- Bitfrost is an extension of the lightning network PoP protocol.
- It also facilitates smart contracts that could be enabled into the traditional Internet architecture.
- It is created in conjunction with RGB but is not part of RGB.
What is Bitfrost?
It is a project that is built over Kusama. Allows the users to participate in Decentralized finance (DeFi). At the same time allows the user to earn staking rewards on their cryptocurrency.
With it, developers can assign smart contracts for multiple blockchains with a formed environment. It allows the selection of a targeted blockchain for each part of the code. Later, it will transpile, compile, and helps to deploy the code in the targeted blockchain.
Smart contracts are regular contracts, instead of being drafted on paper these contracts are run int the form of protocols on the blockchain.
The recipe is a language that helps define the bit frost’s programming language. Then generated the smart contract codes with assured code level flexibility. And Bitfrost team aims to remove the particular blocker by introducing Liquid staking.
It is a concept allowing users to stake any cryptocurrencies using the Btifrost platform.
Linker is the system that connects the users and Bitfrost components. Also, an integrated development environment offers a customized environment to use the comprehensive suite of features.
It is a next-generation financial service with an instance and secure portfolio. It is a unified platform that simplified and secures asset management tools.
History of Bitfrost
It was launched on 14 March 2016 by PiLab. A research-oriented software provider started by two professors to develop a blockchain application for resolving business and social issues.
Dahyun Pak, as a CEO and co-founder of PiLab, has developed and managed complex derivatives of products. The total supply of the BFC token is about 4,000,000,000.
The Uniqueness of Bitfrost.
It provides flexibility and scalability, interoperability, and Full Dev suits. It provides features that help to develop and operate products, including IDE.
The Bitfrost technology platform allows developers to build on multiple blockchains that enable multichain technologies.
The para chain was designed as an additional layer between the Kumasa rely-on chain and Kumasa Network. It allows the user to participate, send their proof of stake in cryptocurrency to the pool, and convert them to vToken.
Bitcoin Works with Coinbase Cloud
Bitfrost is a web3 protocol that provides cross-chain liquidity for staking assets. At the same time, liquid stacking allows the locking of the staked asset to be wrapped into the transferable token. It presents the ownership of the underlying staked assets and earns rewards.
These yield tokens are fully transferable and can be unwrapped later and claim underlying staked assets. It provides standard cross-chain interest-bearing derivates across Kusama.
Liquid staking in it requires both a validator and a mechanism for users to receive liquid tokens. Its primary objective is to provide a mechanism for the users to receive a liquid. Bitfrost is one of the top listed liquid staking protocols byt the total values locked according to DeFi Lama.
Coinbase Cloud is a high-quality infrastructure platform for node management and staking which later on provides high returns.
