2022 Kick-Off: Roadmap and Introduction to the BIFROST Network
Why We’re Building the BIFROST Network
BIFROST is evolving into the BIFROST Network to accelerate our overarching project vision: to make DApps work.
BIFROST is a multichain middleware project designed to connect diverse blockchains to overcome existing blockchain trilemma. Our vision is to expand the entire blockchain ecosystem through powering a DApp-friendly environment for both developers and users via BIFROST’s multichain solution. From security proof high-cost services to low-cost services targeted for flexibility and scalability, BIFROST has been working towards the above vision in providing the perfect environment equipped for building a wider portfolio of DApps.
Ever since the initial introduction of BIFROST in 2018, the blockchain landscape has evolved and expanded in large extent due to gaining momentum to reach “mass adoption” and the diversification of services and protocols. With the rise of DeFi, discussions on the level of practicality for real use cases in blockchain has also grown into discourse in how best to utilize blockchain’s technological benefits with the advent of multiple Killer DApps. In the same style, end users have also become much more sophisticated in deciphering what they want to take out of blockchain-based products and services — such as prioritizing values in speed and lower gas fees over pure decentralization.
Through the introduction of the BIFROST Network, we aim to pioneer the Web 3.0 Revolution. Cryptocurrency payments and banking infrastructure is necessary to achieving high traction in Web 3.0 services. Existing issues in large part due to being locked to specific blockchain networks has always been the key to achieving accessibility and scalability.
The BIFROST Network provides solutions for DApps facing such issues. It offers the best customized infrastructure for interoperability with multiple blockchains for multichain payments, financial services and more.
As we build our own network…
We realized we need to change the way BFC token will operate. As the native coin for the upcoming BIFROST network, BFC will utilize the Proof-of-Stake (PoS) consensus mechanism in ensuring security through a process of collateral staking.
To sum this up, it means that the existing BFC token supply has become less relevant. And due to the need for change in BFC tokenomics, we will be holding a token burn event and BFC staking opportunity.
BFC Token Burn
In Feburary 2022, the BIFROST foundation will burn a total of 1,600,000,000 BFC (which is 40% of the initial supply of BFC).
- Initial Total Supply: 4,000,000,000 BFC
- Total Supply after BFC burn on March 14, 2021: 3,968,584,074 BFC
- Total Supply after BFC burn in February 2022: 2,368,584,074 BFC
BFC Staking Opportunity
- To ensure the safety of the BIFROST network, validators must participate in the PoS or DPoS consensus
- To celebrate the launch of PoS Staking, we will offer a BFC staking opportunity (APY 20%) for a limited time
- BFC deposited to the staking service will be locked-up until the launch of the network. After the launch, it will be automatically transferred to the DPoS pool of the BIFROST network.
- It will take 3 weeks to withdraw the BFC before the launch and the APY will be decreased to 5%
- BFC Staking Launch Date: Same date as BFC burn event (February 2022)
- We will make an announcement regarding BFC Staking in the future
Team Token Distribution
After four and a half long years of development here at BIFROST, we are announcing the distribution of tokens allocated for the BIFROST team. The amount of BFC tokens that will be distributed to the team today, January 14, 2022, is 6,000,000 BFC.
The tokens allocated to the team is part of the foundation’s commitment to a fair and transparent ecosystem and an act of gratitude for the team members who are contributing and strongly connected to the long-term success of our project.
More on 2022 Roadmap..
By integrating additional features to BiFi X, the platform will expand to become the most innovative and powerful DeFi. This development will not only solve the issues of high gas and service fees, but also enhance the functionalities for any user to trade like an expert.
BIFROST Game Provider
The BIFROST Game Provider provides an environment for non-blockchain-based games (based on centralized servers) to quickly implement blockchain. Through BIFROST’s multichain technology, we aim to help build an ecosystem on the desired blockchain, including the BIFROST network.
BIFROST City NFT
The NFT represents your citizenship in BIFROST City. Citizens of BIFROST will have access to exclusive benefits, such as using BIFROST’s newest DApps or the premium services of affiliated DApps on favorable terms.
The BIFROST Eco-Fund will be the driving force behind the expansion of the entire BIFROST ecosystem. This fund will enrich BIFROST City with partnerships and collaborations with promising projects. We hope to accelerate the construction of BIFROST city and develop a supportive community by attracting even more products and services to our ecosystem. BFC will be used for project investments.
Biport Mobile App
Due to the limitations of the features and interfaces on the existing browser extension, the launch of the Biport mobile app will become a turning point for bringing mass adoption of the wallet. New user interfaces and features will be supported to offer even more convenience for the end-user. Experience all of BIFROST city’s powerful products and services integrated into Biport.
Following the launch of ChainRunner Q in 2021 Q4, ChainRunner M will be launched to demonstrate the true power of ChainRunner. ChainRunner Q helps newcomers use DeFi in the simplest way as a one-stop DeFi platform. With ChainRunner M, users can manage, order, and execute every feature of ChainRunner. They can create and share unique DeFi scenarios and strategies using a script language, specifically suited for blockchain services, to earn profit.
BIFROST NFT Marketplace
BIFROST is launching our own NFTs as well as a compatible multi-chain BIFROST NFT Marketplace designed for collectors and investors across many blockchains. Participate in trading and investing NFTs on the BIFROST ecosystem and more.
BiFi will also experience a fresh start with BIFROST Network. We are no longer bound by having been the middleware. With our own mainnet, we will not only reduce costs and increase speed but also be able to implement and actualize more features for our DeFi users to target a diverse range of market needs.
A multichain DEX that enables cross-chain swaps will be launched on the BIFROST network. To be connected with BiFi and Biport, the multichain DEX will mark the beginning of a true multichain financial service.
Biholder overlooks everything that happening in blockchain. Within the BIFROST multichain ecosystem, it tracks and collects information about all transactions and immediately informs the service when there is some type of incident. It provides an optimal and automated trading environment, and further enhances the security of all systems. In Q3, Biholder will be commercialized to provide the best monitoring services for external users.
DevKit (for Game, DeFi)
A development tool kit that will lower the barriers to entry for the BIFROST platform by helping with DApp developments such as DeFi and gaming apps.
In collaboration with BiFi, Biport, ChainRunner, and Biholder, this new type of Multichain Investment service will offer the best investment rates in the market.
Multichain Payment (Biport)
With Biport, blockchain has no boundaries. Biport will introduce a feature to use the assets of one blockchain to use another service across another blockchain. At first, we aim to support cross-chain payments and even off-chain services.
Multichain Yield Aggregator
Generally, the goal of yield aggregators is to offer the best profit rates for users. However, the high-profit rates are becoming less realistic as the blockchain and DeFi market are fragmented. The Multichain Yield Aggregator utilizes BIFROST’s multichain infrastructure to seek opportunities across all chains and automatically find the best investment opportunities for users. The MYA becomes fully functional with the help of Biholder, who overlooks the entire multichain ecosystem.
BIFROST Network Game Migration
Following the launch of the BIFROST network, this process will help migrate the games to the BIFROST network. The migration will provide a better environment for the gamers with faster, cheaper, and a more convenient gaming environment.
The multichain ecosystem has brought unimaginable opportunities to the world of Web3. We envision this multichain ecosystem growing much bigger in the coming years.
However, the BIFROST ecosystem can only truly pioneer the space with the power of our community. BIFROST is, and will always be, grateful for the unwavering support from each and every members in our global communities all around the world. In 2022, we will continue to build strong communities as we achieve our roadmap — and we truly look forward to this exciting journey together with all our BIFROST community members.
- Official Website: BIFROST / BiFi / BiFi X / Biport / ChainRunner Q
- New to BiFi? See BiFi Guide and BiFi X Guide
- BFC & BiFi Token Information