What Is Bifrost (BNC)?

What Is Bifrost (BNC)? Complete Guide Review About Bifrost.

What Is Bifrost (BNC)?

Bifrost is a cross-chain network which provides liquidity to bonding assets.It takes advantage from Staking as the early stage to provide liquidity in the form of Staking derivatives. This is established on Polkadot network and developed by Substrate, the underlying layer is based on the Web Assembly, LIBP2P, and GRANDPA consensus. As a DeFi project in Polkadot ecosystem, launches vToken (Staking Derivatives Voucher Token) which allows users to exchange PoS token to vToken and obtain liquidity and Staking rewards through protocol at any time.

Bifrost Storage Key Points

Coin BasicInformation
Coin NameBifrost
Short NameBNC
Circulating Supply10,146,000.00 BNC
Total Supply80,000,000
Source CodeClick Here To View Source Code
ExplorersClick Here To View Explorers
Twitter PageClick Here To Visit Twitter Group
WhitepaperClick Here To View
Support24/7
Official Project WebsiteClick Here To Visit Project Website

Vision

Bifrost has acquired Web3 Foundation Grant, it is also a member of Substrate Builders Program under Parity, one of fifteen core members of Web3 Boot camp incubator that organized by Web3 Foundation and WanXiang Blockchain Lab, supported by Web3 Foundation and WanXiang Blockchain Lab on technology, products, capital, legal affairs, ecological cooperation and other comprehensive aspects.

Bifrost provides an intermediate layer between Staking and application layer, The reward competition between Staking and DeFi is resolved by making the relationship between Staking and the application layer, which is built on the underlying protocol, become top-down compatible instead of parallel to each other. The mechanism allows that users can convert PoS tokens to vToken at any time through parachain via protocol, and each PoS token will correspond to a different vToken, such as vDOT bridging Polkadot token, vETH bridging Ethereum token, etc. In simple terms, users only need to hold vToken and they can obtain Staking rewards.

Grow in Polkadot Environment

From the perspective of system implementation and landing operation, Bifrost is a decentralized heterogeneous cross-chain system and multi-chain connector that provides liquidity for the staked assets of multiple PoS public chains. This is developed based on the Substrate framework and belongs to the Polkadot ecosystem project. It achieves business landing and continuous safe operation in the form of Polkadot and Kusama parachains, sharing the consensus security provided by Polkadot and Kusama and community users.

When Bifrost provides collateral liquidity for multiple PoS public chains, the consensus security risk of these public chains was also partially transferred. If the consensus security attack cost is lower than the original PoS consensus security cost, hackers will intentionally attack the network to complete the original PoS network attack. Only when the consensus security is not lower than the original PoS network, the protocol can provide staking liquidity for other PoS networks under objective conditions. Maintaining a sufficiently secure independent PoS consensus system is expensive and has a long precipitation and evolution cycle.

What is vToken

Voucher Token, or vToken, is a kind of Polkadot or Substrate Based general-purpose asset minted by users through the Bifrost network using Staking assets. vToken represents the ownership and reward right of the original Staking assets. The Staking rewards generated by Staking is an alternative frangible asset with trading liquidity, which can unlock the liquidity of the original Staking or even become a new Staking asset to help users doing leveraged transactions. vToken also has six features, including traceability, governance, cross-chain, full reserve, alternative and full scenario.

Roles of Participants

Validator randomly assigned through parallel threads or parallel chain card slots. This role is the Validator in the Polkadot or Kusama network. It will execute the Bifrost business code and verify the final state of the block. Responsible for collecting user call data and transmitting query information. Collator will generate blocks and submit them to the Validator for final verification. Voting bidders are elected through a referendum on the proposal. The account passed by the election becomes Bidder, which can bind the address of the node that needs to be voted, and has the right to bid to obtain votes in the Bifrost voting pool, such as the Slash level or number of times the role occurs If the upper limit is triggered, Bidder permissions will be cancelled.