What is Biconomy (BICO) and How Does It Simplify Web3 Transactions?

BICO Price Information and Market Data

Biconomy (BICO) current price is trading at $0.04 USD. The trading volume in the last 24 hours has reached $19.78K. BICO has decreased by 2.79% over the past day. The project’s circulating market capitalization is $43.47M. Currently, 999,998,454 BICO tokens are in circulation. BICO is traded on various cryptocurrency exchanges.

What is Biconomy? How Does It Solve the Web3 Usability Problem?

Compared to Web2 applications, executing transactions on Web3 platforms is complex and costly. Biconomy offers a multi-chain supported relay protocol solution to address this issue.

Biconomy’s core function is to improve user experience on decentralized applications (DApp) and simplify transactions. The project operates on the principle that Web3 infrastructure should be as intuitive and accessible as Web2 products.

Technical Solutions Offered by Biconomy

The Biconomy protocol is designed to solve the following problems:

Gas Fee Optimization: The protocol leverages meta transactions to enable users to perform transactions without paying Gas. This can reduce transaction costs by up to 40%.

Flexible Payment Options: Users can pay fees with any ERC-20 standard token. The requirement to pay with ETH on the Ethereum network is eliminated.

Increased Speed and Efficiency: Thanks to Biconomy’s relay infrastructure, which does not include custody services, transaction confirmation times are significantly shortened.

Hiding Technical Complexity: Changes and complex structures occurring on the blockchain network are not reflected to users. This facilitates new user onboarding.

Real-World Applications of the Biconomy Protocol

Biconomy technology is used by many leading DApp projects:

Liquidity Provision Platforms: Some protocols enable users to provide liquidity without Gas payments thanks to Biconomy. Participants can transfer their idle crypto holdings to the platform without additional fees.

Derivative Trading Platforms: Protocols that facilitate derivative trading on certain blockchain networks offer Gas-free transactions via Biconomy infrastructure. Users can perform private transactions without changing RPC settings.

Gaming Ecosystem: Blockchain-based gaming projects integrate Biconomy to provide players with seamless gaming experiences. Players only use in-game currency for transactions; native chain tokens are not required.

Social Platforms and Content Networks: Decentralized social networks benefit from Biconomy’s Gas-free transaction infrastructure, offering content creators cost-effective options. Platform users can perform transactions free of charge.

Who Makes Up the Team Developing the Biconomy Protocol?

Biconomy was founded by international blockchain experts. Co-founder Ahmed Al-Balaghi graduated from Queen Mary University and has over three years of experience in the blockchain industry in China, the UK, and the United Arab Emirates. During his career, he worked at a well-known China-based blockchain company.

Other co-founders include Indian blockchain entrepreneurs with software engineering backgrounds. One of them is Sachin Tomar; the other has previously managed blockchain projects in the UAE. Biconomy is supported by leading crypto investment funds.

How Is the BICO Token Supply and Distribution Model Structured?

The native utility token of Biconomy, BICO, has a total supply of 1 billion tokens. Network node (node) operators pay transaction fees to add data to the blockchain using BICO.

BICO token holders can stake their tokens to contribute to network security and earn rewards. Changes to the protocol, new services, or fund management decisions require BICO tokens.

Token Distribution Structure

The distribution of the 1 billion BICO tokens is designed as follows:

• Community Allocation (38.12%): An initial 7.5% is allocated at launch, with the remaining distributed evenly over 47 months.

• Foundation Allocation (10%): Fully allocated at start, then gradually unlocked over 24 months after a 12-month lock-up.

• Development Team and Advisors (22%): Released linearly over 24 months after a 12-month vesting period.

• Early Investor Rounds (12.38%): Allocated to participants in various investment rounds. Locked for 9 months, then gradually released over 27 months.

• Private Sale Allocation (12%): 10% allocated at start, then unlocked over 24 months after lock-up.

• Strategic Partners (0.5%): Initially allocated at 10%, then distributed over 24 months after a 6-month lock-up.

• Public Sale Allocation (5%): Distributed at launch or within 3 months, then gradually unlocked over 6 months after a 6-month lock-up.

Security Infrastructure of the Biconomy Protocol

Biconomy’s smart contracts have been extensively audited by independent security firms. The protocol allows developers to integrate Gas-free transactions into their DApp projects with just a few lines of code.

All signature operations on the BICO network are performed by users with their private keys. Biconomy does not hold custody services and does not access users’ keys. Signed data is transmitted to the network by Biconomy and cannot be altered by any third party.

In the future, Biconomy aims to make the protocol more decentralized and add additional security layers. These steps will strengthen the protocol’s long-term resilience and user security.