Get to know more about the Bifrost Network “ The future of Web3 is multichain “
Hello everyone ! I am Agung Hermawan, here I will explain an interesting article about “ Bifrost Network “ , I will tell you some about this bifrost network project, and my experience while participating in the current BIT ( Bifrost Incentivized Tesnet ) program.
What Is Bifrost Network ?
Bifrost Network Is a - permissionless EVM-compatible layer-one blockchain utilizing Substrate technology focused on enabling interoperability between blockchains. Its validators monitor supported networks and act as external verifiers that facilitate cross-chain communication.
The BIFROST Network is a generalized message-passing system that is well suited for all types of cross-chain applications. By design, it can operate with native tokens that inherit the security of the underlying network. BFC is the native token of the network.
How does BIFROST work ?
Cross-Chain Communication (CCC) is - facilitated by Relayers and Socket Contracts – unique pieces of Bifrost Network's architecture that perform a sanity check at each stage of the CCC process.
Full nodes, in addition to producing blocks, act as relayers in the network. Together with BIFROST's built-in socket contracts deployed on each supported chain, they perform a sanity check at each stage of the process of cross-chain communication. Relayers must sign a message with their private keys in every message handling, and a socket contract then verifies the signatures to make sure they come from the active set of relayers. Additionally, socket contracts coordinate consensus by keeping the consensus log among private-key-authenticated relayers on the Bifrost Network.
How about Bifrost Network security ?
To ensure the security of all stakeholders of the network, BIFROST implements several lines of defense. Socket contracts and relayers play a major role.
All relayers must sign the message with their private key in every message handling. The BIFROST Network should accept messages of valid relayers by verifying the message signature.
- Every socket contract verifies the signed message to check whether or not the message is from valid relayers.
Relayers and socket contracts perform sanity checks for every Cross-Chain Communication (CCC) message at each stage.
- If an Ethereum transaction related to the CCC job is not executed for a long time, the network identifies the transaction and then runs a corresponding action, such as transaction rollback.
- The network is able to identify the message which falls under abnormal situations (e.g. transaction revert and transaction pending for a long time).
Some Products made by Bifrost Network
Biport - is a natively cross-chain Web3 wallet that supports Bifrost Network, Bitcoin, Ethereum, Klaytn, Avalanche, BNB Chain, and Polygon.
BiFi is a cross-chain lending market. It allows borrowing assets on one chain against collateral on the other, and vice versa.
3. Cross — Chain Dex
BIFROST Network employs an on-chain governance structure that is based on Polkadot’s model, with its unique elements. It is aimed to ensure that the network is being developed in line with the desires of the stakeholders. The network is being governed through referenda and has three governing bodies: BFC holders, General Council, and Technical Committee. BFC holders express decisive power through a stake-weighted voting system in the community’s proposed referenda.
My experience when participate in BIT (Bifrost Incentivized Testnet)
Currently, the project has launched the BIFROST Incentivized Testnet in which only 200 validators participate, selected from more than 10,000 applications. impression and I when I attended this event I was very enthusiastic to follow it, we lived it for 4 weeks and when this article was made BIT had entered the 2nd week, in 2 weeks it was very fun, many tasks were given starting from running nodes and other tasks.
That’s all from me, I hope this article is useful, I got all of this information at Docs Bifrost Network , I’m sure this project will continue to grow and have a bright future.
Dont Forget To Follow Bifrost Social Media :
Medium : https://medium.com/bifrost
Twitter : https://twitter.com/BIFROSTio
Facebook : https://www.facebook.com/theBifrost.io
Youtube : https://www.youtube.com/c/Bifrost_BFC
Reddit : https://www.reddit.com/r/BFC_BiFi/
Website : https://thebifrost.io/