Biconomy (BICO)
Biconomy is a multi-chain relayer network developed on the Ethereum blockchain. Its primary goal is to enhance user experience for decentralized applications (dApps) by addressing challenges such as gas fees and network switching in blockchain operations.
Overview
Founded in 2019 by Sachin Bansal, Ahmed Al-Balaghi, and Aniket Jindal, Biconomy seeks to simplify and reduce the cost of onboarding web3 and crypto users. It offers solutions like gasless transactions and intuitive user onboarding for dApps across multiple chains. The platform uses meta transactions to handle user transactions on behalf of the end user, enhancing the overall user experience. It features a relayer infrastructure and transaction network that functions as a payment gateway for crypto transactions, encouraging the adoption of blockchain technology. Biconomy's native token, BICO, serves as both a utility and governance token, used for paying validators and participating in governance processes.
| Ticker | BICO |
| Category | Arbitrum Ecosystem |
| Website | https://www.biconomy.io/ |
| @biconomy | |
| Telegram | biconomy |
| Contract Addresses | |
|---|---|
| ethereum | 0xf1...c2 Copied! |
| arbitrum-one | 0xa6...4dCopied! |
Biconomy SDK
Gasless transactions
Gasless transactions in the Biconomy SDK enable users to interact with dApps without needing native tokens for gas fees. Utilizing the Paymaster contract, users can deposit funds and whitelist their dApp contracts to abstract gas within the dApp. This mechanism simplifies user onboarding and removes the need to purchase crypto tokens before using a dApp.
Batch transactions
Batch transactions allow users of smart contract-based accounts to execute multiple transactions within a single on-chain transaction. This reduces gas costs for dApps and saves users time and effort by consolidating multiple steps into one action. Developers can integrate batch transactions into dApps without modifying existing contracts, enhancing usability and providing a web2-like experience.
Fiat on-ramp and off-ramp
Biconomy has partnered with Transak to offer a convenient fiat on-ramp and off-ramp solution. This integration allows users to buy or sell cryptocurrencies directly within their preferred applications or websites, streamlining the process and simplifying asset on/off-ramping.
Social login
Through a partnership with Web3Auth, Biconomy offers social logins for Web3 applications via the Biconomy SDK. This integration combines traditional social sign-in with Web3 authentication, simplifying onboarding while ensuring users maintain control over their cryptographic key pairs.
Products
Hyphen
Hyphen facilitates seamless transfers of Ethereum and stablecoins like USDC between Polygon, Ethereum, and Avalanche. It is designed to provide faster transaction speeds and lower fees. Hyphen 2.0 introduces features like permissionless liquidity provision and dynamic fees, enhancing cross-chain transfer solutions.
Forward
Forward allows users to pay gas fees in ERC20 tokens, addressing the need for ETH in transactions. By using stablecoins and other ERC20 tokens for gas payments, Forward improves user onboarding experiences and enhances user interactions in various domains like DeFi protocols and blockchain games.
BICO
The BICO token is the native and governance token for Biconomy's multi-chain relayer infrastructure. It plays a crucial role in decentralizing the network, serving as network fees, incentivizing participants, and enabling participation in governance.
Utility
BICO is the primary token on the Biconomy blockchain, used for transaction fees and earned by node operators in proportion to their contributions. Validators, executors, delegators, and liquidity providers are incentivized through BICO rewards for their roles in maintaining network security and functionality.
Governance
BICO holders can propose and vote on decisions affecting Biconomy’s protocol and network. This governance system supports Biconomy's vision of progressive decentralization and community-led growth.
Tokenomics
BICO's total supply is capped at 1 billion, with a release schedule designed to align investors and the team for long-term success.
Funding
Biconomy has secured significant funding to enhance user experience and simplify blockchain interactions. In 2020, it raised $1.5 million in seed funding, followed by a $9 million private funding round in 2021. Later that year, Biconomy raised $11.5 million through a public sale of its BICO token, attracting new token holders and broadening its community.
Partnerships
Biconomy has established partnerships with various companies, including Artizen, AntNetworX, Bungee, Carv, Cere Network, Conflux, intrXn, Li.Fi, Minke, and Particle Network.
Team
- Ahmed Al-Balaghi: CEO, Co-Founder
- Aniket Jindal: COO, Co-Founder
- Sachin Tomar: CTO, Co-Founder
Advisors
- Sandeep Nailwal: Advisor & COO, Polygon
- Yoav Weiss: Advisor & Security, Ethereum Foundation