MODEFI: A SECURED AND RELIABLE DATA ORACLE
The world has advanced so much that different digital technologies are developed daily, all to help make life better for the global population and improve their living standard.
The Blockchain, a technology which fuels the performance of the rapidly growing cryptocurrency is a great advancement in the digital world, especially seeing how much these digital currencies have helped improve the global economy.
Cryptocurrencies serve as an investment tool with which users can profit, even from the comfort of their homes, and is rapidly replacing the regular fiat as some have shown to be a more reliable medium of payment compared to fiat.
An Oracle, which will be the focus of this article, is another great example of these digital tools which has been developed to revolutionize the blockchain industry, the cryptocurrency market and the entire global system.
For the sake of newbies, let’s quickly explain what Oracles are…
ORACLES EXPLAINED
Oracles are Blockchain systems that provide external data for use by the Blockchain and its smart contract to improve the user’s interaction with the digital system. So in short, oracles extract data from external sources and bring that data onto the blockchain, to be used for different transactions.
Being that the Blockchain and smart contracts are unable to access off-chain data, an oracle bridges that gap by making available data from different external sources, which is very vital for decision making. Let’s take a price oracle, for instance, it gets price data from different sources for the Blockchain, which processes it and then helps users make buying and selling decisions.
Oracles are very integral tools in the cryptocurrency and Blockchain industry, as they help improve the entire industry and release more benefits to its users; but sadly, these oracles are plagued with lots of challenges which makes them inefficient for use.
CHALLENGES OF EXISTING ORACLES
Decentralization should be the very attribute of an oracle, as it should not be controlled by anyone in order to avoid manipulation. Unfortunately, the available oracles are not so decentralized after all, seeing as they still make use of centralized components in their operation.
By being centralized, the existing oracles are not only unreliable but also inefficient, because the data they provide become prone to manipulation.
If a bad actor in its centralized structure gains full control of the data channel, they can manipulate it and then reduce the quality of data provided, which of course, affects the Blockchain system making use of it.
There is also an absence of security for users of a system utilizing a compromised oracle, seeing how their decisions will be made off of manipulated data, which might even cause a great loss to them.
These and many more, have been the problem with existing oracles, making it difficult for users to enjoy the full benefits of this Defi tool, luckily, Modefi is here.
INTRODUCING MODEFI — AN ORACLE SYSTEM YOU CAN TRUST
Modefi is a fully decentralized oracle system that has been designed to provide a lasting solution to the oracle problem experienced today.
This oracle system has proven to be reliable and efficient as it provides accurate and precise data with the help of its aggregated design, which allows it to collect data from multiple sources, all to ensure accuracy.
By sourcing data from different places, Modefi can improve the quality of data that it provides to its users, helping to deliver the trustless and secured data to the end-users, in a fully decentralized manner.
HOW MODEFI WILL ACHIEVE A RELIABLE ORACLE SOLUTION
Modefi connects to different trusted oracle networks and other sources to ensure the availability of data, and with its layer-2 solution, guarantees the security of data at a reduced cost.
It also maintains interoperability with the help of its bi-directional cross-chain and facilitates scalability and compatibility by not relying on a single network, rather on multiple Blockchains.
This great system also allows developers to get a one-time data request which helps them provide the data to feed into their client’s smart contracts, for effective performance.
Modefi has a user-friendly interface that lets users interact easily and execute their operations without any challenges.
FEATURES OF MODEFI ORACLE SYSTEM
● MODEFI ORACLE MARKETPLACE
A Turnkey platform has been made available on the Modefi system to allow the seamless exchange of digital data.
This Oracle marketplace is built to link buyers and sellers of oracle data, with ease, as it has integrated into it, a feature which allows oracle providers to advertise their data services to be able to reach a wider audience, an incentive system which is created with the oracle reputation statistics to encourage competition in the system.
It facilitates seamless communication and execution, letting users buy and sell data at a good price, right on the marketplace.
● GOVERNANCE DAO (DECENTRALIZED AUTONOMOUS GOVERNANCE)
The Modefi oracle system is not only decentralized but also has a governance structure that depicts decentralization.
The DAO governance structure is adopted by Modefi to return governing power to the users of the system, by letting them become the decision-makers of the oracle system.
The decision-making of the system now relies on token holders who are allowed to vote, hence decide what happens on the system.
● DEFI DASHBOARD
This is another innovative means through which Modefi improves the oracle system and unlocks the benefits of Decentralized Finance by giving access to DeFi tools such as Artificial Intelligence (AI), API’s, analytics, and other tools which makes it possible for users to customize their dashboards to suit them, efficiently manage their trading portfolio, get notifications, receive trending news, get on-chain metrics and have the best APY and prices while trading and investing their digital assets.
With this DeFi dashboard, users of Modefi have a great user experience and they can succeed massively in their trading operations.
CONCLUSION
Modefi is the solution that we’ve waited for, to be able to excel in operations, as it eliminates all the challenges of the present oracle systems, and replaces them with solutions that will improve our experience. By fully adopting Modefi, the global masses will have unrestricted access to reliable and transparent data, without stress.
MODEFI
website: https://modefi.io
telegram: https://t.me/modefi_official
twitter: https://twitter.com/Modefi_Official
EXO VENTURES
website: https://exo.ventures
telegram: https://t.me/ExoVenturesOfficial
twitter: https://twitter.com/Exo_Ventures
