What is BIFROST?

Bifrost started out as a middleware platform that allows developers to build decentralized applications (DApps) based on multiple protocols. BIFROST is not limited to a single blockchain, it creates a new environment where developers can combine the best protocols.

Bifrost’s multi-chain technology makes DApps faster, cheaper, more transparent and more flexible. Developers can use BIFROST to build more scalable and flexible DApps by selecting the target blockchain on BIFROST.

In order to provide the best environment for optimal cross-chain development, the team decided to create their own network to connect diverse blockchain ecosystems. As we witness the global phase of cryptocurrency adoption and growing demand for better Web3 experiences, the blockchain space remains challenged in providing efficient infrastructure for financial services, gaming and other applications.

The Team believe this can be achieved by enabling secure and robust interoperability so developers can take full advantage of any network. That said, BIFROST is now shifting focus to a DPoS blockchain network and accelerating their overall project vision: Make DApps work.

The BIFROST Network

The BIFROST network is a first-layer blockchain based on the Substrate development framework that supports cross-chain communication. It is a general purpose, externally proven messaging network designed to connect otherwise disconnected networks. BFC is the native token for network fees and on-chain governance.

The main focus of the BIFROST network is inter-chain communication via the Remote Blockchain Call (RBC) protocol. The BIFROST network acts as an external validator for operations happening on the chains it supports, forwarding them from the source chain to the target chain. The network is designed to maximize the decentralization and security of cross-chain messaging while keeping transaction costs reasonable. To this end, two unique elements are implemented in its architecture — relayers and socket contracts.

Since the BIFROST network is on testnet and the mainnet is about to launch, the Team can outline some features.

1. Built-in cross-chain bridge and BIFROST Multichain DEX are planned.
2. A core network that provides a one-stop, all-in-one multi-chain dApp development environment.
3. A safe and efficient network that provides its own oracle service (token price information).
4. EVM-compliant developer-friendly networking with high scalability.
5. High connectivity and compatibility with BIFROST’s multi-chain dApps such as Chainrunner and Biport.
6. Additional NFT rewards showing BIFROST ecosystem contributions.

The BIFROST Multichain Ecosystem

Interoperability is the biggest technical challenge facing blockchain. Without it, DApps would be limited to one blockchain and have difficulty achieving scalability.Currently, BIFROST provides a flexible and seamless blockchain payment environment, encrypted asset custody and management services, and deposit and loan services across multiple networks.

Here is a brief summary of some of the applications currently running in the BIFROST ecosystem:
BIFI: BiFi is a multi-chain lending and liquidity management platform, offering the first decentralized Bitcoin-collateralized loans collateralized by Ethereum assets and vice versa.
BIPORT: Biport is a decentralized multi-chain wallet that allows users to send, receive and store various assets distributed on different blockchains in one place.
BIFI X: BiFi X is an automated leveraged trading platform that allows users to open yield farming and margin trading positions with a few clicks.
ChainRunner Q: ChainRunner Q aims to be the most flexible automated DeFi aggregator, built for end users to easily utilize multiple blockchain services.

Additionally, BIFROST uses the BFC token, which is the native coin of the BIFROST network, serving as the backbone of the BIFROST multi-chain ecosystem. By staking, providing block rewards, and ensuring governance to improve network operations and security, BFC plays a vital role in improving network security and DApp performance. Specifically, as a native currency, BFC works as follows.

History and Team

The BIFROST testnet is currently live. The unique design of the BIFROST network sets it apart from other interoperability solutions and layer-1 blockchains. The network is based on the idea of ​​taking the best available solutions from Substrate, such as NPoS and EVM, and extending them with tailor-made architectural elements to ensure the best user experience in cross-chain communication.

Founded in 2017 by two professors and another founder with extensive experience in finance and computer science, Dohyun Pak, Jonghyup Lee, and Changhyun Yoo, BIFROST aims to build a multi-chain middleware platform that enables developers to build decentralized Centralized application (DApp) to create multiple logs.

Website : https://thebifrost.io/
Twitter : https://twitter.com/BIFROSTio
Discord : https://discord.gg/bifrostcity