What is BIFROST?
BIFROST started as a middleware platform that enables developers to create Decentralized Applications (DApps) on top of multiple protocols. BIFROST is not restrained to a single blockchain and creates a new environment where developers can combine the best protocols.
Through Bifrost’s multichain technology, DApps are faster, cheaper, more transparent, and more flexible. Developers are able to use BIFROST to develop a substantially more scalable and flexible DApp by selecting the target blockchain on BIFROST.
In our quest to provide the best environment for optimal cross-chain development, we decided to create our own network to connect the diverse ecosystem of blockchains. As we are witnessing a global crypto adoption stage and more demand for a better Web3 experience, the blockchain space still faces issues of providing efficient infrastructure for financial services, gaming, and other applications. We believe it can be achieved by enabling secure and robust interoperability so developers can get the best from each network. That being said, BIFROST is now shifting focus to expand to a DPoS blockchain network and accelerate our overarching project vision: to make DApps work.
Currently, the BIFROST Testnet is live. BIFROST Network’s unique design distinguishes it from other interoperability solutions and layer-one blockchains. The network is built upon the idea of utilizing the best available solutions such as Substrate’s NPoS and EVM, and enhancing them with custom-built pieces of architecture to ensure the best user experience when it comes to cross-chain communication.
History and Team
BIFROST was founded in 2017 by two professors and another founder with extensive experience in finance and computer science, Dohyun Pak, Jonghyup Lee and Changhyun Yoo with the goal of developing a multichain middleware platform that enables developers to create Decentralized Apps (DApps) on top of multiple protocols.
BIFROST has introduced a number of decentralized finance (DeFi) products, including BiFi, BiFi X, ChainRunner, Biport, and now focusing on building a multichain ecosystem inside of our network by utilizing the proprietary built multichain technology of BIFROST.
BIFROST recently raised $8.4 million, following the seed funding of $3.3 million back in 2019 from some of the biggest equity firms in South Korea, including Korea Investment Partners Co., Ltd, STIC Ventures, and other notable investors.
BIFROST Incentivized Testnet 2 & EKI Rewards
Our team has been hard at work preparing for the launch of our mainnet. Today we are excited to announce the launch of the BIFROST Incentivized Testnet 2 (BIT2) and also provide further details about the previously announced Ecosystem Kickstart Initiative.
The main objective of BIT2 is to raise awareness of the BIFROST Ecosystem. Thus, contrary to the previous testnet, BIT2 does not require technical knowledge and anyone can freely participate.
As a user contributing to a new ecosystem onboarding various DApps, you will be able to learn about the unique BIFROST Ecosystem and also experience true multichain finance built by BIFROST.
About BIT2
Users will be participating in BIT2 through the Crew3 Platform. Users will complete various tasks, such as requesting DApps in need of multichain support to support the BIFROST Network via their social media. As always, active participation will earn you rewards!
Dates
Start date: 16 December 2022
End date: until the launch of the mainnet