Biconomy BICOPrice $ 0.0406

Biconomy provides plug-n-play APIs to make web3.0 user-friendly & frictionless. 

Biconomy is on a mission to make the decentralized web accessible to everyone. They are the missing piece to crypto adoption for onboarding the next billion. Our APIs & SDKs transform any dAapp to become usable for anyone regardless of their crypto knowledge and experience. Biconomy multi-chain relayer infrastructure processes almost 50K daily transactions for 40+ DApps to ensure all the benefits of web3.0 come with the intuitiveness of web2.0.

The problem

Every interaction with a dApp is a blockchain transaction, and blockchain transactions are complicated. Users have to be proficient with crypto wallets, deal with gas, actively manage each transaction, move funds across various chains and much more. Even then, they face a broken experience fraught with long wait times and failed transactions. This is specially daunting for crypto newbies who face a steep learning curve just to get started.

The mainstream user doesn’t want to deal with these blockchain headaches. They expect the Dapp to deal with gas, transaction management, bridges and everything else under the hood. 

That’s where Biconomy comes in. Biconomy provides a simple & quick way for Dapps to abstract away these complexities from their users.

The solution

With Biconomy, users get a simple multi-chain experience where they connect their wallet to any dApp, instantly access their funds on any chain or L2/rollup, and enjoy a completely gasless experience.

Biconomy enables this superior experience though powerful features:

• Free gasless transactions

• Instant cross-chain transfers

• Flexible options to pay gas

• Assured successful transaction

• Simple instant onboarding to scaling solutions

• Automatically connect to any L2 & EVM compatible chains

• Cheap and instant cross-chain contract calls

The future of the internet is decentralized, and Biconomy is a critical infrastructure on which it will stand. We make web3.0 more usable, interoperable & composable.

Multi-chain Relayer Protocol

Biconomy magic sauce is multi-chain meta-transactions! Essentially, meta-transactions let our multi-chain relayer execute the transaction on behalf of the user. Thus, the user just needs to state what they want and then the decentralized protocol manages the transaction on their behalf on any required destination chain.

The transaction will be managed and processed by a decentralized multi-chain relayer network. The settlement and verification will be done on Biconomy’s own blockchain. The network incentivizes (and punishes) the nodes depending on their work for the network. The relayer network will consist of node operators that will perform two main roles:

Validators: The validators listen to and verify the transaction request from the user. Once a decentralized network of validators reaches consensus, this information is added to the next block in the Biconomy chain.

Executors: The executors listen to the Biconomy chain for incoming requests and execute the transactions on the required destination chain. They manage the transactions to complete the user’s request.

The relayer protocol also maintains liquidity pools for all supported tokens on every supported chain to fund the transactions (such as cross-chain transfers) on behalf of the user. The executors implement a threshold signature scheme to distribute the key which has access to the funds on Liquidity Pool and they can use these funds to complete the transactions (such as cross-chain transfers). This liquidity can be provided by multiple liquidity providers.

Introducing $BICO token

$BICO is the native work & governance token of our multi-chain relayer infrastructure. It plays a key role in decentralizing the network by acting as the network fees, incentivizing all stakeholders to secure and maintain the network, and participating in the network’s governance. There are in total 1 billion $BICO tokens in supply.

Network fees: $BICO serves as the common medium of exchange within the network. The node operators earn $BICO proportional to the work they perform on the network. The applications that use the protocol pay the network for the service. These fees can be automatically swapped into $BICO before the rewards are distributed to Biconomy node operators.

Stakeholder incentives: 

• Node operators (Validators and Executors) have to stake $BICO to start contributing to the network. They earn $BICO proportional to their contribution and their $BICO stake. The network can also slash their stake in the case of bad behaviour.

• Delegators are $BICO token holders who can stake their tokens to secure the network further. They earn $BICO proportional to their $BICO stake.

• Liquidity providers can provide liquidity in a variety of crypto assets to the protocol’s liquidity pools on different chains. A small fee will be collected when a user uses the liquidity pools, which will be distributed to the liquidity providers. Apart from this fee, they will also earn $BICO in proportion to their relative contribution to a given Liquidity Pool.

Governance:

$BICO holders can propose and vote upon decisions affecting Biconomy’s protocol and overall Network. Such decisions can include changes to the Network’s code, adding additional services, or decisions regarding the disbursement of its treasury funds. Any $BICO holder can submit a proposal for consideration by the wider Biconomy community. We want to move towards community-led growth and self-sustainability. 

Biconomy Network Roles

There are multiple ways to contribute to the Biconomy network:

1. Node Operators: These include validators & executors, as described above. They stake $BICO to provide their service and earn $BICO for their work.

2. Liquidity Providers: They can add liquidity to the protocol and earn a fee as well as $BICO.

3. Delegators: They can delegate their tokens to node operators. These node operators will stake the delegated tokens and pass on some of their $BICO rewards to the delegators.

Consumers: The consumers are web3.0 projects that use Biconomy’s services. They pay the network proportional to the amount of work requested.