Over the last 9 years, blockchain technology has been intent on revolutionizing the way we perceive and use everyday instruments and applications.
From financial transactions in cryptocurrencies to radical application development through smart contracts, the technology has opened doors to improving already-established processes in an unprecedented yet positive manner.
After touching various aspects of our lives and gently nudging them onto the path for betterment, the technology has now turned towards another medium that remains ubiquitous for anyone who uses a phone: the app store.
Whether you swear by the friendliness of iOS or proudly identify as a member of the Android camp, using the iTunes app store or the Google Play app store is something that you must at least do a few times a month.
And if you are a blockchain user, then you must have given some thought to this question: “What if there was an app store for blockchain? Won’t that be sweet?”
While that may have been a long lost thought until sometime ago, the idea has now become tangible.
Make way for Modex, the first smart contract store for blockchain platforms.
What Are Smart Contracts and How Does Modex Utilize Them?
Founded in 2017, Modex is the world’s first ever smart contract marketplace that allows people to create, share, sell and purchase these executable pieces of code that could perform a slew of functions just by the click of a button.
Ever since smart contracts debuted through Ethereum, they have paved way to a whole new generation of app and platform development.
From the creation of new tokens to the tangible delivery of subversive ideas, smart contracts have made it possible for blockchain technology to evolve from its once-default position of just being used for cryptocurrencies.
These contracts are now often utilized to design and execute financial and non-traditional transactions, where they serve as the lifeblood of several decentralized applications (DApps) across those platforms which support them. In some cases, they are the DApps.
While various platforms have recently started gaining traction for their usage of smart contracts and their ability to develop DApps, Ethereum remains the first and arguably still the best option for smart contract developers due to its Turing complete contracts, which have been known to be the force behind applications such as Augur – an online prediction markets platform that launched for public use in July 2018.
Seeing the success and wider user adoption of Ethereum, Modex has not only been built upon the platform but also focuses on featuring Ethereum-based smart contracts on its marketplace during its initial run.
By running a marketplace of smart contracts, Modex will be able to assist those business owners and individuals who are interested in adopting blockchain technology for their own but do not have the time or resources to dedicate for creating smart contracts or DApps from scratch. What adds to Modex’s offering is that the offered smart contracts are not just available as single file applications, but come with complete repositories and documentation, essential tracking and other necessary tools that buyers would require to integrate their purchase within their own solutions.
This will also help those developers who have created smart contracts for various uses but which have not been utilized in a larger capacity by any of their targeted blockchains, or those developers who are open to creating smart contracts just so they could sell them to interested individuals for a steady source of revenue – similar to how developers and publishers operate on the app stores. In addition to providing developers with a marketplace for their smart contracts and APIs, Modex also provides them with a holistic toolkit of development essentials such as IDE, which will help them create and test smart contracts and DApps; source code auditing assistance, which can help them ensure that there are no faults in their coding; as well as a Test Net environment where they can test their offerings before having them available for sale.
The project plans to consider and add other blockchains’ smart contracts to its platform once it tests how Ethereum’s smart contracts fare against its target market.
Which is something that Modex is able to do through its already-launched alpha marketplace.
That is correct, Modex already has a working product.
While the project is still under development and on the way to conduct its initial token offering/crowdsale, what sets it apart from other blockchain platforms is how it has already presented a functioning product in its alpha launch for anyone to test exactly how its solutions will work.
The interface of the marketplace remains aesthetically pleasing while also being simple to use, with the available smart contracts segregated through categories, similar to how iOS and Android app stores treat their apps while showcasing them to their users. Users can purchase their choice of smart contracts or APIs by selecting them, and the process is no different than when you buy an app through your smartphone.
The alpha marketplace is open for buying and selling transactions and lists various available Ethereum smart contracts for purchase, where interested individuals could buy and use them in their own blockchain plans, with freelance developers being able to sign up and put up their own smart contracts for sale upon their own discretion.
In fact, to test the viability of its service within the real world, Modex is actually encouraging smart contract developers to join its platform, where it is giving away 1,000 of its native MODEX tokens to the first 1,000 developers who sign-up with Modex marketplace.
Which brings us to the discussion of how MODEX tokens work and if it is beneficial at all to obtain them during the aforementioned crowdsale.
The MODEX Token and the Purpose That It Serves
MODEX is an ERC20 token that is utilized as a means of utility on the Modex platform.
It is the main instrument of transaction on the Modex platform, supplementing essential functions such as the selling and purchasing of available smart contracts, the creation and uploading of new smart contracts, as well as the transactions for new APIs based upon smart contracts.
Since the token is the main source of monetization on the platform, it is essential to Modex’s operations. That is why, anyone who might be interested in a project like Modex, that is basically an amalgamation of App Stores, GitHub and Heroku for blockchain, might find it prudent to get their hands on the tokens during their planned crowdsale.
The MODEX Whitelist and Initial Token Offering/Crowdsale Event
Modex already completed its private pre-sale back in November 2017. However, after taking its time to develop a functional and working product, the Modex team is now going for a public crowdsale event.
The Modex Whitelist process for said crowdsale is now open to the public, where interested participants can submit their details in order to go through necessary know your customer (KYC) and anti-money laundering (AML) procedures in order to verify their identity, so that Modex and its other stakeholders could feel safe in the knowledge that anyone who has a stake in the project comes from good faith and does not put other investors at risk.
Modex is giving out its MODEX tokens in pre-packaged deals, which have been categorized in Silver, Gold and Platinum packages. Each of these packages contain a different number of tokens and also offer varied percentages of bonus amounts, ranging from 15% to 25%.
All that an interested individual has to do is to enroll into the program by submitting their information here, and they will be shortly contacted by the Modex team to complete the purchase of their selected package in case their application gets approved.
The token sale event will start on September 15, 2018. It will run for 9 days before being concluded.
Total Token Supply: 266,399,993 MODEX (over 266 million MODEX)
4 Year Token Allocation
26.7M: For adoption incentives/bounty programs
17.8M: Market development
2.6M: Market movement incentive
47.2M: Total kept in MODEX token (not including reserve tokens)
59.8M: Operational expenses including marketing
How Viable Is MODEX and Does It Have the Potential to be Successful?
The fact that the project has a functioning product is proof enough of its viability in terms of execution. Unlike other blockchain ventures that have nothing to show but words and promises, Modex establishes what it can do for its investors through a tangible, real world demonstration of its end product.
The project’s whitepaper itself is one of the most detailed and self-aware piece of such writing that you might have seen in a long time, covering the functionalities, the benefits and even the risks of the platform – which is something that is a rarity in this industry where all such ventures are just out to take the investor’s money and try to hide any potential risks under the rug, however glaring they might be.
The team behind Modex seems to be tenured and proficient, with the key players all having their established LinkedIn profiles linked to the website. When you look at the strength of their team, it is evident that these are people who hold a vast collective experience yet from having worked in different sectors of technology, all of which would be integral and beneficial for Modex at one point or another. Some of the companies that the personnel have previously worked at include but are not limited to Oracle, Unisoft, Temenos, and Deloitte.
With a propitiously setup business model, a clear use case, and a holistic platform that brings it all together, Modex seems to be a potential winner. It just remains to be seen whether the team would be able to emulate the same level of proficiency and success that it has maintained over the past year, as that will define its path and its fate for the future.
ICO Website: https://www.modex.tech