Modefi AMA Recap Crypto Revolution Community

By Crypto Revolution | Crypto Revolution Telegram Group AMA Recaps | 5 Feb 2021

On 4th of February Modefi conducted an AMA in Crypto Revolution Community. Our guests were Ryan, CEO and Co-founder of Modefi and Trevor, COO and C0-Founder of Modefi. I strongly recommend investing in this one. Will be Game Changer in my opinion! Let’s take a look at most interesting points from our Conversation.

INTRODUCTION

Danny | Crypto Revolution: Welcome Ryan and Trevor. Happy to have you with us today.

Ryan| Modefi: Excited to be here Danny! Thanks for having us!

Trevor | Modefi: Thanks for having us! Excited to be here!

Danny| Crypto Revolution: Could you please introduce yourselves and tell us how did you get involved into Crypto? 😉

Ryan| Modefi: 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

Trevor | Modefi: 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 ventures since.

I am super excited to share the exciting stuff Modefi has to offer!

Danny| Crypto Revolution: So Ryan you are in Crypto just for the Tech I guess. Lol 😅

Ryan| Modefi: When I first got involved with blockchain I instantly fell in love with the technology, and made it my mission to educate myself day in day out. I can’t tell you the number of sleepless nights I’ve endured just researching and building knowledge about the amazing decentralized world.

Haha, well, I like the tech 😂

Danny| Crypto Revolution: I’m sure all this days and Night paid off really good!

Ryan| Modefi: Yes, but it hasn’t ended. That’s for sure haha.

Danny | Crypto Revolution: How you guys came up with the idea for Modefi. Any history behind it 🙂

Ryan| Modefi: 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, simple 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.

Danny | Crypto Revolution: Hah. Problem Solver. This sounds great. You are one of kind 😁

Ryan| Modefi: 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.

Danny | Crypto Revolution: Could you please introduce Modefi in Layman’s term to the Community?

Ryan| Modefi: There’s many moving parts and products within the Modefi eco system.

The oracle aggregator can be summed up fairly easily.

We are using smart contracts to take existing oracle data that lives on chain and combine it all within one place.

The contract itself removes outliers autonomously and outputs transparent, precise and secure data
This data can then be used by DeFi protocols

Trevor | Modefi: The Oracle Marketplace will be a driving force for the adoption of oracles to businesses. The objective of the marketplace is to give businesses, developers etc. an easy to use platform to get in connection with any oracle system on the market. The marketplace will allow oracles from any network to be involved(Band, Tellor, Chainlink, etc.) and will also tie into our aggregation platform to allow users to select how secure they would like their data.

Danny| Crypto Revolution: This is pretty impressive!

Trevor | Modefi: Some of the biggest oracles in the space might already want on board ;)

Danny| Crypto Revolution: Okay simple question: Why people have to choose Modefi instead of other let’s say Oracles Projects out there?

I am sure they do 😁

Ryan| Modefi: It’s important to note that we are not looking to be direct competition to existing oracle like Band and Chainlink. Modefi is actually looking to incorporate them into our suite of oracle solutions.

Danny | Crypto Revolution: 🦾🦾

Trevor | Modefi: It’s also important to note that users will be able to choose the level of security and which oracle network they would like to use. With the option to use multiple chains for their product or service.

Danny| Crypto Revolution: Nice 😉

Danny| Crypto Revolution: So your Presale is in less than a week from now. I have 2 Questions regarding this?
First one: Why you choose to do it on TrustSwap Platform?
And 2nd: What are the Requirements for all people who want to participate?

Trevor | Modefi: TrustSwap has several networks, influencers, and partnerships to connect with alongside with their smart launch platform giving Modefi an edge on launch and in the future. This platform has a large userbase and has an excellent vesting platform through the TEAM token(Owned by TrustSwap) which Modefi will be utilising.

Danny | Crypto Revolution: If I’m not wrong you will be the 1st Project doing Presale on TrustSwap Platform right?

Trevor | Modefi: No, they have done a few. We will be the premiere partner for the first DextForce Ventures launch an arm of the Dextools.

Ryan| Modefi: To be guaranteed an allocation, users must stake a minimum of 3k SWAP.

Anyone not domiciled in the USA or UN sanctioned countries can participate in the Modefi token sale.

KYC will be required, we are using a trusted 3rd party platform for this process. Details will be released on this very soon.

Danny | Crypto Revolution: There will be minimum and maximum for Purchase?

Ryan| Modefi: These numbers we won’t know until all pledges have been submitted following the sale.

TWITTER QUESTIONS

Q1 from @Amr77821144

How will Dextools help in the marketing efforts for modefi? What can we expect?

Ryan| Modefi: DextForce Ventures from a marketing perspective, will get 120K unique daily eyes on our platform via dextools which will provide us with a massive jumpstart with a very captive and relevant audience as any DeFi trader likely knows. I am sure many find themselves a bit lost when it goes down for maintenance.

All DFV partners will have special identification in the pair explorer section of the DEXTools app, with a badge of this partnership and support. As many many traders look to DEXTools to identify legitimate projects, this badge will strongly support investors in their DD.
Modefi will also be promoted in many places within the Dextools app.

Danny | Crypto Revolution: Could you please share few words for Modefi Tokenomics?

Trevor | Modefi: Our tokenomics structure’s focus was for wide distribution, strategic value and long term emission. We made sure that there would be no massive holders controlling the token. Starting marketcap is $686,400.00 and circulationg supply will be 2,860,000.00 MOD on listing.

Danny | Crypto Revolution: Got it. There also will be some Vesting period for people participating in the Presale right?

Ryan| Modefi: Yes, the public sale has a 20% unlock on listing and 60 days vesting.

Danny | Crypto Revolution: This is good strategy in my eyes. This way there will be no dump on price from Presalers. Smart move 😁

Ryan| Modefi: That was the intention.

Danny| Crypto Revolution: Your Smart Contract is audited or will be after Presale?

Ryan| Modefi: Our token contract has not yet been released. It is just a simple ERC20 contract, but yes it will be audited before listing.

Danny | Crypto Revolution: Listing will be right after Presale I guess?

Ryan| Modefi: On Feb 16th!

Danny| Crypto Revolution: Uniswap?

Ryan| Modefi: Yes sir!

Danny | Crypto Revolution: Any other DEXs considering?

Ryan| Modefi: Potentially in the future. We would like to keep most volume and liquidity in one place to start with.

Q2 from @Corrie_Dorf

How does Modefi oracle design bring more use-cases to blockchains? Can it process data beyond DeFi such as real-world events ? And How does Modefi stand out from other oracle networks?

Trevor | Modefi: The Modefi on-demand oracle is designed to be used by anyone, for anything. It will give any user, business or developer a user-friendly dashboard to get ANY data they want and need on the blockchain.

I’d also like to mention these will take the user less than 5 minutes to setup.

This means that our oracle will have unlimited use cases. Other oracle networks are fairly limited in what you can do with them and you are restricted by the data they will provide. We also have implemented several solutions that will help with user onboarding which will bring adoption from the DeFi space and from the business space outside of crypto.

Danny | Crypto Revolution: You plan to release an Article or Video helping people do the setup?

Ryan| Modefi: Yes we will release something to help people out. We want the user experience to be seamless and easy to use.

Q3 from @DiosMao

How did you come up with the revolutionary ideas?

Ryan| Modefi: 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 went a bit deeper into this one near the beginning.

Trevor | Modefi: https://bit.ly/Oracle-Exploits

Danny| Crypto Revolution: What is your take on the Number of Rug Pulls happening all the time? A lot of people are kinda scared to invest in Presales. They just wait to see if the Project will be successful or not and than invest.

Ryan| Modefi: Yes it’s been an ongoing concern for a while now. We will ease people worries by locking at least 75% of the foundation and team tokens following the Trustswap sale (possibly even before). We will also be locking Uniswap liquidity within the first hour of listing.

Danny| Crypto Revolution: Thank you. It’s good to mention this.

Ryan| Modefi: We are also a public team, we are no longer anon.

Danny | Crypto Revolution: Yeah. Important for the Trust!

Ryan| Modefi: Absolutely!

UPTRENND QUESTION

What is the big differences of this project like others oracle projects for example Chainlink? How can we do to win the competition with other consolidated oracle projects in the market?

Trevor | Modefi: The other important factor is the limitations the other oracles have. Modefi gives the users the control of what data they want on the blockchain and pretty instant access to getting it.

Danny | Crypto Revolution: I like the word Unlimited you use few minutes ago 😁

Trevor | Modefi Same, excited to see some of the use cases people come up with.

Ryan| Modefi: Yes, there’s really no limit to the use case of the on demand oracle. Including institutional uses.

Danny | Crypto Revolution: Btw guys before we move to Questions from Community I have a personal one and will be great to have your Opinion on it
I see big hype now about Animal Tokens. Even some big Influencers are going into them. And we all know big part of them will turn into Scams lately. What’s the secret to make people investing in Solid and Long term Crypto Projects instead of One day tokens?

I personally think Modefi will be a good Long Term Investment. Not just Pump and Dump Token.

Ryan| Modefi: Making sure to look at the bigger picture. Will there be a real need? Real use case? Is it just a meme?
Blockchain needs Oracles for real world adoption. Oracles will be a fairly safe bet in crypto.

Danny | Crypto Revolution: Yeah. I can personally bet on this!

TELEGRAM QUESTIONS

Telegram User:

As MODEFI supporter, what can I do to help bring the masses to the project? May I write an article about MODEFI on my Steemit/Medium or my other social media account? With your permition first of course?

Ryan| Modefi: Absolutely we would love that and be happy to share it with the community.

Telegram User:

Currently, even with good partnerships, hype, marketing, and work products, the price of all tokens will fall. So, what are your challenges and plans to make the project a hot project?

Ryan| Modefi: Real partners that will push our platform usage.

Telegram User:

Will I be able to Keep track of all my trading, ROI, APY and Farming stats using your platform?

How are decisions made, Who are the major decisions maker behind any change on your platform?

Trevor | Modefi: Absolutely, all of this is included in our DeFi dashboard. Decisions within the platform will be made via governance.

Telegram User:

I have see many, that Project has experienced rugpul in its native token, some of which are caused by investor hit runs, fud, market influence and hacks. How do you handle this problem?

Ryan| Modefi: We are locking tokens and liquidity.

Telegram User:

In the program that MODEFI is planning, what varieties are in your project for the global market?

Trevor | Modefi: Each part of our platform is meant to be globally scaled without limitations.

Telegram User:

I heard modefi collaborates with Trustswap and modefi has a 4 product Ecosystem … can you tell us what the 4 products are and what are ea products used for?

Ryan| Modefi: The 4 products are:

-Oracle aggregator
-On demand oracle
-Oracle marketplace
-Defi dashboard

You can read more about them here
https://docs.modefi.io/

Telegram User:

What exactly do we need to do for KYC? A clear photo of the driving license and a selfie with the driving license?

Ryan| Modefi: Drivers license or passport with selfie. We will be using a well known 3rd party service for this.

Telegram User:

What is your top 3 things for priorities in 2021? Could you share some plans for the upcoming year?

Trevor | Modefi: Top 3 things would be getting all 4 parts of our platform to the public within the year. Get some big partnerships signed and agreed to(already in the works actually), and to get oracles adopted by the mainstream.

Telegram User:

Does MODEFI platform fully “DECENTRALIZED” ? because in my opinion, that word can be relative (e.g. an entity can split into nodes they still control & claim that). So, can you offer a provably verifiable proof that MODEFI is decentralised, trustless, permissionless and with no dominant party in control?

Ryan| Modefi: The entire process is controlled via smart contracts. Once coded and deployed there is no way to change this. So technically yes it is fully decentralized since there is no outside control.

Telegram User:

Are you considering registering on cex in the near future for ease of access? As important as dex is for blockchain, gas costs are becoming an increasingly large obstacle for retail investors.

Trevor | Modefi: It’s definitely in our plan to be on a few cexes in the future. We have definitely seen the issues gas is causing and understand that pain point for ethereum users.

Telegram User:

Can you tell us what to expect in the comming days/weeks from your project in terms of development and marketing?What is your strategy to attract new users and investors and maintain it in the long term?

Ryan| Modefi: We have a well established team of individuals working on the marketing side for our project. They have some big plans for Modefi, and we will also have some exciting partnerships coming in the near futures.

Danny | Crypto Revolution: Chat I can say that some big names will be involved. 😁

Telegram User:

How secure is everything? As we know hacks are quite common in this space, do you have any audits done on the code/do you plan having an audit done?

Ryan| Modefi: Yes extensive audits will be conducted on any and all smart contracts we deploy to the public main chain.

Telegram User:

Modefi’s Modular Dashboard brings innovation to decentralized financial needs. What are Modefi’s solutions to DeFi itself, and what are the advantages of Modefi with other defi projects?

Trevor | Modefi: The Modefi DeFi dashboard is meant to be a user-friendly dashboard and highly modular so each user can customize it to their exact needs and skill level. All tools, stats, and connections will be on the platform ready to use. Since the platform will allow other projects to implement their products the entire DeFi space can be accessed from one dashboard.

Telegram User:

-Increasing Token price
-make Token Valuable
-Building Community Trust

From 3 aspects above,I want to ask.Which one the most important for you??

If all above are important for you.Which one that Will you do first??

Ryan| Modefi: All of these are important, but we since the token hasn’t been launched yet we are focused on building the community. We know how important it is to have a strong community behind a project.
We invite everyone to join our telegram

Modefi Official

Building the foundation for real world adoption of Oracles and DeFi Modefi.io

bit.ly

Come help build our community! 😁

Telegram User:

As we know, every succesful project has a few stories behind the scene, what’s the story behind ODDR project success? Are there any special prototypes or upcoming updates that you want to show/share with us??

Trevor | Modefi: Our aggregator is very close and we are super excited to release it. We are currently tweaking the design but our backend is working great. We have also started development for the on-demand.

CONCLUSION

Danny | Crypto Revolution: Thanks guys for taking your valuable time to present Modefi to us. I am really excited about it and personally will be participating in the Presale

Ryan| Modefi: Thank you Danny, it was a pleasure to be here and answer everyones questions!

Trevor | Modefi: It’s be an absolute pleasure. I hope we sufficiently answered everyone’s questions. If not, please ask in our channel and we can continue there. Thanks Danny for the awesome AMA!

Ryan| Modefi: Thanks for taking the time out of your busy schedule.

Danny | Crypto Revolution:

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