Biconomy

What is Biconomy (BICO)?

Biconomy is a multi-chain relay platform where blockchain technology has been utilized to offer various decentralized applications for its users, along with a couple of other Web3 benefits, which we will discuss below.

Origin and Evolution of Biconomy

Ahmed Al-Balaghi, Aniket Jindal, and Sachin Tomar were largely responsible for the formation of Biconomy in 2019. All are Indian nationals and have extensive experience with regard to blockchain, having worked at prominent firms such as Polygon, Ethereum, and Samsung.

Two years later, the trio raised approximately $9 million within the private funding round that was led by Mechanism Capital and DACM, acquiring investments from major names like True Ventures, Bain Capital, and Coinbase Ventures. Then, during the same year, it raised even more funds—up to $11.5 million— when it sold its native token, BICO.

The Core Mission: Simplifying Blockchain Transactions

Biconomy seeks to build a transactional infrastructure that is relatively simple, one that users who aren’t familiar with the cryptocurrency landscape can use easily as well, and one that lacks the exorbitant gas fees normally associated with the cryptocurrency sector.

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The Architectural Brilliance of Biconomy

Here, we will be looking at some of the architectural components of Biconomy that make it stand out when compared to its alternatives.

Meta-Transactions: The Heart of Biconomy

One of the first major innovations within the Web3 space was meta-transactions, or gasless transactions, as Biconomy calls them. The basic idea is that the user does not have to pay any gas, or even own the native tokens themselves to pay for that gas, for that matter. They would also no longer need to manage transactions, thus making onboarding and basic interactions more seamless and simpler.

Biconomy SDK: A Developer’s Best Friend

The Biconomy SDK happens to be an account abstraction toolkit, enabling a more seamless UX (user experience) on developers’ decentralized applications or wallets. In other words, it is a decent Web3 suite catering to all sorts of developers, who could then implement smart contract wallets while simplifying the journeys of their users, who, in turn, would then go from complicated multi-step procedures to simple one-click experiences.

Multi-chain Compatibility: Bridging Diverse Blockchain Networks

This would be where we mention Hyphen, which is essentially Biconomy’s technological take on allowing for instantaneous and affordable token transfers that can take place throughout various distinct blockchains.

This especially addresses the hassles involved with transferring one’s funds from Layer 1 to Layer 2 blockchains and vice versa, thus allowing for multi-chain compatibility.

Biconomy in Action

Here, we’ll go over some of the benefits that utilizing the Biconomy project may entail, i.e., the things that it has going for it.

Seamless User Onboarding

The gas or transactional infrastructure within this blockchain can be quite efficient, which, in turn, simplifies any of the processes involved with making transactions on Web3 applications. This can then ease the onboarding process for users.

Boosting Dapp Usability

Because the user experience has been made more seamless, this, in turn, raises the usability of the decentralized applications based on Biconomy as well, since they can be “used” more easily and effectively. Other than that, its SDK can also go a long way toward aiding developers in increasing usability, as we discussed earlier.

Enabling Micro-transactions

Because of Biconomy’s architectural design, micro-transactions, i.e., micro-payments, which are transactions less than a dollar, are possible, and this can unlock a whole new realm of possibilities for the cryptocurrency landscape.

Hence, things that wouldn’t normally be monetized within the cryptocurrency landscape before can now be monetized, thereby increasing the use cases of blockchain as a whole.

Biconomy Vs. Other Blockchain Solutions

Within this section, we’ll briefly discuss how Biconomy fares against some of the other blockchain solutions on the market.

Unique Selling Propositions

Gasless transactions and a simplified infrastructure are some of its more unique selling points, as the ability to incur absolutely zero gas fees while not having to deal with the hassles associated with blockchain transactions can make it stand out from its alternatives, as the entire experience has been made a lot more seamless as a result.

Overcoming the Challenges

Generally speaking, overcoming challenges pertaining to scalability and high gas fees, coupled with complexity, is by no means an easy feat, and to date, there haven’t been many blockchains that have successfully been able to accomplish this.

Hence, by overcoming these challenges, Biconomy has proven itself to be an apt competitor in the space.

The BICO Token

Here, we will be directing our focus toward its native token and the utility it brings.

Utility and Functionality

BICO’s utility within its ecosystem is that it serves as a primary medium of exchange for the services that are found there. In other words, it is used to pay transactional fees and, within governance, as a means to vote on proposals that would have lasting effects, and to pay staking rewards.

Tokenomics: How BICO Fuels Biconomy

Moving onto tokenomics, BICO has a maximum supply of 1 billion tokens and is currently valued at around $0.23, with a market capitalization of over $152 million, a fully diluted valuation of over $227 million, and a daily trading volume of around $6 million. The supply that’s currently circulating sits at approximately 667 million tokens.

As for token allocation, it’s distributed to the foundation, the community, the advisors, the team, in the pre-seed round, the private round, the seed round, to strategic investors, and finally, the public sale. This is how it essentially fuels the ecosystem underlying it.

Buying BICO Tokens on Binance

If what has been mentioned so far has piqued your interest and you want to invest in or buy the BICO token, then let’s see how that can be done on Binance, the most popular cryptocurrency exchange in the world.

Creating Your Binance Account

The buying process on any exchange will start with registration, and in the case of some, KYC. So, to register on Binance, click on the link below, which will take you to Binance’s registration page using a special Coin-Labs referral code, and fill in all of the details asked of you, such as those about your email address and the password you wish to set up, among others.

Security Measures: Safeguarding Your Investment

On Binance, there are a couple of security measures you can use to amplify your account’s security. These include 2FA authentication, biometric scanning, and more. To set up these options, you can visit its security page and follow the instructions that Binance will outline.

Depositing Funds: Filling Your Financial Fuel Tank

To fund your newly created account to buy those BICO tokens, start by going to Binance’s deposit page. Select a token you want to deposit, then choose a network that supports your token. Following this, a deposit address will be produced, which you can then paste into the withdrawal field of either your wallet or an external exchange to confirm the transfer of funds from there.

Navigating and Executing Your Order

Once those funds have been properly deposited, you can finally use them to buy some BICO tokens on Binance. However, do note that there will be several options to choose from, including spot, futures, P2P trading, and more.

Depending on what you have chosen, your order may take a while to complete. The quickest of all the options would be to simply swap or convert what you’ve deposited for BICO. So, on its homepage, choose whatever option suits your needs, and buy some BICO tokens.

Transfer to Wallet: Securing Your BICO Tokens

Now, once you have those BICO tokens with you, you can transfer them to your wallet through Binance’s withdrawal page. Over there, select the BICO token and a network supporting it, specify the withdrawal amount, and paste your wallet’s address within the appropriate field.

Confirm your transaction and await its completion. However, do note that there will be some withdrawal limits you’ll be subjected to if you haven’t completed KYC, which you can do on its verification page.

Future Trajectory

What does the future hold for this platform as a whole, especially regarding any upcoming developments? Let’s briefly delve into such prospects below.

Upcoming Developments

While we couldn’t find much in the form of a roadmap or any major updates planned, what one can expect is more partnerships along the road. Biconomy is integrating its services on other platforms with more network expansion as Biconomy expands its compatibility with other networks and starts getting listed on more and more exchanges, among other things.

Conclusion

Although BICO’s performance lately in terms of price could be better, what is clear is that the team behind it has exhibited a proper use case for the platform, which functions as a multi-chain transactional structure that can power various decentralized applications.

Still, as with anything cryptocurrency-related, the extent to which it will expand remains to be seen, and any observations about its future performance or worth would therefore be of a speculative nature. So, do not invest more than you can afford to lose, and conduct some thorough research on your end as well if you plan on investing here.

We Coin-Labs.com provides only objective information about Biconomy.
Therefore, we are not responsible for the investment decision in Biconomy and the resulting loss.

Biconomy Basics

Here are some factors that investors should consider before investing in Biconomy.

Cryptocurrency Features	Biconomy (BICO)
Publisher or Developers	Ahmed Al-Balaghi, Aniket Jindal, Sachin Tomar
Headquarters (Registration Number)	Dubai
Symbol	BICO
Platform	Ethereum
Published Date (CMC Registration)	2024-12-01
Max Supply	No limit

Reliability Score of Biconomy in 2024

These are indexes mesuring the investment reliability of Biconomy conducted by Coin-Labs.com.

Investment Reliability Rating Items	Scores and Current Status
Company Activation Rate	/ 10.0 CAR
Communication Rate	/ 10.0 CR
Technology Transparency Rate	/ 10.0 TTR
Development Participation Rate	/ 10.0 DPR
Listing Status on the World's Top 10 Exchanges	Listed on 8 Exchanges
Number of Available Pairs Worldwide	146 Pairs
Market Cap of the Cryptocurrency	211,859,842 USD (Rank #197)

The table above shows the result of investment suitability evaluation for Biconomy.
Check out how we evaluate cryptocurrencies on the crypto rating description page.

Biconomy Price

Here are the price and recent trading volume of Biconomy. (Data of 2024-12-02 03:40:00)

Price Items	Price and Trading Volume of Biconomy
Biconomy Price	0.404 USD
Price Change 24h	1.02%
Price Change 7d	24.06%
Trading Volume 24h	25,203,851 USD
Trading Volume Change 24h	-1.73%

Cryptocurrency Metadata

You can check the development status and social media information of Biconomy through the links in the table below.

Metadata Source	URL
🌎 Official Website	https://biconomy.io
📖 White Paper	https://www.biconomy.io/litepaper
🛰️ Source Code (GitHub)	https://github.com/bcnmy
🐦 Twitter	https://twitter.com/biconomy
🤖 Reddit
🎺 Message Board	https://medium.com/biconomy

Where to Buy Biconomy

Here are the top ten world crypto exchanges where traders can buy Biconomy in 2024.

Top10 Exchanges	Listed Status	Page URL
Binance	Listed	https://www.binance.com/en/trade/BICO_BTC
Coinbase	Listed	https://pro.coinbase.com/trade/BICO-USD
Kraken	Listed	https://pro.kraken.com/app/trade/bico-usd
KuCoin	Listed	https://www.kucoin.com/trade/BICO-USDT
Bitfinex	Not listed
OKX	Listed	https://www.okx.com/trade-spot/bico-usdt
Huobi	Listed	https://www.htx.com/en-us/trade/bico_usdt?type=spot
Bitstamp	Not listed
Bybit	Listed	https://www.bybit.com/en/trade/spot/BICO/USDT
Gate.io	Listed	https://www.gate.io/trade/BICO_USDT

Frequently Asked Questions