What is Biconomy?

Biconomy is a popular choice among investors looking to trade altcoins. However, before you Trade BICO, it is essential that you know what you are investing in. Let's find out what's Biconomy and how it works.

Biconomy is a multichain relayer protocol with the goal of improving user onboarding and transaction experience on decentralized apps (DApps). A stated objective of the project is to ensure that web3 products are as simple to use as their predecessors, web2. Biconomy provides an infrastructure to address specific web3 bottlenecks:

• Protocols can onboard users without charging gas fees.
• Users can pay gas fees with any ERC-20 token they like.
• Users avoid blockchain complexity such as network changes.
• Transactions are processed more quickly.

In a nutshell, Biconomy focuses on transaction management and gas optimization, and it has the potential to lower gas fees by up to 40%. To do this, the protocol employs meta transactions, which allow users to submit a transaction with no gas and have a third party pay the transaction costs on their behalf. Biconomy is able to achieve this at scale by offering a non-custodial and gas-efficient relayer infrastructure network.

How is Biconomy different?

Biconomy is a one-of-a-kind solution to a prevalent issue in the blockchain industry. Interactions with decentralized apps are not as seamless as those with web2 applications for a number of reasons. For example, web3 apps demand gas fees, but there is no equivalent to paying a usage cost for web2 applications. On the Ethereum network, gas fees are always paid in ETH, even if users may not wish to spend their Ether. Furthermore, onboarding new users might be difficult because of the needed competence in utilizing online wallets, signing transactions, and comprehending the complexities of gas.

This is addressed by Biconomy's relayer infrastructure network, which is already in use by numerous protocols:

Curve Finance uses Biconomy to do meta transactions in order to make gasless BTC deposits. Users can utilize their idle BTC to create liquidity in this instance without spending gas to exchange them for RENBTC.

Perpetual Protocol, through Biconomy, provides gasless transactions to its traders on the xDAI network. Users also benefit from blockchain-agnostic transactions because the RPC url in their online wallet does not need to be changed.

Decentral Games offers its consumers a flawless gaming experience by eliminating gas fees with the aid of Biconomy. Players just get the in-game currency and are not required to hold MATIC for transactions on Decentral Games' Polygon blockchain.

Sapien Network is a social blogging network that also allows for gas-free transactions. The site offers free SPN transactions for new bloggers.

How many BICO coins are in circulation?

The BICO token, with a maximum supply of 1 billion, is the network's native utility token. When adding data to the blockchain, node operators on the network pay a transaction fee in BICO. Holders of tokens can stake them to earn incentives and help maintain network security. Votes on governance proposals, such as alterations to the code, new features, or the allocation of treasury monies, are likewise cast in BICO. Below is a breakdown of how tokens are distributed:

• Community (38.12%): 7.5% TGE, 47 months linear.
• Foundation (10%): TGE, 12-month lockup, 24-month linear release.
• Team and advisors (22%), 12-month cliff, 24-month linear release.
• Pre-seed (6%): 9 months lockup, 27 months linear release.
• Seed round (6.38%): 9-month lockup, 24-month linear release.
• Private round (12%): 10% TGE, 12-month lockup, 24-month linear release.
• Strategic investors (0.5%): 10% TGE, 6-month lockup, 24-month linear release.
• Public sale (5%): 3 months linear release or 10% TGE, 6 months lockup, 6 months linear release.

Network Security

Biconomy is a software development kit that can be easily integrated into a decentralized application (DApp) to enable gasless transactions. With Biconomy, users sign all transactions with their private keys, making it trustless and non-custodial. Biconomy relays the signed data, which the network cannot modify. In addition, Biconomy will gradually decentralize to increase safety in the future.

The smart contracts used by Biconomy have been reviewed by Quantstamp, MixBytes, Certik, and Halborn.

Founders

Blockchain entrepreneurs from around the world established Biconomy. One of the project's creators, Ahmed Al-Balaghi, is a graduate of Queen Mary University who has worked in the blockchain industry for over five years in China, the United Kingdom, and the United Arab Emirates. He has also worked for Viewfin, a renowned Chinese blockchain startup. The other two founders are Indian software engineers Sachin Tomar and Aniket Jindal, who both have experience working on blockchain projects in the United Arab Emirates.

Notable blockchain VC firms, including Coinbase Ventures, Binance Launchpad, Mechanism Capital, Huobi Ventures, and others, have invested in Biconomy.

Where Can You Buy BICO?

BICO is available on the licensed cryptocurrency exchange CryptoForce and several other national and international exchanges.

Disclaimer: Cryptocurrencies are highly volatile and subject to market, technical, and regulatory risks. Crypto trading requires one’s own diligence, and Cryptoforce will not be responsible for any losses incurred. Any information provided here should not be regarded as Cryptoforce’s technical or financial advice.