The BiFrost network has been designed with a fast block time and a high rewards structure to give back to the people who support the network the most.
10 FROST, reducing every year
Masternodes: 80%, PoS: 20%
Want to create a Bifrost Masternode and need some help? Check out our useful guides.
BiFrost is one of the new breeds of blockchain cryptocurrencies designed to solve the limitations and performance issues related to 1st generation currencies like Bitcoin.
BiFrost leverages masternode technology, a special layer of server software running on the network, to coordinate blockchain activity and provide extra services like instant and anonymized transfers.
BiFrost maintains a growing community on the Discord chat platform. You can join for free to participate in discussions, hear the latest news, and get answers directly from BiFrost staff members.
Not in the sense of traditional mining, no. BiFrost doesn't use wasteful mining hardware to generate new coins. Instead, we use Proof of Stake technology, where user wallet software drives the network forward and receives rewards directly.
In staking systems, it is the users with the greatest stake in the network who create and write new network blocks. Your stake is measured by the number of coins in your running wallet, so the greater your stake, the greater your chances of creating blocks and receiving rewards for those blocks.
Every time a new block is created, 10 new FROST are awarded to the network. 20% of these new coins are awarded to the "staker" who won the block, and the rest are paid to the network's governing masternodes. Since BiFrost is designed to create a new block every minute, the number of rewards paid over time can be significant.
Staking is as simple as owning coins and keeping your wallet open on the network. Your coins are used to calculate your network weight compared to all of the coins being staked at any moment, and this determines how long before your stake gets to create block and receive the reward for it.
Masternodes are simply wallets that have locked 10,000 FROST as collateral to participate in governing the BiFrost network. These wallets are generally running on cloud-based computers that are available 24 hours a day, and they receive BiFrost rewards for the valuable services they provide.
When new blocks are created to record transactions, 10 new FROST coins are created to increase the overall money supply, and are paid to users in the form of network rewards. 80% of these new coins are paid to the masternode network as a reward for the services they provide. One masternode is paid per block, but the network is designed to ensure that all masternodes receive equal rewards over time.
You start by acquiring 10,000 FROST, either by purchasing them from an exchange, or by staking coins over time. Once you have enough FROST as collateral for a masternode, you can follow one of our helpful guides on how to create and configure a masternode server.
Absolutely! BiFrost has partnered with Several Masternode Services to allow users to share ownership of BiFrost Masternodes. For a percentage of the cost of a full mastenode, you can own a shared seat on a server and receive a percentage of the rewards paid to that server.
You can download a free copy of our latest wallet software from the BiFrost Github repository. We currently support wallets for Microsoft Windows (32-bit and 64 bit), MacOS, and Ubuntu Linux. Since BiFrost is an open source project, you can also download a full copy of our source code and compile your own copy of the wallet software.
Once you launch your wallet and synchronize with the network, we strongly recommend you encrypt your wallet (see settings menu) with a strong password. Once your wallet is locked in this way, you will need to enter your password anytime you want to spend your coins.
If you want to receive staking rewards, then your wallet should be open, unlocked and available to the network. To protect your coins, the unlock screen has an option to unlock your wallet for staking only. Your wallet can then earn staking rewards, but will still require your password again before you can spend anything. If you are not interested in staking, the your wallet can be safely closed. The next time you launch your wallet, it automatically synchronize with the network.
If you are using a shared masternode, or you have used our hot-cold masternode guide to set up a masternode on the cloud, then you can keep your wallet closed and you will still receive rewards.xz