Thanks all for participating in our Bifrost AMA. We really appreciate all your support. There were really good and thoughtful questions that were asked. For those who missed our AMA, this blog post is for you.
Mayank – Hello @Bifrost01 welcome to CryptoNationIN 🥳 Glad to have you with CryptoNationIN today 😃
Dohyun – Hi thank you for having me here I am excited have an AMA with CryptoNationIN.
Mayank – Sounds great. Before we start, could you please tell a brief description of yourself to the community.
Dohyun – Sure!
Hello everyone, nice to meet you all. I’m Dohyun Pak and I am the co-founder and CEO of Bifrost.
For over 10 years, I have developed and managed complex derivative products for financial institutions in the US and Korea. I received a Ph.D. in financial engineering at the University of Michigan, Ann Arbor, and I currently serve as the professor of mathematical finance at Gachon University.
Mayank – Great! Could you please tell about Bifrost.
Dohyun – With Bifrost, developers can write smart contracts for multiple blockchain protocols in an unified environment. They simply select the target blockchain for each part of the code, then Bifrost will transpile, compile, and deploy the code into the target blockchains at once. Developers can also easily operate their DApps and even switch the target blockchain as new and better protocols become available.
Many people get confused with other Bifrost so below are the links to our websites!
Mayank – Thanks for the introduction, it seems interesting.
Q1. Creating Dapps on multiple protocol can be very complex and tricky process. How has Bifrsot simplified this in order to attract more developers to choose/build with Bifrost and not to be scared off?
Dohyun – Creating a DApp is not an easy task. It requires lots of time and effort of developers. With Bifrost, DApp developers can create DApps easily. Bifrost has a feature called Builder. Builder offers a customized environment for DApp developers. When developers want to use different blockchain protocols, they can simply choose the blockchain protocol they wish then Bifrost will modify codes for developers.
Q2. What is the usecase of Bifrost? How will you make sure this won’t become one of those projects that promise and Product and end up selling tokens without ever releasing products?
Dohyun – The first DApp powered by Bifrost is already live — which is BiFi. BiFi is a multichain DeFi platform for saving, investing, and earning your digital assets. Currently, it supports ERC-20 tokens, but will soon support BTC, DOT, KLAY, BNB in early 2021. Anyone can start using BiFi, if you have a MetaMask wallet. Other than BiFi, we have presented our multichain technology at the DevCon, showing 75% fee reduction and 750 TPS on ETH, KLAY and Libra.
Q3. I want to hold $BFC for future use in buying my wants and needs. Where is $BFC token currently listed, where can I buy it?
Dohyun – Buying $BFC is simple. You can purchase $BFC on several exchanges. $BFC is listed on centralized exchanges Gate.io, Upbit, and Bilaxy. If you don’t want to use a centralized exchange, then you can buy $BFC on Uniswap. If you are in our Bifrost Global Telegram group or any other group that has BFC Bot, you can type the command /buybfc and get the link to buy BFC in all exchanges.
Q4. As we knew about the expensive gas fee from Ethereum network nowadays , Do you have a plan to bridge $BFC from ETH to another network for saving gas fee?
Dohyun – Thank you for using BFC Bot in this group.
We are all aware of extremely high gas fees in the recent days. BiFi will solve the issues of soaring gas fees and DeFi services limited to a single blockchain (Ethereum). We already have an ambitious roadmap planned out to integrate other blockchain protocols on BiFi using Bifrost. With multichain, BiFi will solve these issues, lowering gas fees, increasing accessibility, and expanding the ecosystem.
Q5. What is $BIFI token used for? How can I get $BIFI token? What are the benefits of holding $BIFI token?
Dohyun – BiFi token has three main functions. 1. Used as a governance token that holders can vote or submit proposals. 2) Used in various financial services on BiFi and lastly BiFi tokens will be used whenever users use multichain services. Anyone can buy BiFi on exchanges but I’d recommend the best way to get BiFi tokens is by using our Lending, Pooling and Staking services on BiFi. You can find more information of Lending and Pooling through link.
Q6. Is there any limitations to the number of protocols Bifrost can connect to?
Dohyun – There is no limitations to the number of protocols Bifrost can connect. However, there can be differences between protocls that we support and protocls that we don’t support. If you decide to use blockchain that we support then you can deploy the code easily on Bifrost. If you choose to work on blockchain protocols that we do not support then you might have to do modifications and currently we are working to support various blockchain protocols and we will share the information before the launch.
Q7. From your tweet:
☑️ Borrow against your assets
☑️ Withdraw your assets any time
☑️ Low APRs (assets) and High Rewards ($BiFi)
☑️ More $$$
Can I borrow more than my assets? To withdraw my assets, would there be any transaction fee or minimum balance?
Dohyun – On BiFi lending, users can deposit and borrow different assets. Once you make a deposit, you can borrow against your deposits.
You cannot borrow more than what you deposit. Each asset has a different collateral ratio. Currently, ETH debt-to-aseset ratio is 75%.
This means that if you deposit 100 ETH, you are able to borrow 75 ETH worth of different assets.
When you withdraw assets, gas fees will incur but there is no minimum balance.
Q8. How many wallets that can support $Your Token until now? And do you have any plan to build your own wallet?
Dohyun – Currently, BiFi mainly supports MetaMask since is still in the progress of Open Beta. Later when BiFi integrates the Bifrost’s multichain technology to support coins from other protocols such as BTC, DOT, KLAY, and BNB then we will relase our own multichain wallet, Bifrost Wallet. Also when we release Bifrost Wallet users can convert BFC_K.
Q9. As Education for crypto currency is necessary nowadays , what’s your plan to to attract those people who don’t know about cryptocurrency?
Dohyun – First we are actively posting on our Medium to explain what DeFi is and how to use our services and we posted vidoes on our YouTube channels for BiFi and MetaMask instructions. Also our CMO, Soso is a one of the top YouTubers in Korea. As of now we focused on attracting users who are familiar with the crypto and DeFi. However, we will actively do more marketing campaigns to attract new users who are not familar with the crypto. We are not only aiming for those who are not familar with the crypto but also people who do not know about what blockchain really is.
Q10. Could you give information about your approach to communities? How about your community building efforts. Do you have local communities to better describe your project?
Dohyun – We believe a strong community is vital to the growth of a project. Therefore, we have developed our own in-house chatbot, BFC Bot, which you can see in this group. BFC Bot helps members engage within the community, earn points, and earn BFC_K which will be later converted to ERC-20-based BFC on our own multichain wallet. This will ultimately increase users of BiFi.
We also have several regional groups of Bifrost Telegram. We also plan to create more groups as we get more diverse supporters of our projects. I will provide the links below:
Q11. Please tell to us more about your team? How many people are in the team? How do you planning to bring more attention to this project? what’s the amount targeted like partnership, members?
Dohyun – Well you can check our team on our website. Currently we hired more people to expand and develop BiFi and Bifrost ASAP. There was a significant improvement on our marekting. Recently, CryptoBanter mentioned us and our CMO was invited by him to talk about our project. We also have 35+ global partnerships, including Neo, Terra, Matic, Coti, and much more. Our most recent partnership / integration of price oracles with Chainlink assures the security and stability of most trusted price feeds for our users.
You can read about our partnership here.
Thank you to Dohyun Pak (CEO & Co-Founder) and Community for participating in the AMA. Have a nice day.