We are pleased to announce our next AMA on January 15th 2021 at 10:00 AM UTC Time: Satoshi Club x Bifrost
⚠️Click to see the hour
⚠️Total Reward pool: $800
⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Bifrost Telegram group
We will have the following structure:
Part 1: 150$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.
Part 2: 150$/10 users – Open chat for 100 seconds. You can post Max 3 questions. Bifrost Team will select 10 questions and answer them.
Part 3: 500$ – A quiz about Bifrost
For more details:
Bifrost – @Bifrost_Global
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Rarely do cross-chain platforms use Polkadot, can you explain how Bitforst’s cross-chain mechanism works when jointly developing on Polkadot platform?
As soon as I joined your telegram group, I was alerted to a pinned message of Bifi APY updates which read: “There was error in APY rates for Reward, Pooling and Staking tagged to a cropped screenshot showing Deposit and Borrow APY information for Eth (106.2%), USDT (97.26%), DAI (85.66%) and Link (56.26%). Where is this screenshot gotten from and which of the APY values displayed are affected by this error? Also, you attached two links to this pinned message which I suppose is meant to lead to the authentic information, however, I was unable to get any APY after clicking the links. So what is the correct information and how are Bifrost APY rewards for Pooling and Staking determined?
You published an article in your medium about YFI price collapse from an unfortunate hack. While concluding the article, you advised that “users should always be mindful of the risks when using a DeFi service that connects with another DeFi service as well as the security of the service”. However, Bifi is also a multichain middleware which is not an own blockchian but directly connects different blockchain protocols. Since BiFi project approach is similar to the one described in your article, how have you been able to design your project to protect users from unfortunate incidents such as this? How tested are your contracts and how do you reduce security risk when leveraging profit from using other DeFi Services during cross-chain interractions?
I read that you have created a chatbot, BFC bot, in different telegram groups which users can chat with and check-in daily in order to earn points which can be converted into BFC_K. However, I am a member of your main telegram group and I have not seen this bot. How do I connect with this bot? What kind of chats can I have with this bot and at what rate or frequency are these points issued? Also, what are the procedure for converting the bot points to the BFC_K and how is this BFC_K awarded different from your main token, BFC?
Bifrost is built on a multi-chain technology. We know that today these DeFi models sometimes have problems with the speed of transactions and run the risk of slippage. What structure has Bifrost built to avoid these risks? Which networks is compatible with your decentralized model?
For this year’s Q1, Bifrost will release its beta version of BiFi. How, Through this multi-chain connectivity, will gas tariffs be reduced, accessibility increased and the ecosystem expanded to allow more innovative financial products to more people? Can you tell us more about this?
Reading through your website, I found something interesting, something called the BFC Bot. What are your main use cases? What are the processes that this bot automates within the platform to facilitate the work of Bifrost users? What improvements has this protocol provided?
How many protocols can bifrost connect to?
What are those qualities that make bifrost stand out and make the difference between it and other middleware platforms?
BiFi is the multi-chain DeFi project that will connect not only Ethereum but also other blockchains such as Bitcoin, Tron and Klaytn, thus expanding the DeFi market by more than 5 times. What is the Builder and who uses it?
BiFi is the multi-chain DeFi project that will connect not only Ethereum but also other blockchains such as Bitcoin, Tron and Klaytn, thus expanding the DeFi market by more than 5 times. In Open Beta, can BiFi supply ERC-20 token loan and loan?
I understand that apart from the chains that have an active connection such as Eht, Dai, link, usdt they intend to connect other blockchains to allow deposits and loans between different blockchains. Can you mention what are those strings that you insert? Could you specify for when which period this insertion will take place?
I have a question that is a bit delicate and important, since a token migration was made from one contact to another, recently this due to a bug found in its structure. What security are they using to protect user assets? Did they increase security?
I understand that Bifrost operators request reasonable operating fees from DAPP providers, who pay them for the services of the Bifrost Platform. What percentage do you have these rates? What are the service plans agreed upon by DAPP providers?
A technology widely used by Defi projects today is the DAPP-WISE linker which can transmit the Intra-DAPP cross-function call between components. To handle a call between DAPP, where an external smart contract calls the traversal function. Does Bifrost also add a dummy feature?
Bifrost makes it easy for DAPP providers to migrate between containers to ensure optimal service for DAPPS. How does migration facilitate? How does Bifrost guide operators?
I understand that the Bifrost ecosystem is growing, all participants benefit from the economies of scale and sustainability of the system. To maintain the bifrosion ecosystem, they designed a unified currency system, BFC. What are the functions that this token fulfills within the platform? What benefits does it offer? Who are the beneficiaries?
The loan facility allows users to deposit ERC-20 assets and borrow against their deposit. What are the interest rates? On the basis of what are they determined?
DAPP developers should assume that the traversal function can be run asynchronously in Bifrost. So the recipe program can be performed callback manipulations on the results of the traversal function calls?
There is a minimum amount to bet on #Bifrost and if I bet it says an eth What I will get from the water droplets then without knowing the value of BNC I am not sure it makes sense to invest. How do you predict the value of billions in eth, which is a BCN almost equal to ETH?
In your website,I read, Users can get BNC airdrops from vETH. I am very interested but also a little bit confused about vETH, How to create a VETH? What is the real/main function of vETH in the Bifrost financial ecosystem? How many pharse in this vETH?
ETH blockchain has very high gas fee as well as very slow speed.So Why did you build Bifrost on the ETH blockchain? What is the reason behind choosing the Ethereum blockchain instead of building it on the BEP-2/TRC-20/DOT Blockchain? Do have any plan to launch your own Mainnet ?
Why did Bitfrost launch the PLO liquidity group? Please tell us more about your partnership with Zenlink and ChainX. What are the main reasons behind this partnership? How can this be useful for both projects? And What are the benefits for users from this partnership?
Bifrost project is possible to create Decentralized Application (Dapps) on top of multiple protocol. So could you please tell us which developer already use Bifrost service to create their Daaps?
If I am a developer of DApps and already have one but want to redefine it to work with multiple blockchains, can I do this with Bifrost and its Builder? Or do I have to start from scratch the DApp and build it again with the necessary modifications?
Bifrost Operators charge fees for their services to the DApp Providers based on the quality of the service, complexity and other factors. But what happens if for some reason the Operator does not provide a good service? Is there a guarantee that the Provider will get what the Operator promised?
The interest rates of the BiFi Lending are calculated by the supply and demand of deposits and borrows. Other projects that also include lending and borrowing platforms decide to let their users decide the interest rates. Why did you choose to set a specific formula and what is this formula? Do you think users prefer BiFi’s Lending and Borrowing system?
I want to ask regarding your Lending system that just launch last week. Bifrost supporting 4 asset ERC20 thats are ETH, DAI, USDT, and LINKS for lending system. But each asset have different “collateral ratio”.Can you please explain why we should pay attention to “Collateral Ratio” when do deposit or borrow? And how is “Collateral Ratio” work in your lending platform?
BIFI project is support ERC20 Ethereum but as we know ETH is lack with Scalability and also other weakness from ETH is centralisation. ETH gas fees already too high right now. So can you please give reason why Bifrost project choose ETH instead other top blockchain out there like BSC or Polkadot?
Bifrost allows their users to deposit their assets to earn interest. It seems that the interest rates are determined in real time according to the supply and demand of deposits and borrows in the market. Can you give us an example of how are the rates calculated?
A total of 400.000.000 BiFi tokens will be distributed in 4 years. I’ve seen you show a daily distribution which is determined by the supply and demand of the market, what happens with the market volatility we’ve seen these days? How does it affect your investors?
I read that the total suply of BiFi Tokens will be 1,000,000,000. Are you planning on burning tokens in the future to add liquidity to BiFi? What plans do you have to offer token burn, and what amount of estimated tokens will you eventyally burn?
Would you consider BiFrost as the real “Killer App” currently existing? Was this one of your purposes when you started developing the platform? To be known by anyone in the blockchain world as the best and only option or you just wanted to provide a place that could potencially fix the trilemma?
On your roadmap for Q3 this year you have “Integrate Major DeFi Services”, which services are those? And which one of them has been or will be, in your opinion, the most challeging one to bring to your platform?
What is the role of Bifrost Token (BSC) in your platform, is it for farm, stake or something else? Also what is the different between BSC token and BIFI Token?
Bifrost is the first blockchain middleware that enables multichain technology. What is the roles of a “middleware” platform and what kind of software Bifrost system use on advancing or connecting different blockchain technology?
What plans does Bifrost have in motion to aid in global adoption. There are so many projects out there clogging and making it hard for the general public to see real and promising projects. What Marketing strategy does Bifrost have in play to get across to all regions of the world especially those regions where English is rarely or not spoken?
You recently gave some news that there was an error in APY rates for reward pooling and staking. How did this happen? I hope there’s no bug that hackers and mischief makers can exploit and cause losses to users and investors assets?
Please give us more details about BiFi lending service and BiFi rewards program as the information available isn’t sufficient. What requirements do I need to fulfil to use BLS?
Q1 / Q2 2021 – Multichain Lending & Wallet says: Expand supported tokens and networks for lending and borrowing, such as Bitcoin, Klaytn, Tron. Also, initiate multiple chain transactions through Bifrost Wallet, how will this loan work and what guarantees do I have when lending money, what security of repayment or days are available according to the loan, how much is the percentage of profit, how do you pay this loan?
Bifrost is a blockchain middleware that enables multichain technology. I feel like Bifrost can work with “ANY” blockchain, is that true? To elaborate; let’s say I created a new blockchain technology, will your system be able to work with it without any serious development/coding, or will you need to make a study to integrate it?
I noted you have a BFC Bot, what is the utility of this bot? Is it for airdrops?
What technology does Bifrost use to allow multichain connectivity? And what are the advantages about it?
Please tell me what is the strength of the Ethereum network? Why is everyone developing Dapps and tokens on this insanely expensive network in terms of fees? What is worse than Klyatn. BFC Bot awards Klaytn-based Bifrost Tokens, but I will have to exchange them for Ethereum-based BFC and pay a commission that will probably be more than the amount I collected with the bot.
So, you are multichain and have Klytn-based reward tokens, but your BFC token is on Etherium , not TRX, not BSC e.t.c. Please explain what’s magical magnet in the Etherium?
It seems to me that the rule for converting points to BFC BOT is not fair. The users with higher points get relatively lesser conversion and those with lower points get relatively higher conversion. Why if I was more active and have more points, I will get less when converting. Why then should I be active and earn a lot of points, if with less activity and less points I will get a better conversion?
Could you tell us more about BFC Bot? Why do you have a Bot? What can we do with it? What have been the improvements with each upgrade?
You say that we can integrate multiple blockchains into a single service, but I’m curious about how many and on which tokens users would have to pay the fee to use that service, a little on each token or on the Bifrost token?
If we go through Bifrost Finance, we will find vTokens. What make this vTokens be different from the original token? If we swap our token to vTokens, what kind of token can we swap and what is the ratio? Also, why Bifrost must use vTokens while we can use original one?
We all know that Bifrost recently received funding from the WEB3 Foundation. Can you briefly talk about the current cooperation with WEB3 and Polkadot?
How is BIFROST development going? Can you describe in detail current development efforts, market expansion plans, expected applications, and when will they become commercially available?
For me, as an investor, it is important to get the most income with the least risk. Tell me, the BIFI platform, acting as a financial acceptor in providing a profit-making service, does it conduct market analysis to understand which crypto pair is most profitable and minimize risks? Or you stick to the concept, like most existing DeFi – Your money is your problem, we are not responsible for anything.
Blockchain transactions are concluded depending on the network overcrowding. This problem is related to scalability issues.. because we actually know that the Ethereum blockchain currently has a lot of problem right now like slow speeds, scalability issues, high fees etc…then why did you choose to use Ethereujm network over other network ..Do you have an improve solution or a new innovation to overreach the scalability issues in blockchain technology?
Are you saying that my loan collateral could be at risk of liquidation if a price change occurs in the market that lowers the value of my collateral or increases the value of my loan? If my net debt to assets ratio exceeds 90%, is the collateral at risk of liquidation? Hence the question arose: how to get out of this situation so that I do not turn out to be a malicious non-payer or lose my assets? Is it possible for me to increase my collateral?
Do you yourself monitor the situation of borrowers and lenders in order to timely notify your users at the right time?
The BiFi token was listed on Uniswap on December 31, 2020 at 6:00 UTC. The listing pair will be BiFi-ETH. BiFi Token Migration Successful! Congratulations!
Bifrost planned to contribute 10 million BiFi tokens to the Uniswap liquidity pool at a BiFi token listing price of $ 0.008. But the price of ETH is constantly changing! Did you change the amount of ETH depending on its price, which should have been deposited on the day of listing? Or did everything go as planned?
I understand that with Bifrost ERC20 tokens can be interconnected with any Bitcoin, Tron and Klaytn tokens, but why only those chains that have so few tokens? Why not be compatible with Dot or others with more tokens?
With Bifrost you can change the types of blockchain you use whenever you want? Or will I have to wait for some time using the selected strings? Also, by changing them, will it greatly modify the programming and characteristics of the application you are developing?
really why implement a bifrost bot? Will this serve as a guide for users to choose the blockchains that are most convenient for their applications? Or is it only for purposes of giving greater rewards to the user?
You mention on your website that Bifrost could “turn the promise of the blockchain into reality”, right? But what is that promise really? Will it be to achieve transparency and security without the need for third parties?
really BIKI and Bifrost are the same thing? Are they the same project with the same objectives and the same founders? If true, why change the name and not just use Bifrost?
Really implementing multiple protocols in dapps will allow them to be faster and more efficient without causing any error or inconvenience? everything is really that simple to join the chains?
I understand that your first listing on Cex exchangers was Upbit btc market, but when will we have it on Binance and also as derivatives tokens?
You mention in the Medium Blog that by betting on BiFi,” it will be possible to stabilize the price of its tokens and at the same time lengthen the ecosystem”, that means that if users are not lovers of their capital being blocked for months to obtain liquidity So Bifrost would go bankrupt? Or would they have other mechanisms that would keep them standing?
What makes BiFi different from the hundreds of other DeFi protocols that currently exist? What problem does it really solve that is no longer covered?
Is Bifrost easy to use? Is Bifrost more difficult or easier to use than other middleware?
How #BiFrost going to resolve the difficulty that materialize putting the operation of smart contract?because we all know that smart contracts is always prone to bugs,,might be open for some fradulent and sometimes misrepresentation and hacking
What is the BFC Bot at bfcbot.com for? I still do not understand how to start it and prepare it for use?
Whats are the interest/privilage or advantage of staking and Pooling in BiFrost..? And what is the expected ROI for Stakers?
BiFi supports BiFi-Eth pair on Pooling Service..what is BiFi Pooling Service?How much we will spend and earn using BifI Pooling Service
How does the Middleware blockchain work? And is Bifrost really the first in the world to achieve multi-chain technology? Approximately how many protocols are there?
What is Bifrost mission this year? And what would your vision be for the future? What are the next projects to be launched?
Is it really so simple to choose the blockchain protocols and switch to the network of our preference? How is it possible to achieve this with Bifrost?
The only way to earn BiFi Tokens is to add BiFi-ETH? Why did you choose ETH? What is special about this cryptocurrency?
How is it possible that BiFi not only connects with ETH but with other exchanges such as Bitcoin, Tron and Klaytn? How is it possible for this Token to connect with the multiple chains? And will it really reduce gas rates?
What advantages will Bifrost’s multi-chain technology provide, how will BiFi provide compatibility with other blockchains other than Ethereum such as Bitcoin, Tron and Klaytn, and how will it lower BiFi gas fees?
How is the Token ‘’ BiFi ‘’ divided?
What kind of doors will Bifrost open to developers? What rights will developers have to create DApps on multiple protocols, and how does BiForst privilege in the field of Dapp because it is a multi-chain middleware platform?
How many BFC tokens must be staked in Bifrost to use Bifrost or participate in the Bifrost Ecosystem?
Bifrost, developed by PILAB, solves the problem of low speed and insufficient scalability of the blockchain by connecting the blockchain platform and DApp. The smart contracts needed for the DApp to work are functionally classified and linked, so that one DApp can use multiple blockchain platforms. I translated this from Korean and the meaning may be distorted. Therefore, I would like to know firsthand about Bifrost technology and what of this is used in BiFi