What Is Biconomy? All You Need to Know About BICO

Within the dynamic landscape of blockchain technology, the pursuit of scalability, security, and decentralization stands as a perpetual goal. Amidst this ongoing quest, emerging innovations continually redefine the boundaries and potentials of the blockchain space. While numerous projects strive to strike the delicate balance between these elements, one project has emerged as a transformative force: Biconomy (BICO). With its unique approach to simplifying blockchain interactions and enhancing user experiences, Biconomy represents a promising advancement in the blockchain ecosystem.

What Is Biconomy (BICO)?

Biconomy, founded in 2019 and led by an international team including Ahmed Al-Balaghi, Sachin Tomar, a software engineer, and Aniket Jindal, a UAE blockchain expert, embarked on a journey to address the complexities of blockchain interactions. Straight after its launch, after raising $9 million, the team unveiled its initial platform, simplifying transaction processes. The following year, 2020, marked a significant milestone with the launch of their Relayer-as-a-Service, simplifying smart contract interactions. By the beginning of 2021, Biconomy had amassed a sizable following and drew lots of developers to its approachable solutions.

In mid-2021, the team introduced its Meta Transactions service, reducing gas fees and enhancing the overall user experience. As the year progressed, Biconomy expanded its partnerships, collaborating with prominent blockchain projects. In 2022, Biconomy experienced exponential growth, becoming an integral part of various decentralized applications.

As of 2023, Biconomy continues to evolve, consistently pushing the boundaries of blockchain simplification. With a history marked by innovation and user-centric solutions, Biconomy has solidified its position as a transformative force in the blockchain landscape, promising to reshape the future of decentralized interactions.

How Does Biconomy Work? Gasless Transactions and Relayer Infrastructure

In the realm of blockchain technology, the issue of gas fees has long been a source of frustration for users. These fees, incurred with each transaction, can often lead to complications and hinder the seamless experience of decentralized applications (DApps).

Gasless Transactions

To address this problem, Biconomy introduces a game-changing solution for blockchain users: Gasless Transactions. This feature revolutionizes the user experience by eliminating the complexities associated with gas fees when interacting with decentralized applications (DApps).

DApps have often posed usability issues due to the necessity of handling gas fees, resulting in a less-than-ideal experience for users. Biconomy’s innovative solution, aptly named “Gasless,” offers DApp developers an accessible toolkit comprising Software Development Kits (SDKs) and Application Programming Interfaces (APIs).

Gasless empowers DApps to process “meta transactions,” a technique that enables developers to cover gas fees on the backend. As a result, users can seamlessly engage with DApps on the front end without the burden of managing gas fees, crypto wallets, or complex bridging processes.

Integral to this ecosystem is Mexa, a critical component enabling Gasless Transactions. Mexa provides flexible implementation options, including EIP 2771 Standard Implementation or Custom Implementation, allowing decentralized applications to seamlessly integrate gasless transactions. Within Biconomy’s relayer network, Executors execute meta transactions, while Validators ensure network security by verifying executor transactions.

Through Mexa’s user-friendly JavaScript-based SDK, numerous DApps have already integrated Biconomy’s solution, enhancing the user experience across a spectrum of blockchain applications, from decentralized exchanges like Curve Fi to play-to-earn games like Decentral Games on the Matic Network. Biconomy’s Gasless Transactions empower DApps and their users, paving the way for a smoother and more accessible blockchain landscape.

Source: biconomy.io

Relayer Infrastructure

Biconomy’s visionary approach extends well beyond the realm of gas optimization. At the heart of this transformation are two pivotal solutions: Forward and Hyphen.

Forward redefines the user experience by enabling the payment of transaction fees with a wide range of ERC-20 tokens, a remarkable departure from Ethereum’s native token constraint. This innovation not only addresses the challenge of gas fee coverage but also enhances the flexibility of DApps, particularly in the realm of DeFi. By handling ETH gas fees in the backend, Biconomy relayers ensure optimal transaction processing, even during network congestion, ensuring users never encounter stuck transactions. With support for tokens like Dai, USDC, and USDT, Forward sets a new standard for user-friendly blockchain interactions.

Hyphen, on the other hand, facilitates swift and cost-effective token transfers across different blockchains, eliminating the complexities of moving assets between Layer 2 and Layer 1 blockchains. This groundbreaking product offers cross-chain interoperability and composability, fostering a thriving multi-chain ecosystem. By maintaining liquidity on both ends of the chains, Hyphen ensures an efficient and gas-friendly transfer mechanism.

Biconomy’s commitment to enhancing the blockchain landscape positions it as a trailblazer, making web3 products as intuitive as web2 counterparts. Through Forward and Hyphen, Biconomy paves the way for a seamless and interconnected blockchain experience, transcending traditional boundaries and ensuring accessibility for all.

Biconomy Use Cases

Biconomy serves a variety of vital use cases within the blockchain space, significantly enhancing the overall user experience. Some of these are:

• Gasless Transactions: Simplifies DeFi interactions by enabling users to pay transaction fees with various ERC-20 tokens through Forward, offering flexibility and accessibility.
• Cross-Chain Transfers: Facilitates swift and cost-effective asset transfers between different blockchains, bridging the gap between Layer 2 and Layer 1 networks using Hyphen, enhancing interoperability.
• Gaming Industry: Transforms the gaming experience by expediting in-game asset transfers and transactions, reducing delays, and creating a seamless gaming environment.
• NFT Marketplaces: Optimizes NFT trading by eliminating gas-related complexities and ensuring smoother transactions for collectors and traders, fostering a vibrant NFT ecosystem.

These are just a few examples of Biconomy’s versatile utility within the blockchain space. Its innovative solutions extend beyond these use cases, promising to revolutionize various facets of the crypto ecosystem.

What Is the BICO Coin?

BICO is the native utility token of the Biconomy ecosystem. Its total supply is 1 billion units, of which 667 million (66.7%) are in circulation (October 2023).

The BICO token is designed with a versatile range of use cases and distinct characteristics. It is allocated as follows:

• Community: 38.12%
• Foundation: 10%
• Team and advisors: 22%
• Pre-seed round: 6%
• Seed round: 6.38%
• Private round: 12%
• Strategic investors: 0.5%
• Public sale: 5%

Source: medium.com/biconomy

BICO’s most important use cases are:

• Network Fees: BICO serves as the currency for settling and verifying all transactions on the Biconomy Network across supported chains. Node operators (executors and validators) pay transaction fees in BICO to add data to the chain and receive BICO rewards proportional to their network contributions.
• Governance: BICO token holders have voting rights, enabling them to propose and decide on matters related to the Biconomy protocol. This includes code changes, allocation of treasury funds, and more.
• Stakeholder Incentives: Node operators must stake BICO to participate in the network. They receive rewards based on their contributions, while network security is strengthened. Delegators can also stake BICO to earn rewards in proportion to their ownership. Liquidity providers in protocol pools receive fees and BICO according to their contribution.

In summary, BICO is pivotal in decentralizing the network, incentivizing participants, and allowing token holders to actively participate in network governance. These functions make it a vital element in the Biconomy ecosystem, driving its growth and evolution.

Biconomy’s Main Features

Biconomy boasts a range of remarkable features that enhance the Web3 ecosystem.

Full Stack Account Abstraction

Biconomy offers a comprehensive Account Abstraction toolkit that simplifies user experiences within DApps and wallets. This toolkit empowers developers to create user-friendly DApps and wallets while abstracting the complexities of gas management.

Modular Smart Accounts

Developers can deploy ERC4337-compliant smart contract wallets with support for plug-in modules. This modularity ensures flexibility and customization within the ecosystem.

Paymasters as a Service

Biconomy abstracts gas complexities by enabling developers to sponsor gas payments or accept gas in any token, providing users with a seamless and versatile transaction experience.

Bundlers as a Service

Developers can execute ERC4337 transactions at scale with high gas efficiency, ensuring that transactions are processed swiftly and cost-effectively.

Cross-Chain Compatibility

Biconomy’s features are available on all Ethereum Virtual Machine-compatible chains, expanding its utility and accessibility.

This array of features simplifies the user journey by offering effortless onboarding, streamlined transactions, and reduced friction. With a focus on enhancing the user experience, Biconomy’s capabilities extend to mainstream users and native Web3 enthusiasts alike. Furthermore, Biconomy’s strategic partnerships, such as integration with Edgeware, underscore its commitment to driving innovation and ease of development in the blockchain industry.

Is BICO a Good Investment?

Investing in BICO should be approached with a clear understanding of its value proposition. Biconomy addresses critical pain points in the blockchain space, offering innovative solutions that promise to streamline user experiences and foster mass adoption. These solutions, including gasless transactions, cross-chain compatibility, and network fee management, are undoubtedly in high demand as blockchain technology continues to evolve.

However, the success of any investment in BICO hinges on the protocol’s security, stability, and robustness. Given the pivotal role Biconomy plays in optimizing Web3 interactions, it is imperative that the protocol maintains a high degree of reliability. Security breaches or protocol vulnerabilities could have significant consequences for both users and investors.

Therefore, potential investors should carefully evaluate Biconomy’s ongoing development, security measures, and commitment to continuous improvement. While BICO offers promising solutions to critical blockchain challenges, its long-term viability as an investment depends on its ability to provide a secure and stable foundation for these innovations to thrive.

How to Own BICO?

To own BICO, you can use the services of a centralized crypto exchange. Start by creating a Gate.io account, and get it verified and funded. Then you are ready to go through the steps to buy BICO.

News on Biconomy

According to what was reported on the official Biconomy blog in July 2023, the Biconomy team has introduced their highly anticipated SDK v2, marking a significant leap in enhancing Web3 experiences. This updated release offers a comprehensive suite of services for account abstraction, empowering developers with modular smart accounts, paymasters as a service, and bundlers as a service. A standout feature is the modular smart accounts, which enable developers to create highly customizable experiences by plugging in various modules. Additionally, paymasters allow gasless transactions and flexible gas payment options in any ERC20 token, while the bundlers ensure efficient execution of UserOps. This update aims to simplify and elevate the user experience across the blockchain, making it easier for developers to offer frictionless interactions in the Web3 space.

Take Action on BICO

Check out BICO price today, and start trading your favorite currency pairs.

• BICO/USDT
• BICO/ETH