Modefi Announces Beta Launch Date for the Industry's First "On-demand Oracle"

8/28/2022, 5:08 PM (Source: Newsfile Corp)

Modefi's ODO is a one a kind solution, built from scratch to provide customizable on-chain data.

Road Town, British Virgin Islands--(Newsfile Corp. - August 28, 2022) - Modefi Ltd. launched in 2021, with the goal of providing "truly decentralized, secure and precise oracle solutions". The company is about to take a significant step towards achieving this goal, with the beta launch of their On-Demand Oracle (ODO) on September 1st, 2022.

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The ODO provides users, protocols, companies, and developers with a reliable, decentralized, and cost efficient system to retrieve real world data and bring it on-chain for use in smart contracts. Data requests are fully customizable, and can be created in less than five minutes using a built in step by step tool.

"I can't begin to express how excited I am about this first public beta release of the On Demand Oracle. Our whole team has been working on this non-stop for the past 14 months. I wholeheartedly believe this will become a game changer in the Web3 / Oracle world." - Ryan Lowe, CEO.

Modefi's solution will be able to create and execute general operations, power prediction markets, provide price feeds, and retrieve time-based event data. While existing oracles are well suited for common data feeds (i.e. the price of Ethereum), they are unable to provide highly specific data in a cost-effective and timely fashion. The ODO removes these barriers, enabling thousands of new applications across a variety of industries, including:

  • Real estate
  • Esports
  • NFT
  • KYC Management
  • Insurance
  • Meteorology
  • Enterprise data entry and storage
  • Metaverse
  • Finance

Unlike other services like Chainlink, Nest, Tellor or API3, Modefi's contract creation, and validation takes place completely on-chain. The On-Demand Oracle was designed from scratch to enable developers to implement the system into their existing platforms, and operate them on any chain with no risk of server downtime.

"The development process has been a long journey with many twists and turns. With each challenge and subsequent breakthrough, it became clear that we were building something powerful, useful, and entirely new." - Trevor Hall, COO.

To further streamline the onboarding process, data request fees can be paid using fiat currencies or cryptocurrencies. Conversion between incoming payments and the platform's native token occurs automatically on the back end, making the service accessible to users with no previous experience with cryptocurrency.

Private beta testing will begin with a shortlist of testers on September 1, followed by a full public beta release on September 15. If your project or business wants to utilize the ODO and would like to be onboarded for the private beta phase, contact the Modefi team on Twitter Ryan Lowe, Trevor Hall, Uosof Ahmahdi, Aiman or by using the e-mail address below.

About Modefi Ltd.

Our mission is to provide truly decentralized, secure, precise, and inexpensive oracle solutions for all off-chain data, on-chain.

Company Name: Modefi Ltd.
Contact Person: Ryan Lowe
Personal Email:
City: Road Town
Country: British Virgin Islands

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