AMA Recap of Dude’s Army x Modefi
On Tuesday, April 6th Dude’s Army community had the great opportunity to host an AMA with Modefi’s team, very instructive and educational. We will share with you a little bit of what this experience was like.
The Dude👨💼:
To start the AMA with a good vibe I will give you freedom now to introduce yourselves and share a bit of your backgrounds!
Limit | Modefi.io:
My name is Trevor, I am the COO and cofounder of Modefi.
I dove into the crypto space about 4 years ago and have not come up for air. I have been in the online space for over 15 years and have been involved with many online ventures since.
I’m excited to be here and tell you all about Modefi and the exciting road we have ahead.
The Wiz | Modefi.io:
Hi everyone! My name is Ryan, I am the CEO and Co founder of Modefi.
I have been a huge advocate of the blockchain space for almost 4 years. In that time it’s been a real adventure. I’ve been in the tech space for over 11 years, it’s been my passion ever since I was old enough to type on a keyboard.
The Dude👨💼:
Thanks for the intro @Limth ! And my pleasure to have you here with us.
So let’s not waste any additional time! Let’s get into Modefi!
The Wiz | Modefi.io:
After getting involved with Ethereum I started diving straight into smart contracts and realized the huge real world potential they have. I am a problem solver by nature, simply put I find problems and develop solutions.
With seeing the number of exploits and hacks being caused alone just by Oracle manipulation, it made us think, there must be a better way. We did countless hours and days of research only to come up empty handed, no one had truly solved the “Oracle Problem”. That’s when we started Modefi.
The Dude👨💼:
Explain our community what Modefi is building and why the market needs it.
The Wiz | Modefi.io:
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.
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.
Our Oracle solutions are as follows
Decentralized Aggregated Oracle
On Demand Oracle
Oracle Marketplace
The Dude👨💼:
A good intro but not so much into it. So let’s start talking about the Oracle marketplace!
How is that going to work out and which oracles are onboard right now?
If I need an oracle for my project how can I integrate with Modefi?
Limit | Modefi.io:
If you or a business need an oracle you have 3 options under the Modefi umbrella.
1) if the feed exists in our aggregation feed you will be able to use it directly from their or API.
2) If you require custom data and want it specifically for your project you can use the on-demand oracle(important to note that this will not require API access and can be any on or off-chain data you want).
3) You can visit the marketplace and pick and choose exactly to your specifications.
The Wiz | Modefi.io:
The Oracle marketplace will be a driving force for the adoption of Oracles to businesses and institutions.
The objective of the marketplace is to give businesses, developers an easy to use platform to get in connection with any oracle provider on the market.
We are currently in talks with numerous well known Oracles to join the marketplace when it is live, they have been very receptive and are keen to join us.
The Dude👨💼:
Perfect! So I choose specifications on the marketplace and once I integrate it will follow the specifications I choose correct?
I want to understand the steps to use Modefi. Do I need to go to the oracle marketplace and choose the Oracle I want or can I just integrate and it will always pick the ones with better price?
Limit | Modefi.io:
Yes, exactly. This can also include aggregation if specified.
The Wiz | Modefi.io:
It depends on the type of data needed. If it’s uncommon data you will first need to create an RFQ for the Oracles to bid on.
The Dude👨💼:
Sounds great! On top of this reply I ask you when should we expect the product launch?
The Wiz | Modefi.io:
We are looking to have the beta for the marketplace live by Q3, possibly earlier
The Dude👨💼:
How will the Cross Chain work? You can pick oracles from different chains?
Limit | Modefi.io:
Yes, however we will require this to have a fully trustless data relay. Our goal is to allow fluidity regardless of the chain that a project operates on. This will also allow projects to move from one chain to another without compromising the oracle data they need. Saving each project weeks to months of reprogramming.
The Dude👨💼:
The part I love more about Modefi is that you don’t need to worry about who’s going to be the next big oracle or whatever. It’s a place where you can get the best options for your project no matter what!
1- Who are your competitors right now? Why you guys are better and do you expect your product to be out before them?
2- Explain a bit more how MOD token will work in the ecosystem.
Limit | Modefi.io:
1) We haven’t found anyone that is directly creating the solutions we are building. We are pushing to compliment existing oracles and push real adoption of data on the blockchain.
2) https://docs.modefi.io/token/token-utility
The Dude👨💼:
Explain us a bit more about the On-Demand Oracle data.
The Wiz | Modefi.io:
The on demand oracle allows developers, end users, businesses or institutions to obtain uncommon data requests for their smart contract needs. The data is typically not connected with an API and is normally a one off type of situation.
You can read more about the On Demand oracle here
https://docs.modefi.io/oracle-solutions-suite/one-off-oracle
Limit | Modefi.io:
We are aiming to let developers have this up and running in under 5 minutes with minimal cost.
Community Questions
Q1 from Magdalena:
How can I provide liquidity and staking with the $MOD token? Will my tokens be locked for a period of time ? Or will I be free to withdraw them whenever I want? If so, will I be penalized in any way?
Limit | Modefi.io:
https://modefi.medium.com/modefi-introduces-staking-on-the-fantom-opera-mainnet-dd6565ca898e
The tokens are locked for 30 days from when the staking went live.
Q2 from ᒍᑌᗩᑎ ᔕᗩᑎᗪOᐯᗩᒪ:
How can Mobefi solve the current problems of the Oracles? And in being able to do so, could any project partner with Mobefi to improve their oracles?
Limit | Modefi.io:
It is in the best interest of each Oracle to partner with Modefi to increase their userbase, benefit their validators, and increase security. They do not have to partner with us for us to use their on-chain data.
Q3 from Dan — Uniswap Knight:
We know that using Oracles comes at a cost, and anyone would think that Aggregated Oracle could raise these costs of using oracles, even in Layer 1, clearly discouraging their use. Is this true? or how does Modefi to be competitive as 1inch does against uniswap?
The Wiz | Modefi.io:
The purpose of the aggregator is to create better decentralization, security, frequency and transparency. Yes fees may be slightly higher to run our aggregator as opposed to just using one of the existing solutions, but obviously these added benefits will come at a cost. Devs and businesses that need higher security and assurance are willing to pay the difference. You’re paying for the service.
Q4 from Sofía Isla:
Regarding about data aggression and validation. Coming from an artificial intelligence background, to use machine learning models to eliminate outliers in the data. Or are you doing pure mathematical correlation analysis to remove bad data?
Limit | Modefi.io:
Right now we are using pure math. In the future we will be looking into AI but right now it is not feasible while retaining decentralization.
Q5 fromBallpakna:
Do you have mind to launch your own Blockchain nodes or will be using existing infrastructure for Independent data collection? If yes have you thought about cross chain interoperability?
The Wiz | Modefi.io:
For the On demand oracle we will be using existing EVM compatible networks. It will be cross chain as well. Which will keep the costs of deploying data contracts and validation. Essentially we plan to support each and every EVM chain in the future. It will be up to the users as to which one they would like to use.
Q6 from Hasan Mahmud:
Even a small bug on smart contracts can put users funds at risk. What steps will be take by Modefi to secure it?
The Wiz | Modefi.io:
Test, Audit, Test, Audit, Test, Test, Test. This mic on?
Q7 from Hasan Mahmud:
You say implement a marketplace, does this mean that any project that designs its own oracle can be listed in this market? can you comment a little more about this mechanism?
Limit | Modefi.io:
Yes any oracle validator can join the marketplace. Their will be a decentralized application process and bad actors will be penalized to protect users.
Q8 from Eliana:
Today, how can a common user acquire his MOD token whether in a pre-sale or not? How easy can this be? And what is the limit and minimum purchase?
Limit | Modefi.io:
Anyone can purchase tokens via
Ethereum network(Uniswap)
https://www.dextools.io/app/uniswap/pair-explorer/0xfca090c1868004bec9c91f53db013288dc21c55b
Or the fantom network(Anyswap) — 44 000 transactions for $1.25 USD
No minimum
Q9 from Aston Rowi:
What does it means “Aggregated Oracle”? How does it works and different from traditional Oracle such as Chainlink?
The Wiz | Modefi.io:
It’s important to note that we are not looking to be direct competition to existing Oracle networks like Link, band or dos. We are actually looking to incorporate them into our suite of oracle solutions. The aggregator actually uses available on-chain data and removes any outliers or malicious data before being output on the other side of the smart contract. This ensures more decentralized data and precision. In fact, the more oracles that we can incorporate into our solutions, the more secure our solutions become.
About Modefi
Modefi is focused on building the foundation for real world adoption of Oracles in the DeFi space. Modefi’s P2P On-Demand data oracle 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.
More information about Modefi:
Website: https://modefi.io
Telegram: https://t.me/modefi_official
Twitter: https://twitter.com/Modefi_Official
