In his opening speech at Distributed Innovation Summit, an event which took place in London, Mihai Ivascu highlighted the innovations Modex brings and how this new platform aims to bridge the gap between businesses and developers in order to accelerate global adoption of Blockchain technology.
The Modex ICO project was first presented at the Distributed Innovation Summit (DIS), which gathered senior executives across banks and top FinTech companies in London. The event was aimed at those with an interest in unlocking the value of distributed networks and blockchain, looking at both the positive and challenging impacts of distributed networks on financial services in the next 3, 5, 10 years and how innovation is shifting the landscape.
Given the emerging norm for ‘borderless’ transactions, Blockchain has opened the door for a new world of “data exchange”, facilitated through Smart Contracts. Mihai Ivascu, Moneymailme CEO and founder, stated in London: “Moneymailme’s next chapter centres on Modex Smart Contract Marketplace, the infrastructure needed to integrate Blockchain capabilities with apps like ours. The fact that we’ll be packaging and delivering the platform with our financial partners who’ve developed practical uses for the tool in the UK and rest of Europe is really exciting. Modex is truly a game-changer.”
The CEO and Founder of Moneymailme added: “We’re trying to add another drop in the big ocean of financial services and be part of the movement. I think we’re looking here at the shift in the financial industries in which the community power needs to play an important role. This is why we strongly believe in decentralization. Not as much from the technology point of view, but from the perspective of the influence the community can have, really pushing a strong product into the market. We started a few years ago with Moneymailme, a social money transferring tool available for free in the App Store and Google Play. I wanted to offer innovation in the phone. I wanted to allow people to move $1, cross borders, very easily, at any point of time.”
“Trust is the new currency nowadays. How do you build trust in the financial services? You can build it in 200, 300 years like the big banks have done, or you step back and become invisible as a 3rd party, allowing peers to interact with each other and create a strong connection between themselves. Moneymailme was developed starting from this idea together with some of the best engineers in financial services. Then we decided it was time to push ahead and implement a new kind of system, a strong platform. And if we build a strong platform for us, we also wanted to build it for the community because we’re in this together. This is how Modex was born.”
“We think tokenization has two aspects: the technical one and, more important, the utility it has for the end-user. We need to solve the last-mile problems of Blockchain. Basically, you have a lot of things already solved by the blockchain. However, to increase the real adoption for the end-user, the living cell of the financial ecosystem, you really need to give them another layer. After years spent in this industry, we thought these innovations should be made invisible for the end-user. In my opinion, the real role of innovation in the financial services is to solve those unverbalised needs of the market. This is how we came up with the Modex ecosystem, which offers real added value to users. Basically, we are opening the market right now by building a Smart Contract marketplace. Something that is not yet available and, we think, it will play an important role as it allows developers from all over the world to build on a platform and to offer end-to-end solutions to some key-players in the market. So instead of building your own infrastructure as a company, you just go in the marketplace and you get access to top talents from across the globe.”
Designed to serve as a central hub for multiple 3rd party applications and web platforms to plugin with and deploy smart contracts, Modex Marketplace will incorporate significant advantages for consumer adoption, enterprise cost savings, developer tools, community trust & engagement, IP protection, and revenue opportunities for developers, all centered around the Smart Contract ecosystem. The infrastructure will initially be built on top of the Ethereum Blockchain protocol and will eventually incorporate emergent protocols that also support smart contracts.
The Modex team brings together some of the most experienced individuals from across Europe, North America, and Asia with specialized talent in financial, security and Blockchain development, and senior experience at Fortune 100 companies such as Oracle, and IBM.