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What Is Biconomy (BICO)? All You Need To Know

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biconomy

Key Takeaways

  • Biconomy aims to improve user experience on decentralized applications (DApps) across multiple blockchains.
  • Biconomy helps DApps with transaction management and reduces gas fees. It achieves this by using meta-transactions, which allow users to submit transactions without gas fees and a third party covering the cost.
  • BICO is the Ethereum token that powers Biconomy. It’s used for network fees and voting on upgrades to the protocol.

What Is Biconomy (BICO)?

Biconomy (BICO) is a crypto project aiming to make using blockchain applications (dApps) easier and more user-friendly. It tackles challenges like high fees and complex transactions by providing tools for developers. This includes enabling gasless transactions, where users don’t need to worry about fees, and allowing transfers across blockchains.

How Does Biconomy (BICO) Work?

Biconomy works as a cross-chain relayer to improve user experience and developer adoption in the Web3 space. Here’s a breakdown of how it functions:

Meta Transactions

Biconomy utilizes meta transactions to handle user transactions on their behalf. This eliminates the complexities of gas fees for end users. Here’s the process:

  1. User Signs Transaction – The user interacts with a dApp and signs a transaction (like approving a crypto swap).
  1. Biconomy Relays Transaction – Biconomy’s network, consisting of executors and validators, takes over. Executors, acting as relayers, broadcast the signed transaction.
  1. Gas Fees Covered – Biconomy pays the gas fees required for the transaction to be added to the blockchain.
  1. Validators Verify – Validators on the network verify the transaction’s legitimacy.
  1. Rewards Distributed –  Both validators and executors receive rewards in BICO tokens for their contribution.

Biconomy (BICO) Token And Tokenomics

Tokenomics

The BICO token is the native cryptocurrency of Biconomy. It is used for:

  • Network fees
  • Staking
  • Governance

Token Details

Total Supply 1,000,000,000 BICO

Circulating Supply 688,538,397 BICO

Current Price $0.6167

Market Capitalization $424,590,959

This information is current as of March 18th, 2024, and the token’s price, market value, and available supply may fluctuate.

Distribution

  • Team & Advisors (15%)
  • Ecosystem Fund (20%)
  • Public Sale & Seed Sale (25%)
  • Network Incentives (40%) – This significant share is reserved for incentivizing network participants. It’s further divided into:
    • Node Operator Rewards (incentivizes running Biconomy network infrastructure)
    • Staking Rewards (encourages staking BICO for network security and governance)
    • Liquidity Mining Rewards (rewards providing liquidity to BICO on cryptocurrency exchanges)

Where Can I Buy Biconomy (BICO)?

  • Binance: Binance is a major exchange offering a wide range of cryptocurrencies. It offers multiple ways to buy crypto, including credit cards, debit cards, and peer-to-peer (P2P) trading.
  • Bybit: This exchange is known for its derivatives and margin trading features, but you can also use the platform for spot trading.
  • Coinbase: Coinbase is an American-based cryptocurrency exchange that allows you to buy cryptocurrencies with various payment methods, including bank transfers, debit cards, and wire transfers.

Is Biconomy (BICO) A Good Investment?

Whether Biconomy (BICO) is a good investment depends heavily on your investment goals and risk tolerance. Here’s a quick overview:

Pros:

  • Simplified Web3 experience – Biconomy aims to simplify users’ interactions with decentralized applications (dApps) by simplifying Layer-2 onboarding and offering features like gas-fee abstraction, reducing the complexity associated with blockchain transactions.
  • Web3 interconnectivity – Biconomy facilitates cross-chain value transfers, allowing users to move cryptocurrencies between blockchains.
  • Secure data and value transfers – Biconomy’s network bridges enable secure data and value transfers between blockchains, including public and private ones.

Cons:

  • Centralization – Currently, Biconomy isn’t fully decentralized. It relies on central servers for some transactions, which goes against the principle of decentralization that’s core to blockchain technology.
  • New platform, unproven scalability – Biconomy is a relatively new blockchain platform. While it shows promise, its ability to handle large-scale transactions efficiently remains to be seen.
  • Competition – The Web3 space is crowded with various platforms offering similar functionalities.

Final Thoughts

Biconomy tackles a significant hurdle in the blockchain space: the complexity of interacting with dApps. By offering a user-friendly experience, the project can attract more users to the DeFi space. However, considering the competitive landscape and the project’s ongoing development is important before making investment decisions.

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