What is Biconomy? Details about Biconomy and the BICO token

• Overview of the Biconomy . project
• What is Project Biconomy?
• What problem does Biconomy solve?
• The mechanism of action of Biconomy
• Highlights of the Biconomy . project
• Products of Biconomy
• Development team, investors, partners of Biconomy
• Biconomy . project development roadmap
• Notable figures of the Biconomy . project
• BICO token overview
• What is BICO Token?
• Details of the BICO token
• BICO Token Allocation
• Price of Biconomy Coin (BICO)
• How to own BICO tokens
• The future of Biconomy project, should invest in BICO token or not?
• summary

Overview of the Biconomy . project

What is Project Biconomy?

Biconomy is an Infrastructure project created to make Web 3.0 projects more popular with users. Through the Plug & Play API programming interface, Biconomy allows anyone to easily access decentralized financial applications in the cryptocurrency market.

In addition, Biconomy's technology will also help eliminate the complex problems that blockchain platforms are facing thanks to features such as gas-free transactions, fast and low-cost cryptocurrency transfers and receipts. .

Currently, there are 4 projects namely Curve Finance, Perpetual Protocol, Decentral Games and Sapien Network that have integrated the Mexa SDK and used Biconomy's infrastructure and forwarding tools. 

• Curve Finance is using Biconomy to do Meta transactions sending BTC with no gas fees.
• Perpetual Protocol is using Biconomy to provide a seamless transaction experience on the xDai blockchain. 
• Decentral Games uses Biconomy on Polygon to provide a seamless gaming experience for users. Thanks to Biconomy's technologies, transactions on the platform cost less gas.
• Sapien Network uses Biconomy to provide users with interoperability with the platform, allowing for gas-free transactions.

The current Biconomy infrastructure is built on Ethereum, Polygon, Binance Smart Chain, xDAI, Arbitrum, Moonbeam, and Avalanche.

What problem does Biconomy solve?

Decentralized finance and Web 3.0 applications are currently experiencing the following problems:

Firstly, for applications built on the Ethereum platform , users can only pay for gas fees in ETH, and this cost is quite high.

Second, the processing speed of transactions is slow and the network is overloaded, causing users to lose waiting time.

The mechanism of action of Biconomy

On the Biconomy platform, users can perform tasks supported through Meta Transactions or Meta transactions. With this feature, Biconomy allows third parties to make transactions on behalf of users and at the same time, they also temporarily pay the transaction fees as part of the cost of switching users. Usually, there will be two ways to do Meta trading, that is, through contracts and native Meta trading.

• Contract-based transactions : This is similar to authorized transactions. First, users will transfer a certain amount of crypto assets to open a contract wallet. This contract wallet will then support the transfer of all transactions made by users onto the network.

• Native Meta Transactions : When users perform transactions and tasks in the Biconomy platform, they can save time and make it easier to do as they are not required to open a contract wallet. Instead, they will use Biconomy Relayers which will support users to transfer transaction information directly to Dapps to complete. However, the downside of this approach is that not all networks support native Meta trading.

Highlights of the Biconomy . project

Meta Transactions : Essentially, Meta Transactions allow a third party (transiter) to perform transactions on behalf of the user. That is, the user only needs to give a message containing the details of the transaction they want to make. The relayer then executes these transactions on the blockchain. In this way, the forwarder will manage the user's entire transaction and protect the user from complex blockchain UX. 

Multi-chain transaction network : Investors can safely transfer assets between different blockchains at low cost. Biconomy will contain the verified information of a transaction on any given blockchain. This way, the interaction between users and DApps on any blockchain will be seamless.

Decentralized Relay Protocol : Meta Transactions, money transfers and cross-chain connections are all managed by a decentralized multi-chain relay network by Biconomy. 

Products of Biconomy

Hyphen : This product of Biconomy allows investors to transfer/receive cryptocurrencies between different chains quickly and cost-effectively. 

Hyphen solves the difficult problem of sending/receiving investors' assets from Layer 2 to Layer 1 platforms. Normally, investors transferring money through Layer 2's private bridges can take from 40 minutes. Up to 7 days to receive money on Layer 1. Specifically, investors will wait about 40 to 50 minutes to receive ERC-20 tokens transferred from Polygon to Ethereum through the private bridge of these 2 blockchains. 

Recognizing that problem, Hyphen provides a faster money transfer service and saves transaction costs. To achieve this, Biconomy will maintain the liquidity of the token that users transfer on both blockchain platforms and transfer that token to the investor as soon as the token is accepted on the first blockchain.

Besides, the project will also automatically rebalance liquidity if there are too many transfers from one side. 

Hyphen products

Gasless : This product allows DApps to pay gas fees on behalf of users, improving the experience and faster transaction processing. Biconomy wants to provide a platform to help users experience Web 3.0 completely free of gas costs. Gasless solves complex problems as follows:

• There is no need to switch networks on the DApp. With Biconomy's Network Agnostic users can customize the network
• Transactions are processed quickly with almost zero gas fees.

Gasless products

Forward : This is a product that provides flexible options for users to pay gas on Layer 1 and Layer 2, investors can choose to pay gas fees with stablecoins or ERC-20 tokens.

Products Forward

Development team, investors, partners of Biconomy

Biconomy . project development team

Ahmed Al-Balaghi, CEO & Co-Founder of Biconomy : He has 4 years of experience in crypto investment and business development. In addition to holding the position of CEO of Biconomy, he is also the founder of Encrypted - a famous Podcast program about finance, technology, and blockchain. Previously, Ahmed Al-Balaghi partyed at Citibank and Jabbar Internet Group.

Sachin Tomar, CTO & Co-Founder of Biconomy : He has over 8 years of experience in software engineering and 2 years of experience in blockchain. Sachin Tomar has worked at Samsung, Make My Trip and Stacks City.

Aniket Jindal, COO & Co-Founder of Biconomy : He has 4 years of experience in crypto investment and community development in India. Previously, Aniket Jindal worked for Binance .

Advisory team of the Biconomy . project

Advisory team of the Biconomy . project

Biconomy is also supported by advisors such as Mr. Sandeep Nailwai – COO of Matic Network. In addition, the advisory group includes Matthew Liu & Josh Fraser, both Co-Founders of Origin Protocol.

Investor of Biconomy

The project has raised US$9 million from many major investment funds in the cryptocurrency market. Led by Mechanism Capital and DACM, other investors also joined in, such as Coinbase Ventures, CoinFund, Proof Group, Chorus One, Ledgerprime, Huobi Ventures Blockchain Fund, Primitive Ventures, Genblock Capital, Rarestone Capital, Bain Capital , NFX and True Ventures. 

In addition, Biconomy also attracted a few individual investors such as Stani Kulechov (Aave), Hasu (Uncommon Core, Paradigm Research), Tamar Menteshashvili (Solana Labs), Danilo Carlucci (Morningstar Ventures), Arjun Krishan Kalsy ( Polygon), Ryan Berkun (Teller Finance), Ben Hauser (Curve Finance)…

Investor of Biconomy

Partner of Biconomy

Biconomy's partners include projects in the main areas such as: DeFi with projects such as Curve Finance, Nord Finance, Idle, MultiSafe... In the Gaming segment, there are Aavegotchi, Ethermon, Zed... In the NFT segment with prominent names are Alethea.ai, Node Runners… Finally, Decentraland, Sapien, DAO Ventures… are names from different segments that are classified as Misc (Mixed).

Partner of Biconomy

Biconomy . project development roadmap

2019

• Quarter 2: Biconomy was officially established.
• Q3: The project provides security for the Polygon network.
• Q4: Biconomy launches Gasless Alpha version.

Year 2020

• Quarter 1: The project is looking for investment funds to contribute to the development of Biconomy in the early stages.
• Q2: Biconomy launches Beta version on Ethereum.
• Q3: Mainnet launch project on Polygon , Binance Smart Chain , xDai.
• Q4: Biconomy raises US$1.5 million in strategic support round.

Year 2021

• Q1: The project integrates more than 30 decentralized financial applications, reaching 290,000 transactions on Mainnet and 7.8 million API Calls (requires support for bridging between clients and DApps with Biconomy's servers).
• Q2: Biconomy raised $9 million for a Private round, reaching 3.69 million transactions on Mainnet and 54.29 million API Calls.
• Q3: Hyphen launch project, reaching 8 million transactions on Mainnet and 120 million API Calls.

Biconomy . project development roadmap

Notable figures of the Biconomy . project

As a new platform, Biconomy has proven itself when it comes to amazing numbers. At the time of writing, January 13, 2022, Biconomy has attracted 14,600 users with a total on-chain transaction value of up to $84 million. Currently, Biconomy is supporting transactions on three main chains, Ethereum, Polygon, and Avalanche. In which, Polygon is the leading network in terms of transaction volume with an estimated total value of about 45 million USD.

BICO token overview

What is BICO Token?

BICO is the official governance token of Biconomy, it plays the following roles:

Network Fees : Node operators will pay a fee in BICO to add any information on-chain or execute transactions.

Stakeholder Incentives :

• Investors stake BICO tokens to become network defenders
• Liquidity Provider will receive a small fee when their liquidity pool is used
• Validators and Executors will stake BICO tokens to contribute to the ecosystem.

Governance : BICO holders can participate in voting to help the Biconomy ecosystem grow.

Details of the BICO token

• Ticker: BICO
• Blockchain: Ethereum
• Total Supply: 1,000,000,000 BICO

BICO Token Allocation

• Community: 38.12%. Of which, 7.5% will be immediately unlocked TGE and distributed linearly 1/47 per month.
• Foundation: 10%. Of which, 10% will be unlocked immediately TGE, the rest will be locked for 12 months and distributed linearly within 24 months.
• Pre Seed Round: 6%. These tokens will be locked for 9 months and distributed linearly over 27 months.
• Seed Round: 6.38%. These tokens will be locked for 9 months and distributed linearly over 24 months.
• Private Round: 12%. Of which, 10% will be unlocked immediately TGE, the rest will be locked for 6 months and distributed linearly within 24 months.
• Strategic Investors: 0.5%. Of which, 10% will be unlocked immediately TGE, the rest will be locked for 3 months and distributed linearly within 12 months.
• Public Sale: 5%. In which, option 1 is 4% which will distribute linearly over 3 months. For option 2 is 1%, of which 10% will immediately unlock TGE, the rest will be locked for 6 months and distributed within 6 months. 
• Teams and Advisors: 22%. These tokens will be locked for 12 months and distributed within 24 months.

BICO Token Allocation

BICO Token Allocation Schedule

Price of Biconomy Coin (BICO)

As of March 15, 2022, according to updated data on CoinMarketCap, BICO is being traded at 1.18 USD with a daily trading volume of more than 30 million USD.

How to own BICO tokens

As of December 1, 2021, BICO tokens are sold on Huobi Primelist. However, now you can completely own BICO tokens by buying on supported cryptocurrency exchanges such as Binance, Huobi, Coinbase, Gate.io…

The future of Biconomy project , should invest in BICO token or not?

All interactions with the DApp, transactions are done on the blockchain and take place very complex. To do that, investors must be proficient with cryptocurrency wallets, understand gas fees, actively manage each transaction, transfer money across different blockchains. This is especially difficult for beginners to get into the cryptocurrency market.

Recognizing the above problem, Biconomy was born to provide a simple solution that makes interacting with DApps no longer complicated. With Biconomy, investors can connect their wallets with most DApps, perform transactions on any blockchain or Layer 2 and especially without gas fees. Thereby, it can be seen that Biconomy offers an extremely useful and convenient solution and helps investors save transaction costs.

summary

Above is all information about the Biconomy project and the BICO token. Biconomy provides a set of 3 products to help optimize the user experience. It also provides a Multi-chain support infrastructure that makes Web 3.0 projects more popular with users. With the above information, hopefully you have been able to judge the potential of the project in the future to make the right investment decision for yourself.

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