I. What is Biconomy?
Biconomy is a multi-chain transaction infrastructure. Biconomy owns technologies that simplify the transaction process to make Web 3.0 accessible to everyone to become more popular. Anyone can access decentralized applications (dApps) whether or not they have crypto knowledge and experience. Biconomy helps to remove these complex processes from the end users through powerful features such as Transactions without gas fees, and instant multi-chain transactions.
II. History of Biconomy
Despite the fact that many Web 3.0 applications are still being created on top of Ethereum, the overwhelming amount of traffic has caused the Ethereum blockchain to become congested. This has led to a significant rise in gas prices and forced developers to look for alternative chains for their applications (such as Solana, Polkadot, Cardano, Binance Smart Chain, and others), which has forced developers to look for alternatives to Ethereum. It is obvious that Web3 will support several chains, and safe bridge technologies will be required to let users move money between them.
The two primary tools for creating application functionality in conventional application development are software development kits (SDKs) and application programming interfaces (APIs). The SDK offers the building blocks for creating apps for a particular platform, while the API enables the communication between the two platforms and aids in seamless app integration.
Biconomy offers developers robust and user-friendly SDKs/APIs that enable them to create decentralized apps (DApps) with a unique transactional path — preventing end users from having to deal with blockchain complexities. This enables developers to design interactions between the user and the DApp that are seamless.
By streamlining the trade process, Biconomy hopes to make Web3 products as simple and easy to use as the Web2 items they inherit. Biconomy seeks to streamline the Web3 experience and promote the widespread adoption of decentralized applications by solving key pain points at the crypto transaction layer.
III. Striking Features of Biconomy
In order to give customers of goods in the areas of decentralized finance (DeFi), NFT, gaming, and more a seamless experience, several developers have taken use of Biconomy and its multi-chain framework. Give them:
- Plug-and-play APIs and SDKs: Developers may leverage the plug-and-play APIs and SDKs provided by the key products of Biconomy to build DApps that offer better user experiences.
- Transactions without gas fees: Every time they use the DApp, Web 3.0 users must pay a gas price, which is a significant barrier to widespread adoption. Why would DApps charge consumers gas for each transaction while Netflix doesn’t charge your server every time you watch a TV episode? Biconomy uses meta-transactions to lower gas costs and provide DApp customers with an entirely gas-free experience while shielding them from complicated UX.
- Support for Multiple Currencies: Since the bulk of DApps is constructed on the Ethereum platform, users can only make payments using ETH. Because Biconomy accepts a variety of tokens, users may pay transaction costs using the funds in their wallet.
- Simple, easy user interface: Each time a user interacts with a DApp, a blockchain transaction that needs some technical know-how and crypto understanding is technically being conducted. To avoid paying too little or too much for gas, users must grasp how to set up their cryptocurrency wallets, consume gas, and accurately estimate gas prices. By giving users a simple, no-frills interface, Biconomy streamlines the procedure.
- Cross-chain transfers: Transfers between several chains are frequently not smooth, which might cause delays. Integration can still be expensive, sluggish, and difficult even with Layer 2 solutions. Communication and value transfers between multiple chains are safe, inexpensive, and straightforward thanks to Biconomy’s multi-chain capabilities, which enable meta-transactions across a variety of blockchains and L2.
IV. Core Technology of Biconomy (BICO)
Biconomy uses “executors” and “validators” to manage its forwarder infrastructure. The executor runs the relayer’s network nodes and processes meta-transactions, while the validator secures the network by verifying the executor’s transactions.
Executors forward the transactions they receive and pay the gas fees needed to add transactions to the blockchain. They get reimbursed for what they paid using the target blockchain’s native currency, and they also get a premium from every transaction. Once the forwarded transaction is verified by the validator, the executors also receive a reward in BICO tokens from Biconomy.
V. What is BICO?
1. BICO Token Metrics
Biconomy has BICO as the project’s official native and governance token.
- Token Name: BICO Token
- Ticker: BICO
- Blockchain: Ethereum
- Token Standard: ERC-20
- Contract: Updating…
- Token Type: Governance, Utility
- Total Supply: 1,000,000,000 BICO
- Circulating Supply: Updating…
2. BICO Allocation
The total BICO will be divided as follows:
- Community: 38.62%
- Team & Advisors: 22%
- Token Sales: 23.38%. Including Private Sale (12%) + Public Sale (5%) + Strategic Sale (6.38%)
- Treasury: 10%
- Early Supporters: 6%
3. BICO Noticeable Milestones
The titles of Biconomy in the past time:
- 2019
- Q2/2019: Established Biconomy.
- Q3/2019: Provide security for Polygon.
- Q4/2019: Launched GasLess Alpha version.
- 2020
- Q1/2020: Looking for accelerator funds for the initial development of Biconomy.
- Q2/2020: Beta version launched on Ethereum blockchain.
- Q3/2020: Mainnet launch on Pylogon, Binance Smart Chain, xDai.
- Q4/2020: Raised $1.5m in strategic support.
- 2021
- Q1/2021: More than 30 apps integrated, 290,000 transactions on mainnet, 7.8 million API Calls (requires support for bridging between clients – Dapps and servers – Biconomy).
- Q2/2021: Raised $9M for private round, 3.69 million transactions on mainnet, 54.29 million API Calls.
- Q3/2021: Launch of Hyphen, 8 million transactions on mainnet, and 120 million API calls.
4. Use Cases of BICO
Utilities of BICO Tokens:
- Governance: BICO holders can participate in voting for changes in the protocol and the entire Biconomy ecosystem.
- Network fees: BICO will be used to pay transaction fees within the Biconomy network. Anyone holding BICO will have the right to propose and thereby work towards decentralizing the governance process for the project.
- Staking: Participants stake BICO Tokens to protect the network.
- Liquidity mining: Providing liquidity to pools on different platforms will be rewarded from users’ pool usage fees and additional rewards from the pools themselves.
VI. How to earn & own BICO?
To buy BICO coins, users can choose one of the exchanges like Binance, Huobi, Gate.io, Coinbase, Bybit, Coinlist Pro, OKE, etc. Which, Binance is the largest virtual currency exchange in the world today with high liquidity so you can easily buy/sell BICO coins when you want.
VII. Which Crypto Wallets are suitable for BICO?
Some of the providers Crypto users can choose from smart wallets to store BICO:
- MetaMask
- Coinbase
- Ledger Nano X
- Binance
- CoolWallet Pro
- Uphold
VIII. BICO Recent Developments
BICO Token Release Schedule:
- Community Rewards and Incentives: 38.12% (7.5% paid at TGE, 1/47 paid per month).
- Team & Advisors: 22% (12-month lockup, then pay linearly over 24 months).
- Private Sale: 12% (pay 10% as soon as the sale ends, the remaining 90% lock in 6 months and pay linearly in 24 months).
- Strategic Sale: 6.38% (locked in 9 months, paid linearly in 24 months).
- Public Sale: 5% will be sold on Coinlist.
- Early Supporters: 6% (9 months locked, 27 months linear).
- Treasury: 10% (10% liquidity at TGE, 12-month lockup, and 24-month linear payment).
IX. Teams, Funds & Partners of Biconomy (BICO)
1. Team
The project development team includes many members with extensive experience and knowledge in the blockchain and crypto industry.
- Ahmed Al-Balaghi (CEO & Co-Founder): Over 4 years of experience in crypto, and investing and is the founder of Encrypted – a popular podcast program about financial technology, blockchain, and crypto assets. Previously Ahmed has partied at Dow Jones, Citibank, and Jabbar Internet Group fund – one of the leading Ventures in Dubai supporting blockchain transactions.
- Sachin Tomar (CTO & Co-Founder): Over 8 years of experience in software engineering, worked at Samsung, Make My Trip (Indian unicorn company). Over 2 years of blockchain experience in smart contract development and blockchain team leader for Stacks City.
- Aniket Jindal (COO & Co-Founder): Has 4 years of experience in the crypto industry, investing in community development in India. Previously, he worked for Binance in its early stages when the company was very small.
In addition, the project also has strategic consultants such as:
- Sandeep Nailwal: COO of blockchain project layer 1 – Polygon (MATIC).
- Matthew Liu: Co-founder of the project on NFTs and DeFi built on Ethereum – Origin Protocol (OGN).
- Josh Fraser: Also co-founder of the Origin Protocol project.
2. Investment Funds
In July 2021, Biconomy raised capital of up to $9M from funds: Coinbase Ventures, Houbi Ventures, Binance, and from angel investors like Stani – Founder of AAVE lending project.
3. Partners
Biconomy currently has an ecosystem of partners in 4 main areas: typically DeFi (Curve Finance, Nord Finance, etc.), Games, and NFTs (Aavegotchi, Decentraland, etc.).
X. Where can Biconomy (BICO) information be updated?
Currently, Crypto users can fully consult, research, and analyze information about Biconomy (BICO) through famous media newspapers such as Nasdaq, Bloomberg, Forbes, AP News, Yahoo!Finance, CoinTelegraph, Coindesk, etc
These media are constantly updated with useful information, new activities, outstanding events of Biconomy, and all the topics surrounding it. Accordingly, Meta Lion Ventures continuously updates the topic of outstanding projects in Blockchain and hot events organized between Meta Lion & partners.
XI. FAQs about Biconomy (BICO)
- Will Bico recover?
It took until the beginning of 2021 for bitcoin to reach its 2017 peak. From then, it quickly rose while briefly gaining in value. But according to a model where crypto winter and boom cycles happen roughly every four years, it might not happen until 2025 or perhaps 2026 before values reach their November 2021 highs.
- Can Bico coins go up that high?
Bitcoin’s anticipated value and expected growth might be stratospheric because of its strength and potential. Crypto specialists and business professionals have speculated that Bitcoin’s long-term value might rise to between $100,000 and $1,000,000 per BTC.
- Is Biconomy stakeable?
Both BICO and BBPT may be staked within the module, with BICO being staked directly within the interface and BBPT being staked through the 80% BICO / 20% ETH pool. BICO awards can be redeemed on staked positions at any moment inside the interface.
Conclusion
To sum up, with benefits like being simpler to use for those without blockchain expertise, reducing gas fees to the lowest level so that users can complete transactions as quickly as possible, and not requiring users to download any digital wallets or purchase any cryptocurrencies from exchanges, having many investors and partners who are well-known in the industry, and not requiring them to download any digital wallets or purchase any cryptocurrencies.
However, Biconomy still has certain drawbacks, such as the project is still in its early stages; the storage wallet for BICO tokens is still relatively limited; after going public, the price of BICO currency is tipped to decline; and the level of competition is considerable. ( almost 14000 more virtual currencies).
The Biconomy project offers a solid concept, distinctive technology, and cutting-edge characteristics, it must be mentioned. It is challenging to come up with a decision on whether to invest in Biconomy at this time or not, though. Because the project is still in its early stages, yet after being listed on the stock exchange, the price tends to fall, indicating that investor trust is suffering. When investing in new initiatives, the dangers and opportunities are equal, so investors should think carefully.
The above is Meta Lion’s comment on the Biconomy project which is our personal opinion, this is not investment advice at all. Investors should be responsible for their own decisions.
