What is Biconomy? Information about BICO

What is Biconomy?

Biconomy is building a cross-chain transaction infrastructure on the Ethereum blockchain. It has a revolutionary plan to help the benefits of blockchain technology reach the common man by simplifying the interface that connects the users to the network.

What problem does Biconomy solve?

Biconomy provides plug & play APIs, allowing access to decentralized applications (dApps) , regardless of cryptographic knowledge and experience. Biconomy’s multi-chain forwarder infrastructure processes close to 50k transactions daily for over 70 web3.0, DeFi and NFT dApps to ensure all the benefits of Web 3.0 come with Web visualization 2.0.

Ordinary users don’t want to deal with blockchain problems. They just want a simple multi-chain experience where they connect their wallet to any dApp, instantly access their funds on any chain or L2/rollup and enjoy a completely zero-cost experience. gas fees.

Features of Biconomy

Biconomy removes these complexities from the end user through powerful features such as:

  • Reduced gas fees for transactions
  • Instant cross-chain transfers
  • Optimizing gas fees
  • Trade without worrying about failure
  • Compatible with extended solutions

The potential of Biconomy

Interoperable: Biconomy believes in a multi-chain future, but a future where users don’t need to know is multi-chain. Everything is fast, affordable, and scalable but they don’t add to the annoyances like amazingly slow cross-chain transfers and introductions.

Availability: Biconomy envisions a future without gas fees, where users don’t need to bother about blockchain complexities like paying gas, choosing the right network or chain, or taking some action to secure Fast successful transaction. Everything should just work seamlessly.

Easy: Biconomy makes adding a better and simpler user experience to any dApp as simple as adding a piece of lego. The Biconomy API & SDK can be integrated into any dApp, across all major chains, and for a wide variety of use cases.

Biconomy is trusted by the following organizations:

Information about BICO

BICO Token

BICO is the administration and utility token of the Biconomy multi-chain forwarder infrastructure. It plays an important role in network decentralization by acting as a network fee, incentivizing all stakeholders to secure and maintain the network and participate in the governance of the network.

Feature

Some features like:
Payment of fees: BICO will act as a mediation and verification layer for all activity on the Biconomy network on all supported chains. Node operators pay a transaction fee in BICO to add any information on the chain, and they earn BICO proportional to the work they do on the network.

Staking: Validators and Executors stake BICO to start contributing to the network. They earn BICO in proportion to their contribution and their BICO stake. The network can also cut their stake in the event of malicious behavior.

  1. The validator listens for relevant transactions on other chains and writes them back to the Biconomy chain.
  2. The executor sees these transactions and performs an action (be it a hyphenated transaction or a transaction without gas).

Delegation: BICO token holders stake their tokens to further secure the network. They earn BICO proportional to their BICO stake.

Providing liquidity: The LP (Liquidity Provider) provides the liquidity for asset types for different electronic cash liquidity pools of protocols on different strings. A small fee will be collected when a user uses the liquidity pool, which will be distributed to the liquidity providers. In addition to this fee, they will also earn BICO in proportion to their relative contribution to the given liquidity pool.

Governance: BICO holders can propose and vote on decisions affecting the protocol of Biconomy and the Master Network. Such decisions may include changes to Biconomy’s code, adding additional services or decisions regarding the disbursement of Biconomy’s treasury funds. Any BICO holder can submit a proposal for review by the wider Biconomy community. This is a big part of Biconomy’s plans for progressive decentralization as they move towards community-led growth and self-sustainability.

Distribution:

There is a total of 1 billion BICO tokens on offer distributed as follows:

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Distribution

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Products of Biconomy

The Biconomy multi-chain forwarder protocol, called MEXA, currently supports:

Hyphen: A fast and cost-effective cross-chain bridge. Provides instant value transfers and contract calls between EVM (or non-EVM) and L2 chains . As a result, users can easily join any chain and move between them instantly, resulting in a seamless multi-chain experience.

Gasless: Plug-and-play APIs and SDKs used to build dApps with superior user experience by leveraging meta-transactions where the dApp subsidizes gas fees to provide a gas-free experience to end user.

Forward: Provide flexible solutions for users in paying gas fees. Be it on Ethereum or other L2, users can pay for gas with a range of ERC20 tokens — such as stablecoins — instead of that chain’s native token.

Development roadmap

Development team

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CEO & Co-Founder Ahmed Al-Balaghi: 4 years of blockchain and cryptocurrency experience in research, investment and business development. Previously Ahmed has worked at Dow Jones, Citibank and for one of the top VCs in the Middle East supporting blockchain transactions.

CTO & Co-Founder Sachin Tomar: Over 8 years in software engineering; worked for Samsung and Make My Trip (Indian Unicorn); 2 years of blockchain/cryptocurrency experience in smart contract development and blockchain team leader for Stacks City.

COO & Co-Founder Aniket Jindal: 4 years of blockchain/cryptocurrency experience in exchange, investment and community development in India. Previously Aniket worked for Binance , joining when the exchange had only 20 employees in Shanghai, helping Binance to scale.

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