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Bifrost: A cross-chain network that provides liquidity for staking | Project Introduction

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Bifrost is committed to solving three problems: the income problem of Staking and DeFi; the competition problem of liquidity and security; the conflict problem of Staking and cross-chain.

Bifrost is a Polkadot parachain that provides liquidity for staking. Users can convert PoS currency into Bifrost vToken through the Bifrost bridge at any time to obtain staking income and liquidity.

Bifrost will use Polkadot-based PoS consensus algorithm "GRANDPA / BEBE", which is a hybrid consensus model that will Block production is separated from block finalization, making block production fast and probabilistically safe, asynchronously safe.

A safer and more resilient network can be built through GRANDPA consensus. Under good network conditions, GRANDPA can complete chunking almost instantaneously. Under bad network conditions, such as a network partition, GRANDPA can resolve a large number of blocks (theoretically millions) at once while the partition is resolved.

Bifrost was created to solve three problems. They are:

Staking and DeFi income issues;

Liquidity Competition with security;

Staking and cross-chain conflicts.

In the face of these problems, Bifrost proposed an interesting solution, providing a Staking derivative, using the derivative The advantages of the product to solve the main problems currently existing.

The solution to these problems is mainly due to the vToken mode of Bifrost. vToken is a general-purpose asset used to provide Staking liquidity. Using the Bifrost protocol, Token can be converted into vToken in a certain proportion. While the original Token participates in Staking, vToken can take advantage of its general assets to play a full role in other public chains, Dapps, and security performance, thereby solving problems such as Staking and DeFi benefits, liquidity and security, and Staking and cross-chain.

vToken: Generate mapping tokens for Staking through Bifrost protocol

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vToken is a general-purpose asset used to provide Staking liquidity. vToken is a staking derivative generated by participants through the Bifrost protocol. vToken can optimize transactions in multiple scenarios such as DeFi, Dapp, and DEX. For example, when vToken is used as collateral for lending, its staking income can offset part of the interest, achieving low-interest lending.

After the official launch of the Bifrost main network, the first phase will open the Staking pledge of KSM and DOT and the exchange of vKSM and vDOT . In the future, the exchange of ETH, EOS, IOST and vToken (vETH, vEOS, vIOST) will be opened in succession.

vToken can be purchased directly through wallets and exchanges (centralized or decentralized). In addition, after the official launch of the Bifrost mainnet, users can exchange vTokens by downloading the Bifrost Dapp.

Token Model

Token name: Bifrost Network Coin (BNC)

Amount of tokens: 80 million pieces

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Token Allocation:

-Ecosystem: 38%

-Founding Team: 20%

-IEO: 8%

- Foundation (Developers/Grants/Community): 8%

- Private: 10%

- Temporary Retention (financing or burning): 16%

The ecosystem tokens (30.4 million) are distributed as follows:

-IPO (initial parachain offer): 35%

-vToken reward: 35%

- Collection (Validator) node reward: 15%

-Oracle machine: 10%

-Cross-chain cost (bridge contract RAM/CPU, etc. ): 5%

BNC is the platform token of Bifrost, which mainly plays an active role in Staking rewards and handling fees, deposits for ticket bidding, and governance tools.

Financing

September On the 1st, Bifrost completed a $600,000 seed round of financing, with participation from NGC, SNZ, Digital Renaissance, Consensus Labs, LongHash Ventures, DFG, Youbi Capital, Bitrise Capital, Nova Club, Waterdrip Capital, and Chain Capital.