What is Firebird (Previously PolkaFoundry)?
Initially, PolkaFoundry was a platform for creating borderless and frictionless DeFi & NFT apps on the Polkadot blockchain to allow developers to explore new horizons of the DeFi landscape. Its goal was to be a one-stop production center for decentralized applications with all necessary functions, service integration, and tools needed for DeFi and NFT innovations and solutions.
Using Polkadot's interoperability and scalability, and in addition to integrating many DeFi-friendly services into the platform, PolkaFoundry was making dApps as easy to use as regular applications with the goal to take dApps on a massive scale. It was engineered to tackle problems related to UX with high efficiency and standard of practice, as needed in today's cryptocurrency world.
The platform was mainly consisting of a public blockchain and many dApp support services, such as storage service for documents and identity service.
As of October 2022, the project has officially rebranded as Firebird with a mission to focus on developing an optimized stand-alone chain designed specifically for Web3 games and metaverse and build based on the Cosmos SDK framework. Following this, the PolkaFoundry price dropped sharply, however, on the next day it bounced back.
Use Cases of PFK Tokens
PolkaFoundry or – according to its new name – Firebird is using its native token named PKF. It is an ERC-20-compliant token. Creators are planning to introduce the possibility of swamping ERC-20 PKF token for native PKF coin when Firebird blockchain launches the mainnet. This would be possible at the rate of 1 for 1.
Firebird coin is used to pay for transaction fees (especially for computation & storage) on the platform. The next important utility is the possibility of staking for collators to earn a share of block rewards, as well as staking to participate in the on-chain governance process and earn rewards for voting on proposals. When PolkaFoundry was operating at its full potential, PFK was also a form of payment for PolkaFoundry & partners' services, such as PolkaID, DocuGuard, etc.
Together with the rebranding of the project, the PFK token has changed its name to Firebird coin, however, the token symbol has not changed. No new token has been introduced and most important, overall, the Firebird price has remained relatively stable.
Who Founded Firebird?
Luong San, the co-founder of Icetea Labs, was the lead engineer of PolkaFoundry, as well as the CEO of Firebird. The project has a strong connection with Icetea Labs, one of the biggest Web 3.0 gaming and metaverse incubators in SEA. It is taking advantage of the Icetea ecosystem and assistance from accelerator programs, experts, and technical advisors.
The team has described its mission as empowering people with full control and the freedom to use resources digitally in a simple, safe, and easy manner. They want to give developers the possibility to choose from centralized or decentralized technology, or even – a combination of both, based only on the parties’ credibility and the value of the application data.
Before purchasing a Firebird token, make sure to check the Firebird price chart above to learn about the current and the previous PFK price.
