Biconomy is a multi chain relayer network built on top of the Ethereum blockchain. The platform aims to make onboarding of web3 and crypto users seamless and cost effective. Biconomy offers a range of cutting edge solutions like gasless transactions, easy and intuitive user onboarding on multi chain decentralized applications.The most prominent offering of Biconomy is the meta transactions that handles user transactions on behalf of the end user.
The native token of Biconomy; BICO; serves both as a governance and a utility token. The token is used to pay the validators on the network and also for users to join the governance team to propose and vote for improvement proposals for the network. As a result, the executors and the validators of transactions earn BICO tokens.
|Blockchain Protocol||Ethereum blockchain|
|Token Type||Utility and Governance|
|Circulating Supply||467,144,489 BICO|
The founder of Biconomy is Ahmed Al-Balaghi. He has worked with various blockchain firms like Viewfin, a leading Chinese blockchain company. He is an alumnus of Queen Mary University, London, England.
Biconomy was co-founded by two Indian entrepreneurs Sachin Tomar, who has a background in software development and Aniket Jindal, who has worked on Blockchain projects in the UAE.
The Biconomy network handles the transactions taking place on behalf of the end user. It offers a simple UI to the user where all they have to do is sign a transaction (it could be a crypto or an NFT sale transaction). The transaction is then verified and executed by the network participants for which they also earn BICO tokens.
These participants comprise of the node operators who verify the transaction and the executors who add the transaction to the network. The node operator needs to stake BICO tokens in order to be eligible to verify and relay transactions. There are two main targets achieved by staking BICO tokens and approving the transactions on the network; scalability of the ongoing traffic of transactions and the security of the network.
Meta transactions: Biconomy’s Hyphen allows users to conduct meta transactions without paying any gas fee and the trouble of going through complicated UX of crypto wallets. Many known crypto projects like Decentraland, SandBox, Animoca brands and dYdX have integrated Biconomy in their project.
Bridge solution: The platform offers a unique blockchain bridging solution for existing projects to truly become multichain by simply adding their dApp to the Biconomy dashboard and selecting the blockchain they wish to create a bridge with. This solution saves the developers a lot of time and money. Currently, Biconomy helps bridge to Ethereum, Polygon, Avalanche, Arbitrium, Optimism, Binance Smart Chain and Fantom.
Multi Purpose Token: Biconomy’s token, BICO is used for conducting transactions on the network as well as for offering the network participants to take active part in the network’s governance.
|Biconomy (BICO) Price Today||₹33.55|
|Price Change <Yearly>||NA|
|Market Rank (as per CMC)||162|
|Fully Diluted Market Cap||₹33,492,393,320|
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