BICO
Biconomy
$0.01835
2.91%
Biconomy
BICO
$0.01835
2.91%
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Biconomy Information
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About Biconomy
Biconomy is a multichain relayer protocol that aims to improve the user experience of decentralized applications (DApps) by reducing the complexity and cost associated with transactions on web3 products. Biconomy offers an infrastructure that allows protocols to onboard users without paying gas fees, users can pay gas in an ERC-20 token of their choice, avoid blockchain complexities like a change of network, and transactions are confirmed much faster. Biconomy uses meta transactions to achieve these goals, enabling users to submit transactions with zero gas and having a third party pay for the transaction fees. This approach can reduce gas costs by up to 40%.
Biconomy (BICO) is a multichain relayer protocol designed to enhance user onboarding and transaction experiences on decentralized applications (DApps). The project aims to make web3 products as user-friendly and intuitive as web2 products by addressing several bottlenecks in the web3 space. Biconomy offers infrastructure solutions such as enabling protocols to onboard users without gas fees, allowing users to pay gas in their preferred ERC-20 tokens, simplifying the complexities of blockchain networks, and ensuring faster transaction confirmations. The protocol focuses on transaction management and gas optimization, resulting in potential gas cost reductions of up to 40%.
Biconomy was created by a team of co-founders, including Ahmed Al-Balaghi as the CEO, Aniket Jindal as the COO, and Sachin Tomar as the CTO. Together, they have developed the protocol to improve the user experience and efficiency of transactions on decentralized applications.
Biconomy introduces BICO tokens as protocol incentives for stakers who take on the risk of securing the protocol. These stakers receive BICO tokens in exchange for their participation. Beyond this, BICO is primarily utilized within the Biconomy ecosystem to facilitate gas-efficient and non-custodial relayer services. The tokens play a vital role in incentivizing participation and securing the network, allowing Biconomy to offer scalable transaction management solutions to users and DApps.
