The future of multichain, brought to you by BIFROST
The crypto space is ever-evolving and 2022 saw a number of Layer 1 and Layer 2 blockchains rising up to meet the various challenges faced by the blockchain industry. With the appearance of multiple new chains, the concept of interoperability has become more important than ever. To address this issue, many projects have introduced simple bridging services to more complex interchain solutions. However, this resulted in a higher level of complexity for the users, as they were forced to use a multitude of wallets, search for different methods of moving liquidity and handle assets across chains.
Undoubtedly, one of the keywords in 2022 was adoption — the adoption of blockchain by Web2 companies, and the adoption of cryptocurrency by various institutions and governments. However, for the mass adoption of blockchain to occur, simplicity was a prerequisite, not an option.
Simplicity has been at heart for those of us here at BIFROST, and the multichain experience we offer had to be not only secure and decentralized but also simple. In a step to achieve this, we are thrilled to announce the official launch of our very own mainnet — the BIFROST Network.
The mainnet for a smooth multichain experience
Having a mainnet comes with several benefits for a multichain solution.
One of the immediate benefits is the greater range of assets that could be utilized in cross-chain actions. The BIFROST multichain solution allows users to operate with both native and wrapped assets, and our multichain DEX will also allow for swaps between canonical assets on two separate chains. This, in conjunction with the existing suite of BIFROST DeFi products, renders the BIFROST Network a liquidity-efficient omnichain solution, tackling the issue of fragmented liquidity and markets. This combination of the traditional multichain solution and the aggregated liquidity solution results in a multichain solution with deep, focused liquidity, that exists to simplify and better the user experience in utilizing different chains.
Another feature of BIFROST is the validation of cross-chain transactions by the whole set of BIFROST full nodes. Thus, the network is sufficiently decentralized and, more importantly, on the path of progressive decentralization as more validators join the network. Built-in relayer and oracle services are run by the validators with the self-bonding stakes subject to slashing. Subsequently, the cross-chain services of BIFROST inherit the decentralized security of the network. In addition, multiple audits and bug bounties are in place to make sure that security is held to the highest standards.
Lastly, a mainnet can be a home to DApps that are born to be multichain. Gone are the days when DApps had to scour for solid, trustworthy bridges to potentially migrate or expand their services to another network. By leveraging the multichain capabilities native to the BIFROST Network, DApps can now be equipped with full multichain capabilities, designed from the get-go to be available across different chains. This is a game-changer for many DApps wanting to take advantage of various chains, such as gaming, NFTs, lending protocols, and many more.
Imagine a scenario where you wish to build a game that has NFTs native to the Ethereum chain because you believe it to be the best place to store NFTs. Now, imagine that the game company wants users to interact on the BNB chain to take advantage of its lower fees. If you build on BIFROST, your users can control your NFTs on the Ethereum chain while using BNB assets to avoid pricy ETH gas fees. (Of course, you could instead have your NFTs native to BIFROST, as they could be exported out to Ethereum any time you wanted.)
BIFROST is the ultimate solution for projects with such needs and is able to provide more if the project wishes to expand to different networks. The number of networks connected to BIFROST is ever-growing, and so is the number of users that can utilize assets on different chains through BIFROST.
Let’s talk about the network
A brief overview of the network is outlined in the chart below.
The BIFROST Network boasts, amongst other things, reasonable fees and fast finality. The block time is on par with most Layer 1 networks out there, but the real benefit of building on BIFROST is the suite of tools that is readily available for DApps with full multichain capabilities.
Some of the tools offered from the moment of launch are as follows:
- Advanced bridge functions with automatic asset return in case of cross-chain transfer failure enabled by our timeout rollback mechanism
- A reliable price oracle with prices verified by our validators
- The BIFROST Explorer ready to go
- Access to lending market BiFi, and ChainRunner
- Access to other infrastructure and development tools, such as indexing tools
The similarities
BIFROST is an EVM-compatible, Substrate-based network. But what does this mean in practice?
If you are a developer, this is great news. It means the game you were developing, with contracts built on Solidity, is perfectly compatible with BIFROST. All libraries written in Solidity, as well as additional pre-compiles offered by the Substrate environment, are available. Therefore, whether you are from Ethereum, Avalanche, Polygon, or Arbitrum, the potential migration process couldn’t be easier as the same codes and the same contracts can be used for deployment.
Now if you are a user, also great news. It means the wallets you were using are compatible with BIFROST and all that is required is to connect your wallet to our RPC. Of course, there is Biport, our wallet solution that would provide a smoother multichain experience, but in case your old wallet has sentimental values, we understand — your MetaMask will be fully compatible with BIFROST.
The differences
Let’s talk about some of the differences that make BIFROST stand out amongst the army of EVM-compatible networks out there.
The first noteworthy difference is the BIFROST node operators called relayers. In particular, relayers are responsible for detecting cross-chain action events on supported chains and observing off-chain data sources necessary for our built-in oracle service. Thus, relayers (together with system contracts) support the network’s fully-furnished cross-chain channel, which ultimately allows users on one blockchain to utilize DApps provided on other blockchains, conveniently transfer assets between chains, and enjoy our pre-built DeFi suite services with relatively low fees.
Another remarkable difference is the efficiency of the rollback mechanism. A multichain transaction consists of several transactions that span across different networks. At times, a transaction in a series of transactions may fail, and users are exposed to the risk of losing their assets. Should one of the transactions fail, the multichain mechanism of the BIFROST Network can activate the automatic rollback mechanism to revert the transaction to its original state.
In addition, a separate manual rollback feature called the timeout rollback exists in the case automatic rollback fails. Via a transaction, users can manually request on the respective chain for the transaction rollback to release their assets from the vault. The result is a failsafe method for users to reclaim their assets even under dire circumstances, and we are proud to offer this piece of mind to all BIFROST users.
The blockchain best suited for DApps
Aside from the solid technology sustaining our network, there are other reasons why DApps should consider moving to BIFROST.
The Users
The BIFROST Network, through two separate testnet phases, has shown itself to be a reliable network ready for DApp deployment.
The first iteration of the BIFROST Incentivized Testnet (BIT1), aimed at testing the network in a realistic setting, saw over 10,000 applications to run validator nodes. The tremendous amount of support we received from the community was utterly humbling, and we were excited to follow up with the second round of testnet, BIT2.
Aimed at increasing awareness of our network and ecosystem, BIT2 has also been a great success. We experienced explosive growth across all of our social media channels as more than 12,000 active participants spread the word about BIFROST. We are grateful for all those that participated in helping DApps learn about us, as the resulting number of partnerships has been greater than we had initially hoped.
Remarkable results from both testnets gave DApps the confidence to take the plunge — and we are already excited to announce the partnerships in the coming days.
The Foundation
The BIFROST Foundation listens to the communities and various partners it works with. Fully committed to strengthening our ecosystem and making it the best place to start your blockchain journey and grow your DApps, we are constantly expanding the infrastructure to support the growth of DApps.
Our integrated bridge, the multichain infrastructure, and the built-in oracle are only the first of the infrastructural amenities our network offers to protocols inhabiting our ecosystem. As we evaluate and build additional beneficial tools and features, we look forward to receiving feedback from DApps to make the BIFROST experience better for all.
Governance
Here at BIFROST, we strongly believe in the power of a decentralized economy, and the role governance plays in decentralization. As such, BIFROST is fully equipped with functioning governance for token holders to voice their opinion by initiating proposals and voting.
BFC holders can submit governance proposals or cast votes by locking more than a certain amount of BFC in the network. The voting follows a stake-weighted voting system whereby the voting power is decided based on the share of BFC. Holders can submit proposals and vote on matters relating to major changes to the network, including network parameters.
DApp Support
Of course, switching to a new network is never an easy process. As the network best-suited for DApps, BIFROST is dedicated to helping DApps make the transition and is ready to offer support on various levels to assist developers make the smarter choice.
Many DApps have already applied to our recently launched DApp support program, the BIFROST Ecosystem Fund, a perpetual program that will support the growth of the BIFROST Ecosystem and the many DApps that join us. The program will allow us to continuously discover and fund various DApps contributing to our ecosystem.
In addition to grants, we offer development support to allow developers to build with ease on our network. Not only do we have all the necessary documentation ready for you, but also have a vibrant community of developers ready to address your questions and concerns on our Discord. Of course, we will also be providing the necessary marketing support for DApps onboarding our network as well, to help them gain the recognition they deserve.
Launch Date
The official launch of the BIFROST Network is scheduled for January 30th, 2023.
Our Thanks
Before we end this article, we’d also like to take a moment to give recognition and thanks to all the amazing partners that have decided to join and support the BIFROST Network in their own ways, as financial partners, node validators, and DApps of our network. With many projects embarking on our journey, we can only look forward to what’s ahead.
With our mainnet launch just around the corner, we would also like to thank all our community members for the continued love and support they have shown us throughout the journey — we wouldn’t have made it this far without you. Now, hoping that you are as excited as we are, let’s get ready for the official launch!
