Saturday, May 31, 2025
247btc.net
Advertisement
  • 247 BTC
  • Introduce
  • Guide
    • Basic knowledge
    • Anti Scam
    • Coin and Token
      • AI coin
      • Defi
      • Gamefi
      • IOT Coin
      • Layer 1
      • Layer 2
      • Oracles
      • Stablecoin
      • Web 3
    • Investment funds
    • NFT
    • Regulation
  • Crypto wallet
    • Hardware Wallet & Cold Wallet
    • Hot wallet
  • Exchanges
    • CEX Exchanges
    • DEX Exchanges
  • Ecosystem
    • Blockchain
    • Binance Ecosystem
    • Bitcoin
    • Ecosystem Near
    • Ethereum
    • Ripple
  • News
    • Blog
    • Celebrity
    • Airdrop
  • Contact Us
No Result
View All Result
  • 247 BTC
  • Introduce
  • Guide
    • Basic knowledge
    • Anti Scam
    • Coin and Token
      • AI coin
      • Defi
      • Gamefi
      • IOT Coin
      • Layer 1
      • Layer 2
      • Oracles
      • Stablecoin
      • Web 3
    • Investment funds
    • NFT
    • Regulation
  • Crypto wallet
    • Hardware Wallet & Cold Wallet
    • Hot wallet
  • Exchanges
    • CEX Exchanges
    • DEX Exchanges
  • Ecosystem
    • Blockchain
    • Binance Ecosystem
    • Bitcoin
    • Ecosystem Near
    • Ethereum
    • Ripple
  • News
    • Blog
    • Celebrity
    • Airdrop
  • Contact Us
No Result
View All Result
247btc.net
No Result
View All Result
Home Guide Coin and Token Web 3

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

hieuphamthanhvl@gmail.com by hieuphamthanhvl@gmail.com
11/09/2023
in Web 3
0
Biconomy coin

Biconomy coin

192
SHARES
1.5k
VIEWS
Share on FacebookShare on TwitterShare on Pinterest
Rate this post

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.

Table of Contents

Toggle
  • What is Biconomy Token (BICO) ?
  • The salient feature of Biconomy
    • Hypher – Instant cross-chain protocol
    • Enable Gasless Transactions
    • Forward – Flexible Gas Payment Options
  • Biconomy Token Information (BICO)
    • Key Metrics BICO
    • BICO Token Allocation
    • BICO Token Sale
    • BICO Token Release Schedule
    • BICO Token Use Case
  • Biconomy Tokens Roadmaps & Updates
    • 2019
    • 2020
    • 2021
  • Project team, investors & partners
    • Project team
    • Investors
    • Partner
  • Summary
    • Web 3
    • What is Friend.tech? Overview of the electronic currency Friend.tech
    • What is Yield Guild Games (YGG)? This comprehensive article elucidates the intricacies of the YGG cryptocurrency
    • What is Octopus Network (OCT) ? A comprehensive overview of the OCT cryptocurrency
    • What is Biconomy Token (BICO) ? A comprehensive guide to the BICO cryptocurrency
    • What is Manta Network and what notable features does the ZK Layer 1 project, which has been invested by Binance Labs, possess?
    • What is Automata Network, and what is the complete information pertaining to the ATA Token?
    • What is Immutable X (IMX)? IMX Cryptocurrency Complete
    • What is Playbux? The Shop-to-Earn platform, integrated with the Metaverse, has garnered investments from Binance Labs
    • What is Web3go? Web3 project funded by Binance
    • What is Xterio? GameFi project invested by Binance Labs
    • What is Polyhedra Network? Bridge with ZKP technology
    • What is MultiversX Crypto? Information about EGLD token
    • What is CyberConnect (CYBER)? SocialFi Web3 Multichain Platform

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 coin
Biconomy coin
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.
Overview of Biconomy
Overview of Biconomy

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.

Biconomy Website
Biconomy Website

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.

Hypher - Instant cross-chain protocol
Hypher – Instant cross-chain protocol

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.
Biconomy's GoGasless solution
Biconomy’s GoGasless solution

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%.
Allocation of BICO Tokens
Allocation of BICO Tokens

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 Release Schedule
BICO Token Release Schedule

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.
Biconomy project team
Biconomy project team

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.

Biconomy's investors
Biconomy’s investors
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.

Biconomy's partner ecosystem
Biconomy’s partner ecosystem

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.

Web 3

  • All
  • Web 3

What is Friend.tech? Overview of the electronic currency Friend.tech

What is Friend.tech
by hieuphamthanhvl@gmail.com
18/09/2023
0

The Base is a layer constructed by the Coinbase team that has been mainnet for a considerable amount of time...

Read more

What is Yield Guild Games (YGG)? This comprehensive article elucidates the intricacies of the YGG cryptocurrency

What is Yield Guild Games (YGG)
by hieuphamthanhvl@gmail.com
13/09/2023
0

The recent surge of the Trend Play to Earn phenomenon has provided a launching pad for numerous game development projects...

Read more

What is Octopus Network (OCT) ? A comprehensive overview of the OCT cryptocurrency

Octopus Network
by hieuphamthanhvl@gmail.com
13/09/2023
0

The NEAR Protocol currently hosts an immensely significant project for its ecosystem, which regrettably has yet to garner the attention...

Read more

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

Biconomy coin
by hieuphamthanhvl@gmail.com
11/09/2023
0

Interacting with dApps is currently a highly complex and difficult process, as investors must be adept at using digital wallets,...

Read more

What is Manta Network and what notable features does the ZK Layer 1 project, which has been invested by Binance Labs, possess?

Manta Network
by hieuphamthanhvl@gmail.com
11/09/2023
0

The increasing need for user data security in digital transactions has been driven by the development of blockchain technology and...

Read more

What is Automata Network, and what is the complete information pertaining to the ATA Token?

Automata Network
by hieuphamthanhvl@gmail.com
11/09/2023
0

What is Automata Network, what are its distinguishing features, and how does one participate in the Launchpool for the ATA...

Read more

What is Immutable X (IMX)? IMX Cryptocurrency Complete

immutable x
by hieuphamthanhvl@gmail.com
27/08/2023
0

Recently, due to the rapid development of new trends such as NFTs, Play-to-earn, and Metaverse, the Ethereum blockchain network increasingly...

Read more

What is Playbux? The Shop-to-Earn platform, integrated with the Metaverse, has garnered investments from Binance Labs

Playbux
by hieuphamthanhvl@gmail.com
20/08/2023
1

In May 2022, Binance Labs officially launched its Incubation Season 4 program to support promising projects in the blockchain space....

Read more

What is Web3go? Web3 project funded by Binance

Web3Go
by hieuphamthanhvl@gmail.com
20/08/2023
0

The program known as Most Valuable Builder (MVB) selects projects in various fields such as DeFi, infrastructure, tools, NFT, and...

Read more

What is Xterio? GameFi project invested by Binance Labs

Xterio
by hieuphamthanhvl@gmail.com
20/08/2023
0

Xterio is a gaming platform that has developed and released numerous genres of games, employing Blockchain technology. The question remains,...

Read more

What is Polyhedra Network? Bridge with ZKP technology

Polyhedra Network
by hieuphamthanhvl@gmail.com
18/08/2023
0

The technology of Zero-Knowledge Proof (ZKP), which was once just an idea on paper, has now become an advanced solution...

Read more

What is MultiversX Crypto? Information about EGLD token

What is MultiversX Crypto
by hieuphamthanhvl@gmail.com
15/08/2023
0

Multivers X, previously known as Elrond, is a decentralized, secure, and highly scalable blockchain protocol designed to enable entirely new...

Read more

What is CyberConnect (CYBER)? SocialFi Web3 Multichain Platform

What is CyberConnect?
by hieuphamthanhvl@gmail.com
14/08/2023
0

CyberConnect is a decentralized social graph protocol that enables users to create profiles, share or post content such as images...

Read more
Load More
Tags: cryptoCryptocurrency
Previous Post

What is ERC – 20? Advantages, disadvantages & how to create ERC- 20 network tokens

Next Post

What is 1inch Network and what are the key considerations for investment in 1INCH?

Related Posts

What is Friend.tech
Web 3

What is Friend.tech? Overview of the electronic currency Friend.tech

by hieuphamthanhvl@gmail.com
18/09/2023
0

The Base is a layer constructed by the Coinbase team that has been mainnet for a considerable amount of time...

Read more
What is Yield Guild Games (YGG)

What is Yield Guild Games (YGG)? This comprehensive article elucidates the intricacies of the YGG cryptocurrency

13/09/2023
Octopus Network

What is Octopus Network (OCT) ? A comprehensive overview of the OCT cryptocurrency

13/09/2023
Manta Network

What is Manta Network and what notable features does the ZK Layer 1 project, which has been invested by Binance Labs, possess?

11/09/2023
Automata Network

What is Automata Network, and what is the complete information pertaining to the ATA Token?

11/09/2023
immutable x

What is Immutable X (IMX)? IMX Cryptocurrency Complete

27/08/2023
Playbux

What is Playbux? The Shop-to-Earn platform, integrated with the Metaverse, has garnered investments from Binance Labs

20/08/2023
Web3Go

What is Web3go? Web3 project funded by Binance

20/08/2023
Next Post
1inch Network

What is 1inch Network and what are the key considerations for investment in 1INCH?

What is Symbiosis Finance

What is Symbiosis Finance? Things to know about SIS tokens

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

News

DOP's NFTs

Completely free minting of DOP’s NFTs

14/04/2024
Who discovered electrons protons and neutrons

Who discovered electrons protons and neutrons?

26/09/2023
who is the painter of the mona lisa

Who is the painter of The Mona Lisa?

26/09/2023
who makes genesis cars

Who makes Genesis vehicles?

26/09/2023
who discovered america first

Who discovered United States of America?

26/09/2023
who created the atomic bomb

Who created the first atomic bomb formula?

26/09/2023
the most followers on instagram

Who has the most followers on instagram in the world?

26/09/2023
quotes about fake friends

Quotes about friends who are fake

26/09/2023
Who is the top 10 richest people in Asia

Who is the top 10 richest people in Asia?

25/09/2023
Who is the most richest person in the world currently

Who is the most richest person in the world currently?

25/09/2023
How deep is the wreck of The Titanic

How deep is the wreck of The Titanic?

24/09/2023
The biggest country in the world by population

The biggest country in the world by population

24/09/2023
Animoca Brands

What is Animoca Brands? Investment trends of Animoca Brands fund

20/09/2023
What is Kraken exchange

What is Kraken exchange? A comprehensive review of Kraken trading platform from A to Z.

20/09/2023
What is Stader Labs (SD)

What is Stader Labs (SD)? A comprehensive guide to SD cryptocurrency

19/09/2023
btcnet.net

Providing fundamental information about cryptocurrencies for beginners in a comprehensive and formal approach.

Categories
  • AI coin (7)
  • Airdrop (1)
  • Anti Scam (3)
  • Basic knowledge (36)
  • Binance Ecosystem (2)
  • Bitcoin (1)
  • Blockchain (9)
  • Blog (11)
  • Celebrity (17)
  • CEX Exchanges (4)
  • Coin and Token (7)
  • Defi (18)
  • DEX Exchanges (10)
  • Ecosystem (46)
  • Ecosystem Near (2)
  • Exchanges (1)
  • Gamefi (9)
  • Hardware Wallet & Cold Wallet (1)
  • Hot wallet (1)
  • Investment funds (5)
  • IOT Coin (7)
  • Layer 1 (25)
  • Layer 2 (8)
  • Market (4)
  • News (14)
  • NFT (7)
  • Web 3 (13)
Tag
axie infinity binance Binance Ecosystem bitcoin bitcoin news Bitcoin Wallet bnb crypto Cryptocurrency move to earn
Newsletter

    © 247btc.net Cryptocurrency knowledge page for newbies 

    No Result
    View All Result
    • 247 BTC
    • Introduce
    • Guide
      • Basic knowledge
      • Anti Scam
      • Coin and Token
        • AI coin
        • Defi
        • Gamefi
        • IOT Coin
        • Layer 1
        • Layer 2
        • Oracles
        • Stablecoin
        • Web 3
      • Investment funds
      • NFT
      • Regulation
    • Crypto wallet
      • Hardware Wallet & Cold Wallet
      • Hot wallet
    • Exchanges
      • CEX Exchanges
      • DEX Exchanges
    • Ecosystem
      • Blockchain
      • Binance Ecosystem
      • Bitcoin
      • Ecosystem Near
      • Ethereum
      • Ripple
    • News
      • Blog
      • Celebrity
      • Airdrop
    • Contact Us

    © 2023 247btc - Cryptocurrency knowledge page for newbies 247btc.net.