GET TO KNOW OUR MEMBERS ! — Mihai Ivascu [PART II]

Here is the second part of our interview with Mihai Ivascu, Monaco Impact’s youngest serial entrepreneur.

In this part of our conversation with him, he explains what his latest company, Modex, is about, and how blockchain will soon affect our daily lives.

If you wish to read the first part of the interview in which he talks about what it takes to be a young entrepreneur and how he now helps the new generation of business owners: click here.


I. ENABLING BLOCKCHAIN DEVELOPERS

1) Monaco Impact: How is Modex different from other blockchain projects?

Mihai:

We have realized that Modex is more than an appstore for blockchain apps.

Developers are such in the early days of blockchain that they are having problems building the apps because it takes a lot of time and they need to go to different places to find the resources to build the app.

That is why we have decided to build a complete infrastructure for them. Modex is not just a marketplace, it is a marketplace with unified developer environment. It means that when developers come to our platform, they have every tool that they need.

We are the first project in the world that provides that. We are empowering developers by renovating the space. Our platform reduces the development time from 2 days to 2 hours. You just write your code, test it, receive, audit — we have developed an auditing tool in the platform, customize and send it.

We are then the first ones to buy the app but it is sold many more times.

We want to provide developers with the funds that they need and pay them in Modex coins.

We wanted to make it easy and to solve the last mile adoption problem of the blockchain.


2) M-I: Which kinds of apps are available on the platform?

Mihai:

There are apps that everybody can use in their daily life. You can find an app for a decentralized lottery directly available on your phone, an app connected to your fitness watch: you can have any kind of app that has a blockchain component in them. These apps, or smart contracts, will not be completely different from the ones that we are used to today.

Another example of app is when I am on a plane and I order a water that I have to pay for, the steward does not know who I am and has to ask for my credit card. With blockchain, the water can be paid for without me having to take out my credit card. This example shows how blockchain is invisible and is an interlink between systems.


II. FORESEEING THE IMPACT OF BLOCKCHAIN

1) M-I: It seems that blockchain will create a new way of life then, right?

Mihai:

Absolutely, that it because in the blockchain, you have a clear identity, people who have access to it know who you are. And that solves many problems because trust is restored.

That will trigger a lot of efficiency improvement in banks, companies, everywhere. A lot of third parties will disappear with the introduction of the self-enforcing technology. In airports for instance, there will be no need to check your passport and visa because they already know who you are.

Another example is microlending, a banking service that is currently a problem for students. They need small amounts of money but lenders are reluctant because they are never sure that they will get their money back.

With blockchain, a smart contract exist so the lender knows exactly when the money will be repaid because the contract will execute itself automatically. Self-executing relations are built by the blockchain between companies and individuals. The lending problem is solved.


2) M-I: Does that meant that banks will cease to exist?

Mihai:

No, but they will not exist in the same form as we know them today.

For this interview, we have now been seating 30 minutes at this table. If you have 50 euros in your pockets, during that time, they have not been used. What if your money was put to work during that time for someone that needs it anywhere in the world and would pay you 50 cents in return for it? 

There would be a smart contract so that you would know for sure that you would be paid back and you would also know exactly when. That’s the new bank. There will be a lot of small interactions and we will become our own banks.

A 1000 euros loan can come from 1000 loaners each loaning 1 euro. Money will flow in a different way. There will be more appetite for spending and the market will be more fluid.


3) M-I: Do we know just how much blockchain will affect our lives?

Mihai:

Blockchain is considered to be the second internet. When the internet came, at first we could only think about a few functionalities and a limited vision of the impact that it would have on our lives because our minds could not even imagine all of its capacities.

It is the same with blockchain. This is why at Modex, we did not start developing the apps ourselves but created a place where the apps could be created because all of the apps that can be developed are too much to think about. We thought that we’d better offer the tools for the miners going to the gold rush than be the miners.

We want to be an enabler in the market, and that is very powerful.


We have at heart to interview our members in order to share their experience in social impact, entrepreneurship and charity, not only to inspire you but also to allow you to get to know both them and us better.

To read our previous interviews:

Francien Giraudi’s interview: click here!

Laura DeVere’s interview: click here!

Florian Stengele’s interview: right here!