Bifrost POC-2 Testnet Officially Released

As the release time of the Polkadot mainnet is approaching, various parachain projects in the Polka Ecology have gradually moved from the proof of concept to the market verification stage. Bifrost, the award winning project of the first Substrate Hackathon, also ushered in the official POC-2 test network. Release and submit the project milestones to the market for verification.

With the launch of Polkadot and ETH 2.0, the total market value of PoS projects will reach the overall market ¼ scale, which will generate more than 2.5 billion US dollars in annual revenue through Staking alone. However, the lockup and inflation mechanism of the PoS consensus puts users into “participating in Staking” Then the opportunity cost will be lost, and if you do not participate in Staking, you will be diluted by inflation. At the same time, if the Staking mortgage rate of the public chain cannot be effectively improved, you will face consensus security risks such as “double spending” and “malicious block production”. The emergence of Bifrost will solve the dilemma that users and public chains face under the PoS consensus.

Bifrost’s vision is to provide staking liquidity for 80% of the PoS public chain. The PoS public chain will be bridged into the Polkadot ecosystem through a cross-chain transfer bridge (the Bifrost EOS transfer bridge has been supported by the Web3 Foundation Grant), and users will be safe through the transfer bridge. Staking the original chain assets. At the same time, users will receive an equal amount of minted vTokens, and users can get staking benefits by holding vTokens. vTokens are built on a common asset protocol and can be easily compatible with other parallel chains in the Polkadot network. In addition to vTokens, they can be redeemed at any time. In addition to the amount of original chain assets, it also has circulation scenarios such as transactions, mortgages, and loans.

The emergence of vToken with Staking liquidity will greatly reduce the cognitive and psychological threshold for users to participate in Staking, and at the same time increase the original chain Staking mortgage rate, thereby improving the consensus security of the original chain. After 5 months of development, Bifrost officially released the POC-2 Testnet. Currently, Bifrost-node and Bifrost-dashboard have been released. Bifrost-app is also under development and internal testing. Partners who are interested in Bifrost can participate according to the node documentation.

How to run a node?

Recommended node configuration

CPU : 2 core
DISK: 100 GB
NET : 10 MB

1. Install docker

// Centos
yum install -y yum-utils device-mapper-persistent-data lvm2
yum-config-manager --add-repo
yum install -y docker-ce docker-ce-cli
systemctl start docker
// Ubantu
yum install -y yum-utils device-mapper-persistent-data lvm2
yum-config-manager --add-repo
yum install -y docker-ce docker-ce-cli
systemctl start docker

Other systems please check the Docker documentation

2. Run Bifrost Container

docker run -it bifrostnetwork/bifrost:poc2-v0.2.1 --name "Bifrost Node Name" --validator

3. Check Node Status

Early Bird Node Conditions

  1. Successfully join Bifrost POC-2 testnet node
  2. Synchronize the block to the heightest
  3. Join Telegram Group:
  4. Submit the form:

Meet the above conditions, participate in the division of 1,000 BNC
Settled after publishing by the mainnet

Bifrost Finance is a parachain designed for staking’s liquidity

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