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Announcing BIFROST Incentivized Testnet

BIFROST Incentivized Testnet

After months of research and engineering, we are ready to announce our incentivized testnet, called BIT, which will start on September 30th. Block rewards earned on BIT will be redeemable for BFC token credits at mainnet launch, and we invite all our community members to participate.

The purpose of this public testnet is to validate the technical architecture and security of the blockchain in a setting that is as realistic as possible. As we are aiming to power real-world cross-chain applications at scale, it simply is not enough to merely audit source code. At the same time, it aims to prepare future node providers for the mainnet launch.

The BIFROST Testnet will be incentivized for 4 weeks. Right after the end of incentivization, the new era of the BIFROST mainnet will begin, estimated to be in November of 2022.

About the BIFROST Validators

BIFROST Network nodes are similar to typical Substrate-based nodes, but the interoperable nature of the network also requires some additional features. Thus, the BIFROST Network consists of two-tier nodes:

“Basic node” of the first tier plays the role of block producing and acts as an archive node. Basic nodes are typical Substrate-based nodes.

“Full-node” of the second tier additionally plays the role of relayer, which inter-connects blockchains, including the features of the basic node.

Additional information can be found here.

How to Participate

In order to receive rewards for participating in the BIFROST BIT Testnet Reward Program, you must (i) satisfactorily complete the registration on the form available here.

In addition, you may also complete a know-your-customer and anti-money-laundering registration.

Details regarding the registration are as follows:

REMINDER: Individuals should only register once.

Important Dates:

  • Registration begins on September 16
  • Registration ends on October 2
  • Notifications will be sent out on October 7
  • The testnet becomes live on October 14
  • The testnet concludes on November 11

NOTE: All accepted participants are expected to join the testnet within 24 hours of notification (further details will be shared shortly).

Incentives

BIFROST’s Testnet will feature a menu of incentives to encourage and reward meaningful participation during the Testnet waves. These incentives will be available to network operators according to clear and well-specified guidelines based on weekly tasks. Our goal is to make the most out of the Incentivized Testnet and ensure that BIFROST is stress-tested and ready for mainnet.

Information about the block rewards will be shared once the testnet is live to all participants.

This blog post is just the first of a series of articles on BIFROST Incentivized Testnet that will be released as we progress with our testnet. Stay tuned as we will publish more details about the tasks for validators, incentives, milestones, and important dates.

About the BIFROST Network

The 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 facilitating 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 BIFROST Network.

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