Blockchain technology is complex in itself and then came Biconomy with BICO coin to the rescue. Biconomy is building a cross-chain transaction infrastructure on the blockchains like Ethereum (ETH), Avalanche Crypto (AVAX) etc. It has a revolutionary plan to help the benefits of blockchain technology reach the common man by simplifying the interface that connects the users to the network.
Biconomy is aiming for what no other blockchain has worked since the birth of Bitcoin. A plug and play SDK/API for DAPPs. The thought is pretty much unique, considering the blockchain technology itself is in the early stages of adoption and no other player is focusing primarily on building an efficient transaction network that can be Gas free.
Sounds interesting? It’s time to take an in-depth look into the working potential of Biconomy –
Biconomy BICO coin | Complete Video -
What is Biconomy?
Founded in March 2019 by three blockchain savvy individuals – Aniket Jindal, Ahmed Al-Balaghi, and Sachin Tomar. Biconomy aims to simplify the transaction processes for mainstream users. With prior hands-on experience in top crypto companies like Binance, the team is well versed with the difficulties network users face when it comes to transferring coins from one wallet to another.
Biconomy aims to become the Stripe (payment network) of the blockchain.
What is Biconomy BICO coin?
BICO coin is scheduled to be launched later in the year 2021. It is speculated to perform a similar role as played by MATIC on the Polygon network. BICO is the native token of Biconomy. BICO aims to bring security to the network, it will also enable system governance, and reward the stakeholders. Moreover, it will be a store of value in the near future. We’re awaiting further developments on this token.
Problems Addressed by Biconomy:
There’re a lot of areas of improvement which are being addressed by Biconomy. It aims to develop a cross-chain transaction infrastructure, in a way that the end-user doesn’t have to pay the Gas Fee every time he engages with the network. In layman’s terms, you never pay for watching a video on YouTube, no matter how many times you interact with the platform. Similarly, you shouldn’t pay for Gas Fee every time you interact with the platform as an end-user.
Developer will be paying for the Gas Fee
When it comes to blockchain, you can only transact using the currency of the network. For example on the Ethereum network, you need ETH, for Polygon, you need MATIC token, Ripple needs XRP token and likewise. Biconomy aims to solve this for the Ethereum network by allowing multi-currency payments in the form of ERC-20 tokens on the Ethereum Blockchain.
Plug and Play SDK for DAPPs:
A lot of developers have shown a keen interest in developing decentralised apps or DAPPs on the blockchain network, especially on Ethereum. Biconomy wishes to leverage this opportunity by developing a product that can simplify the headache of developers of adding a payment gateway within their DAPPs. Just like you have third party payment gateways like PayU and Razorpay integrated on the e-commerce websites, Biconomy wishes to address the same.
User Retention and Drop-off rates:
By building a versatile transactional infrastructure. Biconomy will be the superhighway network to connect all the scaling solutions on the Ethereum blockchain. Hence reducing the drop-offs rates and increasing user retention by providing a non-complex and user-friendly interface to the end-user.
Ethereum Network is the primary focus of Biconomy
The prime focus of Mexa is to offer gasless transactions for smart contracts. It works on EIP 2771 secure protocol to execute smart contracts without any gas fee.
Designed for Dapps built on Ethereum network. Forward aims to solve the payment vows and ridiculous high gas fees during busy hours by allowing the users to pay in native ERC-20 tokens.
At the moment, Forward support payments using USDT, Dai & USDC. It plans to extend the integration of more ERC-20 tokens in near future.
Hyphen is heaven for users engaged in high volume transactions. Hyphen provides instant and cheaper transactions on the network, especially when transferring ERC20 tokens from layer 2 to layer 1 blockchains.
For example, it takes 40 minutes to a week to transfer funds from the Polygon network to Ethereum, that too with the gas fee on the higher side. Hyphen does it in an instant with a much lower gas fee.
As of 1st October 2021, Biconomy has raised a total of $10.5 million series funding, of which the majority $9 million is invested by Mechanism Capital and DACM. The early strategic capital investment were funded by Coinbase, Aave and partners.Source: Yourstory.com
Biconomy vs Polygon:
Polygon MATIC is a complete blockchain network that provides Ethereum scalability solutions and enables network interoperability. On the other hand, we have Biconomy which is a cross-chain transactional infrastructure. In fact, Polygon is seed funded by the founder of Biconomy and it is also the biggest client of Biconomy. Both these projects serve a different purpose.
Polygon is the biggest client of Biconomy
Biconomy vs Crypto.com Pay:
Just like Biconomy, Crypto.com with its native CRO coin has introduced a payment SDK named Crypto.com Pay. It is a payment gateway that is equipped to receive payments being offered to the merchants. Let’s compare to understand both of these projects.
|Comparison type||Biconomy (BICO)||Crypto.com Pay (CRO)|
|Supported tokens||DAO, USDT, USDC||CRO|
|ERC20 token support||Yes||No|
Biconomy BICO Price:
BICO coin is scheduled to be launched in the year 2021. The token sale will begin on Oct 14, 2021. Please check the link shared at the top of the page to participate in the registration process.
Check your eligibility prior to registration –
Watch the complete steps to participate in BICO Token Sale:
Biconomy Price Prediction:
Given the unique problem addressed by the project and a low competitive field. The project is bound to onboard more mainstream users to blockchain technology. Biconomy is already running successfully on 30+ DAPPs with 5 Million active transactions. Its ICO price is fixed at $0.25 (Option 1) and $0.15 (Option 2) to be held on 14th October 2021. I won’t be surprised if it pumps beyond $0.50 in the coming bull run. Finger crossed for India’s update on Cryptocurrency a.k.a Bitcoin regulations.
Should you invest in Biconomy:
Biconomy has a strong financial backup and a legit business model. It is building the first-ever cross-chain transactional network for Ethereum blockchain which in itself is a huge task to accomplish. However, unless we see the actual launch of the $BICO coin and the projected growth, it’s difficult to take an investment decision. I will be neutral on this one, until the launch.
That completes my analysis of Biconomy BICO coin. A great project from India. I wish all the best to the founders, they have worked round the clock to make blockchain more friendly to the end users. Let’s wait and watch how it pans out. In the next post, I will cover Brave browser BAT coin in detail. If you like the post, do share it in your social network. Before you leave, checkout top crypto coins analysis on my section on cryptocurrency.
Cryptocurrency is a highly volatile market. All the information shared in the post is for knowledge purpose only. By no means, it’s financial or investment advice. Readers are responsible for their own investment decisions and should only invest in cryptocurrency after proper research.
An MBA in Marketing. Paras have a decade long experience in the corporate world. He is done with office politics and corporate life, therefore decided to move on and jumped on building Katochtubes. He has the vision to provide value in the simplest form possible using the power of the internet, which inspired him to write informative blogs. His area of expertise includes online marketplace, cryptocurrency, self-help and content strategy.