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 –
BICO Coin ICO was priced in two options, $0.25 and $0.15 per token. It is trading on the Exchanges. Read the post to check out the exchanges listing $BICO
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 the native token of Biconomy. Launched in the year 2021, BICO have the following utilities –
- Governance
- Network Fees
- Stakeholder Incentives
Governance:
BICO token holders will have the right to vote and submit proposals that can help shape the future of the project. Decisions like change in network’s code, allocation of treasury funds, adding or removing any additional services will be part of Governance.
Governance bring decentralization to the network
Network Fees:
The node operators will pay the transaction fee in BICO for adding any information to the Biconomy network. Also, they will earn BICO tokens proportional to the work done by them on the network.
Stakeholder Incentives:
From Node operators to Delegators, everyone will receive staking rewards (in BICO) for staking their tokens on the network. Liquidity Providers are also eligible to receive rewards for providing liquidity to the network in the form of various crypto assets.
A small fee is collected from the users accessing the liquidity pools which is then further distributed to the Liquidity Providers along with a portion of $BICO with respect to their contribution in the pool. This model is somewhat similar to popular DEXes like Pancakeswap.
Misbehaving validators will be penalized and their stake will be slashed
BICO Coin Tokenomics:
There will ever be 1 billion BICO tokens and the distribution share can be seen from the chart shared below –
The token release schedule is as follows –
Problems Addressed by Biconomy:
Gas Fee:
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
Multi-Currency Support:
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
Biconomy Projects:
Gasless:
Biconomy is developing a product that will allow users to access Dapps with zero gas fees. The Gasless application will be supported on the following blockchains and is interoperable.
Gasless NFT:
Gasless NFT is purely an NFT-based SDK that offers gas-free NFT minting & low gas fee for Dapps. It helps with NFT drops by making it a single-step process with the lowest minting fees for the creators.
Hyphen:
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 blockchain. Biconomy on Hyphen in a tweet –
2/
— Biconomy (@biconomy) August 23, 2022
𝗔𝘂𝗴𝘂𝘀𝘁 𝟮𝟬𝟮𝟭: we shipped Hyphen exactly a year ago
1 year later…
𝐀𝐮𝐠𝐮𝐬𝐭 𝟐𝟎𝟐𝟐: the total volume of cross-chain transfers processed by Hyphen has now reached $200 Million!🚀 pic.twitter.com/Uh7rvsCsV4
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.
Read more about Hyphen – A cross-chain protocol
Mexa:
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. The project has been removed from the website and may not be in production.
Forward:
Designed for Dapps built on the 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. This product might have been discarded by Biconomy.
Biconomy Funding:
As of 1st November 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 Crypto 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 different purposes.
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) |
|---|---|---|
| Created for | DAPPS | Merchants |
| Blockchain support | Ethereum | Crypto.org |
| Supported tokens | DAO, USDT, USDC | CRO |
| ERC20 token support | Yes | No |
| Native token | BICO | CRO |
Biconomy BICO Price:
Please check the latest BICO coin price, shared below –
BICO coin launched its ICO this year. The token sale began on Oct 14, 2021, with the following criteria –
Here’s the $BICO ICO video covered by the Katoch Tubes team –
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.
The ICO price was fixed at $0.25 (Option 1) and $0.15 (Option 2) which took place on 14th October 2021. I won’t be surprised if it pumps beyond $25 in the coming bull run. Fingers crossed for India’s update on Cryptocurrency a.k.a Bitcoin regulations.
How to Buy Biconomy BICO Coin?
Bico Coin is now available to trade on leading crypto exchanges Huboi, Bybit, OkEx, Coinbase, Binance, WazirX and FTX.
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. The project fundamentals are clear and that makes me raise a bullish needle for the long term. In the short term, it’s quite unpredictable until we get a clear understanding of the technical chart. For now, I am bullish on $BICO. Let’s wait and watch.
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.
DISCLAIMER:
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.
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Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.
