# Bifrost Native Token (BNC)

Bifrost Native Token (BNC) is the main net Token of Bifrost, the initial total supply is 80000000. Currently, in the Bifrost test network, BNC vouchers that can be exchanged 1:1 in the main network can be received for earlier stages of community distribution. At present, BNC is not available for transfer function, until the time that will be divided into four steps: completion of PoA startup, launching of the main network, deletion of Sudo and transfer proposal approved.

# Value Capture

  • Commission in Bifrost mainnet: transfer, stake, unstake and other behaviors in Bifrost network all need to pay a certain commission by BNC. BNC that used to pay commission will be sent to the Treasury for further administration and distribution.
  • Slash collateral: Participating nodes will be required to stake BNC to obtain votes from Staking pool, avoid they act contrary to the specification.
  • Governance Voucher: BNC can be used on on-chain parliament, technical committee, Treasury allocation, referendum governance, node election and other chain governance functions.
  • Capture of Staking Reward: Part of the Staking reward generated from Bifrost will be used for BNC repurchase and put into the Treasury.

# Incentive Model

Reserved part and funds may be adjustable with the development of Bifrost, but Bifrost will not make a zero-cost airdrop and any incentive will satisfy the principle of fundamental value capture.

  • vToken Holding Incentive: vToken liquidity is the most significant value that Bifrost can offer, 15.2% of the TOTAL BNC being used to reward users who mint vToken.

  • PLO (Parachain Lease Offering): Successful IPO symbolizes measureless value to Bifrost network. Bifrost will release 12.8% Token in total to reward the group that helps Bifrost to participate in the IPO.

# Participants

# Validator:

A Validator randomly assigned through a parachain or parallel slot, which role is a Validator in Polkadot or Kusama network, will execute Bifrost business code and perform block final state validation.

# Collator:

Responsible for collecting user call data and passing query information, Collator will generate blocks and submit to Validator for final validation.

# Vote Bidder:

Elected by proposition referendum as a bidder who can bind the address of the node that needs to be voted on, has the right to bid for votes in the Bifrost voting pool. They will be disenfranchised if Slash level or limits are triggered.

# Vote Asker:

Vote rights provider

# Notary:

Elected by proposition referendum, becoming a Notary requires configuration of signing private key, participates in multi-signature authentication. Notary is a heterogeneous cross-chain relay communication node that synchronizes information, signs and transmit messages, and receives BNC incentives based on the number of signatures.

# Council:

Council performs three main governance tasks: proposing referendums, cancelling uncontroversially dangerous or malicious referendums, and electing technical committees.

# Technical Committee:

Technical Committee can work with the Bifrost Council to develop emergency referendums that can be voted on and implemented quickly. These emergency referendums are only used in emergency situations.

# Sudo:

Super Admin, with the ability to manipulate any parameter on the network, to adjust the direction of the network during the testing phase, and to remove Sudo privileges through a referendum once the Bifrost mainnet is stable.