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About Biconomy (BICO)
Biconomy is a multi-chain infrastructure designed to streamline user/developer interactions with the Web3 economy. The platform has a native token, BICO, that’s used to pay fees and confer voting rights within the protocol’s governance framework. Transaction validators stake BICO to help secure the network. Delegators stake their tokens to an active validator to earn an annual yield.
BICO’s existence assumes Web3 is poised to disrupt how the browsing public interacts with the internet. While a decentralized web will unlock unprecedented amounts of cyber freedom, the lack of technical know-how – to do basic activities, such as pay for gas and execute multi-chain transactions – could hinder interactions and the overall long-term growth of Web3.
Biconomy’s various service offerings, APIs, and custom SDK tools aim to streamline integration, facilitating the implementation of dApps and a transaction framework catered to those with limited technical expertise.
The project’s proprietary Mexa protocol cultivates a gas-free transaction environment leveraged by independent dApps to create a simplified user experience. To accomplish this, Biconomy introduces meta transactions, a framework which allows third-parties to pay transaction fees on behalf on the end user.
Likewise, Biconomy Forward enables users to pay gas fees with any ERC20-backed asset, eliminating the need for Web3 transactors to hold large balances of ETH, project documentation explained.
Per CoinTelegraph, Biconomy launched their native cross-chain transaction infrastructure, Hyphen, in August of 2021. The platform authorizes the instant/low-cost transfers between EVM-compatible blockchains and layer-2 solutions.
As of June 2022, Hyphen was integrated with Ethereum, Polygon and BNB Smart Chain, among other independent ecosystems.
When was BICO created and how much was it worth?
Project documentation notes that Biconomy is the brainchild of 3 UAE-based developers, SachinTomar, Ahmed Al-Balaghi and Aniket Jindal. All three co-founders maintain an active role in the project serving as CTO, CEO and COO respectively.
Prior to launch, Biconomy received nearly $9 million from backers that included Mechanism Capital, Binance Labs and Coinbase Ventures, CoinTelegraph said. Prior to that, the protocol raised some $2 million via two separate seed funding rounds.
Biconomy was created in 2019; its native asset, BICO, was first released via a Huboi IEO on December 1st, 2021, at a price of $0.30. According to CoinGecko, BICO went parabolic shortly after launch, culminating in the token hitting a record high of $21.45 on Dec. 2, 2021. BICO’s momentum died down shortly thereafter. Its price has been prone to volatility since.
How is the price of BICO determined?
BICO is a deflationary asset with a hard cap of 1 billion tokens. According to cryptorank, 5% of BICO’s total supply was distributed via various public sales in 2021, while an additional 24.38% was released through a series of private sales and seed funding rounds. Some 22% of supply is earmarked for Biconomy’s development team and advisors. Plus, 38.12% of supply went to the protocol’s community rewards fund. As of June 2022, there were 144.5 million BICO tokens in circulation.
Why does BICO have value?
Biconomy’s value proposition would seem to rest with its ability to streamline Web3 integration on behalf of developers and blockchain users. Serious dev types seem impressed with the protocol’s code stack. Count prolific builder Andre Cronje among them. He recently revealed he’s both a fan and user of the platform. Likewise, Biconomy’s seems poised to build a substantial community of Web3 enthusiasts thanks to its utility across DeFi, GameFi and the metaverse.
Is BICO secure?
Biconomy users maintain full control of their private keys while operating on the platform. According to CoinMarketCap, the project’s smart contracts have been audited by Quantstamp and Certik, among others. As a multi-chain infrastructure, Biconomy is only as secure as the various networks/layer-2 solutions it supports.
What are the main benefits of BICO?
- It streamlines Web3 integration on behalf of blockchain developers and users.
- The platform facilitates gas-free transactions, and requires only minimal technical expertise.
- Biconomy’s various APIs and custom SDK tools provide applications a simplistic Web3 user experience.
- The Hyphen protocol enables users to instantly transfer assets between EVM-compatible blockchains and layer-2 solutions.
What do critics say about BICO?
CoinCodex's BICO price prediction is 92% bearish (versus 8% bullish) as of late spring of 2022.
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