Bifrost (BFC)

What is Bifrost (BFC)?

Bifrost started in March 2018, as a middleware multichain platform.

Decentralized applications have brought excitement to the crypto world with their diverse usage.

However, users from different blockchains feel the limitations as most dApps operate in their particular blockchains only.

But, Bifrost has addressed the issue with its multi-chain infrastructure.

Hence, it enables the developers to operate in different blockchains and work with several smart contracts for various dApps.

It facilitates developers to work with multiple blockchains according to their preferences and connect with any chain from a single platform.

The founder of Bifrost, Dohyun Pak, started the channel to provide developers with a unified platform where they have ultimate access to decentralized application development and don’t have to restrain their capabilities.

So, how does it support several blockchains at once? Why do developers find it convenient to switch to Bifrost? Let’s find out!

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Overview and Purpose

The vision behind Bifrost is to make dApps efficient, affordable, more versatile, flexible, and transparent.

Plus, it aims to address the scalability and interoperability issues that developers usually face as the software starts to gather some users.

Hence, Bifrost offered a dynamic approach to them by connecting them with multiple blockchains.

Since the crypto world is transforming into a more tactful and robust infrastructure, Bifrost is determined to become the pivot for dApp development.

It can range from utility apps, DeFi applications, Web3 games, Metaverse platforms, and others.

Key Features

CCCP

Being the bridge between multiple blockchain networks, Bifrost has developed a unique protocol for itself that enables its users to perform cross-chain operations.

Its Cross-Chain Communication Protocol (CCCP) limits the fragmentation of liquidity and offers a broader dApps functionality.

Hence, the users can benefit from the services and features more comprehensively.

Compatibility

It also addresses the primary issue that several cross-chain platforms face.

Since different blockchain tokens, coins, and Oracle data feeds have compatibility constraints, it limits the main purpose of such platforms, cross-chain usage.

Bifrost combats it with highly optimized CCCP that seamlessly integrates several blockchains and allows its use.

Bridging Method

With the help of advanced CCCP, Bifrost empowers dApps to extend their usage outside their single blockchain and integrate into other networks as well.

As a result, the developers get more flexibility to offer their dApps on multiple blockchains although they are made considering a single network.

EVM Compatibility

Bifrost supports and integrates the Ethereum Virtual Machine (EVM).

It means the developers have full control and diversified options to develop, test, and activate the smart contracts and dApps with all the required tools.

They can easily create a customized application. Plus, they can further aid the development thanks to advanced tools and software.

How Does Bifrost (BFC) Work?

Bifrost uses a unique Delegated Proof of Stake (DPoS) consensus mechanism, where the nominators and validators collaboratively work as a team.

They support the validators with their stacked Bifrost tokens (BFC) according to their good behavior.

On the other hand, the platform entirely operates on the dApps.

The developers create a decentralized application and assign a smart contract.

For this purpose, they select a Bifrost container (more on this in a while) which consists of certain blockchain combinations.

They write the smart contract’s code and its primary blockchain.

Later, Bifrost deploys the smart contract, and its components into the network.

Platform Architecture

Since the Bifrost platform is an interconnection of multiple blockchains, it already complicates the entire ecosystem.

The integrated and interconnected blockchains are already composed of several layers, such as their consensus mechanism, network, protocol, and different smart contract modules.

Hence, Bifrost requires a solid, sturdy, and flexible architecture that can support these networks and facilitate transactions with validations.

It achieves this level with a dynamic combination of nodes and containers.

Both elements control the dApps operations and their interoperation across multiple networks.

Each node contains a container manager and consists of several containers.

Each container is also a combination of various blockchains.

Hence, a single node is the largest block with smaller blocks (containers) that have even smaller boxes (blockchains).

When the developer selects a set of different blockchains, he or she creates a group of these networks and creates a dApp that such blockchains can execute easily.

Later, they validate these containers into nodes that perform the operations according to the given description (code).

Execution and Operation Stack

While the nodes and containers determine the functionality of the Bifrost dApps, the execution and operation stacks decide how these applications will run and operate on the network.

Execution Stack

This section drives the interactions between multiple blockchains and shapes the platform for networking modules.

The stack stands on the two vital pillars:

1. Public Blockchain System – It consists of the supported blockchains that are integrated and directly connected to the Bifrost. These include Ethereum, Tether, Binance USD, Chainlink, Dai, and others. In this pillar, Bifrost cannot affect or modify its functionality since it consists of individual networks.
2. Manageable Blockchain (Containers) – This pillar is under Bifrost control since here the network controls the group of supported blockchains as a whole unit. This part has its separate smart contract and here the code applies which utilizes the consensus mechanism.

Due to the dynamic combination of both pillars, the execution stack allows developers to leverage supported blockchains’ security and scalability features without compromising on their core functionalities.

On the other hand, they can also customize the entire container for more computational power.

Operation Stack

As the execution stack determines the direction of the container tasks, the operation stack ensures each task and component is in its place, running seamlessly, whether it is the public blockchain or the container.

For this purpose, it reads the developer’s code for the dApp, analyzes and maps its functions, and determines the most suitable environment for execution.

Hence, it manages the deployment, communication, and data flow between these containers and dApp.

Interoperation via Linkers

Since Bifrost offers a cross-chain platform it requires a medium that bridges the communication between blockchains and their functions.

Linkers are those bridges, that handle cross-function calls and cross-state updates.

It also balances the dApps components and the native tokens BFC in them.

Briefly, the linkers are responsible for seamless transactions, information transfer, variable updates, and balancing between supported networks.

BFC Tokenomics

BFC is the native token of Bifrost and is established on the ERC-20 protocol.

It is available platform-wide, meaning users can utilize the BFC in any dApp on the platform for multiple purposes.

Token Supply and Distribution

The total supply of BFC tokens is over 2.58 billion.

However, the circulation supply is just over 1.38 billion.

Among these numbers, most of the tokens were distributed in the initial sales to the early birds.

Users who are participating in the network are taking the rest of the tokens as a reward.

Utility and Incentives

The Mainnet users can use the tokens for various purposes across the platform.

They can utilize the token to pay for the transaction fee between the blockchains, vote for the proposals, stake for governance, or perform other operations.

Since it is an ERC-20 token, users can also stake BFC for a definite period and generate passive income.

They can also benefit from the Bifrost airdrops, delivering various rewards for the users.

Moreover, Bifrost executes the deflationary method to burn a certain amount of transaction fee, reducing the circulation supply and increasing its value.

Inflation Model

To incentivize people to stake BFC tokens and hold them in their wallets, Bifrost has introduced a dynamic inflation model.

The model targets the staked tokens rather than targeting the token supply.

The inflation rate varies according to the staked tokens. So, the more tokens users will stake, the higher their reward will be.

How to Acquire and Store BFC

Acquiring BFC is not a difficult task since the token is available on various popular crypto exchanges.

It is also easy to store the token due to its development on the versatile and widely-used ERC-20 protocol.

Purchasing BFC

While BFC tokens are attainable on the blockchain through staking, people can also purchase them outside the platform.

Several crypto exchanges have listed BFC in their offered cryptocurrencies.

These exchanges include Gate.io, KuCoin, HTX(Huobi), Upbit, Uniswap v2, and many others.

A few of the purchase methods may vary among each platform, but they all allow the purchase of BFC via fiat currencies or trading it with other crypto coins or tokens.

They only have to charge their exchange’s account with the balance or fund it with the sufficient desired (fiat or crypto) currency beforehand.

They can also use their bank accounts for purchases via credit or debit cards, which will charge an amount according to the current market rates.

Otherwise, some exchanges even offer peer-to-peer (P2P) trading where they can trade with other platform users for BFC tokens.

Storage Solutions

After the purchase, storing BFC tokens is not an issue.

The users can hold it in the exchange’s native wallet since it is already compatible with the token.

Otherwise, they can easily withdraw BFC and hold it in any Ethereum-compatible wallet (like Metamask) as the token is ERC-20 established.

Additionally, the use of hardware wallets, such as Trezor or Ledger Nano S, is also in the cards. The options are diversified.

Future Prospects & Challenges

The Bifrost aims big with its dynamic cross-chain platform and has major plans ahead.

However, the lurking challenges behind the sophisticated infrastructure may require some immediate steps.

Future Prospects

With time, Bifrost wants to become the leading cross-chain network and the sole dApps development platform that attracts developers worldwide.

For this purpose, they will integrate more blockchains into the system as they release.

And with such integrations, they will be implementing new security and compatibility methods for smooth dApps usage.

Challenges and Considerations

However, with its uniqueness of supporting dApps across different blockchains, it also faces many complications.

For instance, the regulation and compliance with the platform scale-up are a big consideration.

Then, the exponential increase in the technology may also require quick measures since the Bifrost is not limited to one blockchain only.

Conclusion

Bifrost brought a unique and quite versatile concept with its multiple blockchain support.

On the one hand, it leverages developers to spread their dApps across several blockchains. On the other hand, it facilitates the users from contrasting networks to utilize the applications at once.

As far as its native token, BFC is concerned, it has never surpassed the $1 mark since its inception.

But factoring in the flexible nature of the platform, the surge may not be far enough.

We Coin-Labs.com provides only objective information about Bifrost (BFC).
Therefore, we are not responsible for the investment decision in Bifrost (BFC) and the resulting loss.

Bifrost (BFC) Basics

Here are some factors that investors should consider before investing in Bifrost (BFC).

Cryptocurrency Features	Bifrost (BFC) ()
Publisher or Developers
Headquarters (Registration Number)
Symbol
Platform
Published Date (CMC Registration)	2024-10-02
Max Supply	958,691,258,152,859

Reliability Score of Bifrost (BFC) in 2024

These are indexes mesuring the investment reliability of Bifrost (BFC) conducted by Coin-Labs.com.

Investment Reliability Rating Items	Scores and Current Status
Company Activation Rate	/ 10.0 CAR
Communication Rate	/ 10.0 CR
Technology Transparency Rate	/ 10.0 TTR
Development Participation Rate	/ 10.0 DPR
Listing Status on the World's Top 10 Exchanges	Listed on 0 Exchanges
Number of Available Pairs Worldwide	1 Pairs
Market Cap of the Cryptocurrency	6,683,329 USD (Rank #1295)

The table above shows the result of investment suitability evaluation for Bifrost (BFC).
Check out how we evaluate cryptocurrencies on the crypto rating description page.

Bifrost (BFC) Price

Here are the price and recent trading volume of Bifrost (BFC). (Data of 2024-10-03 00:15:00)

Price Items	Price and Trading Volume of Bifrost (BFC)
Bifrost (BFC) Price	0.000 USD
Price Change 24h	-5.48%
Price Change 7d	-4.99%
Trading Volume 24h	11 USD
Trading Volume Change 24h	-82.47%

Cryptocurrency Metadata

You can check the development status and social media information of Bifrost (BFC) through the links in the table below.

Metadata Source	URL
🌎 Official Website
📖 White Paper
🛰️ Source Code (GitHub)
🐦 Twitter
🤖 Reddit
🎺 Message Board

Where to Buy Bifrost (BFC)

Here are the top ten world crypto exchanges where traders can buy Bifrost (BFC) in 2024.

Top10 Exchanges	Listed Status	Page URL
Binance	Not listed
Coinbase	Not listed
Kraken	Not listed
KuCoin	Not listed
Bitfinex	Not listed
OKX	Not listed
Huobi	Not listed
Bitstamp	Not listed
Bybit	Not listed
Gate.io	Not listed

Frequently Asked Questions