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Table Of Contents
Biconomy (BICO) operates as a cross-chain relayer. The protocol provides plug-and-play options and infrastructure solutions to help integrate Web 3.0 networks into the market. The goal of the project is to help drive adoption by enabling developers to create more helpful and immersive multi-chain dapps.
Already, Biconomy has seen some considerable success. The protocol managed to secure $9 million in funding during its 2019 launch. This funding round was led by Mechanism Capital and Digital Asset Capital Management. In October 2021, the firm raised another $11.5 million in BICO tokens.
What Problems Does Biconomy (BICO) Solve?
Biconomy targets multiple pain points in the market. The protocol was built to provide developer-centric options to the market. As such, it offers features that help to streamline actions between blockchain applications and the end-users. As part of this strategy, the network integrates bridges that enable easy and secure cross-chain communications.
One of the main concerns that Biconomy developers wanted to remove was fee restrictions. Running Dapps is expensive on Ethereum today. Additionally, these costs are usually paid by the user which means they can limit the adoption and usability of a protocol. Biconomy introduced gasless meta-transactions for Decentraland users recently. Gamers can enjoy more excitement and profits using Biconomy in the Metaverse.
Biconomy's developers wanted to ensure their protocol was stable and secure. As such, they decided to leverage Ethereum for its security validation processes. To date, Biconomy has experienced zero failed transactions due to technical issues. Additionally, the decentralized nature of the protocol enables the network to maintain uptime.
Benefits of Biconomy (BICO)
There are many benefits that Biconomy brings to the market. For one, it helps to streamline layer 2 onboarding. Other layer-2 options such as the Lightning Network have been criticized for their technical barriers. Biconomy takes a different approach. Instead, the developers wanted to simplify Web3 creations using plug-and-play coding.
Plug and play options enable developers to simply drag and drop popular crypto features and services in their Dapps. Biconomy provides developers with a suite of tools designed specifically to improve transaction management capabilities. This strategy saves developers time and effort. It also helps developers from other networks to migrate their efforts to Biconomy smoothly.
Instant Cross-Chain Transfers
One of the main technical advantages of Biconomy is its instant cross-chain transfers. These features are essential when discussing connecting multiple ecosystems in the metaverse or via new Dapps. Biconomy provides Web 3.0 interconnectivity far beyond the competition. The network's bridges enable secure data and value transfer across private and public blockchains.
How Does Biconomy (BICO) Work
Biconomy lives on the Ethereum blockchain. It leverages the world's largest DeFi and Dapp ecosystem to provide validity and security to its actions. Biconomy operates as a layer-2 protocol that can also operate on top of layer-1 blockchains like Ethereum or the Binance Smart Chain. There are two main products that Biconomy offers to users currently. Gasless and Hyphen.
The main product Biconomy (BICO) offers users today is a feature called Gasless. This unique protocol enables developers to introduce fee passing into their dapps. Fee passing is a term that refers to the ability to pass the gas fee for an operation to another party. The Biconomy Gasless feature enables developers to choose to pay their users gas fees when operating their dapps. This option is a powerful tool that empowers developers to create more advanced applications without the worry that users will not want to cover the cost of the transactions.
The second feature offered by Biconomy is the Hyphen protocol. This system enables users to pay gas fees with more options. Specifically, you can pay for smart contract executions using any ERC-20 token or a variety of stablecoins. This feature saves users big time as converting these assets to Ethereum can be a costly and time-consuming process at the moment.
Hyphen enables users to instantaneous transfer value between EVM chains. The protocol can also work to connect Layer 1 and Layer 2 protocols securely. As such, it helps to improve user adoption by simplifying the use and programming of DeFi networks.
The main utility token of the Biconomy ecosystem is BICO. This token serves a variety of roles in the market. It's required to pay network fees, and you can stake the token to secure passive returns. You also must hold BICO if you want to gain access to the network community governance systems native utility token with a total supply of 1 billion.
BICO holders have a say in the network's future development. The Biconomy protocol is a community-led effort where BICO users can stake their tokens to gain votes. The more BICO you stake and the more weight your vote will hold. This approach ensures that everyone who votes is financially invested in the goodwill of the protocol. Community governance systems are now a popular option in the DeFi sector because they provide more transparency and make projects more democratic in the long run.
History of Biconomy (BICO)
Biconomy is an Indian-based blockchain firm that entered the market in 2019 via an ICO that raised $9 million. The project is the brainchild of the firm Etech. The company lists its founders as Sachin Tomar, Aniket Jindal, and Ahmed Al-Balaghi. Its current CEO is Ahmed Al-Balaghi.
How to Buy Biconomy (BICO)
Biconomy (BICO) is currently available for purchase on the following exchanges.
Uphold – This is one of the top exchanges for United States & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.
Kraken – Founded in 2011, Kraken is one of the most trusted names in the industry with over 9,000,000 users, and over $207 billion in quarterly trading volume.
Uphold Disclaimer: Terms Apply. Cryptoassets are highly volatile. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong..
Biconomy – Lighting the Path for A Brighter Web 3.0
The Biconomy ecosystem provides an excellent mix of features to help empower developers moving forward. The project has already seen considerable adoption and support from the crypto market. As such, you can expect to see even more developments from this team as more users become aware of the gasless transactions now available on Decentraland in the coming weeks.
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