What is Biconomy (BICO) and how does Biconomy (BICO) work? Explore this gas-efficient Web3 application infrastructure

What is Biconomy (BICO)?

Biconomy (BICO) offers a secure, non-custodial, and gas-efficient relayer infrastructure, enhancing the user experience of Web3 applications with simplified transactions. Recently listed on Binance, the BICO token allows holders to stake tokens, provide liquidity for rewards, and participate in governance.

How does Biconomy (BICO) work?

Biconomy's architecture enables users to connect without paying gas fees through gasless transactions and allows them to purchase gas using their preferred ERC20 or dApp tokens. It simplifies blockchain complexity, such as network switching, and provides users the freedom to enjoy fast transfers.

Biconomy revolutionizes blockchain transactions by introducing a non-custodial, gas-efficient relayer network and integrating meta transactions. This feature enables users to execute transactions on the blockchain with a zero balance account, with any third party covering the transaction costs on their behalf.

Biconomy offers three main products: Mexa, Forward, and Hyphen. Mexa supports gasless transactions in decentralized applications through either EIP 2771 Standard Implementation or Custom Implementation. Forward allows users to pay transaction fees with their tokens, a feature unavailable on the Ethereum blockchain. Hyphen facilitates faster and less expensive token transfers between different blockchains, addressing the challenge of transferring funds from Layer 2 to Layer 1 blockchains. Hyphen ensures instant and cost-effective transfers while maintaining token liquidity on both ends of the chains.

For more information about these products, refer to the official whitepaper of the Biconomy (BICO) token.

Unique features of Biconomy (BICO)

Various incentives for participants

The BICO token offers distinct advantages for all participants, including node operators, delegators, and liquidity providers. Node operators receive $BICO as compensation based on their donation and $BICO stake. Delegators earn $BICO based on their stake in $BICO, and token holders can stake their tokens to enhance network security.

Liquidity providers contribute liquidity for a wide range of cryptocurrencies across different networks. When their liquidity pool is used, they receive a modest fee as a reward, along with a portion of BICO tokens based on their contribution to the pool.

Governance mechanism

$BICO token holders have the ability to propose and vote on changes that affect Biconomy's protocol and the network as a whole. Additionally, any $BICO token holder can propose ideas for the Biconomy community to review and potentially implement if they receive enough support through voting.

Biconomy (BICO) tokenomics

Based on its tokenomics, the BICO token has a total supply of 1,000,000,000, with a current circulating supply of 65,374,608.00 BICO.

Biconomy (BICO) price

As of December 10, 2021, Biconomy (BICO) is trading at approximately $5.81, with a 24-hour trading volume of about $105,256,020 on exchanges.

Biconomy (BICO) price prediction and future outlook

After the surge in metaverse token popularity, the next trend in the market seems to be Web 3.0. Tokens like MATIC, DOT, and FIL are expected to lead the revolution of Web3 applications in the crypto world, and BICO could potentially join them on this journey to success. Being listed on Binance adds to the reputation of any token, as not every crypto project can meet the stringent requirements for listing on the largest cryptocurrency platform in the world. Binance-listed tokens often attract a large user and investor base. With its current price around $5.81, BICO has dropped about 70% from its all-time high but is expected to have a target of $25, especially considering its unique staking and governance protocols. However, caution is advised due to the recent volatility in the crypto market.