Hosted By- CRYPTO ROYALS

Date- 16December, 2020 , 3PM UTC

⭐INTRODUCTION⭐

CEO- Maarten (@Fiexer)

Mukul :
Good evening everyone, I am pleasured to have Community manager of Bifrost, @Fiexer to join our AMA Today.

Maarten :
Good afternoon @mukulCr and Cryto Royals 😊

Mukul :
Hello @Fiexer, So nice to have you with us for AMA Session today.

Great let's start the ama

Q1) Can you please introduce yourself to the community ?
@Fiexer

Maarten :
My name is Maarten Henskens and I’m community manager for Bifrost for 5 months now. My first contact with crypto was in the year 2014, and been working for blockchain project for a couple of years now. I noticed Bifrost when I was doing some research into the Polkadot Ecosystem and after talking with the core team, they offered me the position of Community manager.

Mukul :
Great introduction 🍻

Q2) Can you please tell us something about Bifrost ?
@Fiexer

Maarten :
Let me give you a small introduction about Biforst:
Bifrost is developing his own parachain based on Substrate to provide liquidity for staking assets.

Mukul :
Q3) What is so exciting about Bifrost that we should know about?
@Fiexer

Maarten :
One of Bifrost goals is to make it very simple for users to use our platform, they only need to convert tokens into vTokens.
For example:

let have a look at DOTs (Polkadot), you can easily convert them into vDOTs via Bifrost and as long as they hold the vDOTs, you can get staking revenue and create liquidity.

Mukul :
Q4) Can you briefly Describe the top milestone you have achieved so far ?
And your future target milestone?
@Fiexer

Maarten :
Recently we had a great third run of our Testnet (Asguard CC3). Bifrost released the Asgard CC3 Incentive Tesnet on September 24th, which includes validators, EOS crosschain and vToken exchange. Compared to Asgard CC1 and Asgard CC2, the number of crosschain and vToken exchange data tripled.

On November 24, Bifrost announced Voucher Ethereum (vETH), a solution that provides staking liquidity for ETH 2.0, and simultaneously launched a plan of 100,000 BNC vETH Mint Drop. You can say this is our first official airdrop. This even got mentioned in one of Chico Crypto latest video, a well-known crypto YouTuber.

Mukul :
Amazing 🤩

Thanks for answering the questions.

⭐TWITTER QUESTIONS⭐

If we go through Bifrost Finance, we will find vTokens. What make this vTokens be different from the original token? If we swap our token to vTokens, what kind of token can we swap and what is the ratio? Also, why Bifrost must use vTokens while we can use original one?

From @untillthemoon

Maarten :
Voucher Token, or vToken, is a kind of Polkadot or Substrate based general-purpose asset minted by users through the Bifrost network using staking assets.

vToken represents the ownership and reward right of the original staking assets. At this moment we have our vETH token and this represents ETH2.0.

Benefits of staking 'The new' ETH or ETH2.0 with Bifrost:
- Receive variable staking rewards of approximately 5% to 17% yearly, based on the network rate.
- Receive ETH staking rewards every week.
- For the month December you also join the Bifrost aidrop (so that's double the reward in the month December).
- Stake small or large amounts – with Bifrost you can stake less than the 32 ETH minimum required on the network.
- Help support the ETH 2.0 network.

The ratio of our vToken and the original staking asset is always 1:1 if the contract with the original asset is transferable.

We also have our native token $BNC.
Bifrost Native Token (BNC) is the mainnet Token of Bifrost, the initial total supply is 80.000.000. Bifrost Native Token will have different use-cases inside Bifrost Ecosystem:

I try to give as more information as possible and it might be a lot. I recommend to visit our website/community or ask your questions in segment 3 of this AMA and I will do my best to answer them.

Mukul :
Second question from twitter:

According to your own point of view, what do you consider to be Polkadot's main strengths? Why did you choose Polkadot over Ethereum?

From @Emidm28

Maarten :
The reason why I chose this question was because on Twitter I saw a lot of questions why we use Ethereum.

This questions already gives an answer to a lot of those questions about Ethereum

We don't use Ethereum but Polkadot and this is why:

Bifrost chose Polkadot because we found weaknesses of developing based on single-chain smart contract, it’s hard to be transferred to multi-chain. After technical research, it was found that the combination of the Polkadot Relay Chain and the Substrate development framework would be a good solution to this problem.

From an ecological point of view, I think there are three main differences between Polkadot and Ethereum:

- They can do forkless upgrades & on-chain governance;
- Heterogeneous cross-chain;
- and shared security.

Firstly, I put forkless upgrade and on-chain governance together because they are complementary, without good governance mechanisms, forkless upgrade cannot play its part. Forkless upgrades allow Polkadot and its ecosystem to iterate quickly. Thanks to the design of XCMP, the technical cost of cross-chain is reduced to a very low level, and it is also very fast.

Finally, the parachain essentially reduces the cost of consensus maintenance of public chain by providing shared security, projects can focus on product development.

Mukul :
Third question from twitter:

I'm curious about the team's record and I don't see that in your website. I think it is important to invest on a project who has a reliable workers. Do the team already worked on something related to crypto industry?

From @PoponchiSam

Maarten :
@PoponchiSam is right that this is very important for future investors in Bifrost. We haven’t updated our website at this stage but this is planned to happen very soon. In the meantime, let me introduce our team:

Lurpis (co-founder & CEO)
o CEO of Liebi technology
o 5 years of blockchain product and development experience
o Sina Weibo early full-stack engineer
o Leader of blockchain cross-border settlement in Ping++

Edwin (co-founder & CTO)
o 10 years of development experience in blockchain and finance
o Rich experience in large-scale system architecture design
o Former core engineer of Ankr

Mukul :
Fourth question from twitter :

How is BIFROST development going? Can you describe in detail current development efforts, market expansion plans, expected applications, and when will they become commercially available?

From @toney52820139

Maarten :
Bifrost’s mainnet will be launched with the Polkadot parachain slot, So we will be the first to connect to Rococo Test Network V1, ensuring that the main network will run smoothly when we are officially connected to the slot.

In relation to this parachain slot auction, users will face a lock-in period up to 6–24 months if they participate in the PLO (formerly IPO), which represents a significant opportunity cost. For this reason, Bifrost has launched the PLO Liquidity protocol, which provides vsDOT and vsKSM (Voucher Slot DOT/KSM) derivatives for other parachains to address the liquidity issues of DOT and KSM during slot auctions.

We are having Initial partnerships with Zenlink and ChainX to provide trading scenarios for vsDOT and vsKSM, and this agreement is in the process of being approved by the Web3 Foundation for a new grant.

Mukul :
Last Questions from twitter:

Volatility nature of crypto is one of the major gap that discourage people from staking crypto assets, 1 $ETH that worth 600 $USD at the time of staking could worth $500 $USD when staking is done. How do Bifrost minimalize this risk? And what techonology used to solve this issue?

From @davidliefi

Maarten :
When users start with staking they will get vTokens (vToken represent the original asset). Users can then sell vToken at any time to unstake. Your tokens will not be locked for a certain period of time. With Bifrost you can redeem at any time! So there is no risk 😊

A summary of what is Bifrost:
Bifrost is a cross-chain network which provides liquidity to bonding assets. It takes advantage from staking as the early stage to provide liquidity in the form of staking derivatives. Bifrost is established on Polkadot network and developed by Substrate, the underlying layer is based on the WebAssembly, LIBP2P, and GRANDPA consensus. As a DeFi project in Polkadot ecosystem, Bifrost launches vToken (Staking Derivatives Voucher Token) which allows users to exchange PoS token to vToken and obtain liquidity and staking rewards through Bifrost protocol at any time.

My answers might be technical but I just want to make sure you understand what Bifrost is doing in the DeFi space.

If you are not familiar with Polkadot, please do some research, it's mindblowing 😉

Mukul :
Amazing thankyou for answering the questions from twitter

⭐LIVE AMA SESSION⭐

Rahman:
Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?

Maarten :
We take security very seriously and will not publish any smart contract without not being audited

Q2.

Hugs Jis || Bdcrypto:
Why Bitfrost has launched the PLO liquidity pool? Can you tell us about your partnership with Zenlink and ChainX. What is the main reason behind this partnership? How this can be beneficial for both project?

@Fiexer

Maarten :
The PLO liquidity pool will be launched during the Polkadot parachain auction.
What is so great about the PLO liquidity pool for users: if you want to support your project in the auction you have to lock your KSM or DOT, your tokens can be locked for some time. With our pool you get vsKSM or vsDOT in return if you stack your tokens. You can then always redeem them on the market if you want instead of waiting for your DOTs or KSMs to be unlocked.

Q3.

Claire Casper:
What are the plans and strategies for Bifrost next and can you give an overview on tokenomics on the Bifrost ?

Maarten :
I would like you to visit our Whitepaper and check our tokenomics here:
https://whitepaper.bifrost.finance/en/economic/04_token_distribution.html

Q4.

Claire Casper:
What are the plans and strategies for Bifrost next and can you give an overview on tokenomics on the Bifrost ?

Maarten :
I would like you to visit our Whitepaper and check our tokenomics here:
https://whitepaper.bifrost.finance/en/economic/04_token_distribution.html

Q5.

Dalmasca Blockchain:
Polkadot is rarely used in cross-chain platform, can you explain how does Bitfrost cross-chain mechanism works using Polkadot platform?

Maarten :
For this last question I want everyone who doesnt know about Polkadot to go to the website of Polkadot and read about their technology:
https://polkadot.network/technology/
https://www.parity.io/defi-on-polkadot-an-ecosystem-overview/ (Bifrost is mentioned in this article)

And finally have a look at this great article about staking derivatives:
https://medium.com/bifrost-finance/staking-derivatives-is-about-to-explode-9cd6865bbfc9

Mukul :
Thankyou everyone for joining AMA Session

Special thanks to you @Fiexer It's our pleasure to have you here 🙏

Maarten :
No problem! Thanks everyone and have a great evening!
Stay safe and take care of eachother! ❤️

Mukul :
Let’s end the ama session now 🙏

🌟🌟🌟🌟🌟🌟🌟🌟🌟🌟🌟🌟

⭐A big Name in the Crypto World ⭐Success starts with us ⭐Contact for promotion of your Project or Any other Queries Telegram: @cryptoroyalsann or @mukulCr

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