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About Biconomy
Key Points
- Biconomy is a multichain relayer protocol that aims to improve user onboarding and transaction experience on decentralized applications (DApps).
- It solves web3 bottlenecks, including gas fees, blockchain complexities, and slow transaction confirmation.
- Biconomy offers a unique solution by providing a non-custodial and gas-efficient relayer infrastructure network.
- The protocol utilizes meta transactions, allowing users to submit transactions with zero gas and having a third party pay for the transaction fees.
- Biconomy can reduce gas costs by up to 40%.
Founders and Backers
- Founded by Ahmed
About Biconomy: Empowering the Future of Blockchain Interoperability
Introducing Biconomy (BICO): A Revolutionary Blockchain Solution
Biconomy is a pioneering multichain relayer protocol designed to revolutionize the user onboarding and transaction experience within decentralized applications (DApps). The project’s overarching objective is to bridge the usability gap between web3 and web2 products, rendering web3 solutions as seamless and intuitive as their web2 counterparts. By providing a robust infrastructure, Biconomy effectively addresses several web3 bottlenecks:
- Protocols can seamlessly onboard users without incurring gas fees.
- Users have the flexibility to pay gas fees in their preferred ERC-20 token.
- By abstracting away blockchain intricacies, users can bypass complexities such as network changes.
- Transactions are confirmed at an accelerated pace, ensuring swift processing.
In essence, Biconomy specializes in transaction management and gas optimization, thereby reducing gas costs by a substantial 40%. This is achieved through the utilization of meta-transactions, which enable users to submit transactions with zero gas fees, while a third party assumes the responsibility of paying for the transaction fees on their behalf. By providing a non-custodial and gas-efficient relayer infrastructure network, Biconomy is capable of accomplishing this feat on a large scale.
The Visionaries Behind Biconomy: Meet the Founders
Biconomy was established by a diverse team of visionary blockchain entrepreneurs with a global perspective. Ahmed Al-Balaghi, a co-founder and alumnus of Queen Mary University, brings a wealth of experience garnered from over three years in the blockchain industry, having worked in China, the UK, and the United Arab Emirates. Prior to co-founding Biconomy, Ahmed was affiliated with Viewfin, a prominent Chinese blockchain company. The other two co-founders, Sachin Tomar and Aniket Jindal, are seasoned Indian blockchain entrepreneurs, with Sachin possessing a strong background in software engineering and Aniket having previously contributed to blockchain projects in the UAE.
Biconomy is also bolstered by the esteemed support of prominent blockchain venture capitalists, including Coinbase Ventures, Binance Launchpad, Mechanism Capital, Huobi Ventures, and several other distinguished investors.
Unveiling the Unparalleled Advantages of Biconomy
Biconomy presents a pioneering solution to a pervasive issue in the blockchain ecosystem. Unlike web2 applications, interactions with decentralized applications are far from seamless, and this disparity stems from several factors. For instance, web3 applications necessitate gas fees, a concept foreign to web2 applications, where no equivalent usage fee exists. Furthermore, on the Ethereum network, gas fees are invariably paid in ETH, which may not align with users’ preferences. Additionally, onboarding new users can be a complex process, hindered by the requisite proficiency in utilizing web wallets, signing transactions, and grasping the intricacies of gas.
Biconomy resolves this challenge by leveraging its decentralized relayer infrastructure network, which has already gained traction with multiple protocols.
- Curve Finance leverages Biconomy to facilitate meta transactions, enabling users to deploy their idle BTC to provide liquidity without incurring gas fees to swap them for RENBTC.
- Perpetual Protocol offers its traders on the xDAI chain a seamless experience with gasless transactions, courtesy of Biconomy. Moreover, users can enjoy blockchain-agnostic transactions, eliminating the need to modify the RPC URL in their web wallet.
- Decentral Games provides an uninterrupted gaming experience by eliminating gas fees with the assistance of Biconomy. Players receive in-game currency directly, without the need to hold MATIC for transactions on the Polygon blockchain, which Decentral Games utilizes.
- Sapien Network, a social blogging platform, also supports gasless transactions. New bloggers can transact SPN at no cost on the platform, fostering a seamless user experience.
What Is the Circulating Supply of Biconomy (BICO) Coins?
BICO, the native utility token, boasts a total supply of 1 billion. Node operators on the network are required to pay a transaction fee in BICO to validate and add information to the blockchain. Meanwhile, token holders can reap rewards from staking and contributing to the network’s security. Furthermore, BICO serves as a voting mechanism, empowering holders to weigh in on governance proposals, including code modifications, the introduction of new services, and the allocation of treasury funds. The token allocation is as follows:
- Community (38.12%): 7.5% allocation at Token Generation Event (TGE), followed by a 47-month linear vesting period.
- Foundation (10%): 10% allocation at TGE, subject to a 12-month lockup period, and subsequently, a 24-month linear vesting schedule.
- Team and advisors (22%): 12-month cliff, followed by a 24-month linear vesting period.
- Pre-seed round (6%): 9-month lockup period, followed by a 27-month linear vesting schedule.
- Seed round (6.38%): 9-month lockup period, followed by a 24-month linear vesting schedule.
- Private round (12%): 10% allocation at TGE, subject to a 12-month lockup period, and subsequently, a 24-month linear vesting schedule.
- Strategic investors (0.5%): 10% allocation at TGE, subject to a 6-month lockup period, and subsequently, a 24-month linear vesting schedule.
- Public sale (5%): either a 3-month linear vesting period or 10% allocation at TGE, subject to a 6-month lockup period, and subsequently, a 6-month linear vesting schedule.
The Biconomy Network’s Robust Security Framework
Biconomy’s smart contracts have undergone rigorous audits by esteemed firms, including Quantstamp, MixBytes, Certik, and Halborn, ensuring the highest standards of security and integrity.
Biconomy facilitates seamless, gasless transactions by providing a user-friendly software development kit that can be effortlessly integrated into decentralized applications (DApps) with just a few lines of code. Notably, Biconomy operates on a non-custodial and trustless paradigm, wherein users retain full control, signing all transactions with their respective private keys. The signed data is then relayed by Biconomy, ensuring its integrity and immutability, as it cannot be altered by the network. Furthermore, Biconomy is committed to progressive decentralization, thereby ensuring enhanced security in the future.
When Will Biconomy (BICO) Trading Commence?
BICO successfully concluded its highly anticipated public sale on October 14, 2021.
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