Biconomy

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Discover Biconomy's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Biconomy?

Biconomy (BICO) is a multi-chain relayer protocol designed to simplify Web3 transactions, lower gas fees, and boost dApp usability. It provides a plug-and-play solution for handling gas payments, transactions, and bridging functionalities for Web3 dApps, making decentralization accessible to everyone.

How is Biconomy used?

Biconomy (BICO) is used in several key ways to enhance the user experience and simplify interactions within decentralized applications (DApps):

  1. Transaction Fees: BICO tokens can be used to pay for transaction fees, making it easier for users to interact with DApps without worrying about gas fees.

  2. Premium Features: BICO tokens grant access to premium features, which are not specified in detail but are likely to provide additional benefits or functionalities within the Biconomy ecosystem.

  3. Governance: BICO tokens are used for voting on upgrades to the protocol, allowing token holders to participate in governance decisions and shape the future of the platform.

  1. Staking: BICO tokens can be staked to earn rewards and contribute to the security of the network.

  2. Gasless Transactions: Biconomy's meta-transaction system allows users to submit transactions without paying gas fees, which are covered by a third party. This simplifies the user experience and reduces the complexity associated with gas fees.

  3. Cross-Chain Transfers: Biconomy facilitates cross-chain value transfers, enabling users to move cryptocurrencies between different blockchains seamlessly.

Overall, BICO tokens play a central role in the Biconomy ecosystem, driving its growth, evolution, and user adoption.

How do I store Biconomy?

To store Biconomy (BICO) tokens, you can use several wallet options:

  • MetaMask: Known primarily for Ethereum, MetaMask can also store any ERC-20 compatible tokens, including BICO.
  • Trust Wallet: Trust Wallet is another option for storing BICO tokens.
  • Biconomy Wallet App: The Biconomy Wallet App, available for both iOS and Android, allows you to manage your BICO tokens.
  • Atomic Wallet: Atomic Wallet supports BICO tokens and offers additional features like instant swaps with cashback and staking options.

How to buy Biconomy?

To buy Biconomy (BICO) tokens, follow these steps:

  1. Choose an Exchange: Select a reliable cryptocurrency exchange that supports BICO, such as Uphold, Kraken, or Binance.

  2. Create an Account: Register on the chosen exchange's website or mobile app. Verify your email address and identity to ensure compliance with security regulations.

  3. Fund Your Account: Deposit funds using a debit card, credit card, wire transfer, or Bitcoin. Ensure you understand the fees associated with each method.

  1. Buy Biconomy (BICO): Navigate to the exchange's trading platform and select BICO as the asset you want to purchase. Use your deposited funds to complete the transaction.

Additionally, you can also use decentralized exchanges (DEXs) like Pancake Swap, but this method requires more technical expertise and involves connecting your crypto wallet to the DEX.

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History of Biconomy

Biconomy, a blockchain infrastructure solution, was founded in 2019 by an international team including Ahmed Al-Balaghi, Sachin Tomar, and Aniket Jindal. The platform aims to simplify user interactions with decentralized applications (dApps) by providing a comprehensive infrastructure for developers to build and integrate Web3 applications seamlessly.

Key Milestones
  • 2020: Biconomy launched its Relayer-as-a-Service, which simplified smart contract interactions.
  • 2021: The team introduced Meta Transactions, reducing gas fees and enhancing the overall user experience.
  • 2022: Biconomy experienced exponential growth, becoming an integral part of various decentralized applications.
  • 2023: The platform continued to evolve, consistently pushing the boundaries of blockchain simplification.
Founders and Support
  • Founders: Ahmed Al-Balaghi, Sachin Tomar, and Aniket Jindal.
  • Support: Biconomy is supported by prominent businesses like Binance and Coinbase Ventures.
Features and Use Cases
  • Gasless Transactions: Biconomy's infrastructure allows developers to pay transaction fees on behalf of users, making dApps more accessible.
  • Cross-Chain Asset Transfer: The platform enables instant transfers between different blockchain chains.
  • Decentralized Relayer Network: Multiple stakeholders contribute to the network, including node operators, liquidity providers, and delegators.
BICO Token
  • Token Utility: BICO serves as network fees, incentivizes stakeholders, and allows token holders to participate in network governance.
  • Token Supply: The total supply is 1 billion units, with 667 million (66.7%) in circulation as of October 2023.

Biconomy continues to play a significant role in simplifying blockchain interactions and enhancing user experiences within the Web3 ecosystem.

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How Biconomy works

Biconomy (BICO) is a blockchain infrastructure solution designed to simplify user interactions with decentralized applications (dApps) across multiple blockchains. It achieves this by providing tools for developers to create user-friendly dApps and wallets while abstracting the complexities of gas fees and transactions. Here's a detailed overview of how Biconomy works:

Meta Transactions

Biconomy utilizes meta transactions to handle user transactions on their behalf. This eliminates the complexities of gas fees for end users. The process involves:

  1. User Signs Transaction: The user interacts with a dApp and signs a transaction (like approving a crypto swap).
  2. Biconomy Relays Transaction: Biconomy's network, consisting of executors and validators, takes over. Executors, acting as relayers, broadcast the signed transaction.
  3. Gas Fees Covered: Biconomy pays the gas fees required for the transaction to be added to the blockchain.
  4. Validators Verify: Validators on the network verify the transaction's legitimacy.
  5. Rewards Distributed: Both validators and executors receive rewards in BICO tokens for their contribution.
Smart Accounts and Modules

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. Developers can deploy ERC4337-compliant smart contract wallets with support for plug-in modules, ensuring flexibility and customization within the ecosystem. These modules include:

  • Session Keys Module: Enables secure and seamless user interactions.
  • Social Login Module: Allows users to onboard with social media credentials.
  • Batched Transactions Module: Batches multiple transactions into a single click.
  • Passkey Module: Supports secure and convenient login methods.
Paymasters and Bundlers

Biconomy provides Paymasters and Bundlers as services to simplify transactions. Paymasters enable gasless transactions by allowing users to accept gas in any ERC20 token, eliminating failed transactions. Bundlers batch multiple transactions into a single click, reducing the complexity of transactions.

Cross-Chain Relayer

Biconomy functions as a cross-chain relayer to improve user experience and developer adoption in the Web3 space. It facilitates cross-chain value transfers, allowing users to move cryptocurrencies between blockchains securely and efficiently.

Tokenomics and Governance

The BICO token is the native cryptocurrency of Biconomy. It is used for network fees, staking, and governance. Holders of BICO tokens can suggest and vote on issues that influence Biconomy's protocol and the entire network. This ensures that the community has a say in the development and direction of the project.

Key Features
  • Gasless Transactions: Eliminates the need for users to pay gas fees.
  • Account Abstraction: Simplifies user experiences within dApps and wallets.
  • Cross-Chain Relayer: Facilitates secure and efficient value transfers between blockchains.
  • Modular Architecture: Allows for flexibility and customization within the ecosystem.

By providing these features and tools, Biconomy aims to simplify the user experience in the Web3 space, making it more accessible and user-friendly for a broader audience.

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Biconomy's strengths

Biconomy (BICO) has several strengths that contribute to its potential success:

  1. Gasless Transactions: Biconomy's architecture allows users to connect without paying gas fees via gasless transactions, making it more accessible and cost-effective compared to traditional blockchain platforms like Ethereum.

  2. Scalability: Its gas-efficient scalable relayer infrastructure is designed to handle high volumes of transactions efficiently, which can lead to significant cost savings for users.

  3. Multi-Chain Compatibility: Biconomy is a cross-chain relayer infrastructure, enabling seamless transactions across different blockchain networks. This feature enhances its utility and accessibility.

  1. Governance and Incentives: The BICO token has multiple functions, including network fees, stakeholder incentives, and network governance/voting rights. This allows token holders to actively participate in the network's development and decision-making processes.

  2. Account Abstraction Toolkit: Biconomy offers a comprehensive toolkit that simplifies user experiences within DApps and wallets by abstracting gas complexities. This enables developers to create user-friendly DApps and wallets while ensuring flexibility and customization within the ecosystem.

  3. Strategic Partnerships: Biconomy has formed partnerships, such as integration with Edgeware, to drive innovation and ease of development in the blockchain industry.

  1. Continuous Improvement: The Biconomy team is committed to ongoing development, security measures, and continuous improvement, which is crucial for maintaining a secure and stable foundation for its solutions.

These strengths position Biconomy as a promising solution for enhancing the user experience in the Web3 ecosystem.

Biconomy's risks

Biconomy (BICO) is considered a moderate-risk investment, with several potential risks associated with it. Here are some of the key risks:

  1. Chain Re-org Risk: Chain reorgs can pose a risk for users in case of any cross-chain transfers pertaining to re-org blocks.

  2. Smart Contract Risk: Any risk arising due to the smart contract layer can impact the protocol.

  3. Validator Network Risk: Risks arising due to the protocol validator network layer can also affect the protocol.

  1. Shortfall Events: Biconomy's safety module is designed to mitigate losses from shortfall events, which can include chain reorgs, smart contract risks, and validator network risks. In such events, token holder balances can be slashed and used to cover losses.

  2. Market Volatility: Biconomy's market risk premium is high, indicating that it has a high chance of experiencing financial distress in the next few years. It has also generated negative returns for investors over the last 90 days.

  3. Regulatory Risks: Cryptocurrencies like Biconomy face regulatory uncertainties, including lack of tax regulations and potential exchange rate volatility.

  1. Security Risks: As with any blockchain-based system, Biconomy is susceptible to hacking and other security breaches.

These risks highlight the importance of careful consideration and thorough research before investing in Biconomy (BICO).

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Did Biconomy raise funds?

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Biconomy’s team

  • Ahmed Al-Balaghi: Co-Founder and CEO of Biconomy.
  • Sachin Tomar: Co-Founder and CTO of Biconomy.
  • Aniket Jindal: Co-Founder and COO of Biconomy.

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