Bifrost (BFC)

What is Bifrost (BFC)?

The Bitfrost Token or BFC is the official currency that powers the Bitfrost ecosystem. The latter represents Blockchain middleware for building multi-chain decentralized applications (dApps).

BFC serves as a medium of exchange in the Bitfrost ecosystem. His ERK-20 compatible.

Bitfrost token required to use Bitfrost middleware by using bid. Developers must have a certain amount of BFC as it will be needed for staking.

In other words, developers stake a certain number of BFC tokens until a threshold is reached. Once the threshold is reached, developers must stake a certain number of tokens to continue using Bitfrost.

The maximum limit is 4,000,000,000 Bitfrost tokens. Some of them were distributed as follows:

• 20% – Bitfrost Reserve;
• 20% – Bitfrost ecosystem;
• 20% – Core team;
• 10.4% – Marketing;
• 4% – Investors.

BFC was launched through an initial coin offering (ICO). Prior to this, Bitfrost conducted two separate rounds of private sales and also launched a public sale.

BFC is a cryptocurrency, which means its price tends to fluctuate. Our tracker (which you can find above) will help you stay on top of all the fluctuations. In other words, it will give you a better look at Bitfrost’s price history and BFC’s current price.

What are the main characteristics of Bifrost (BFC)?

As discussed in the What is Bitfrost section, Bitfrost defines itself as a multi-chain blockchain middleware platform. Its main advantage is that it allows you to interact with multiple blockchain protocols simultaneously.

This is a tempting solution for blockchain developers because it allows their test different networks before deciding on the most optimal blockchain protocol or combination of blockchain protocols for your project..

In addition, smart contracts already created on Bitfrost can be easily transferred to other blockchain networks.

How does it work, you ask? All this 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. Simply put, all smart contracts on Bitfrost are written in Recipe.

Linker is an interconnected system that connects developers with Bitfrost elements.

Builder is Integrated Development Environment (IDE) whereas Gourmet is mainly used for testing smart contracts built on Bitfrost.

Scan This is a type of dashboard for an overview of Bitfrost’s internal processes.
Builder, Gourmet and Scan are part of the complete development package provided by Bitfrost. Other components of this suite include customer service solutions.

Bitfrost’s advanced technologies guarantee compatibility, flexibilityAnd high scalability when it comes to smart contracts built on its middleware.

The first project to be developed with Bitfrost will be BiFi, a decentralized finance (DeFi) platform. In the future, BiFi will launch its own utility token – BIFI.

At the time of writing, Bitfrost supports Ethereum, THRONEClayton, Metadium and Ethereum.

If you are interested in this project, be sure to do your research. You can start by analyzing the price of BFC in the chart above.

Who developed Bifrost (BFC)?

The Bitfrost cryptocurrency project was launched in 2016. It is a South Korean company co-founded by entrepreneurs Dohyun Park, Jonhyup Lee, Changhyun Yoo, and SOSO.

Dohyun Park has a doctorate. Bachelor’s degree in financial engineering from the University of Michigan. Previously, he received a Master’s degree in Operations Research from Iowa State University and a Bachelor’s degree in Mathematics from Yonsei University. After graduating, Dohyun Park continued to develop derivative products in both South Korea and the United States.

He entered the blockchain world in 2015 and helped launch the blockchain-based research company Pilab Technology, Inc. A year later, he co-founded Bitfrost.

Dohyuk Park currently serves as the CEO of Pilab Technology and Bitfrost. He is also an assistant professor at Gachon University.

CTO of Bitforst, Jonhyup Lee also entered Yonsei University for all three levels. He has a Ph.D. in Computer Science, a Master’s degree in Computer Science, and a Bachelor’s degree in Computer and Electronics Engineering. Besides Bitfrost, Jonhyup Lee also co-founded Pilab Technology, Inc., a blockchain research project.

Changhyun Yoo envisions a future in which the financial sector is revolutionized by blockchain technology. He attended the Korea Advanced Institute of Science and Technology (KAIST), where he received a bachelor’s degree in computer science. Changhyun Yoo is the CEO of Bitfrost and the aforementioned Pilab Technology, Inc.

SOSO Hyunsik Choi is the only member of the founding team whose education is not related to mathematics or computer science. He successfully completed his studies at Inje University and received a Bachelor of Medicine degree. This gives SOSO a unique perspective on blockchain technologies.

His first crypto project was Block Crafters Capital, an investment company specializing in the world of cryptocurrencies.

Moreover, SOSO is also considered an influencer in the cryptocurrency space. He started posting videos on his YouTube channel in 2017 and his popularity grew. COCO is currently the Director of Marketing for Bitfrost and Pilab Technology, Inc.

There are 4 teams responsible for project development in Bitfrost – Core, PL, Interface and Service.

In addition, Bitfrost managed to provide advisory board its members include crypto experts from South Korea’s biggest tech players such as Coinplug, Block Crafters, Blockwater Management and KAIST Electrical Engineering.

In addition, it has in partnership with leading crypto companies, including Chainlink, Avalanche, OpenSea, And Kronosamong many others.