What is Bifrost (BFC)
What Is Bifrost (BFC)?
Bifrost is a multichain middleware platform that enables developers to create Decentralized Applications (DApps) on top of multiple protocols. Not restrained to a single blockchain, Bifrost creates a new environment where developers can combine the best protocols to develop substantially more scalable and flexible DApps.
With Bifrost, developers can write smart contracts for multiple blockchain protocols in an unified environment. They simply select the 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 also easily operate their DApps and even switch the target blockchain as new and better protocols become available.
Bifrost has multiple components that allow for a seamless connection among all blockchains:
Recipe: A language application that defines the programming language of Bifrost and generates smart contract codes with guaranteed code-level flexibility.
Linker: A system that connects the user and Bifrost components, ensuring the seamless operation on top of multiple blockchains.
Builder: An Integrated Development Environment (IDE) that offers a customized environment to use the comprehensive suite of features of Bifrost.
Gourmet: An automated testing environment for Bifrost service and smart contract development, updating with the latest technologies for blockchain.
Scan: A dashboard that provides you with a full view of the internal process of Bifrost and shows your blockchain interconnectivity in diagram.
What Makes Bifrost Unique?
Flexibility: To maximize the potential of the blockchain technology, a superior flexibility that allows users to select and combine blockchains is needed. Bifrost focuses on this flexibility, enabling developers to extract the most from blockchains.
Scalability: Bifrost operates with multiple blockchains without any additional abstraction layers, so you can use the features of each blockchain directly. Its flexibility enables you to apply different blockchains best suited to your needs.
Interoperability: The value of interoperable blockchain service grows as the blockchain industry grows. On Bifrost, you can build services with countless possibilities for combinations and interoperability, from the start.
Full Dev Suite: Bifrost provides a full suite of features to develop and operate your product, including an IDE, monitoring function, and client service such as wallets.
What are its use cases?
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.
The first DApp to be powered by Bifrost is the multichain DeFi platform, BiFi. Using Bifrost’s multichain technology, BiFi can connect directly to multiple blockchains like Bitcoin, Tron, and Klaytn, thereby expanding the DeFi ecosystem currently limited to Ethereum. BiFi will have its own token, BIFI, which will be used for governance and also to pay the fees for using multichain DeFi services. As BiFi's multichain is powered by Bifrost, BiFi will periodically purchase BFC with BIFI and pay it to Bifrost.
The development of Bifrost continues, with more features tailored to DeFi DApp development and serving multichain DeFi developers in the future. When DApp sectors like DID, NFT, and Gaming grow, Bifrost will become the preeminent multichain platform from day one. Future DApp developers will be able to customize the combination of blockchains to build more scalable, interoperable, and flexible DApps, and use BFC to power them.
How Many BFC Coins Are There in Circulation?
A total 4 billion BFC tokens were issued. 256 million BFC tokens are currently in circulation since our Uniswap listing on December 2nd, 2020 at 11 AM UTC. Two rounds of private sales were held in 2018 and 2019, and public sale was held in June 2020.
Of the total supply of BFC tokens, 20% is allocated for each of the following: Bifrost Reserve, Ecosystem, and Team. 4% is distributed to investors and the last 10.4% is used for marketing. BFC tokens for the Reserve, Ecosystem, Team, and Advisors will be distributed over a 5-year span, with a 1 year lock-up and a 4-year vesting period.
Who Are the Founders of Bifrost?
Founded on March 14, 2016, PiLab, a research-oriented software provider, was started by two professors to develop blockchain applications to solve social issues and business problems. In the process, they saw the potential and limitations of blockchain technologies. There were many protocols, all with their own strengths and weaknesses, and no way to combine them. So they created Bifrost, a technology platform that allows developers to easily build on multiple blockchains that truly enables multichain technologies.
As the CEO and co-founder of Bifrost, Dohyun Pak has developed and managed complex derivative products for financial institutions in the U.S. and Korea for over a decade. He received his PhD in financial engineering at the University of Michigan, Ann Arbor. Dohyun currently serves as a professor of mathematical finance at Gachon University.
JongHyup Lee, CTO and co-founder of Bifrost, currently serves as a professor of mathematical finance at Gachon University. After receiving his PhD in computer science at Yonsei University, he presented his research at top-tier conferences as a post-doctoral researcher under Dr. David Brumley at the CyLab at Carnegie Mellon University. He also co-founded PPP, the leading hacking team in the world.
Changhyun Yoo, COO and co-founder of Bifrost, graduated early from Seoul Science High School and went on to study Computer Science at KAIST. He has developed countless financial platforms for leading financial institutions for over a decade. Believing that the future of finance is in blockchain, he co-founded Bifrost, where he steers the diverse talents of the team.
Soso, CMO and co-founder of Bifrost, was previously a medical doctor and currently one of the leading cryptocurrency influencers in Korea. His passion for cryptocurrencies and expertise in blockchain led him to found Block Crafters Capital, a blockchain-focused venture capital, where he supported the growth for more than 30 companies.
Today, Bifrost is a team of 30 with deep and extensive experience in finance and computer science, from quantitative trading and fintech development, to hacking and network security. Their advisors are from leading blockchain and technology organizations, including Coin Plug, Blockwater Management, Block Crafters, and KAIST Engineering.
Where Can I Buy Bifrost (BFC)?
You can buy BFC on Uniswap with trading pair BFC-ETH.
New to cryptocurrency? Read CoinMarketCap’s easy guide to buying Bitcoin or any other token.