What is Biconomy? Biconomy is a platform that provides SDK and API toolkits to build dApps or can integrate utilities on existing dApps. The project’s governance token, BICO, is also sold IDO on Coinlist. So what is Biconomy? What’s special about it? Let’s find out in this article!
What is Biconomy?
Biconomy is a platform that provides SDK and API toolkits to build dApps or can be integrated for utilities on existing dApps. This is the solution that delivers the ultimate dApp experience because it makes it easy for new users to onboard and eliminates the complex transactions users encounter every day.
Biconomy’s target customers are dApps, to help dApps develop appropriate interfaces and utilities for users. Biconyomy’s core product is: Smart contract wallet (SCW) is built on a multi-chain relay infrastructure.
Biconomy SDK brings easy-to-integrate web2-like experiences to dApps:
- Easy User Onboarding: Social login, account creation and recovery for web2 users are seamlessly integrated.
- Fiat On Ramps: Enable your users to buy/sell cryptocurrency easily and reliably within your dApp.
- Gasless Transactions: dApps can sponsor gas fees to make user interactions as simple as web2 transactions.
- Paying Gas Fees In ERC20 Tokens: Users can use any ERC20 asset in their wallet to pay gas fees (This will be enabled via the token payment manager soon).
- Custom Transaction Bundling: Enables developers to build methods for batching transactions, allowing users to perform multiple actions, even across multiple chains, in a single transaction. For example: Approval and deposit can be done in the same transaction without changing anything in the dApp smart contract.
Biconomy Relayers allows you to send transactions and handle transaction signing, nonce management, gas price estimation, and resending. This way, you don’t need to worry about monitoring transactions to ensure they are mined.
Each Relayer is essentially an EOA. Biconomy’s relay infrastructure includes multiple such EOAs per chain. Each repeater has built-in auto-scaling functionality. Therefore, in case of multiple transactions, the relay infrastructure can automatically create additional relays to handle this.
Development Roadmap
Update…
Core Team
Sachin Tomar: Co-Founder & CTO
- In 2012, Sachin worked as a Software Engineer at Samsung Electronics, writing code for messaging modules on mobile platforms, testing, reviewing code, deploying new modules, integrating the same changes in the build Final.
- He then moved to become Sr.Software Engineer I at MakeMyTrip.
- Currently, Sachin is Co-Founder & CTO of Biconomy, a project founded at the end of 2019.
Aniket Jindal: Co-Founder
- 2015, Aniket graduated with a Bachelor’s degree in Electrical Engineering from Punjab Engineering College. He then went on to successfully obtain a Master’s degree at Fudan University.
- In 2017, Aniket and his colleagues founded Fudan Blockchain Association, a student club aimed at educating and promoting student interest in blockchain technology, cryptocurrencies and their applications. .
- He used to work in Marketing at Binance, the largest cryptocurrency exchange in the current market. But he only worked here for 4 months.
- After that, Aniket worked in Marketing at Nucleus Vision, which is a customer identification platform based on the Internet of Things (IoT). Enables brick-and-mortar retailers to identify any customer entering the store, in real-time, using Nucleus’ proprietary ION sensor technology.
- Currently, he is an Advisor for WeStart, Polygon Network and a Co-Founder at Biconomy.
Ahmed Al-Balaghi: Co-Founder
- In 2015, Ahmed graduated with a Bachelor’s degree in Science and Economics from Queen Mary University of London.
- Ahmed spent more than 2 years working at ViewFin, where he held the positions of Blockchain Researcher and Managing Director.
- In 2018, he worked as Partnerships of Jabbar Internet Group and Community Partner (Dubai) of FinTech Connector.
- Currently, he is an Advisor and Seed Investor at Matic Network and a Co-Founder at Biconomy.
Investors
- March 2020: Pre-Seed round successfully raised $200K but did not disclose the names of the funds invested here.
- January 2021: Seed round successfully raised $1.5M led by Eden Block and with participation from other funds such as Binance Labs, Fenbushi Capital, Digital Asset Capital Management (DACM), Outlier Ventures, Zee Prime Capital, Woodstock Fund, MiH Ventures.
- July 2021: Private round successfully raised $9M led by Mechanism Capital, Digital Asset Capital Management (DACM) and included funds, Coinbase Ventures, CoinFund, Genblock Capital, Bain Capital Crypto, Chorus One, LedgerPrime.
- September 2021: Strategic Round successfully raised $1.5M from Bain Capital investment fund, Catalyze Ventures.
Tokenomics
Overview information about Biconomy Token
- Token Name: Biconomy
- Ticker: BICO
- Blockchain: Ethereum
- Standard: ERC-20
- Contract: 0xf17e65822b568b3903685a7c9f496cf7656cc6c2
- Total supply: 1,000,000,000
- Maximum supply: 1,000,000,000
Token Allocation
- Community: 37.92%
- Team & Advisors: 22.00%
- Private Round: 12.00%
- Foundation: 10.00%
- Seed: 6.38%
- Pre-seed: 6.00%
- Main Sale Option 1: 4.00%
- Main Sale Option 2: 1.00%
- Strategic Round: 0.50%
- Public Sale (IDO on Huobi Prime): 0.20%
Token Release
Up to now, the Public Sale rounds have been paid in full, while the portions allocated to Team, Advisors, Seed rounds, and Private rounds have passed the lock-in period and are in the process of being paid.
Token Use Case
BICO Token holders can participate in governance as well as stake Relayers to earn additional rewards.
Exchanges
BICO tokens are traded on major exchanges such as Binance, OKX, Kucoin, Gate, Coinlist, Coinbase,…
Biconomy’s Information Channel
- Website: https://www.biconomy.io/
- Twitter: https://twitter.com/biconomy
- Discord: https://discord.gg/biconomy
- Medium:
Summary
Biconomy is developed by people who are highly qualified and educated as well as have extensive experience in the Crypto market, most of whom come from Polygon Network. They have created a solution that helps dApps optimize to be user-friendly. This is a niche market and Biconomy was the first to explore it.
So I have clarified what Biconomy is? Overview of Biconomy cryptocurrency. Hope this article brings you a lot of useful information!