Dear, Community,

Welcome to the recap of our AMA with Bifrost.
Our vibrant and enthusiastic community had a lot of questions to ask. To those who want to know quickly what Bifrost is about, we are sure this recap is gonna help you. So without further ado, continue reading 😉

✔️Introduction with Bifrost :👉

| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Q1. Can you please introduce yourself and also tell us a bit about Bifrost ?

Maarten (I will never PM first!):
First I would like to thank Đecentralized Člub for doing this AMA with us. My name is Maarten Henskens and I’m community manager for Bifrost. I’m working for many years now in the blockchain industry and my first contact with crypto was in the year 2014. I found Bifrost when I was researching the Polkadot Ecosystem.

Bifrost is a future parachain based on Substrate to provide liquidity for staking assets.
We’ve received $600,000 seed financing from NGC, SNZ and other institutions. We also have a grant from Web3 Foundation and are member of Substrate Builders Program and the Web3 Bootcamp. More info about Web3 can you find here: https://web3.foundation/

| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Very Impressive👍

Q2. What is so exciting about Bifrost that we should know about ?

Maarten (I will never PM first!):
One of Bifrost goals is to make it very simple for users to use our platform, they only need to convert tokens into vTokens. For example: let have a look at DOTs (Polkadot), you can easily convert them into vDOTs via Bifrost and as long as they hold the vDOTs, you can get staking revenue and create liquidity.

In fact, we have a lot of experience in PoS pools. We launched a decentralized PoS pool with staking liquidity before Bifrost was launched (Liebi Pool), at the time when DeFi and staking went crazy and there was no staking liquidity derivatives on the market. So, we’ve accumulated a lot of experience.

We are having Initial partnerships with Zenlink and ChainX to provide trading scenarios for vsDOT and vsKSM, and this agreement is in the process of being approved by the Web3 Foundation for a new grant.

| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
I am pretty sure BNC will blast in crypto world🔥

Next question coming….

Q3. Which are the most important achievements in 2020 for Bifrost ??

Maarten (I will never PM first!):
Recently we had a great third run of our Testnet (Asguard CC3). Bifrost released the Asgard CC3 Incentive Tesnet on September 24th, which includes validators, EOS crosschain and vToken exchange. Compared to Asgard CC1 and Asgard CC2, the number of crosschain and vToken exchange data tripled.

On November 24, Bifrost announced Voucher Ethereum (vETH), a solution that provides staking liquidity for ETH 2.0, and simultaneously launched a plan of 100,000 BNC vETH Mint Drop. You can say this is our official first airdrop. This even got mentioned in one of Chico Crypto latest video a well-known crypto YouTuber.

More information can be found here:
https://bifrost-finance.medium.com/bifrost-activates-mint-drop-program-in-3-days-mint-veth-for-bnc-airdrop-cdea5bafb96f

| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Amazing 😎It shows a lot of transparency

Last question coming….

Maarten (I will never PM first!):
Thanks! 😊

| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Q4. Finally, any sneak peek into 2021 plans for Bifrost ??

Maarten (I will never PM first!):
In 2021 Bifrost will launch his mainnet and take part in Kusama parachain auction. We will also have our PLO liquidity pool (more information about this in the next segment of this AMA). You can always check our roadmap that you can found in our Whitepaper.

| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Thank you Maarten , super insightful and very easy to understand.

🐧Community ask Questions by Twitter ✔️

| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Twitter question no 1.
Username : @TicoEdgardo

Can you explain
What is vToken?

and the most important question

What are the Benefits of staking ‘The new’ ETH or ETH2.0 with Bifrost?

Maarten (I will never PM first!):
Voucher Token, or vToken, is a kind of Polkadot or Substrate based general-purpose asset minted by users through the Bifrost network using staking assets. vToken represents the ownership and reward right of the original staking assets. At this moment we have our vETH token and this represents ETH2.0.

Benefits of staking ETH with Bifrost:

- Receive variable staking rewards of approximately 5% to 17% yearly, based on the network rate.
- Receive ETH staking rewards every week.
- For the month December you also join the Bifrost aidrop (so that’s double the reward in the month December).
- Stake small or large amounts — with Bifrost you can stake less than the 32 ETH minimum required on the network.
- Help support the ETH 2.0 network.

We also have our native token $BNC. Bifrost Native Token (BNC) is the main net Token of Bifrost, the initial total supply is 80M. Bifrost Native Token will have different use-cases inside Bifrost Ecosystem:

- Liquidity commission for derivatives.
- Slash collateral.
- Governance Voucher
- Capture of staking rewards

Our token will also be used in our incentive model:
- vToken holding incentive
- PLO (Parachain Lease Offering)

For more information see our Whitepaper: https://whitepaper.bifrost.finance/

| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Twitter question no 2.
Username : @ApaguJohan

What kinds of problems do you see on single-chain smart contract? Is this the main reason behind choosing Polkadot over Ethereum? And what Solution does Polkadot provide in this case?

Maarten (I will never PM first!):
Bifrost chose Polkadot because we found weaknesses of developing based on single-chain smart contract, it’s hard to be transferred to multi-chain. After technical research, it was found that the combination of the Polkadot Relay Chain and the Substrate development framework would be a good solution to this problem.

Maarten (I will never PM first!):
From an ecological point of view, I think there are three main differences between Polkadot and Ethereum.

- They are forkless upgrade & on-chain governance;
- Heterogeneous cross-chain;
- and shared security.

Firstly, I would put forkless upgrade and on-chain governance together because they are complementary, without good governance mechanisms, forkless upgrade cannot play its part. Forkless upgrades allow Polkadot and its ecosystem to iterate quickly. Thanks to the design of XCMP, the technical cost of cross-chain is reduced to a very low level, and it is also very fast.

Finally, the parachain essentially reduces the cost of consensus maintenance of public chain by providing shared security, projects can focus on product development.

If you have questions about all my answers, tell them in the live session after question 5! I love good questions related to Bifrost 😉

| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Twitter question no 3.
Username : @OkanBoysan29

I’m curious about the team’s record and I don’t see that in your website. I think it is important to invest on a project who has a reliable workers. Do the team already worked on something related to crypto industry?

Maarten (I will never PM first!):
You are right that this is very important for future investors in Bifrost. We haven’t updated our website at this stage but this is planned to happen very soon. In the meantime, let me introduce our team:

Lurpis (co-founder & CEO)
o CEO of Liebi technology
o 5 years of blockchain product and development experience
o Sina Weibo early full-stack engineer
o Leader of blockchain cross-border settlement in Ping++

Edwin (co-founder & CTO)
o 10 years of development experience in blockchain and finance
o Rich experience in large-scale system architecture design
o Former core engineer of Ankr

Let me share some screenshots of other team members:

| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Twitter question no 4.
Username : @Nafisiqbal55

My question is regarding PLO liquidity pool. For locking our tokens we will get vTokens in return right? Suppose, I am holding DOT and return I will get vDOT. my question is can I redeem this vDOT anytime? On which platform and how can I do that?

Maarten (I will never PM first!):
Bifrost is a project whose aim is nothing less than providing staking liquidity for all PoS projects which will run as a parachain on top of the Polkadot. By staking with Bifrost, users will bond their tokens and receive newly minted vTokens in return. For example, when you bond your DOT, you will receive a vDOT which you can further trade. You can redeem them at any time at the current minting price. This will happen inside our platform or you can sell your vTokens on partnered exchanges.

Let me now explain our PLO liquidity pool. First I explain how parachain slot auctions work briefly. Since there’s a limited amount of parachain slots, there has to be a way to compete for them. Therefore, Polkadot provides an auction system where users can bid for their favorite projects. Auction can either fail (and all bonded tokens are returned to their owners immediately) or succeed. When an auction is successful:
• The project will receive up to 4 parachain slots (1 slot is 6 months),
• All tokens bonded to the auction are locked for that period of time
• Users will usually receive compensation for an opportunity cost in the form projects’ native tokens.

As you can see, the second point can be really problematic for some users. Imagine you made a bid for your favorite projects with 100 DOTs and these DOTs will be locked for up to 2 years.

So here comes Bifrost to the rescue! You can actually make your bids via the Bifrost protocol and if the project succeeds, Bifrost will mint the vDOT which you can trade while receiving a reward from the project you have voted for at the same time.

| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Twitter question no 5.
Username : @Cebihuseyin61

Just because a currency is fully backed up does not mean that it is 100% secure, there are cases where that back up has been stolen. Does Bifrost have a security system against flash loans attacks?

Maarten (I will never PM first!):
Firstly, our contracts will be absolutely audited by famous institutions. Now, the ETH 2.0 Mint Drop contract has been audited by Certik. You can check the audit report here: https://github.com/bifrost-finance/bifrost-mint-drop/blob/master/audit/certik_final_report_for_biforst.pdf

Bifrost made it clear that it will participate in the parachain auction, access the Polkadot mainnet through the parachain, and enjoy the same security as the Polkadot mainnet. You don’t need to trust our consensus mechanism because we will be plugged in Polkadot parachain under shared security of the whole ecosystem.

Otherwise, Bifrost has four security levels. FIrst, slash will be deducted from bidders’ bid slash deposit. Second, if slash deposit is not enough to cover the amount, it will be deducted from slash fund of all mint users. Third, level up to deduction from Bifrost Foundation. Final, all users will be average deducted from capital and whole system will shut down to solve the situation.

✍️ Telegram live Questions answered by Bifrost ✔

DANSU:
Sometimes good projects like yours don’t receive the right attention from the DeFi community. How will BIFROST spread its name and become more popular?
@Fiexer thanks

Maarten (I will never PM first!):
Decentralized finance (DeFi) has emerged as one of the most popular use cases in the crypto ecosystem over the past few years. In brief, DeFi can be described as financial software built with blockchain technology, and it has the potential to make financial applications more open and accessible.

As part of the Polkadot Ecosystem we got support from major companies behind Polkadot and mentioned on Polkadot events all over the world.

For example this is our event calendar from mid-december:
December 19, Substrate Hackthon Hangzhou Station
December 18, 21, 23, AMA sessions
December 22-December 23, Cointelegraph Chinese & Nova Sanya Blockchain Week
December 26-December 27 ,Rust China Conference Shenzhen Station

Kingdom:
What is the utility of the $bnc token on this on-chain liquidity protocol overall? Can you briefly explain about the design of bifrost reserve on the overall bifrost ecosystem?

Maarten (I will never PM first!):
The goal of BNC is to make Bifrost network being more decentralized, build market scale for Staking derivative of vToken, and incentivize a liquid market. Thus every step of BNC distribution will be thinking critically for the health of the Bifrost protocol. To achieve the goal, BNC will reserve 45% tokens as incentives for the entire ecosystem, including vTokenmint, PLO slot auctions, Collator node incentives, Oracle usage and cross-chain costs.

For more information about our tokenomics please have a look at our Whitepaper:
https://whitepaper.bifrost.finance/

Anaconda🐍:
At this point, do you think you need exchanges as a binance to keep growing? Or is it better to forget those things and focus on other activities?

Maarten (I will never PM first!):
A lot of new members in our community always ask for exchanges but at this moment we are focussing on development. We have our mainnet ready and this will be launched during the Kusama parachain auction. We have a lot of new features on our roadmap and our goal is to become a very important role in the Polkadot Ecosystem and for all PoS projects.

Don Badsha:
How Do you planning to promote your project in different countries, wherein English is not spoken well? Do you have a local communities for them to better understand your project?

Maarten (I will never PM first!):
We have around 10 Ambassadors from all over the world working for us.
We had our second wave of ambassadors last month with new languages, and regions all over the world.

Some of our local communities are here on Telegram:
🇫🇷 French | https://t.me/bifrost_france
🇮🇹 Italian | https://t.me/bifrost_Italian
🇹🇷 Turkish | https://t.me/bifrost_turkish
🇷🇺 Russian | https://t.me/bifrostrus
🇻🇳 Vietnam | https://t.me/bifrost_vietnam

Cao Quyen:
What is your background and how did you come to the idea to create BIFROST project? Why did you choose the name BIFROST? Does it have special meaning and is there any story behind this name?

Maarten (I will never PM first!):
Our name is based on Norse mythology. More information can you found on Wikipedia.

… bridge that reaches between Midgard (Earth) and Asgard, the realm of the gods. The bridge is attested as Bilröst …
Bifrost is building a bridge between all PoS project and the Polkadot Ecosystem.

https://en.wikipedia.org/wiki/Bifr%C3%B6st#:~:text=In%20Norse%20mythology%2C%20Bifr%C3%B6st%20(%2F,the%20realm%20of%20the%20gods.

✔️Thanks to all of our Community Fans✔️

Have a Great Day

Edited by : 🌿DK✍️

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