Smart contracts can do almost anything you want them to do. You set the rules and terms, they enforce the rules and execute the terms to a tee. It's not so much what smart contracts can do but what you can do with smart contracts?
About Modex (MDX)
Built by the team behind award-winning peer-to-peer mobile payments app, Moneymailme, Modex (MDX) is a smart contract marketplace. It is a smart Contract app store for developers to upload and sell their work, and for buyers to purchase them. The Modex Smart Contract Marketplace will support APIs for 3rd party apps to integrate with, so that smart contracts can easily be deployed through an ecosystem of apps that enable buyers to deploy smart contracts and solve real world problems.
By identifying a list of key use cases for smart contracts to prioritize in order to both attract development talent and seed the marketplace with strategic smart contracts, Modex seeks to bridge the gap between businesses, developers, and real-world users.
Although most people recognize the value proposition of blockchain, a lot of businesses struggle to implement it. This is because Blockchain applications require a complete overhaul of the existing system. Modex sees the next wave of advancement for blockchain being focused on building the application ecosystem to bridge the blockchain protocols with mainstream consumers.
As shown by use of mobile apps burgeoning following the launch of Apple's app store, a smart contract app marketplace could be the essential hub for blockchain based developer resources and user applications. Modex will leverage our existing products and services to facilitate a successful ecosystem for smart contract development and use, hoping to stimulate widespread crypto-currency use and smart contract deployment for real world business and individuals alike.
The Modex ecosystem is broken down into three parts,
1. Modex Smart Contract Marketplace is like the “app store” and GitHub in one platform
2. Apps: Open APIs for app integration with Modex Marketplace for smart contract deployment. To kick off the ecosystem, Modex will start with Moneymailme, a multi currency wallet that allows users to make social payments in multiple currencies including crypto-currencies. Users will be able to easily and safely use fiat and crypto-currency assets side by side, sending those assets to friends, merchants, or other contacts.
3. MDX Token: Modex’s MDX token is the underlying utility token for transactions in the ecosystem
How Modex Works
Developers on the Modex marketplace create smart contracts on their own or receive a commission project from a buyer. They can choose to open source the work for peer-review and pen testing or auditing. Auditors and pen testers will be rewarded with MDX token bounties.
Following review, the contract is deployed in the store or specifically to the client who commissioned the work. Buyers can then purchase smart contracts using MDX tokens.
The MDX token will be used to pay platform service fees, pay product fees, make smart contract purchases and gain access to a complete suite of API’s for decentralised transactions. Similar to Bancor, Modex will implement a two token system, where smart tokens are utilized within Modex to provide a token changer and a network token functionality. Smart token will not be issued during the ICO, but details on its functionality will be released before the ICO.
- Mihai Ivascu – CEO
- Graham Thomas – Head of Strategy
- Mark Bolsom – Head of Business Development
- Paul Mears – CFO
- Alin Iftemi – CTO
Modex ICO Details
- Platform – Ethereum (ERC20)
- Crowdsale – TBA(https://www.modex.tech/)
- Hard cap – 197,333,328 MDX
- Minimum contribution – 0.1 ETH
Smart contracts can be very versatile and foolproof. Much like cryptocurrencies, lack of exposure to their functionality is what's limiting wider adoption at present. An app for creating, commissioning and purchasing smart contracts is a good place to start. Whether Modex is able to achieve a good coverage of deployment for its app remains to be seen.
ICO Rating – 4/5