BIFROST VETH MULTISIG RESERVOIR SUCCESSFULLY COMPLETED
WHAT IS BIFROST?
Bifrost is a cross-chain network that provides linked assets with liquidity. It uses staking as the first step to provide liquidity in the form of staking derivatives. Bifrost is based on the Polkadot network and was developed by Substrate and the underlying layer is based on the consensus of LIBP2P, WebAssembly, and GRANDPA.
Bifrost provides an intermediate layer between staking and the application layer. The reward competition of staking and DeFi is resolved by creating an integration amongst the underlying protocol-based application layer and staking from top to bottom. Other than being parallel to each other, With this mechanism, individuals can convert PoS tokens into vToken at any time using the Bifrost Network.
Bifrost launched the stock derivative ETH 2.0 vETH on November 27. vETH is a dual-protocol entity that supports both ERC 20 and Substrate Based. If anyone maintains vETH, they will receive a reward for using ETH 2.0. vETH is divided into four phases to achieve fully decentralized governance.
How does VETH achieve complete decentralized governance?
The vETH contract officially opened the “Mint” function, and also the first phase of the vETH Mint Drop-Mint-Airdrop Plan started with a total of 1.25% from the baseline and a total of 100,000 BNC for the vETH Mint rewards. Bifrost enhances the Mint Drop event, Mint vETH For BNC Airdrop. This Mint Drop event lasted 32 days in total. The highest amount of mint was 15,088,7563 VETH, and the accumulated airdrop was 70750.3745 BNC. The total trading volume was $ 157,209.7.
Look forward to the next Mint Drop event. You can currently use imToken, TokenPocket, MathWallet, ONTO, AToken to earn vETH coins.
vETH: Implementation of the decentralized deposit guarantee Currently
Transfer of authority from the Bifrost vETH coin contract holder
The Bifrost vETH coin agreement should remove Sudo’s administrative authority before the official deposit of ETH 2.0 to ensure that the ETH deposit is confirmed by multiple parties and avoid the team’s risk of unilateral misconduct Bifrost. Currently, the Bifrost vETH coin contract holder’s authority has changed to the multi-signature contract. The five parties InfStones, Ankr, DFG, LongHash Ventures, and Bifrost, have come together in different phases to manage the private key for ETH deposits 2.0. According to vETH’s Decentralization Roadmap Declaration, the Bifrost contract must reach 3/5 of the current Multiig threshold to successfully complete the ETH deposit for ETH 2.0. All data sets with multiple signatures are stored in the chain and published in the Bifrost Wiki.
Withdraw key BLS threshold signature
Due to the draft mechanism of ETH 2.0, smart contracts cannot be supported before the publication of phase 2 of ETH 2.0. Since Bifrost has not yet transmitted the main network, securing the retraction switch is extremely careful. After the examination, the ETH 2.0 adopts the BLS threshold signature (corresponding to BLS curve 12–381). Two key pairs are designed in the ETH Repository 2.0; One pair is the withdrawal key pair used to withdraw equity assets. The other pair is the validation key pair used to participate in system block generation. Participation in the system block generation requires the validation node to remain online, and the risk of key loss is relatively high. Therefore, dividing the key into two pairs is beneficial for the security of the system.
BLS threshold signing is a distributed signing technology that allows N members to create and manage the same key pair. The public key is transparent and open to verify that the signature is correct. The private key is virtual and does not need to be present or recoverable, even if a signature is required. None of the N members have signatures. The signing process’s initiation consists of all T members of the N members who honestly participate in the signing process. In this form, it is very similar to multisig technology. The difference is that multi-signature technology requires multiple signatures and threshold signature technology virtualizes a single account. When viewed from the outside, it is no different from normal accounts.
Key Generation Technology (DKG) is required when generating threshold signing key pairs. DKG ensures that among N members, as long as T members participate honestly, they receive key pieces and virtual keys of another member. A single member or a small number of individual members cannot complete the signature process independently. Bifrost combined the use of DKG and BLS collection signature technology to provide a complete threshold signature solution. BLS Bulk Signing feature allows multiple members to sign message data with their own BLS private keys. Multiple generated signature values can be combined into a single signature value using a specially defined calculation. Multi-member BLS public keys can be integrated into a single public key after a specially designated addition. The added public key effectively verifies the attached signature.
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