Bitfrost (BNC)

 Basics

• Announced on:
• Mainnet release:
• Based in:
• From their whitepaper (11-11-2020):

"Bifrost is a cross-chain network which provides liquidity to bonding assets. It takes advantage from Staking as the early stage to provide liquidity in the form of Staking derivatives."

Token

Utility

• From their whitepaper (11-11-2020):

1. "Liquidity commission for derivatives: Transfer, transaction, mortgage and other behaviors in Bifrost network all need to pay a certain commission to maintain the network. BNC that used to pay commission will be sent to the Treasury for further administration and distribution. (All kinds of tokens can pay commission)
2. Slash collateral: Participating nodes will be required to pledge part of BNC to obtain votes from the asset of Staking pool, while increasing the cost of Slash. Slash collateral will be increased or decreased based on the node's performance score.
3. Governance Voucher: BNC can be used on on-chain parliament, technical committee, Treasury allocation, referendum governance, node election and other chain governance functions, hold BNC can get a right in Bifrost network governance.
4. Capture of Staking Reward: Part of the Staking reward generated from Bifrost will be used for BNC repurchase and put into the State Treasury."

Token Details

• From their whitepaper (11-11-2020):

"Bifrost Native Token (BNC) is the main net Token of Bifrost, the initial total supply is 80000000. Currently, in the Bifrost test network, BNC vouchers that can be exchanged 1:1 in the main network can be received for earlier stages of community distribution."

• Will have vTokens which will be liquid versions of staked assets.

Technology

• Whitepaper can be found here (as of 11-11-2020).
• Code can be viewed [insert here].
• Built on: Polkadot

• Programming language used:

Transaction Details

• Capacity (TPS):
• Latency:

Interoperability

• From their website (11-11-2020):

"Support to cross into other chains through polkadot relay"

The website mentions Ethereum 2.0, Cosmos, Kusama, EOSIO and IOST.

Governance

• From their website (11-11-2020):

"Business parameters can be adjusted through the democratic governance"

Treasury

• From their whitepaper (11-11-2020):

"Part of the Staking reward generated from Bifrost will be used for BNC repurchase and put into the State Treasury."

Roadmap

• Can be found here (11-11-2020).

Audits

• Bug bounty program can be found [insert here].

Team, Funding, Partnerships, etc.

Team

• Full team can be found [here].

Funding

• Has gotten three grants from the Polkadot ecosystem (11-11-2020).

Partners 

• According to their website (11-11-2020):

NGC Ventures, Youbi Capital, Consensus Lab, DFG and Chain Capital, among others. And is cooperating with imToken, Polka World, Ankr and Math Wallet.

• A genesis member (28-3-2021) of the Polkadot DAO Alliance (PDA)