Defi models have already taken the crypto world by storm simply due to their ability to open new avenues for investors looking for peer-to-peer transactions in a highly safe environment. ModiCoin is an addition to the Defi ecosystem and already promising healthier expansions with a wide range of features.
What is ModiCoin?
ModiCoin stands for “Medium of Defi in Centre of Incorruptible Network”. It is a community-driven cryptocurrency token model that aims to create a risk-free space for token enthusiasts. In other words, ModiCoin is a cryptocurrency powered by Binance Smart Chain and adheres to the BEP20 standard.
The utility coin is more valuable than other cryptocurrencies in circulation, including Bitcoin, Ethereum, etc., as its innate attributes allow users to profit by “locking” their token for a while. And although the underlying token may be fluctuating, the user receives continuous awards simply because they own these tokens.
Highlighting Features of ModiCoin Ecosystem
The ModiCoin ecosystem has several applications that can be implemented like charity or other marketplaces. Here are some of its defining features:
Decentralized deflationary: Decentralised exchanges offer a risk-free way to buy and sell assets without committing their cash to a third party. Meaning, one can programmatically execute their business logic without processing transactions.
Anti-Whale System: Crypto Whales are individuals who hold large amounts of cryptocurrency coins and dominate marketplaces. ModiCoin aims to ensure the tokens do not get accumulated in one place and get equally distributed among customers.
Anti-Dumping system: Pump-and-dump is a manipulative scheme to boost commodity rates through fake recommendations based on misleading statements. ModiCoin’s ecosystem offers an anti-dumping method to reduce volatility and curb dumps.
ModiCoin will be used as a payment system in near future: ModiCoin would be available for use in place of actual currency in areas like retail markets where one can buy goods and services based on ModiCoin or other payment systems supported by this platform.
How does the ModiCoin Ecosystem work?
ModiCoin operates on a crypto-based financial solution that works on three pillars- Automatic Burn, Liquidity Pool, and Redistribution to stakeholders.
According to ModiCoin, a specific amount of tokens will be burnt from circulation periodically to uphold the value of Modicoin before the launch of 100 quadrillion coins so that investors can continue their activities.
The ecosystem is also equipped with automated liquidity pools which perform two core functions
1) Protect cryptocurrency’s value from collapsing during sell-off.
2) Offer enough cash to ensure tokens can be traded to buyers.
Finally, ModiCoin will reallocate 2% of each transaction to the existing holders.
Conclusion
All in all, ModiCoin seems to be a robust mechanism aimed at harnessing the power of blockchain technology and empowering cryptocurrencies as it promises a lower risk of system failure, builds trust, and gives control to investors instead of any governmental institution.
The token-based platform will give access to investors, buyers, developers the maximum profits globally. Crypto enthusiasts are awaiting how the venture pans out as the platform is still in its development stages and has yet to introduce blockchain technology.
