefi’s DAOS the ability to obtain trustless, transparent, secure, and decentralized data.

To maximize the security and precision behind the data provided by an Oracle, multiple Oracles across multiple networks must be used simultaneously. Outliers, malicious actors, and corrupt data are removed automatically with no outside interaction through the use of Smart Contracts and multiple transparent data sources.

 

 

 

 

2. On Demand Oracle

The On-Demand data oracle comprises a P2P network built around smart contracts and EOA’s. It’s designed to be easy to integrate for end users, developers, and data validators.

Modefi’s On-Demand data oracle opens up the possibility for small data requests ranging from a friendly wager on who will win the next presidential campaign to a multi-million dollar decentralized E-Sports betting platform needing the results of a championship tournament.

With Modefi’s On-Demand Oracle, the applications are limitless.

These are just a few examples:

· E-Sports

· Sporting Events

· Elections

· Voting

· Weather conditions in a location at a specific time

· Prediction Markets

· P2P wagers

· Insurance Payouts

3. Oracle Marketplace

Modefi’s Oracle Marketplace is a dedicated decentralized turnkey platform that will connect third parties and facilitate the exchange of important data autonomously. It will allow oracle providers to advertise their services and give clients the ability to create RFQ’s. The marketplace will give new oracle users an easy way to onboard into their applications while providing other oracle chains the user onboarding they need.

4. Defi Dashboard

Modefi’s Modular Dashboard brings the innovation decentralized finance needs. The platform leverages tools, data, AI, API’s, and analytics to give its users intuitive access to the platform and the means to become successful.

 

For more information about Modefi, please visit https://modefi.io