What is Modum (MOD)?
Future of MOD Cryptocurrency and know how to buy MOD

#1 - What is MOD?

Modum: The Basics

Hundreds of cryptocurrencies are luring investors by offering unique use cases, but there are only a few that can offer enhanced data integrity across supply chains. Understandably, this is an expensive process which requires cost-effectiveness. That’s one area where Modum is growing by embedding its sensor in the product and recording the requisite data on Ethereum blockchain.

MOD Development

  1. As a cryptocurrency, Modum offers a combination of blockchain technology, smart contracts, machine learning algorithms and sensory devices. It leverages them to acquire and provide secure and compliant data which can be easily handled with highly controlled access.
  2. It was developed to streamline the value chain processes by offering credible and scalable monitoring solutions for products in transit.
  3. Simon Dössegge is the founder and CEO of the Modum company. The company is backed by an eminent group of advisors from pharmaceutical, investment banking industry and computing industry. It includes Michael Schaer (Founder of Schaer Pharma), Werner Sporri (Chairman of S&K Partners) and Pascal Degen (Director at Novartis).

MOD Technology

  1. The environmental conditions around a product in transit are recorded by modum.io sensor devices. The data thus collected is checked against the product’s smart contract when its ownership changes. The smart contract is responsible for verifying the standards which are set by the sender, their clients or the regulator upon receipt.
  2. This data is recorded in the internal flash memory of the logger. This allows the product to be checked with the Bluetooth Low Energy, BLE which enables wireless communication with the temperature logger. Every time the package changes hands, the smart contract certifies the data’s authenticity. The results of this authentication are stored in the Ethereum blockchain as a proof of existence.
  3. Each MOD token in circulation is entitled to one vote. These tokens are locked and not released until the token holders decide whether the modum.io team has reached the predefined milestones or not. However, the individuals whose coins are locked do not have voting rights for the entire duration of the lock-up.
  4. The dashboard is used for tracking shipments, data visualization and analytics, The front end (which includes a dashboard, temperature logger and mobile application) communicates with an HTTPS server on the back-end (used for data retrieval, evaluation, verification and storage) via RestAPI/JSON.
  5. Compliance is ensured since for all outcomes, a ‘yes/no’ result regarding the preset temperature range and a pointer to the actual measurement data (e.g. the PostgreSQL or a customer database) is saved in the smart contract hash. In case of a deviation, the sender is notified who can then review the corresponding data and shipment data.

 

#2 - What are the Benefits of Modum?

The Modum coin is a profit share token that comes with voting and profit participation rights. So, the value of the MOD token is directly linked to the perceived value of the company and the expected earnings per token. It is developed by a team specializing in sensory equipment, Internet-of-things (IoT) and blockchain technology.

  1. modum.io shares a part of the profit it generates by converting the profit fiat amount into Ether. This amount is then sent to the Modum smart contract which evaluates the users’ current holdings and then distributes the profit to the token holders in Ether.
  2. MOD holders can also be given dividends derived from Modum’s financial performance. These dividends would be strategically proposed by its Board of Directors (BODs) and will be distributed in Ether (ETH).
  3. Modum is especially beneficial for the pharma industry where it is being used to reduce the cost incurred while giving proof that shipped medicinal products have not been exposed to conditions (particularly temperature) which may have compromised their quality. This is done by planting a temperature sensor on the shipment. In case of a deviation in temperature at any point during the shipment, a notification informing about it is sent to the sender/ receiver. Customers can simply download a mobile application to get these notifications. This maintains transparency, accountability and data integrity.
  4. Modum’s smart contracts can also be used for auditing and compliance to ensure quality aligned with regulations as well as consumer satisfaction. These smart contracts can be pre-programmed as per the individual product’s parameters to be conceived and executed on the blockchain. This allows the discovery of anomalies that may have an effect on the quality of the product.
  5. The recorded data and deviations can be accessed via a regular monitoring feature on the smartphone application even without access to internet since it relies on Bluetooth.

 

#3 - How to buy and store Modum

  1. MOD is an ERC-20 token, which means it is supported by any Ethereum wallet natively. It can be stored in the following wallets:
    1. MyEtherWallet
    2. Coinomi
    3. MetaMask, etc.
  2. Once you have set up and verified your wallet, you can start funding your account. This can be done through Bitcoins or on some platforms through other cryptocurrencies as well. Once the account has been funded, you can go and buy your MOD.
  3. MOD can be bought from exchanges like Binance, Coinbase, etc. CoinSwitch, the largest cryptocurrency conversion platform, lets you view the best exchange rates across multiple exchanges at once. This allows users to pick their desired rates and get the most value on their transactions.

 

#4 - What is the future of Modum?

Also Read: Complete Analysis of Modum | Live Modum (MOD) Price Charts And Predictions

Like most cryptocurrencies, the Modum coin has also shown some volatility since its inception into the market on October 23, 2017.

  1. It was launched at a price of $0.487355. Within weeks its price more than doubled.
  2. With a low circulating supply of 17 million & decrease in total supply from 30 million to approximately 27.2 million MOD, the coin appears to have a good potential to exponentially increase in value. This is because after 3 successful pilots they have much more room to expand given the lucrative pharma market they’re eyeing.
  3. In 2018, it touched its peak of $11.32 in January but then slumped to $3 in May, following the general market trend.

Date

Open*

High

Low

Close**

Volume

Market Cap

Aug 01, 2018

0.837322

0.874260

0.803575

0.826301

116,862

15,294,700

Jul 01, 2018

0.965540

0.987338

0.908489

0.987076

130,323

17,636,746

Jun 01, 2018

1.69

1.71

1.63

1.65

242,975

30,870,016

May 01, 2018

2.81

3.00

2.67

2.95

2,064,510

51,365,504

Feb 01, 2018

4.94

5.19

3.72

4.12

1,591,230

90,237,608

Jan 09, 2018

11.17

12.95

10.55

10.97

16,119,900

204,065,696

Nov 01, 2017

1.27

1.59

1.08

1.32

510,884

22,009,606

Support & Regulation

  1. Modum has received a confident backing from renowned universities and also tied up with industry powerhouse like Variosystems for the development of its first sensor.
  2. Some analysts predict its value could touch close to $275.23 by the year 2021. This, because of its USP of being a provider for a passive solution of monitoring services without any special packaging & active-temperature controlled logistic services.

 

#5 - How is Modum different from other cryptocurrencies?

  1. Modum’s development team claims to be working on new sensors for moisture, light, acceleration and sound to chemical exposure and specific levels or balances required.
    These sensors can increase not only the technology’s usability across different supply chains and industries but also increase the coin’s demand. This can also potentially push MOD for a bull run in the long-term.
  2. Modum is looking out to be the first provider with an integrated solution in the pharmaceutical supply-chain space. The coin can gain more traction because of its first mover advantage in the industry.
  3. The use of sensors to record environmental conditions that a package has been exposed to right from its dispatch to its delivery while maintaining data immutability and integrity, is a great use-case for highly regulated industries. It makes regulatory compliance easy and efficient.
  4. Modum has an edge over other blockchain-for-supply-chain-startups like Ambrosys, Provenance, etc. because of its focus on a specific, market-driven approach. This will also enable quick penetration in the market.

 

#6 - Should you invest in Modum?

Amid a competitive market, Modum often leaves us wondering whether it will last or end up as a run of a mill coin. However, it does have all the aspects of a strong cryptocurrency as it tackles a relevant business need and has an active development team.

  1. Modum also has backing from The University of Zurich, the Swiss Commission for Technology and Innovation, which is an agency of the Swiss Government. This adds to Modum’s credibility.
  2. Theoretically, it has not been built to fail and going by current trends, Modum is well positioned to continue to gain value because of the high standards and requirements of tackling the Pharma industry.
  3. However, Modum’s expansion into the Pharma industry depends on the enactment of EU regulations which monitors deviations of the temperature of medicinal products. If these regulations are withdrawn (a rare scenario) then it may compromise Modum’s USP of providing cost efficiency. Another issue is due to its classification as a security, which may have regulatory tax implications on holders.

Modum continues to remain relatively stable. Where it is headed in the future is anyone’s guess, but many opine that it is set for a long haul.

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