Recap AMA NongDanDeFi with BIFROST project

Hello, dear! The AMA today, we present to you BIFROST project — the multichain middleware platform that enables developers to create DApp on top of multiple protocols

Our guest is — Mr DoHyun Pak the CEO and co-founder of Bifrost. He is an PhD in financial engineering at the University of Michigan, Ann Arbor. Then He have developed and managed complex derivative products for financial institutions in the U.S. and Korea for over a decade. Currently He serve as a professor of mathematical finance at Gachon University as well.

The AMA will be happening as follows:

· Segment 1: Warm-up questions -Mr DoHyun Pak-CEO of BIFROST will introduce little about BIFROST as well as himseft.

· Segment 2: The Q&A session.

· Segment 3: Live Q&A session.

This is recap of AMA

Seg 1: Warm-up questions -Mr DoHyun Pak-CEO of BIFROST will introduce little about BIFROST as well as himseft.

Question 1: Can you briefly describe Bifrost and BiFi?

“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 a 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.

BiFi is the multichain DeFi platform and the first DApp to be powered by Bifrost. 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”

Question 2: How is Bifrost different to other competitors in market?

“Before answering the question, I want to clarify that Bifrost is a multichain middleware platform. Bifrost does not have its own blockchain.

Now I will dive into the question. The biggest difference from other middleware projects is our unique method of connecting various smart contracts. Most of other middleware projects create their own layer on top of different smart contracts. On the other hand, Bifrost does not create its own layer. Instead it transpiles (connects) different smart contracts and by doing so, various smart contracts interact with each other without sacrificing speed, scalability and flexibility.”

Question 3: What are the much-needed solutions that Bifrost and BiFi brings to the industry?
“Currently, the problem of interconnectivity and scalability exists as DApps built on a single blockchain cannot provide or bring data from other blockchain protocols. This is why I think it’s critical to build a multichain technology that connects all the individual chains to expand the entire ecosystem.

However, after building Bifrost, we realized that Bifrost was too early for the blockchain industry. With most DApps built on Ethereum and without other strong mainnet protocols, DApp developers did not have an option of leveraging multichain environment to build. At the same time, we took note of the surge of DeFi projects and saw the potential in enabling a truly multichain DeFi ecosystem. That’s why Bifrost is building a multichain middleware and we’re building a multichain DeFi platform BiFi to solve the scalability problem among networks. Using Bifrost, DeFi can expand into Bitcoin and other protocols.”

Seg 2: The Q&A session

Question 1: How can I stake in Bifrost platform? What is benefit of staking on Bifrost than other staking project?
“First, let me explain the role of Bifrost token (BFC). BFC 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.

BiFi will also 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.”

Question 2: How is Bifrost development going? Can you tell us its current development, market expansion plans, expected applications, and when will they become commercially available?

“Bifrost is currently fully operational, but we have not stopped developing Bifrost. We are continuously adding new features so that anyone or any service can use Bifrost without any problems with strengthened features in a customizable environment. We will launch Bifrost after adding new features and after thorough testing.

To the contrary, Bifrost has grown immensely alongside BiFi as we developed more features to support our DeFi platform. We added features for tailored to DeFi DApp development, and plan to have our multichain middleware serve multichain DeFi developers in the future. And of course, when DApp sectors like DID, NFT, and Gaming grow, Bifrost is ready to 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. BiFi is simply our own first DApp on Bifrost, and we see strong potential for both BiFi and Bifrost.”

Question 3: What is the plan to ensure sufficient liquidity on exchanges to fit market demand, especially as adoption increases and clients begin multiplying year-over-year for your projects?

“We recently held BFC Initial DEX Offering (IDO) on Uniswap on December 1st. To ensure sufficient liquidity in the future, we have plans list on centralized exchanges as well.

BIFI token is not listed on any exchanges yet, but we plan to IDO BIFI token next year as well. you can earn BIFI token through pooling and staking services on BIFI. You can yield farm and earn BIFI tokens by staking LP tokens from Uniswap and staking BFC tokens on BiFi. You can read more about BFC IDO on our Medium: https://medium.com/bifrost/bfc-initial-uniswap-listing-8f38e1179b16

Question 4. What is your plan for global expansion? At present, which market does BIFROST focus on? Will Bifrost focus on building and growing to gain customers, users and partners?

“Bifrost_Global Telegram group has 13,000+ members and ranks 313th among all (not just blockchain-related) English-speaking groups, according to @combot. This makes us the biggest Telegram group among all blockchain projects in South Korea. We are continuously working to expand and grow our market globally by partnering with other great global projects, holding AMAs targeting different regions, and executing various marketing campaigns.

As an initiative to grow a strong user base who truly believes in our product, we released our own Telegram chatbot called BFC Bot. In the Bifrost Telegram group, BFC Bot rewards users who interact, engage, and contribute to the community with BFC_K, a Klaytn-version of Bifrost token. When Bifrost’s multichain wallet is released in early 2021, members will be able to convert BFC_K into Ethereum-based BFC in our wallet, automatically converting them to become new users. BFC Bot will integrate with Bifrost Wallet and serve as the gateway to the BiFi and Bifrost ecosystem.”

Question 5: BiFi is a product built on Bifrost platform and it provides us various services. Can you explain more about BiFi service? With BiFi service, which benefits will users get?

“BiFi, short for Bifrost Finance, is our multichain DeFi platform for borrowing, lending, and investing. As the first DApp built on Bifrost, BiFi can connect directly to multiple blockchains like Bitcoin, Tron, and Klaytn, thereby expanding the DeFi ecosystem currently limited to Ethereum.

BiFi users have the benefit to use and invest in digital assets beyond the Ethereum network or wrapped tokens. Additionally, using DeFi services minimize the issues that frequently occurred in traditional finance.

BiFi is currently in beta and we introduced BFC staking event to earn BIFI tokens for the first time last week. In the first 4 weeks of opening the staking event on December 2nd, 2020, 5% of total BIFI supply will be distributed. To be exact, 50 million BIFI tokens will be distributed during these 4 weeks.

There are two ways to earn BIFI tokens: staking Uniswap LP Tokens (BiFi Pooling Service) or staking BFC tokens (BiFi Staking Service). There are already hundreds of millions of BFC staking in BiFi. More people stake BFC or stake ETH-BFC LP tokens, BFC goes up and also you get free BIFI for a month.”

Segment 3: Live Q&A session

Question 1: How do you intend to revolutionize the financial services? What is the long-term vision of BIFROST as a project?

“I see DeFi as the future finance. To truly become a leader of future finance, there are several issues that current DeFi proejcts need to solve and overcome. Most obvious is that most DeFi proejcts are based on a single blockchain network such as Ethereum. Thus, gas fee is too expensive. I think multichain is the solution to this problem. After solving the scalability and high gas fee problem, we can provide a unique financial service within the DeFi industry.

Our ultimate goal is to make several blockchains to run in our ecosystem. Developers can easily create smart contracts through our Builder that supports customized settings to create various DApps. Through Bifrost, we want to universalize the blockchain technology.”

Question 2: How do we invest in the project? Do we have locking period or a minimum requirement to be eligible?

“All private sale and public sale have been completed. We recently held BFC Initial DEX Offering (IDO) on Uniswap just last week on December 2nd. A total 4 billion BFC tokens were issued. Currently, 256 million BFC tokens are currently in circulation since our Uniswap listing. To buy BFC, you need to swap ETH to BFC on Uniswap. There is no minimum requirement and only private investors have a 1 year lock-up period.”

Question 3: Many DeFi protocols are clones of existing ones, can you show us your genuineness and key features that helps you stand out?

“I am aware of the hard fork issues in DeFi. However, BiFi is not a hardfork of any other DeFi services. We will present BiFi wallet, our own wallet for the multichain technology. We expect this to release in early 2021.

In 2021 Q1, we will release our multichain wallet Bifrost Wallet, and in Q2 begin supporting lending between Ethereum-based tokens and other network tokens like BNB, TRON, KLAY, and ultimately BTC. Afterwards, we will continue to introduce new investment products that leverage the multichain DeFi ecosystem.”

Question 4: DeFi is an important topic in the blockchain space right now, can your share their opinions on DeFi? Do you think that DeFi will disrupt the existing financial system or do you think we can live in a balance where both systems can work cohesively?

“I think DeFi perfectly suits the nature of blockchain. DeFi will bring the groundbreaking fundamental innovation of blockchain, not only to cryptocurrencies but also to traditional finance. First of all, DeFi is a fundamentally needed evolution for cryptocurrency. Saving and borrowing is the very start of what finance is. So this is not just a “needed product” but a “necessary next step” for cryptocurrency to evolve as an actual financial instrument and not merely a vehicle to store value. I believe in the near future, we will live in a world where both systems work cohesively that best serves everyone’s needs, including the central banks and governments. This is when evolution of finance will begin.”

Question 5: How could #BIFROST live in a bear and bull market last time and how to build up belief for long term investors ? What is the role of the BIFROST token?

“We want our investors share same visions and have strong faith in our proejct. We estabilished were found in 2016 and began developing blockchain application and Bifrost since 2017. Currently Bifrost is almost ready to launch when we add more features.

BFC token is a currency of DApps in the Bifrost multichain ecosystem. Whenever mutlichain service is used then certain amound of BFC needed to be stacked. Other mutichain services, including DeFi like BiFi, need to pay certain amount of BFC.”

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