The Modefi Dashboard offers solutions for decentralized finance (defi) needs and leverages tools, data, AI (artificial intelligence), APIs (application programming interface), and analytics to provide users the means to become successful. According to the litepaper, the platform aims to be a truly decentralized, transparent, secure, and precise oracle solution for all off-chain and on-chain data.(Off-chain transactions occur outside the blockchain network, whereas on-chain activity takes place on a particular blockchain.)
The defi space is prone to exploits and hacks, with Oracle manipulation being one of the biggest culprits. Thus the forum’s solutions facilitate defi protocols to reduce the potential of putting the users’ capital at risk due to any unforeseen circumstances. The platform also seeks to resolve other problems related to Oracle functionalities by providing a decentralized and aggregated Oracle. One of the issues is that Oracle is not completely trustless, transparent, or decentralized. The forum integrates major Oracle and data providers to use them as complementary entities instead of treating them as competition. This allows clients to obtain trustless, transparent, secure, and decentralized data from different providers.
The network’s features involve pricing data for collateral management, high throughput, and low latency requirements, precisely evaluated data to reduce manipulation and liquidations, aggregated data feeds, real-time property evaluations, on-chain ownership, deal closures, and others.
MOD is the ecosystem’s native utility token. The token is based on the ERC20 token standard. The token is needed to participate as a validator on the on-demand Oracle network, because users need to bond their tokens as collateral. Further, token holders can also participate in network governance for critical decision-making and development. MOD is the primary payment token for subscription services used on the platform dashboard. MOD is also utilized to pay fees within the Oracle marketplace.
