What is Bifrost (BFC)?
The Bitfrost token or BFC is the official currency powering the Bitfrost ecosystem. The latter is a blockchain middleware for building multi-chain decentralized applications (dApps).
BFC serves as a medium of exchange within the Bitfrost ecosystem. It’s ERC-20 compatible.
The Bitfrost token is necessary for using the Bitfrost middleware via staking. Developers must hold a certain amount of BFC as it will be needed for staking.
In other words, developers stake a specified amount of BFC tokens until a threshold is met. Once the threshold has been reached, developers must stake a specified amount of tokens in order to continue using Bitfrost.
There is a max cap of 4,000,000,000 Bitfrost tokens. A part of them has been allocated as follows:
- 20% - Bitfrost Reserve;
- 20% - Bitfrost Ecosystem;
- 20% - Core Team;
- 10.4% - Marketing;
- 4% - Investors.
BFC was launched via an Initial Coin Offering (ICO) event. Prior to that, Bitfrost held 2 separate rounds of private sales and went on to launch a public sale as well.
BFC is a cryptocurrency which means its price tends to fluctuate. Our tracker (which you can find above) will help you to keep up with all of the fluctuations. In other words, it will grant you a better look at the Bitfrost price history and the current BFC price.
What are the Main Features of Bifrost (BFC)?
As discussed in the What is Bitfrost section, Bitfrost defines itself as a multi-chain blockchain middleware platform. Its main selling point is that it allows interaction with multiple blockchain protocols simultaneously.
This is an alluring solution for blockchain developers as it enables them to test out different networks before deciding on the most optimal blockchain protocol or a combination of blockchain protocols for their project.
In addition, smart contracts that have already been built on Bitfrost can be seamlessly transferred onto other blockchain networks.
How does it work, you ask? It’s all thanks to the 5 elements of the middleware itself - Recipe, Linker, Builder, Gourmet, and Scan.
Recipe is a programming language for dApps introduced by Bitfrost. To put it simply, all smart contracts on Bitfrost are written in Recipe.
Linker is an interconnected system that links developers with Bitfrost elements.
Builder is an Integrated Development Environment (IDE) whereas Gourmet is mainly used for testing smart contracts built on Bitfrost.
Scan is a type of dashboard for overviewing Bitfrost’s internal processes.
Builder, Gourmet, and Scan are part of the Full Dev Suite provided by Bitfrost. Other components of this suite include client service solutions.
Bitfrost’s top-tier technologies ensure interoperability, flexibility, and high scalability when it comes to smart contracts built on its middleware.
The first project to be developed with the help of Bitfrost is BiFi - a decentralized finance (DeFi) platform. In the future, BiFi will launch its own native utility token - BIFI.
At the time of writing, Bitfrost supports Ethereum, TRON, Klaytn, Metadium, and AEthereum.
If you're interested in this project, make sure to do your research. You can start by analyzing the BFC price on the graph above.
Who Developed Bifrost (BFC)?
The Bitfrost crypto project was launched in 2016. It’s a South Korean company co-founded by entrepreneurs Dohyun Pak, Jonghyup Lee, Changhyun Yoo, and SOSO.
Dohyun Pak holds a Ph.D. in Financial Engineering from the University of Michigan. Before that, he earned a master's degree in Operations Research from Iowa State University and a bachelor’s degree in Mathematics from Yonsei University. With his studies out of the way, Dohyun Pak went on to develop derivative products in both South Korea and the United States.
He entered the world of blockchain in 2015 and helped launch a blockchain-based research company - Pilab Technology, Inc. A year later he went on to co-found Bitfrost.
Dohyuk Pak currently holds the position of CEO at both Pilab Technology and Bitfrost. He’s also an Associate Professor at Gachon University.
Bitforst’s CTO, Jonghyup Lee also went to Yonsei University for all three degree levels. He holds a Ph.D. in Computer Science, a master’s degree in Computer Science, and a bachelor’s degree in Computer and Electronic Engineering. Besides Bitfrost, Jonghyup Lee also co-founded Pilab Technology, Inc. which is a blockchain research project.
Changhyun Yoo envisions a future where the finance sector is revolutionized with the help of blockchain technologies. He went to the Korea Advanced Institute of Science and Technology (KAIST) where he earned his bachelor’s degree in Computer Science. Changhyun Yoo is the COO of both Bitfrost and the aforementioned Pilab Technology, Inc.
SOSO HyunSick Choi is the only member of the founding team whose educational background doesn’t relate to mathematics or computer science. He successfully completed his studies at Inje University and earned a bachelor’s degree in Medicine. This gives SOSO a unique perspective on blockchain technologies.
His first crypto project was Block Crafters Capital which is an investment company centered around the world of crypto.
Moreover, SOSO is also considered a crypto influencer. He started posting videos on his YouTube channel in 2017 and grew in popularity. SOSO is currently serving as the CMO of Bitfrost and Pilab Technology, Inc.
Bitfrost has 4 teams responsible for the development of the project - Core, PL, Interface, and Service.
Furthermore, Bitfrost has managed to secure an advisory board that consists of crypto experts from major tech players in South Korea such as Coinplug, Block Crafters, Blockwater Management, and KAIST Electrical Engineering.
Additionally, it has partnered with the leading crypto companies including Chainlink, Avalanche, OpenSea, and Kronos, among many others.
