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Project Overview: Modex - SmartContract Development Platform with Marketplace

24 august 2018, 12:23 by Tim Jackson

General Idea

Modex wants to create a unified marketplace for Blockchain and provide the developers with convenient tools to easily create their dApps from scratch. It's worth noting that the first version of the platform is also available to check and get the grasp of the idea.

Developing Bounties

One can already access the Modex platform demo which can in a way act as a freelancing platform for programmers, because anyone can post a blockchain-related bounty there for anyone to develop. The Modex token will act as a payment mean.

The current examples include tasks like: "Build a decentralized betting service using a single party oracle.", "Build a decentralized exchange on top of ICON, Wanchain or Aion or any other smart contract protocol outside of Ethereum." or "Create a service that allows users to sell IPFS content on the Ethereum network." just to name a few. The potential rewards vary depending on the difficulty of the task, however the lowest ones are around 750 MODEX, which is $600 taking into the consideration token sale price, while there has been seen bounties with rewards of 2000 tokens.

Main Features

Modex wants to offer few main components for the developers to work with. First of all, they want to bring integrated development environment including tools like plugins, compilers, debuggers, libraries and frameworks to allow developers to build, test and deploy smart contracts and dApps. One of the interesting features is the fact that the developer can easily publish his project to the Modex Marketplace without any listing fees. Modex will let developers choose to open source their work for peer-review and pen testing or select from proven auditors who they trust. Such code check can then be rewarded with tokens.

They also want to provide block explorer to easily research information on the blockchain network. There will also be a test net environment with gas estimation, transaction processing and function testing.

While at the first stages of the project, the infrastructure is mainly focused on Ethereum's smart contracts, they plan to extend the support for other protocols, considering ones such as Waves, Coco, Komodo or Ark for example.

Marketplace and Ecosystem

Modex wants to allow buyers to get already developed, ready "plug and play" smart contracts. The second focus is put on contracting developers for building custom smart contracts, either kept private or resold on the marketplace also.

As the platform wants to act as an ultimate base for other projects to be built upon, they want to offer 3rd party apps integration with Modex payment gateway.

It will also be possible to customize already existing smart contracts allowing people without technical knowledge to build simple projects by editing basic forms of building blocks.

Token Sale

The Initial Token Offering consists of multiple stages, including private sales focused on bigger investors. The main phase of the public sale is scheduled for September, 15th. The initial price of one MODEX token is $0.8.

Overall, they plan to devote over 100,000,000 tokens for sale. The funds will be mainly used for marketing and advertising to encourage as many developers as possible to start using the platform. The other significant part of raised money will of course be put on the sole platform development, however it seems that the team has already taken part of the crucial parts, participating in the ITO with a working product, which acts as a great advantage and can easily encourage potential investors to trust the project.

It's also worth noting that the token sale utilizes KYC procedure.

The Team

The team is undoubtedly an advantage of the project as is very extensive and the main focus is put on the developers. There are blockchain specialists, front and back end developers and even quality assurance engineers. All of the members have photos, LinkedIn profiles and their experience and skills can be easily checked and proved. They have previously worked with companies like Oracle, Unisoft, Temenos, and Deloitte. The advisory board consists of CEOs of other blockchain-related projects, but also financial or sales advisors. There is also a former innovation director at Microsoft or Global Product Lead at Google. All of this put together gives a very professional team, capable of delivering the promised product. It is rarely seen among ICO projects.

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