Bifrost is a middleware multichain platform that allows developers to build decentralized apps based on a set of pre-existing protocols. The platform is not limited to a single blockchain, instead, it provides an environment where software developers can make use of the combination of the best protocols available to help in the development of more scalable, flexible, and sustainable decentralized apps.
The Bifrost allows developers to be able to create smart contracts which would be bound for usage on multiple blockchain networks in a single unified environment. These developers choose a specific blockchain for each section of the code, and then the Bifrost system will transpile, compile and deploy the code into the target blockchains all at the same time. Developers also have the advantage of being able to operate the decentralized apps and also switch the target blockchain while newer and even more advanced protocols become existent.
Who are the Founders of Bifrost (BFC)?
The Bifrost network was established on the 14th of March, 2016 by PiLab, a leading software provider that is research-oriented. The company was founded by two professors with the aim of creating blockchain-based applications that would solve a series of business and social problems that currently plague the world. While doing this, they discovered the extensive protection of blockchain technology, as well as the limitations that affect their implementation. There were a plethora of protocols, all of which had their strengths and weaknesses and possessed no way of fully combining their features. As such, they decided to create the Bifrost platform, a technology system that would essentially allow developers to build across multiple blockchains easily while also incorporating multichain technologies.
As the company’s co-founder and its CEO, Dohyun Pak has been able to manage and develop several derivative products from complex protocols to create solutions to problems faced by several financial institutions in different parts of the world including America and Asia for over a decade. He holds a PhD in financial engineering from the University of Michigan, Ann Arbor. Currently, he serves as a mathematical finance professor at Gachon University.
The company’s CTO and co-founder, JongHyup Lee currently serves at the Gachon University as a mathematical finance professor. After he obtained his Ph.D. in computer science from Yonsei University, he delivered his research at a conference as a postdoctoral researcher under Dr. David Brumley from Carnegie Mellon University. Additionally, he also confounded a leading team of hackers in the world known as PPP.
What is Bifrost (BFC) used for?
The BFC token is the delighted cryptocurrency of the Bifrost ecosystem. The token is the legal tender on the platform that allows developers to pay for using the resources of the Bifrost ecosystem in the development and operation of their decentralized apps, while also minimizing gas fee costs when they make use of multiple blockchain protocols than when they make use of a single blockchain. In particular, the users are required to stake a particular amount of BFC tokens and their fees will then be dedicated from that amount. Upon the stakes reaching below the required threshold level, users will be asked to purchase more BFC tokens to meet the required limit once again.
The first decentralized app powered by your Bifrost network was the multichain Defi platform, BIFI. By making use of Bifrost’s multichain technology, the application can connect to multiple chains like Bitcoin and Trom directly, therefore expanding the use cases of the Defi ecosystem beyond the limits of Ethereum. Besides the BFC token, the BIFI platform also has its own governance tokens which are used as a payment for the multichain Defi services offered by the platform.
What Is the Unique Point of Bifrost (BFC)?
The Bifrost platform holds several special qualities that differentiate it from all the other blockchain platforms available. While some of these qualities are singular to the Bifrost system, some of them are also shared by other blockchain platforms.
- Flexibility: In order for the system to be able to maximize the full potential of blockchain technology and its application, its protocol allows the users to select specific combinations of blockchain while it focuses on maximizing flexibility and allowing users to make extractions from other blockchains.
- Scalability: The Bifrost network operates with several blockchains without employing the use of additional layers of abstraction, so as to enable the use of all the features offered by the blockchain directly.
- Interoperability: Over the years, more and more blockchains have been applying the interoperability function and as such, its use case has been consistently growing.
- The value of interoperable blockchain services grows as the blockchain industry grows. On Bifrost, users can build services with a plethora of possibilities for combinations and interoperability, from the start.
How many Bifrost (BFC) coins are in circulation?
When the Bifrost network released its delighted tokens, a total of 4 billion BFC tokens were issued. Of that amount, a total of 256 million are currently in circulation ever since the Uniswap token was listed on the second of December, 2020. The platform had two rounds of private sales which took place in 2018 and 2019, and then it held a public sale in June 2020.
Out of its token supply, a total of 20% was allocated to the Bifrost team, its reserve, and its ecosystem as a whole. 4% was shared among the investors and the final 10.4% was dedicated to marketing. BFC tokens for the Team, Reserve, Ecosystem, and Advisors will be allocated over five years while also having a one-year lock-up and a vesting period of 4 years.
Is the Bifrost (BFC) Network secured?
The Bifrost network was created by a collection of vastly experienced professionals in the software development space. In addition to that, the system also allows other developers to build and maintain smart contracts via the network. As such the protection of the platform is kept in the hands of these professionals as their stakes in the system give them governing and voting powers for new developments to be made on the system.
How do I buy Bifrost (BFC)?
The Bifrost platform provides an avenue for people to lock their tokens into the provisions of its smart contracts. Three stakes can come in almost any kind of cryptocurrency which is one of the factors that made it become generally known. Now, the use of BFC tokens has grown and more individuals are finding their way into its ecosystem. To be part of these individuals, follow the instructions below.
- Create an account with the crypto trading platform and transfer a specific amount of fiat money to the crypto account.
- You can now purchase BFC tokens after waiting for the above transaction to be approved.
Which Cryptocurrency Wallet Supports Bifrost (BFC)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Bifrost (BFC). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their BFC wallet because it offers a simple and interactive interface making it easy for people to navigate its system.
