Modex is announcing that it is gearing up to change the face of blockchain adoption with the MODEX token, an enterprise blockchain enabling token that acts as the governing currency of the blockchain ecosystem developed by Modex.
Since 2017, the year in which Bitcoin’s value spiked, bringing cryptocurrencies into the attention of developers, entrepreneurs, and giants of the tech industry, Modex was among the few companies that managed to look past all the hype, focusing instead on blockchain, the technology that fueled the crypto craze.
Recognizing the potential of blockchain, Modex started to set the foundation for a blockchain ecosystem, that aims to make this technology and its disruptive benefits accessible to a wide pallet of industries, enterprises and organizations that wish to distance themselves from the outdated centralized models, prone to numerous security vulnerabilities and operational bottlenecks and migrate to an enhanced decentralized model powered by blockchain.
Now in 2021, as the technology has gradually matured and with a wealth of experience under its belt, Modex is eager to declare that its utility token, the centerpiece that binds together all the components of its blockchain ecosystem will soon be available to any company or organization who wants to benefit from what blockchain has to offer without needing to worry about lengthy development times and complex integration processes. With the MODEX token, organizations can now access all the services and technologies developed by Modex and make a seamless transition to blockchain. With a total token pool of 266,399,993, the MODEX token was first introduced into the market in September 2018 through an Initial Token Offering (ITO) and, at the moment of writing, it can be purchased from trusted exchanges like UniSwap and HotBit.
Blockchain-based digital assets are a digital representation of assets that circumvent the shortcomings of traditional financial instruments, enabling more liquidity, higher transaction speeds and lower costs. Often used as an umbrella term, blockchain-based digital assets encompasses cryptocurrencies and tokens.
Cryptocurrencies are a digital or virtual medium of exchange that uses cryptography to secure the exchange of digital information and control the creation of new units. Unlike traditional fiat currencies, cryptocurrencies exist only in a digital format and are not controlled by a central authority like governments. In essence, cryptocurrencies are just limited entries in a database that no one can change without fulfilling specific conditions.
Cryptocurrencies are issued directly by the blockchain protocol they run on, which is why they are often referred to as a blockchain’s native currency. The most well-known examples are the Bitcoin blockchain, with the Bitcoin (BTC) as its native currency or the Ethereum blockchain with Ethereum (ETH) as cryptocurrency. Besides its uses as a medium of exchange and storage of value, cryptocurrencies play an integral role in their blockchain ecosystem, often being used to pay for transaction fees, acting also as an incentive for users to keep the blockchain network online and secure.
Over the years, the number of cryptocurrencies has increased exponentially, and the total number of cryptocurrencies continues to grow each day. New York Times estimates that about 100 new cryptocurrencies are created each day. Regardless of if we are talking about the most popular cryptocurrencies on the market or the more obscure ones, they all share a common set of characteristics:
The second most common blockchain-based digital asset class are tokens also known as crypto tokens. As opposed to cryptocurrencies that are the native asset of a blockchain protocol, tokens are units of value created by blockchain-based organizations, companies, or projects on top of existing blockchain networks to fulfil a certain role inside their technology ecosystem.
Crypto tokens are created following certain token standards, the most widely used being ERC-20 and ERC-721. ERC-20 is the most common token standard, acting as the foundation for a significant portion of the tokens available on the market, including the MODEX token. At its core, ERC-20 defines a set of rules that a token needs to adhere to such as how the tokens can be transferred, how transactions are approved, how users can access data about a token, and the total supply of tokens. Another popular token standard is ERC-721 which is used in the creation of non-fungible tokens, individually unique tokens that cannot be interchanged with other similar tokens.
Although the market is flooded with a myriad of tokens, each of them serving a different use case and functionality, at their core, tokens share a common set of functionalities and features:
Depending on the use case they serve and their underlaying functionality, crypto tokens fall within multiple categories:
MODEX has been designed as a utility token that backs the enterprise blockchain ecosystem, services and products developed by Modex.
Businesses who use the MODEX token to purchase Modex BCDB licenses receive a 10% discount. Also, the coveted Modex BCDB Gold Package can only be purchased with MODEX tokens.
Modex BCDB is a middleware software solution that combines the functionality and familiarity of traditional database systems with blockchain, a technology designed to deliver a slew of disruptive features such as data integrity, immutability, traceability, distribution, and decentralization. Bundled as an Infrastructure as a Service offering, Modex BCDB is devised to act as a building block that companies can use to build an infrastructure tailored to their specific business requirements. What makes the Modex technological layer stand out is the fact that it incorporates a blockchain component that unlocks a series of powerful features and functionalities without requiring any prior knowledge of blockchain development.
The Modex Marketplace was designed to make smart contract technology and DApps available to companies that do not have an in-house team of developers specialized in this technology. With a wide library of smart contracts to choose from, companies can purchase with the MODEX tokens ready-made smart contracts and DApps.
The Modex Marketplace has an inbuilt bounty functionality that allows companies to post a bounty for a solution custom-tailored to answer their business needs. Fully backed by the MODEX token, this functionality allows developers to compete and provide the best solution that fits the parameters forwarded by the beneficiary. The first developer to provide a solution that matches the client’s parameters wins the bounty and the MODEX tokens attached to it.
Besides smart contracts and DApps, the Modex Marketplace will be extended to include a wide range of smart contracts, extensions, and plugins tailored to extend the functionality of Modex’s flagship product, the Blockchain Database solution, enabling a higher degree of customization for companies who wish to personalize their blockchain experience.
Modex is currently setting the foundation for its Software as a Service offering – the Modex BCDB authorization network, which aims to cut infrastructure maintenance and support costs, by enabling external verified parties to leverage their hardware resources to actively participate in the maintenance of the ecosystem in exchange for MODEX tokens. Depending on what resources they are willing to share, external parties can join the Modex ecosystem as an archiver node, or as a validator node.
By leveraging storage space, external parties can become archiver nodes, meaning that they will be able to store a section of the blockchain in exchange for MODEX tokens. Archivers will receive a static reward for leveraging their storage space and an additional reward for each interrogation made to the blockchain nodes they are hosting. As the name implies, archiver nodes will only have storage privileges, meaning that they will never be able to read, modify the data, act as a validator, or generate transactions. Furthermore, archivers will only store encrypted metadata, so they will never be able to decipher the information they are hosting.
The archiver role will complement the newly implemented data pruning functionality implemented by Modex. Blockchain data pruning is a mechanism that aims to optimize the storage space by cutting down on the number of blocks made available on the blockchain. For example, if you have a blockchain composed of 10 000 blocks, you can prune the respective blockchain to show only the last 1000 blocks. In the Modex ecosystem, the remaining 9000 blocks are distributed between users that act as archiver nodes and get rewarded for their service with MODEX tokens as well as for the number of interrogations and queries they receive. This mechanism is set in place to optimize storage space while also preserving the data immutability, integrity, and traceability of blockchain technology.
After a thorough KYC process, external parties can act as validator nodes and contribute directly to the consensus process and be rewarded with MODEX tokens. As a validator, users will take part in the decision process and help determine the order of the blocks in the blockchain. Even so, they will act in a limited capacity, as they will not be able to propose transactions or generate blocks.
Crypto wallets are an indispensable tool for managing and transacting your tokens or cryptocurrency. The name may be a bit misleading as a crypto wallet does not actually store your cryptocurrency or tokens which resides in the blockchain ecosystem they are part of. Instead, crypto wallets store and secure the private keys that are used to prove ownership of the blockchain-based digital assets and allow users to perform transactions. Losing your private key means that you also lose the ability to access your assets.
Modex is working on developing its own fully decentralized wallet, capable of securing stored funds and data thanks to blockchain technology, cutting-edge encryption techniques and the latest security protocols available on the market. With a streamlined approach, users will be able to create their own Modex Wallet with just a few taps, without having to choose a username, set a password or write a phrase to recover their forgotten log-in credentials. To simplify the acquisition of MODEX tokens, the Modex Wallet will allow users to directly purchase tokens directly with their credit cards.