Oracles is a useful tool that makes it easier to connect real-world information with blockchain activities. With oracles, users have countless ways to make blockchains useful in their day-to-day life
Oracles are important since they function as a bridge to pass data back and forth and without oracles, blockchains being closed systems cannot change and react to external events.
However, there's a problem that exist with oracles, and these problems have led to the loss of over $1bn in assets
Once an oracle is compromised, it results in the smart contract — depending on the oracle — to be compromised as well.
However, this problem is usually unique to centralised oracles and thus any compromise in data integrity to the oracle will result in a loss of privacy, security and fairness
Top tier defi protocols like have been victims to oracle exploits, and @modefi is offering unique solution to prevent subsequent exploits
Care to know how?
🔹What's @modefi
Modefi is an Oracle Solution Suite which aims to help Defi protocols reduce the potential of putting their users hard earned capital at risk due to unforeseen circumstances.
With a core mission to provide a truly decentralized, transparent, secure and precise oracle solutions for all off-chain data, on-chain, @modefi is building the foundation for real world adoption of Oracles and DeFi.
Features of Modefi
The unique solutions offered by modefi include:
- Decentralised Aggregate Oracle (DAO)
- On Demand Oracle
- Oracle Marketplace
