What is Biconomy Token (BICO) ? A comprehensive guide to the BICO cryptocurrency

Interacting with dApps is currently a highly complex and difficult process, as investors must be adept at using digital wallets, knowledgeable about Gas fees, and actively manage every transaction and transfer through the Blockchain. To alleviate this issue, Biconomy was created, offering an optimal solution that streamlines dApp interaction with lower costs. So, what is BICO Coin and what distinguishes Biconomy from other platforms? Perhaps most significantly, what is its future potential? We will delve into the specifics of these questions in the following article.

What is Biconomy Token (BICO) ?

Biconomy is a multi-chain infrastructure solution that simplifies the transaction process by supporting Dapps in utilizing WEB3 technology to optimize the user experience. As a result, the accessibility to users is increased as they no longer perceive the usage of blockchain technology to be overly complex.

Biconomy offers users the following features:

• The integration of Biconomy’s protocol enables cross-chain asset transactions to be conducted swiftly and with minimal fees or costs, facilitating efficient execution of multiple projects.
• Biconomy’s integrated solution projects allow both users and projects to make flexible payments across different blockchain platforms through the utilization of ERC20 Tokens or stablecoins, which are supported.

As of the time of writing, Biconomy has facilitated over 3.6 million transactions, providing support for integration and official deployment on the mainnet, with over 70 Dapps covering various areas within DeFi and NFTs.

Furthermore, Biconomy has established a presence on mainnet and offers support for six distinct layer 1 blockchains, namely Ethereum, Binance Smart Chain, Polygon, xDai Chain, Avalanche, and Moonriver.

The salient feature of Biconomy

The following items are the offerings provided by Biconomy:

Hypher – Instant cross-chain protocol

Ordinarily, moving assets between different blockchains (such as from Ethereum to Polygon) is facilitated by native bridges (bridges built directly within the systems) to support asset transfers. However, the execution time is still quite slow, typically taking over 40 minutes for a single transaction.

Hypher is a product of Biconomy that utilizes a cross-chain asset transportation protocol, enabling easy and rapid transfer of assets between various Layer 1 and Layer 2 blockchains. The product has now officially launched its mainnet, allowing users to transfer assets between Ethereum and Polychain within less than a minute.

Enable Gasless Transactions

The purpose of introducing Gasless Transactions is to address previous solutions and elevate them. One of the challenges of the traditional approach involved users having to undergo the tedious task of creating and installing a wallet, and searching for network specifications in order to customize their networks in accordance with their requirements. This process was quite difficult and demanded considerable effort.

Moreover, the fact that dapps require users to pay fees to use their services is a significant drawback, as it can be both physically and financially taxing for the users. However, amidst the existence of expanding solutions such as Boba Network on the Ethereum network, almost every solution aims to facilitate transactions at the lowest possible cost.

Consequently, Biconomy provides support for integrated dApps solutions for users, specifically:

• The utilization of the Network Agnostic mechanism shall enable the automated customization of network set-up, hereby benefiting the involved parties.
• It is not necessary to pay high fees for gas as Biconomy integrates its solutions with agreed-upon projects, where the trading fees will be included in the form of “infrastructure costs”.
• Instances of transaction failures have been eliminated.

Forward – Flexible Gas Payment Options

When utilizing dapps on either Ethereum or other blockchains, it is necessary to be compensated with the native tokens of the respective blockchain platform.

Suppose that you are an Ethereum Maximalist – someone who has an extreme belief in the future potential of Ethereum. However, using services on the Ethereum platform requires payment in ETH, which will gradually erode the quantity of ETH that you intend to hold for the long term.

Understanding the above problem, Biconomy offers a Forward solution to help both parties:

• On the user side: When utilizing Dapps on layer 1 and layer 2, it is possible for siblings to provide flexible transaction fees using alternate ERC-20 tokens (excluding ETH) or supported stablecoins.
• On the project side: They can customize a portion of the product usage fee to attract users.

Biconomy Token Information (BICO)

Biconomy’s native and official governance token is denominated as BICO.

Key Metrics BICO

Basic information about BICO Token:

• Token Name: BICO Token
• Ticker: BICO
• Blockchain: Ethereum.
• Token Standard: ERC-20.
• Contract: Updating…
• Token Type: Governance, Utility.
• Total Supply: 1,000,000,000 BICO.
• Circulating Supply:  Updating…

BICO Token Allocation

In total, BICO will be divided as follows:

• Community: 38.62%.
• Team & Advisors: 22%.
• Token Sales: 23.38%. Bao gồm: Private Sale (12%) + Public Sale (5%) + Strategic Sale (6.38%).
• Treasury: 10%.
• Early Supporters: 6%.

BICO Token Sale

On October 14, 2021 – October 20, 2021, BICO will have a public sale for the community on Coinlist, with 2 options:

Option 1:

• Supply: 40,000,000 BICO (4% total supply).
• Price: 0.25$.
• Limit: Min 100$, Max 1,000$.
• Start time: 17:00 UTC October 14, 2021.
• Funding methods: USDT, USDC, ETH, BTC.
• Release: paid in installments over 3 months, starting around November 23, 2021.

Option 2:

• Supply: 10,000,000 BICO (1% total supply).
• Price: 0.15$.
• Limit: Min 100$, Max 1,000$.
• Start time: 23:00 UTC October 14, 2021.
• Funding methods: USDT, USDC, ETH, BTC.
• Release: Unlock 10% around November 23, 2021, the remaining 90% are locked for 6 months, will be paid linearly within the next 6 months.

BICO Token Release Schedule

• Community Rewards and Incentives: 38.12% (7.5% paid at TGE, 1/47 paid each month).
• Team & Advisors: 22% (12 month lock, then linear payments over 24 months).
• Private Sale: 12% (pay 10% as soon as the sale ends, the remaining 90% is locked for 6 months and paid linearly for 24 months).
• Strategic Sale: 6.38% (lock in 9 months, pay linearly in 24 months).
• Public Sale: 5% will be sold on Coinlist
  • Option 1: Pay linearly for 3 months starting November 23, 2021
  • Option 2: Pay 10% on November 23, 2021. The remaining 90% is locked for 6 months then paid linearly for 6 months.
• Early Supporters: 6% (locked for 9 months, paid linearly for 27 months).
• Treasury: 10% (10% liquidity at TGE, locked for 12 months and paid linearly for 24 months).

BICO Token Use Case

Benefits of BICO Tokens:

• Governance: Holders of BICO have the opportunity to participate in voting on both protocol changes and alterations within the Biconomy ecosystem.
• Network fees: The BICO token will function as the means of payment for transactions occurring within the Biconomy network. Holders of BICO will be granted the right to make proposals aimed at reducing the centralization of project management operations.
• Staking: Participants stake BICO Tokens to secure the network.
• Liquidity mining: The act of providing liquidity across various platforms in the form of pools will be rewarded through user fees and additional incentives from said pools.

Biconomy Tokens Roadmaps & Updates

Biconomy’s recent achievements:

2019

• Q2/2019: Established Biconomy.
• Q3/2019: Provide security for Polygon.
• Q4/2019: Launch of GasLess Alpha version.

2020

• Q1/2020: Seeking accelerator funds for the initial development of Biconomy.
• Q2/2020: Beta version launched on Ethereum blockchain.
• Q3/2020: Mainnet launch on Pylogon, Binance Smart Chain, xDai.
• Q4/2020: Raised $1.5m in strategic support round.

2021

• Q1/2021: More than 30 applications integrated, Achieving 290,000 transactions on mainnet, 7.8 million API Calls (requiring support for bridges between clients – Dapps and servers – Biconomy).
• Q2/2021: Raised $9M for private round, 3.69 million transactions on mainnet, 54.29 million API Calls.
• Q3/2021: Hyphen launched, 8 million transactions on mainet and 120 million API calls.

Project team, investors & partners

Project team

The project development team is comprised of numerous individuals who possess substantial experience and expertise within the blockchain and crypto industry.

• Ahmed Al-Balaghi (CEO & Co-Founder): Ahmed has more than four years of experience in the field of cryptocurrency and investment. He is also the founder of Encrypted, a well-known podcast program that discusses financial technology, blockchain, and crypto assets. Prior to this, he has worked at Dow Jones, Citibank, and for Jabbar Internet Group, a leading venture fund in Dubai that supports blockchain transactions.
• Sachin Tomar (CTO & Co-Founder): With over 8 years of experience in software engineering roles at prestigious companies such as Samsung and Make My Trip, a unicorn company in India, and more than 2 years focused on blockchain development, specifically in creating smart contracts and leading the blockchain team at Stacks City, I possess a well-rounded technical skillset and a proven track record of success in the field.
• Aniket Jindal (COO & Co-Founder): With 4 years of experience in the crypto field, investing in community development in India, the individual has previously served in the early stages of Binance, when the company was still small.

Investors

In July 2021, Biconomy issued a call for funding of up to $9 million from reputable funds such as Coinbase Ventures, Houbi Ventures, and Binance, as well as angel investors including Stani, the founder of AAVE lending project.

Furthermore, the project includes strategic consultants such as:

• Sandeep Nailwal: COO of layer 1 blockchain project – Polygon (MATIC).
• Matthew Liu: Co-founder of the NFTs and DeFi project built on Ethereum – Origin Protocol (OGN).
• Josh Fraser: Also co-founder of the Origin Protocol project.

Partner

Currently, Biconomy boasts an ecosystem of partners across four key domains, namely: prominent DeFi ventures such as Curve Finance and Nord Finance, as well as establishments catering to the Game and NFT niche, such as Aavegotchi and Decentraland.

Summary

Biconomy has developed a user-friendly and interactive infrastructure for Web 3.0 that incorporates the visual appeal of Web 2.0 while catering to all the benefits of the former. Its multi-chain transaction processing system has successfully handled nearly 8.2 million transactions across over 70 dApps to ensure seamless functionality and accessibility. Users can now expect a simplified multi-chain experience where they can connect their wallets to any dApp of their choice, effortlessly access their funds on any chain or Layer 2, and enjoy a completely gas-free experience.

The preceding article provides an overview of Biconimy. Any information presented by 247btc.net is solely for reference purposes and should not be construed as investment advice. Readers are responsible for their own decisions regarding purchasing, selling, or participating in investment activities. Thank you for your attention to this matter.