Bifrost x Satoshi CLUB AMA Session 15 Jan 2020

Hello, Satoshi clubbers and guests of this site. Today we would like to tell you about the AMA session with our friend from Bifrost. The AMA took place on January 15th and our guests were Dohyun Pak — co-founder and CEO of Bifrost & BiFi.

The total reward pool was 800$ and has been splitted in 3 parts.

In this AMA Recap we will try to summarise the most interesting points for you.

Part 1 — Introduction and questions from the Telegram

Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Bifrost! Welcome to Satoshi Club

D. | Satoshi Club:
hello @Bifrost01 welcome to Satoshi Club!

Dohyun Pak:
Hi to all thank you for having me here

Mary | Satoshi Club:
@Bifrost01 welcome here

Mary | Satoshi Club:
Happy to see you in Satoshi Club!

Mary | Satoshi Club:
How are you today?

Dohyun Pak:
I am doing great how are you Mary?

Mary | Satoshi Club:
I am great as well! So, let’s start?

Dohyun Pak:
Yes let’s dive in

Mary | Satoshi Club:
Please, introduce yourself and Bitfrost project to our members

Dohyun Pak:
Sure. Hello everyone nice to meet you all.
I’m Dohyun Pak and I am the co-founder and CEO of Bifrost & BiFi. For over 10 years, I have developed and managed complex derivative products for financial institutions in the US and Korea. I received a Ph.D. in financial engineering at the University of Michigan, Ann Arbor, and I currently serve as the professor of mathematical finance at Gachon University.

Mary | Satoshi Club:
Oh, amazing experience!

Mary | Satoshi Club:
How old is Bifrost?

Dohyun Pak:
Bifrost is a multichain middleware platform and BiFi is the first DApp on top of Bifrost and BiFI is a multichain DeFi platform

Dohyun Pak:
BIfrost is 3 years old

Mary | Satoshi Club:
It’s not a young company

you had time to develop it

Mary | Satoshi Club:
Which country are you based in?

Dohyun Pak:
We are based in South Korea

Mary | Satoshi Club:
Is it crypto friendly?

Dohyun Pak:
Yes there are many crypto supporters in Korea

Mary | Satoshi Club:
That’s great!

Mary | Satoshi Club:
Dohyuns, thank you for your intro!

Mary | Satoshi Club:
Are you ready for the questions from our community?

Dohyun Pak:
Sure let’s dive into questions

Q1 from Telegram Username @NataliyaKil
What is the BFC Bot at bfcbot.com for? I still do not understand how to start it and prepare it for use?

Dohyun Pak:
BFC Bot is a Telegram Chatbot created by BIFROST to educate about Bifrost, grow our community, and keep it active. It rewards members with Points for making referrals and contributions, and Bifrost converts the Points into BFC_K every month. The conversion happens in the middle of every month and gets announced on our Medium (https://medium.com/bifrost). So basically, you can earn BFC_K by checking in daily in our Bifrost Group, chatting with community members, jackpot points that randomly rewards points.

When our multichain wallet on BiFi releases in early 2021, members will be able to convert the Klaytn-based BFC_K Token to our Ethereum-based BFC Token in the Bifrost Wallet.

D. | Satoshi Club:
can people use your bot in different Telegram chats? or this bot made special for your chatroom?

Dohyun Pak:
Can check out BFC Bot in our Telegram group

Bifrost Global: https://t.me/Bifrost_Global
Bifrost Korea: https://t.me/Bifrost_Korea
Bifrost Vietnam: https://t.me/BifrostVietnam
Bifrost Japan: https://t.me/BifrostJapan
Bifrost Indonesia: https://t.me/Bifrost_Indonesia

Our bot was formally made for our own Telegram groups, but we have recently expanded the use of our BFC Bot to different Telegram Groups who want to try out our product. We welcome anyone to message our CMs if you are interested in trying out the bot if you have your own group!

D. | Satoshi Club:

Mary | Satoshi Club:
It’s crypto, everyone want to try

sure, another tg groups will use it!

Mary | Satoshi Club:
Let’s proceed or you want to add something?

D. | Satoshi Club:
good way to get rewarded with crypto

Dohyun Pak:
I am done with the first question and we can move onto the next question

D. | Satoshi Club:
let’s do it!

Q2 from Telegram Username @AugusS7
With Bifrost you can change the types of blockchain you use whenever you want? Or will I have to wait for some time using the selected strings? Also, by changing them, will it greatly modify the programming and characteristics of the application you are developing?

Dohyun Pak:
User can change the types of blockchain anytime. For example in gaming DApp, users can choose Tron for battle when they need faster speed and choose Ethereum for items to save records. Developers can change the types of blockchain anytime when they wish to do so. All the migrations and codes will be deployed by Bifrost under the hood, so there will not be much for developers to do.

Mary | Satoshi Club:
Is it already working?

D. | Satoshi Club:
does user has to pay any sort of fees, while changing blockchains?

Dohyun Pak:
Currently Bifrost is focusing on DeFi and suite for developers will be launched on Q2

Dohyun Pak:
Yes users have to pay BFC as gas fees whenever they use multichain services.

Mary | Satoshi Club:
Great! Can’t wait to see this going live! It will be something new and easy to use

D. | Satoshi Club:
got it

Mary | Satoshi Club:
Thank you, @Bifrost01 for your answers!

Mary | Satoshi Club:
Ready for the third question?

Dohyun Pak:
Of course, let’s move on the third question

D. | Satoshi Club.

Q3 from Telegram Username @Highpee
You published an article in your medium about YFI price collapse from an unfortunate hack. While concluding the article, you advised that “users should always be mindful of the risks when using a DeFi service that connects with another DeFi service as well as the security of the service”. However, Bifi is also a multichain middleware which is not an own blockchian but directly connects different blockchain protocols. Since BiFi project approach is similar to the one described in your article, how have you been able to design your project to protect users from unfortunate incidents such as this? How tested are your contracts and how do you reduce security risk when leveraging profit from using other DeFi Services during cross-chain interractions?

Dohyun Pak:
First off, BiFi is not a multichain middleware. It is a DeFi platform powered by the multichain technology of Bifrost. Thus, BiFi uses the technology of Bifrost to connect to different blockchains.

I am aware that a lot of DeFi services got hacked recently. However, those contracts were still going through testing or in the development phase. To prevent the hacks or any loss for our users, we go through numerous testings and we do not release the service until it confirm and pass all tests. Also, we go through audits not just from one company, but from various companies. This applies to Bifrost multichain technology as well. Check out our Medium Post about BFC Token audit reports here (https://medium.com/bifrost/audit-report-for-bfc-token-623250b23fae): We recently also received BiFi audits from Theori and we will keep sharing the audit reports on our Medium.

Mary | Satoshi Club:
Yes, testing and audits are important now. Who can participate in testing?

D. | Satoshi Club:
great! but why you didn’t publish audit results on Etherscan?

Dohyun Pak:
Before the launch of the new product, we are doing test within our team and some of the experts such as our advisors.

Dohyun Pak:
There are many things going on right now and we recently submitted the audits and we are waiting for the updates

Mary | Satoshi Club:
Got it

D. | Satoshi Club:
awesome

D. | Satoshi Club:
thank you for answers! ready for the next question? @Bifrost01

Dohyun Pak:
Yes we can move onto the next question

Q4 from Telegram user @Michelth
Bifrost makes it easy for DAPP providers to migrate between containers to ensure optimal service for DAPPS. How does migration facilitate? How does Bifrost guide operators?

Dohyun Pak:
Bifrost has a Recipe component that ensures optimal service. Recipe is a smart contract codes with guaranteed code-level flexibility. With Recipe, we support the deployment of the codes and services. Current service does not support migration of data. We are still developing Bifrost to support the migration to lessen the burden for the users. Operators can easily migrate using Bifrost Builder.

Mary | Satoshi Club:
When do you have plans to integrate this migration? Do you have any timeframes?

Dohyun Pak:
We plan to integrate migration when our Bifrost Suite comes out in the last half of 2021.

Mary | Satoshi Club:
Not so long to wait

Mary | Satoshi Club:
Do you want to add something or we can go to the next question?

Dohyun Pak:
Nope we can move onto the next question

Q5 from Telegram Username @Korryl
I want to ask regarding your Lending system that just launch last week. Bifrost supporting 4 asset ERC20 thats are ETH, DAI, USDT, and LINKS for lending system. But each asset have different “collateral ratio”.Can you please explain why we should pay attention to “Collateral Ratio” when do deposit or borrow? And how is “Collateral Ratio” work in your lending platform?

Dohyun Pak:
Once you make a deposit on our Lending service, you can borrow against it as a collateral. The collateral ratio for for each token is different. For example, if the collateral ratio for a token is 80%, you will be able to deposit 100 tokens and borrow 80 tokens worth of different assets. When you do so, your net debt-to-asset ratio will be 80% (80 in borrow against 100 in deposit). a

You can check the debt-to-asset ratio on the Lending page. Each asset may have a different collateral ratio, so be sure to check when you do a deposit or borrow. Note that if your net debt-to-asset ratio reaches more than 90%, your collateral is at the risk of liquidation so always keep your eye on the collateral ratio.

You can read more about our Lending service on our Medium (https://medium.com/bifrost/bifi-lending-rewards-service-launch-c99de7ffbc93) post.

Mary | Satoshi Club:
Do you have any statistics how many users already use your lending system?

D. | Satoshi Club:
yes, statistics would be nice

Dohyun Pak:
User data is confidential because we are in Open Beta. However, I can tell you that we recently surpassed $10M on our deposits and borrows.

D. | Satoshi Club:
impressive start

Mary | Satoshi Club:
Very nice numbers

D. | Satoshi Club:
thank you for answer! ready for the last question from part 1?

Dohyun Pak:
Thanks

Dohyun Pak:
Sure let’s move on

Q6 from Telegram Username @Brainchest
For me, as an investor, it is important to get the most income with the least risk. Tell me, the BIFI platform, acting as a financial acceptor in providing a profit-making service, does it conduct market analysis to understand which crypto pair is most profitable and minimize risks? Or you stick to the concept, like most existing DeFi — Your money is your problem, we are not responsible for anything.

Dohyun Pak:
Bifrost and BiFi team is a group of financial experts and developers with various backgrounds. I have developed and managed complex derivative products for financial institutions in NYC and Korea for more than 10 years, and our COO has worked in finance, developing games and softwares for many as well. Coming from a mathematical science and hacking background, our CTO is especially focused on security of our services.

We are constantly speculating which pair to support on BiFi based on price volatility. That’s why we are not supporting many pairs right now because there may be drastic changes in the price of assets which can cause great harms to both BiFi and our users. Think of the blackswan event last year. We are unlike most other existing DeFis — we always put security as our priority when we are developing our services, and we have greater visions for creating an equal, decentralized, and finance for all attitude.

Mary | Satoshi Club:
Yes, prices are changing in some seconds)

Dohyun Pak:
Agree especially in these days

Mary | Satoshi Club:
It’s really good, that security is your priority, i think Bitfrost users appreciate this and give you even more support

Part 2 — live questions from the Telegram community

Q1 from Telegram user @topind7

I have interest to learn more about your Bifrost project, do you have any local communities or channels I can join to learn more about you and also be able to stay updated about your project?

Dohyun Pak:
As I mentioned in the intro we have different local communities below are the links to our Telegram Group:
Bifrost Notice: https://t.me/Bifrost_Notice
Bifrost Global: https://t.me/Bifrost_Global
Bifrost Korea: https://t.me/Bifrost_Korea
Bifrost Vietnam: https://t.me/BifrostVietnam
Bifrost Japan: https://t.me/BifrostJapan
Bifrost Indonesia: https://t.me/Bifrost_Indonesia

Also we are planning to expand to different regions and there is no local communities for you then you can join the global group and join when local community is created. Currently you can check out thr information of Bifrost and BiFi on our Medium

Q2 from Telegram user @Gutike95

Really implementing multiple protocols in dapps will allow them to be faster and more efficient without causing any error or inconvenience? everything is really that simple to join the chains?

Dohyun Pak:
Yes, we make it all simple! Bifrost enables DApp developers to write smart contracts for multiple blockchains in a unified environment. They can simply select target blockchain for each part of the code, then Bifrost will transpile, compile, and deploy the code into the target blockchains at once. Developers can even switch the target blockchain as new and better protocols become available.

Q3 from Telegram user @lzam

The interest rates of the BiFi Lending are calculated by the supply and demand of deposits and borrows. Other projects that also include lending and borrowing platforms decide to let their users decide the interest rates. Why did you choose to set a specific formula and what is this formula? Do you think users prefer BiFi’s Lending and Borrowing system above others? @Bifrost01

Dohyun Pak:
Interest rates in other DeFi changes on the market condition and users can check the interest rate. Thus, BiFi has its own formula for the interest rate and collateral ratio too. We believe that more people will use Lending and Borrowing if we connect tokens from other blockchain protocols such as Bitcoin, Tron and Klaytn with more financial services.

Q4 from Telegram user @CryptoDurden

Was Bifrost built from scratch and has its own code, or is it a fork?

Dohyun Pak:
Bifrost is built from the scractch and we created our own codes for BiFi as well. This is the reason that we are going audits from different compaines such as Hexlant and Theori. Currently, we are going through audits and we will share the reports ASAP.

Q5 from Telegram user @KINGVINU7

Can you list some of the most important features of Bifrost Project that put it ahead of its competitors? What is your competitive advantage that you trust most about your project?

Dohyun Pak:
Our competitors are all trying to create their own ecosystem. This will only result in more fragmentation of the blockchain ecosystem, where every ecosystem is trying to compete and cannibalize users, holders, and developers. Bifrost has a unique approach, where we are trying to create a universal language for blockchains and smart contracts, so we can connect any of these blockchain ecosystems and make blockchains completely interoperable, scalable, and flexible for developers.

Q6 from Telegram user @doithay1617

What do users get from being active in the group?

Dohyun Pak:
Of course users in group can learn information and communicte with us. Also they can earn BFC_K when they chat and share good infornation. When they share good information admins can tip you or react with emojis, admins replaying through emoji means that you can earn BFC_K.

Q7 from Telegram user @zaferce

How many BFC tokens must be staked in Bifrost to use Bifrost or participate in the Bifrost Ecosystem?

Dohyun Pak:
BFC (Bifrost token) is the currency of Bifrost’s multichain ecosystem. Developers pay BFC for using the multichain middleware to develop and operate their DApps, minimizing the cost of gas fees when using multiple blockchain protocols than when using one blockchain. More specifically, they will be required to stake a certain amount of BFC and the fees will be deducted from it. Once the staked amount reaches below a threshold level, they will be asked to purchase BFC to meet the threshold again.

Q8 from Telegram user @Korryl

I want to ask regarding Burn / buyback system, actually burn token is great because its possible to increasing value from the token, So do Bifrost have Burn or Buyback system ? if yes, how was your burn system work in Bifrost Platform?

Dohyun Pak:
Many people are asking this question whether Bifrost has a plan to burn or buyback BFC tokens. At this moment we do not have plans to burn or buyback our tokens and you can learn more information on our Medium post.

Q9 from Telegram user @Nickkiii

I’m interested in joining the Lending and Reward program to earn myself some $BIFI tokens, how do I get started, Do you have any any tutorials or guidelines detailing how to go about it ?

Dohyun Pak:
Our Medium blog has several posts for instructions on using the BiFi service, from setting up MetaMask, buying BFC and BiFi, and using each services (Lending, Pooling, Staking) on BiFi.

Our YouTube channel has tutorials on Lending & Rewards (https://youtu.be/MBqnhqYDfL0)

This is the link to the Medium Post on Lending & Rewards program (https://medium.com/bifrost/bifi-lending-rewards-service-launch-c99de7ffbc93)

Q10 from Telegram user @Shaa93

What is the relationship between BiFi and Bitfrost?
@Bifrost01

Dohyun Pak:
Please do not confuse Bifrost with ‘Bitfrost’. I am aware a lot of users get confused with another company with the same name as ours. However, we are a blockchain middleware platform and does not have our own blockchain. Please make sure you are not confusing us with the other!

Bifrost is the multichain middleware platform that enables DApps to connect to different blockchains. BiFi is the first DApp powered by the multichain technology of Bifrost. Using the technology of Bifrost, BiFi can use different tokens and coins from different blockchains and protocols on its services. Through this multichain connectivity, BiFi will lower the gas fees, increase accessibility, and expand the ecosystem to enable more innovative financial products to more people.

Our websites are http://thebifrost.io/ and bifi.finance.

Part 3 — Quiz Results

In the final part we tested your knowledge in terms of Bifrost. They’ve prepared 4 questions for this part. The total reward pool for quiz was 500$.

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