What is Biconomy?
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.
| Launch Date | 2019 |
| Founder | Ahmed Al-Balaghi |
| Blockchain Protocol | Ethereum blockchain |
| Native Token | BICO |
| Market Cap | ₹15,607,331,843 |
| Token Type | Utility and Governance |
| Circulating Supply | 467,144,489 BICO |
| Max Supply | NA |
| Consensus Method | Proof-of-Stake |
WHO ARE THE FOUNDERS OF BICONOMY (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.
HOW DOES BICONOMY (BICO) WORK?
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.
WHAT MAKES BICONOMY (BICO) UNIQUE USE CASES?
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 ANALYSIS
Source: TradingView
- The 14 day RSI of BICO is 51.21 indicating a bearish to neutral trendline.
- INR 32.68 is the 200 day Moving Average of BICO. In comparison to its performance in December 2022, the token has made a massive recovery in mid January 2023 and is ticking into a greener trendline in early February 2023.
| Biconomy (BICO) Price Today | ₹33.55 |
| Price Change <Yearly> | NA |
| Market Dominance | 0.02% |
| Market Rank (as per CMC) | 162 |
| Market Cap | ₹15,670,976,406 |
| Fully Diluted Market Cap | ₹33,492,393,320 |
| ATH | ₹1,805.16 |
| ATL | ₹21.09 |
HOW TO BUY Biconomy (BICO) TOKEN IN INDIA?
If you are looking to buy Biconomy token in India, CoinDCX can be the best-suited place. Being India’s leading crypto exchange, CoinDCX is also one of the best Bitcoin and crypto apps for beginners. To begin with, all you have to do is,
- Download the CoinDCX App on your smartphone
- Enter the details required for registration
- Complete KYC
- Once your profile is verified, fund your CoinDCX wallet and buy Biconomy (BICO)
Read more: Latest Crypto News
