Everything you need to know about BIFROST
Diving into the team, history, key features, ecosystem, and the road ahead.
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 DPoS 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.
The BIFROST Network
The BIFROST Network is a layer-one blockchain based on a Substrate development framework that enables cross-chain communication. It is a generalized, externally-verified message passing network that aims to connect otherwise separated networks. BFC is the native token that is used for fees in the network and on-chain governance.
The main focus of the BIFROST Network is interchain communication that is enabled by the “Remote Blockchain Call” (RBC) protocol. BIFROST Network acts as an external verifier for actions happening on the chains it supports, and relays them over from the source chain to the destination chain. The network is aimed at maximizing decentralization and security in cross-chain message passing while maintaining reasonable transaction costs. To do so, two unique elements are implemented into its architecture — Relayers and Socket Contracts.
As BIFROST Network is in the testnet and the mainnet is soon to be rolled out, we can outline some of the features.
- Built-in Cross-chain Bridge and BIFROST Multichain DEX scheduled
- A core network that provides a one-stop all-in-one multichain dApp development environment
- A secure and efficient network that provides its own oracle services (Token Price Feeds)
- EVM-compatible Developer-friendly network with high scalability
- High connectivity and compatibility with BIFROST’s multichain dApps such as Chainrunner and Biport
- Additional NFT rewards that indicate the contribution of the BIFROST ecosystem
More details about the validator rewards, network components, and architecture will be shared in an article coming soon.
The BIFROST Multichain Ecosystem
Interoperability is the biggest technical challenge that remains for blockchains. Without it, DApps are confined to one blockchain, struggling to achieve scalability.
Currently, BIFROST provides a flexible and seamless blockchain payment environment, a crypto asset custody and management service, and both deposit and lending services across multiple networks.
Here’s a short summary of some of the applications currently running in the BIFROST ecosystem:
BIFI: BiFi is a multichain lending and liquidity management platform that offers the first decentralized Bitcoin-collateralized lending against Ethereum assets, and vice versa. Through multichain connectivity, BiFi aims to build a financial infrastructure connecting all the capital markets to allow capital and data to flow seamlessly from one blockchain to another. With the release of the BIFROST Network, BiFi will become a fully functional cross-chain lending platform supporting native assets on the most popular networks.
BIPORT: Biport is a decentralized multichain wallet that allows users to send, receive, and store a wide range of assets scattered across different blockchains in one place. Starting with the decentralized lending platform BiFi, Biport integrates DeFi features directly within the app to provide users with the best multichain DeFi experience without compromising security.
BIFI X: BiFi X is an automated leverage trading platform that allows users to open yield farming and margin trading positions in a few clicks. Using flash loans to perform the leverage in a single transaction, BiFi X improves the leverage trading experience of users and provides an efficient way to maximize returns while saving time and multiple transaction fees.
ChainRunner Q: ChainRunner Q is designed to be the most flexible automated DeFi aggregator built for end-users to easily use multiple blockchain services. With its pre-built scenarios, ChainRunner Q focuses on providing users a simple and effortless way to provide blockchain services in one unified platform where users can readily execute complex DeFi strategies — such as swap, buy, stake, or lend — all available on the ChainRunner scenario map
Additionally, BIFROST uses the BFC token, which is the native coin of the BIFROST Network that serves as the backbone of the BIFROST multichain ecosystem. BFC is used as the network fee for running smart contracts and executing transactions on the BIFROST Network. By enhancing network operation and security through staking, providing block rewards, and ensuring governance, BFC plays a critical role in enhancing network security and performance of DApps. Notably, as the native coin, BFC functions as the following.
BIFROST Today
The BIFROST Incentivized Testnet (BIT) was launched last Friday and it will last for a total of 4 weeks with only 200 validators that were selected out of 10,000+ submissions. Each week, participants will be asked to complete tasks designed to test various dimensions of the network and contribute to the growth of the BIFROST ecosystem
In addition, a large community has been forming on Discord, we will launch an updated version of our Biport wallet and proceed to expand the ecosystem with top-tier cross-chain applications with the launch of our mainnet, including the highly anticipated Multichain Dex.
To stay updated on BIFROST, connect with us on Discord, Telegram, Twitter and check our website for more information.
BIFROST — Unlocking the next level of true interoperability
