The concepts of scalability, security and decentralization are always indispensable in a blockchain environment. Many projects focus on striking a balance between these three concepts and being efficient. One of these is Biconomy (BICO), built on the Ethereum blockchain. So what is Bico?
Biconomy tries to make the ease of use of Web 2.0 products possible for Web 3.0 applications. In other words, it is a blockchain infrastructure solution that seeks to facilitate user interaction with decentralized applications (dApps). In this article, you can find answers to many questions such as “What is Biconomy coin, what are its advantages, how does it work?”.
What is the Bico Coin Project?
When DApp users want to perform a transaction or transfer value, processes such as gas payments and network switching can become complex. Biconomy aims to build an easy-to-operate trading infrastructure so that even users with limited knowledge in the crypto space can trade with ease.
With a focus on ‘convenience’ at its center, Biconomy aims to ensure that users are not affected by the complexities that such transactions can create. At this point, it is a cross-chain transmission infrastructure and transaction network.
Its main strength in achieving this is APIsthat adopt the plug-and-play principle. Just as end users are provided with a seamless experience in Web 2.0 applications, DApps created by developers utilize plug-and-play APIs that leverage the concept of multi-chain meta transactions for a seamless experience.
The Biconomy token also provides a solution for DApp users to avoid paying gas fees. However, it makes cross-chain transfer possible. This both supports the adoption of DApps and ensures that DApp users are comfortable. We will be discussing this part in more detail under the heading “How Biconomy Works” just below.
How does Biconomy (BICO) work?
In order to better understand the working logic of the Biconomy coin, this topic can be detailed under two headings: meta and cross-chain protocol.
- Meta Transactions
Biconomy’s perspective on DApps is clear: Better and smoother apps for developers, and easier for users to use. Thus, it helps to eliminate heavy functioning. They make this possible by providing plug-and-play software development solutions (SDKs and APIs) through Gasless , their core product for developers.
DApps are enabled by Gasless to process what are called ‘meta transactions’. This allows developers to allow users to make transactions without paying gas fees. On the back end, gas fees are sponsored by the developers. As a result, users don’t have to worry about gas fees, crypto wallets and bridging when using DApps.
This is quite obvious to developers. The smoother the end-user experience, the higher the adoption rates of decentralized applications. This actually shows how successful DApps are. This is what Biconomy token is all about.
- Cross Chain Protocols
Another aspect of eliminating friction in gas operations is cross chain capabilities.
Biconomy has another product called Hyphen . This product serves to bridge the gap with what is called a ‘cross-chain protocol’ by creating APIs for developers to integrate into their DApps in a network-agnostic way.
These APIs enable cross-chain transfers between Ethereum and various layers, allowing users to pay for DApp usage with the ERC20 token of their choice. This way, users can avoid problems like changing networks and wallet settings.
How Gas Fee Becomes Free with Biconomy
We think many people are familiar with Decentraland, a metaverse project. Decentraland is where users can play games, buy virtual land and attend virtual concerts. Of course, users have to pay a certain amount of gas fees to do so. This is enough to act as a deterrent for users. So what did Decentraland do in this situation?
Decentraland benefited from Biconomy’s Gasless. In this way, it did not charge gas fees to its users. Thus, the Decentraland project gained new users. Decentraland users also increased the amount of savings in this project.
What are the Advantages of Biconomy (BICO)?
The Biconomy coin offers a number of advantages to both DApp developers and Dapp users. These advantages can be grouped under several headings as follows.
- Availability
Thanks to its accessibility, the Biconomy token appeals to all user profiles, experienced or inexperienced. The feature that makes this possible is its APIs, which are called plug and play.
Gas payment options, gas-free transactions, instant cross-chain transfers, users on other blockchains as well as data from other blockchains can be practically assimilated into the Biconomy chain.
- Biconomy Token Applications
The BICO token is the native currency of the Biconomy blockchain and serves as a staking, exchange and governance token on this blockchain.
- Incentive
On the Biconomy platform, users who hold BICOs for a certain period of time are rewarded. This initiative, which can be characterized as an incentive, serves as a stabilizing factor for BICO’s price. There are 3 different categories of stakeholders in the Biconomy ecosystem. These are categorized as node operators, delegators and liquidity operators.
All three types of stakeholders are rewarded with the BICO token. First, node operators (verifiers and enforcers) are rewarded proportionally to the work they do in BICO, and similarly lose shares for wrong trades. Security is an extremely important foundation and delegates fulfill the function of securing the network. Finally, liquidity for various cryptocurrencies is provided by liquidity operators at Biconomy.
- Network and Transaction Fees
Liquidity pools charge users fees in exchange for using the pools to exchange or cash out currencies. Users are obliged to pay a fee for any activity processed on the Biconomy blockchain. This is precisely why BICO is circulated as a tool for settling various transactions and as a form of payment for the features used. Since all transactions on the platform are used and paid for through the BICO token, this strategy helps to sustain the token’s relevance, market presence and price.
- Governance and Community Centering
As a governance token, BICO enables shareholders to have a say in operational matters, to have a decisive power in improved and new services, to have an advantage in the implementation of the new code, the circulation and issuance of BICO tokens, and even to be a key determinant of how funds are used.
The DAO governance schemes prevalent on the Biconomy chain are not limited to incentivizing users staking BICO on the platform. This also affects the supply of the platform and helps to increase prices.
Who Owns Biconomy Coin?
Biconomy was founded in 2019 by Ahmed Al-Balaghi, Aniket Jindal and Sachin Tomar and launched in 2021.
Ahmed Al-Balaghi is a blockchain entrepreneur with a degree in Economics, Statistics and Mathematical Science from Queen Mary University. Prior to Biconomy, his experience includes roles in both finance and blockchain at organizations such as Citi, Down Jones, ViewFin, Matic Network. Today he is CEO of Biconomy.
Aniket Jindal holds a Master’s Degree in International Business Administration from Fungan University and has worked in different companies in different positions in her career. ViewFin, Binance and Matic Netwok are some of them. Today he is COO at Biconomy.
Sachin Tomar graduated in Computer Science from Dr. Ambedkar Institute Of Technology. Before Biconomy, he worked as a software engineer at Samsung Electronics and MakeMyTrip. Today he holds the position of CTO at Biconmy.
Is the Biconomy Network Safe?
Biconomy users’ transactions are signed with their private keys and encrypted data. The aim is to make it impossible for Biconomy to make any changes to the information transmitted. Contract-level signature verification ensures data integrity. Although Biconomy works with a semi-centralized model for enhanced security, it is working to transition to full decentralization.
Is There a Future for Bico Coin?
Biconomy provides solutions to improve the user experience on the DApp side and increase the adoption of DApps. At this point, it addresses critical issues in the blockchain space. So is there a future for Bico coin? Biconomy’s solutions in the area of non-fraudulent transactions, cross-chain compliance and network fee management may continue to be in greater demand as blockchain technology continues to evolve.
The future of Biconomy is crucial for it to maintain and even improve on what it has achieved so far. Given the important role that Biconomy plays in optimizing Web3 interactions, it is imperative, rather than an option, that the protocol maintains a high degree of reliability.
Therefore, those wishing to invest in this project should carefully evaluate Biconomy’s ongoing development, the safety measures it will implement and its performance in terms of process improvement. While BICO offers promising solutions to challenges that are considered critical in blockchain, its longevity as an investment of choice depends on its ability to continue its contributions to the cryptocurrency world in a secure and stable manner.
Which Exchange is Bico Coin Traded on?
Bico coin is an asset that can be traded on many well-known cryptocurrency exchanges around the world, both centralized and decentralized. ICRYPEXis one of these exchanges. ICRYPEX enables fast, secure and transparent trading and sending of Bico coins.
If you want to trade Biconomy coin quickly, you can use the Easy Trade section of ICRYPEX, or if you want to enter orders and trade at the desired prices, you can use the Pro Trade section. You can also send Biconomy tokens from another exchange or wallet to ICRYPEX and send BICO from ICRYPEX to other exchanges or wallets.
