What is Biconomy Coin (BICO): Making Web 3.0 Gasless

What is Biconomy?

Biconomy is a multi-chain infrastructure solution designed to simplify the transaction process by assisting Dapps in utilizing WEB3 technology to optimize user experiences through the provision of Software Development Kit (SDK) tools.

https://www.biconomy.io/

The Biconomy SDK offers a web2-like experience, providing several features:

• User Onboarding Ease: Seamlessly create and recover accounts for web2-integrated users.

• Fiat On-Ramp: Enables users to buy/sell cryptocurrencies within the DApp.

• Gasless Transactions: DApps can sponsor gas fees, making user interactions as straightforward as web2 transactions.

• Gas Fee Payment with ERC20 Tokens: Users can utilize any ERC20 asset in their wallet to pay gas fees.

• Custom Transaction Bundling: Allows developers to build methods that group transactions, enabling users to perform multiple actions, even across multiple chains, in a single transaction.

In its latest update, Biconomy has upgraded to SDK V2.

Introduction to SDK V2 and its Products

Biconomy SDK V2 is an Account Abstraction (AA) toolkit providing the simplest UX for DApps or wallets. Built upon the ERC 4337 Account Abstraction solution, Biconomy SDK V2 delivers a comprehensive solution for harnessing the power of Smart Accounts Platform, Paymasters, and Bundlers.

Smart Accounts Platform

Smart Accounts are smart contract accounts used for managing assets and creating user operations or userOps. Biconomy’s Smart Accounts are not dependent on signers, allowing the use of any delegation package. Smart Accounts are further enhanced by authentication modules, enabling developers to execute arbitrary logic before validating userOps.

Paymaster

Biconomy offers Paymaster services designed to provide the best experience for developers, seamlessly switching between sponsorship payment managers and our token payment managers using just a URL.

Bundler

The Bundler is a service that monitors existing userOps in the mempool group. It bundles them together and sends them to the Entry Point Contract for final execution on the chain. This is the final step after building your userOp and potentially signing it with data from the payer, sending the userOp to the chain for processing as an EVM transaction.

Related: What Is Ethereum (ETH)? An Overview of the ETH Project

Highlights of Biconomy

Future-Proof Multi-Chain Interactions: Biconomy believes in a multi-chain future, enabling swift transactions between different blockchains.

User-Friendly and Gas-Free: Biconomy eliminates blockchain complexities such as gas fees, network or chain selection, or implementing tricks to ensure quick transaction success. Everything should operate seamlessly.

Integratable: Biconomy enhances user experiences and simplifies integration into any DApp. Biconomy’s API & SDK can be integrated into any DApp, across all major chains, and for various use cases.

BICO Token Information

• Token Name: BICO Token

• Ticker: BICO

• Blockchain: Ethereum

• Token Standard: ERC-20

• Contract: 0xf17e65822b568b3903685a7c9f496cf7656cc6c2 (ETH)

• Token Type: Governance, Utility

• Total Supply: 1,000,000,000 BICO

• Circulating Supply: 701,391,763 BICO

BICO Token Allocation

• Community: 38.12%

• Team & Advisors: 22%

• Token Sales: 23.38%

  • Private Sale (12%)

  • Public Sale (5%)

  • Strategic Investors (0.5%)

  • Seed Round (6.38%)

• Foundation: 10%

• Pre Seed-Round: 6%

Allocation

BICO Token Vesting Schedule

Vesting Schedule

BICO Token Use Cases

Governance: BICO holders can participate in voting for changes in both the Biconomy protocol and ecosystem.

Network Fees: BICO will be used to pay for transaction fees within the Biconomy network.

Staking:Participants can stake BICO tokens.

Liquidity Mining: Providing liquidity to various pools on different platforms will be rewarded from user pool usage fees and additional rewards from those pools.

Project Team, Investors, & Partners

Project Team

The project development team is diverse, consisting of experienced members with in-depth knowledge in blockchain and cryptocurrency.

Team

Ahmed Al-Balaghi (CEO & Co-Founder):

Over 4 years of experience in cryptocurrency, investment, and founder of Encrypted a renowned podcast on financial technology, blockchain, and crypto assets. Previous experience includes positions at Dow Jones, Citibank, and Jabbar Internet Group a leading blockchain ventures group in Dubai.

Sachin Tomar (CTO & Co-Founder):

Over 8 years of experience in software engineering, previously worked at Samsung and Make My Trip (India’s unicorn company). Has over 2 years of blockchain experience, primarily in developing smart contracts and leading the blockchain team for Stacks City.

Aniket Jindal (COO & Co-Founder):

With 4 years of experience in cryptocurrency, Aniket focuses on investment and community development in India. Previously worked for Binance during its early stages.

Investors

In July 2021, Biconomy successfully secured $9 million in funding from prominent funds, including Coinbase Ventures, Huobi Ventures, Binance, and notable angel investors like Stani, the founder of the AAVE lending project.

Investors

Conclusion

This provides comprehensive information about the Biconomy project, allowing individuals to gain a deeper understanding when exploring the project and formulating their own perspectives.