Bifrost is universal multi-chain middleware that enables developers to build DApps on top of multiple protocols. In this article, as Kriptokoin.com, “What is Bifrost?” We will answer the question. In addition, we will touch on other questions about the project.
What is Bifrost? What does it do?
Bifrost allows users to participate in decentralized finance (DeFi) applications. It is a project built on Kusama that allows them to earn staking rewards in cryptocurrencies. Staking allows users to lock tokens into smart contracts to earn staking rewards. However, one of the biggest limitations with traditional staking. The addition is that those who lock up the cryptocurrency cannot access their funds to participate in various DeFi activities. The Bifrost team uses the Bifrost platform as users’ DOT or ETH. It aims to remove this particular blocker by introducing liquid staking, a concept that allows one to stake any cryptocurrency and receive a vToken (vDOT or vETH) of equal value in return. These vTokens then allow anyone to access DeFi in Kusama without having to give away more than a small amount of the stake rewards.
What is BFC coin?
BFC coin is Bifrost’s native token. Bifrost’s token BNC is expected to give community members using Kusama’s cryptocurrency KSMs to vote for the app to be released as a parachain in a process called the Parachain Auction in Kusama.
How does Bifrost work?
Kusama network is built to run two types of blockchains:
- Relay Chain: It provides Kusama’s main security of the network. The main blockchain where transactions are finalized and settled.
- Parachains:Private blockchains that leverage Kusama’s transit chain security and access one of the limited parachain slots.
Bifrost is one of the first projects to bid for a parachain slot on the Kusama network with a parachain auction. During a parachain auction, Kusama owners can link their KSMs to support the project they believe should get a parachain slot. After a set period of time, the project with the most KSM committed to their campaign usually gains access to a parachain slot. This allows them to work on Kusama’s network for a period of 6-48 weeks. Additionally, the Bifrost team will crowdsource support for the parachain auction bid by accepting community contributions. If the project wins an auction, backers are expected to receive Bifrost’s BNC token.
What is Bifrost? How to get BFC coins?
Bifrost is currently traded on a small number of cryptocurrency exchanges. In addition, people who want to invest in the project should open an account in one of the exchanges where the project is traded. The exchanges where Bifrost is traded are listed as follows: MEXC, KuCoin, Gate.io, Upbit. Users who want to invest in the project should open an account on one of these exchanges.
