MODEFI-SECURED ORACLE SOLUTIONS
“Oracle” acts as a bridge between real-world data and blockchain. They check whether the data is appropriate and convert that data into a format that can be understood by smart contracts.
The major threat to the crypto space or blockchain is security. No matter how much secured a blockchain still there are many issues with hacks and exploits in DeFi space.
An example for Oracle-based hacks/exploits -“ Synthetix $1 Billion Exploit” The lottery tickets were sold in DAI. After the expiry period, one person among all the people is chosen randomly and he gets the interest gained during the expiry period, while the rest of the participants get their invested money back. A trading robot found out a bug in the system that Synthetix uses to work out its exchange price feeds. Using the bug as an opportunity the bot $1 billion of profits in under an hour. That bot was fully automated and the owner of the bot was unaware of the issue but when he came to know about it through the news outbreak, he luckily agreed to return the crypto.
Modefi’s Oracle Solution Suite will help DeFi protocols to reduce the risk of hacks. The core team members are “Ryan Lowe, chief executive officer”, “Trevor Hall, chief executive officer ”, “Jesse I reland, chief technical officer”, “Uosof Ahmadi, chief Marketing officer”, “Michael Liddiard, chief legal officer”.
The oracles are not usually included in blockchain agreements, so the security mechanisms of blockchain are not applicable for the oracles. The solution suggested for this by the Modefi is “decentralized aggregated oracle(DAOS)”. DAOS is integrating the oracle and data providers to use the data and oracle as complementary entities.
Modefi’s DAOS is a Groundbreaking solution for DeFi and provides reliable data to clients.
Finding an Oracle data provider is a difficult job when a user requires small on-off or uncommon data. Generally trusted Oracles provide the most common data. The solution suggested by Modefi for this problem is “On-Demand data oracle” it incorporates peer to peer network. It opens the possibility of requests ranging from very small to extremely large data.
Modefi provides a platform called “Modefi’s Oracle Marketplace” which allow oracle providers to advertise their services and the clients can create request for quotations. It can also connect third parties and exchange data autonomously. It includes features like Turnkey platform, Competitive Marketplace, Pricing, Implementation.
“Modefi’s Modular Dashboard”- Every tool in the crypto space is completely modifiable using Modefi’s Modular Dashboard. The features of this dashboard are Personalized, DEX trading, Portfolio manager, On-chain statistics, Market notifications, Trading news.
As the Modefi is a decentralized environment the governance plays an important role. In the MOD governance, the community is the major decision-maker. Any change is brought into action by considering the votes of all the token holders. The features of governance are Governance voting, Liquidity mining, Oracle Validation, Community Driven, Decentralized Platforms.
By using all these features Modefi is capable of providing secured and precise oracle solutions.
for more information visit https://www.modefi.io/