Crypto Academy | Season 3 | Week 7 - Homework Post for professor @allbert
Good evening ladies and gentlemen, I'm glad to be in this class. Thanks to our dear professor @allbert for this wonderful class on Blockchain Oracle
Here is my submission for the class homework sir!
BLOCKCHAIN ORACLE IN BRIEF
Definition of Oracle
Wikipedia define it to be a priest or priestess acting as a medium through whom advice or prophecy was sought from the gods in classical antiquity.
So, with my little knowledge, Blockchain Oracle can be simply define a method by which Blockchain speak out to the world, this can be in form of data and information
Importance of Blockchain Oracles
Oracle provide a connection between world and blockchain program executions. Oracle is of great benefits to the blockchain ecosystem because it opens a gateway of possibilities to smart contract users.
MODEFI (MOD)
Modefi is one of the existing Blockchain Oracle, it provides a range of trustless and useable oracle solutions.
The aim of this oracle existence is to reduce the risks, potential losses and other problems like hacks within the existing Defi space.
Modefi was created on a mission to provide truly decentralized, transparent, secure and precise oracle solutions for all off-chain data, on-chain.
Below are the direct links to most of their online platform;
Website: https://modefi.io
Docs: https://docs.modefi.io
Telegram: https://t.me/modefi_official
Twitter: https://twitter.com/Modefi_Official
Reddit: https://www.reddit.com/r/modefi/
CoinGecko: https://www.coingecko.com/en/coins/modefi
Coinmarketcap: https://coinmarketcap.com/currencies/modefi/
History and Description of MOD
History
With my research about Modefi oracle, I'm able to gather little history about this project.
Modefi is a newly developed project and it was launched early this year, 2021. But the plan about Modefi started about a year ago by the project team and they have been self-financing the project ever since.
The Modefi team members includes;
Ryan Lowe (Chief Executive Officer), Travor Hall (Chief Operational Officer), Jesse Ireland (Chief Technical Officer), Uosof Ahmadi (Chief Marketing Officer), Michael Liddiard (Chief Legal Office).
Ryan Lowe the CEO of Modefi is a Bsc graduate of Engineering, Mathematics and Engineering, Robotic option at Queen's University (2010-2014), he proceeded with his master degree the same year at McGill University (Mila) where he studied computer science (2014-2016). Lowe is currently doing his PhD at McGill University, he is studying emergents communication, multi-agent reinforcement learning, and dialogue systems.
Description
Modefi’s Oracle Marketplace is a dedicated decentralized turnkey platform that is aimed at connecting third parties and exchange special data autonomously. It gives room to oracle providers for advertisement of their services and also gives clients the ability to ask for invitation for bid (IFB).
Modefi also gives their users (community) power to be the major decision-maker before anything can be changed or modify. Modefi leverages tools, data, AI, API’s, and analytics are set in a way to make it's users successful.
Modefi uses a smart contract which is a collection of code and data that are placed on the Ethereum blockchain.
The main objective of Modefi protocols is to solve the problems with transaction speed and reduce the difficulties that are being faced by the major cryptocurrency networks.
Modefi is currently in partnership with CyberFi in order to establish a data oracle infrastructure of which CyberFi is currently building an asset management platform with a wide range of DeFi features and product integrations, it is also heavily focused on triggers and creation of major strategies.
Modefi has ongoing discussions with many top players in the blockchain oracle system such as Tellor, Band, Cahinlink and others. They’re also seeking partnership for their on-demand oracles solution providability.
Modefi is unique in establishment of a transparent and secure data source for tracking assets, various DAPPs, and DeFi products.
Does it have any token or cryptocurrency associated?
Modefi oracle has a token called MODEFI token, it's also known as MOD.
Modefi token was launched on TrustSwap Launchpad on February 10, 2021.
According to coinmarketcap, MOD is ranked to be number 785th on the site with a current price of $1.27 and a trading volume of $1.4M within the last 24 hours. Its Market cap is $17,156,650.97 and a fully diluted Market cap of $27,855,639.48.
Yesterday, the lowest price of $1.06 and the highest price of $1.28 and was recorded for Modefi token on coinmarketcap, the market open and closes at $1.06 and $1.24 respectively.
7days lowest and highest price of $1.02 and $1.30
30 days lowest and highest price of $0.5902 and $1.30
90 days lowest and highest price of $0.5902 and $4.07
52 weeks lowest and highest price of $0.5902 and $6.32
All time high price of $6.32
All time low price of $0.5902
Current price of $1.27
Trading of MOD is currently going on Kukoin, uniswap, pancakeswap (v2), sushiswap (polygon), bilaky, quickswap and sushiswap (ftm) exchanges according to coinmarketcap.
How to trade MOD on exchanges
Step 1: Create an account on Fiat-to-Crypto Exchange.
Step 2: Buy ETH with fiat money because it's one of the major trading pairs available for MOD trading
Step 3: Transfer ETH to an Altcoin Exchange.
Step 4: Deposit ETH to exchange.
Step 5: Trade MOD with ETH
Functionalities and real-life applications.
There are many functions that Modefi oracle can perform, application of Modefi’s P2P On-Demand data oracle only can be useful in the following aspect;
- E-Sports
- Sporting Events
- Elections
- Voting
- Weather conditions in a location at a specific time
- Prediction Markets
- P2P wagers
- Insurance Payouts
Deployment of Modefi oracle control give room for election and voting to be carried out through the use of Modefi P2P on demand data oracle.
Let's take two friends as an example, Sam and John.
These two guys are student of a university in Nigeria, they are both from different department and they are both contesting for the post of student president. They both come together and decided to me make the election free and fair, without stressing their fellow students, so, they can come together and decide to create a friendly wager smart contract to bet on who wins the school presidential election. They will have to program the wager smart contract to only accept the winning result from a custom oracle contact deployed on the Modefi network
Pros and Cons.
Pros
Modefi is able to provide the following solutions in which other oracle are yet to find;
Inexpensive: Low cost, trusted data from socially vetted validators
Users friendly: Easy to implement for developers, EOA's and data providers
Portfolio Manager: Keep track of trading, ROI, API and farming stats
Multiple Oracle Network: It utilizes trusted data from established oracle networks
Bio directional cross chain: Redundant failed safe oracle data via interoperability
Layer 2 solution: Output secret data at lower cost and higher frequency
Autonomous execution: It remove corrupt and malicious data auto-anonymously
Oracle Market Place: Request supply and trade data with reputable providers
Multi chain: Increasing scalability, compatibility and security
Cons
Compromising Problem: The main problem with oracle platforms is that smart contract is affected if the oracle is compromised.
Security Problem: to solve the problem of trustless execution of smart contracts is still a problem facing all oracle
Problem of hacker: once it's hacked, data can be modified easily.
Future developments and new projects
Currently, Modefi on its own is a new project, it's not up to 2 years of it's existence. It's still under developments, the future of Modefi will now determine of there will be a new project from the Modefi team
But the high volatility in Modefi token is a good reason why it is sure that there will be a future projects from Modefi. There is a better prediction about the future of Modefi to appreciate based on the fundamentals of the Modefi project and the progress the Team is making towards their roadmap goals and milestones.
Regards,
@timileyin988
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