«We make deploying smart contracts a piece of cake» - Modex CEO

3 Months ago / Articles / Interviews

 

 

Name: Modex

What: Platform for smart contracts

Web: Visit

When: ITO 15.09.2018 - 25.09.2018

CryptoKrunch ICO page: Visit

 

At the beginning of August, we came across Mihai Ivascu's live on Facebook page, presenting the recent updates regarding the Modex ICO. As a result we decided to check Modex Prototype (Alpha version) and CryptoKrunch team was quite impressed with the idea and performance. We decided to make an interview with Mikhai, to get to know him and the Project better.

 

- Hi! Its very nice to meet you and a very exciting moment for us to talk to you, as it is less than 1 month for your ITO to begin. Before we start, can you please briefly introduce yourself and your Project? And by the way, what does the name of the project means?

- Hello! It is great meeting you as well. My name is Mihai Ivascu and I am the Founder and CEO of a very promising tech company called Modex. Modex is the world’s first integrated platform for buying, customising, compiling, deploying and interacting with smart contracts.

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- We went through a simple exercise a year and a half ago to choose the name for the company, but after a few brainstorming session, we came up with Modex and liked how it sounds. It can mean a lot of things, but we mostly liked the name and the international sound of it.

 

How did you came up with this amazing idea and how long have you been working on it?

- We have been working on Modex for a little over a year. Having previously built a fintech company – Moneymailme – I was already working with a great team of developers and wanted to built something to benefit not only the business sector, but them directly. That is how the Modex Unified Developer Environment for Blockchain, with a full set of tools for blockchain developers was created. We listened to the developers we worked with and who were very passionate about blockchain, and used what they told us to help them develop faster and better quality code.

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What are the most interesting or valuable tools for developers does your platform have?

- The Modex Smart Contract Marketplace is like the “App Store” and Git for Blockchain in one platform.The Modex Dev Platform is a suite of tools for developers to help them write, deploy, manage and monitor both smart contracts and private blockchains. It is like Heroku for the blockchain.

Project repository, issue tracking, project documentation and collaboration tools are some of the functionalities developers can access. The Modex team has set off to also create and launch this year a ground-breaking environment — which includes IDE, Test Net, a test and deploy mechanism — for developers who wish to code for blockchain.

 

Wow, thats sounds interesting! And what would be the fees on the platform? Have you ever calculated the profitability of your business?

- Developers can create smart contracts to publish on the Modex Smart Contract Marketplace, or they can receive commissioned projects from a Modex buyer. There is no listing fee for smart contracts.

From the revenue raised from the sale of a smart contract, 15% is allocated to Modex for continued operations and development, 15% is allocated to a bounty pool, which will be used to incentive new developers to create projects for Modex via hackathons, training programmes etc, and the remaining 70% is paid to the developer. From there, the developer can decide how much is given to other contributors (for auditing, pre-testing etc).

We will also charge platform usage fees in a combined model of “pay per usage” and “subscription”.  Even at this stage, the potential seems very promising for growing the business.

 

We know, that you have an Alpha-version of your platform. Can you please tell us more about it, what functionality does it already have and what are the most interesting insight you have found out so far after release?

- Even at this stage, the Modex alpha for the smart contract marketplace is the world’s first integrated platform for buying, customising, compiling, deploying and interacting with smart contracts. On the Modex Marketplace, a company can discover the right smart contract suited to their needs, interact with a smart contract, and test it before buying. We have proudly designed the Modex Marketplace to function like the missing link between smart contracts environment and companies interested in blockchain adoption.

The developer’s community we have been trying to grow so far has given very good feedback and we already have numerous discussions with interested clients from the business side.  The most important feedback that has made us change our plans regarding the developer tools was that, even though there is a lot of interest from programmers everywhere to shift to blockchain development, a lot of them have been experiencing difficulties in making the change.

This is why we decided to postpone de ICO and launch the dev toolps platform ahead of schedule. We are also soon launching the Modex Blockchain Academy, meant to help programmers to develop on blockchain.

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Is there any additional features that you plan to add to your platform in the future? What is your view on the development directions?

- Of course. Our plans are very ambitious. The platform will include developer tools such as IDE plugins, compilers, debuggers, libraries and frameworks as well as simple ways to deploy smart contracts to multiple types of blockchains. On top of the dev tools, the platform will provide enhanced blockchain tools that enable developers and companies to easily deploy multiple types of private blockchains. This includes a private blockchain provisioning and deployment tool, generic explorers, logging and security tools.

 

Tell us more about your team

- We are a team of experienced professionals spanning numerous industries. Our core expertise includes banking and financial software including employees who combined have over 40 years of experience from Oracle, Unisoft, Temenos, and Deloitte. Our team and advisors have built and exited various successful startups, held senior positions in top Fortune 100 companies, with a collective experience that spans a variety of industries including: telecom, tech, retail, wholesale, mobile & eCommerce, entertainment, marketing services, and of course the blockchain industry.

 

What is your targets in the 1-2 year perspective? What would you call a tremendous success?

- Our objective in the next 1-2 years is to make running and deploying to a blockchain as easy as building a simple web app. We believe that one of the main reasons web app development has become so approachable is due to the comprehensive and easy to use set of tools around it, from IDEs to databases , frameworks and cloud platforms. This is what we plan to achieve with Modex for the blockchain.

 

Modex Pre-Sale was private – can you tell what was the result in percentage from hardcap (if it is not a confidential information)

- The total number of tokens available in the pre-sale has been fully reserved. We are proud to say that we have managed to get the strategic contributors and partners for the Modex platform, which have required a longer due diligence process and a better, in depth understanding of the plans of the company, especially given the fast moving market variables.

We have adapted our token sale strategy, to make sure that the community has the opportunity to really understand the scope and size of the project and can make a very informed judgment before becoming a participant and long term member of the global community we are looking to build. This is why we have postponed the ITO start until the 15th of September.  

We are very grateful for the interest and support from the community and it has been invaluable to us to have our project validated as being something that the community welcomes and can see a real need for going forwards.

 

Are you focused on any specific geographic areas to start with?

- We currently have offices in Gibraltar, London, Buchrest and Vancouver and we plan to open several hubs and Blockchain Labs in Europe, Asia and the US. For onboarding developers, our campaigns are global, as we believe in decentralized creativity. But, for customer support and new business relations, we will focus our efforts on regional offices, to help expand the customer base.

 

Thank you very much, super interesting! Our blitz, 3 last quick questions.

- What car do you drive?

- I have recently bought a 60s Ford Mustang and I love it. I am very passionate about cars and love these old classics.

When would Bitcoin hit 100k$?

- I am not sure it ever will. We see the market stabilizing in the next few years, so I am not expecting any huge increases like this. But, as I said, I am not a crypto speculator and you never know; I just love the technology and what we can do with it.

- You are in front of Satoshi Nakamoto (doesn't matter if it is a man or woman or group of people), what would you say?

- You are brilliant!)

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