In this article, we tried to answer questions such as what is a BICO coin, what is a cryptocurrency Biconomy (BICO), and how to buy a BICO coin. Here are the comments and details about the future of BICO coin…
BICO Coin How Much TL?
According to current crypto money market data, 1 BICO Coin 11.48 TL is traded in TL. BICO Coin price has fluctuated between -4.23% in the last 24 hours. The trading volume of BICO Coin in the last 24 hours is 11,961,735 $ dollars, and the total market cap is 101,567,715 $ dollars.
How Much Is BICO Coin?
According to current crypto money market data, 1 BICO Coin 0.692460 $ is traded at dollars.
Most people have interacted with the Internet through Web 2.0, where social media platforms, online applications, and software as a service have become an essential part of modern life.
Web 3.0 is supported as the next phase of the internet. With a single account, users can seamlessly move between platforms, shop, browse information, browse entertainment and more.
Biconomy (BICO) is a project that seeks to make Web 3.0 or Web3 a reality by providing developers with the building blocks and interface for building Web3 applications.
What is Biconomy?
Biconomy (BICO) is a multi-chain, plug-and-play transit protocol capable of managing transaction management, gas payments, and bridges for Web 3.0 applications. The infrastructure is unattended, which means users don’t have to worry about switching networks while processing transactions.
Many Web 3.0 applications continue to be built on Ethereum; However, all this traffic has caused the Ethereum blockchain to become clogged, raising gas prices significantly and forcing developers to look for alternative chains for their applications (such as Solana, Polkadot, Cardano, Binance Smart Chain, and others). It is clear that Web3 will be a multi-chain reality, and secure bridging solutions will be required to help users move funds between various chains.
In traditional application development, software development kits (SDKs) and application programming interfaces (APIs) are the two primary tools for developing application functionality. An SDK provides tools for building an application for a particular platform, while an API facilitates communication between the two platforms and enables efficient integration between applications.
Biconomy provides powerful and easy-to-use SDKs/APIs that enable developers to build decentralized applications (DApps) with a customized transaction journey so end users don’t have to deal with the complexities of the blockchain. This allows developers to create seamless interactions between users and DApps.
Biconomy’s goal is to simplify the trading experience, making Web3 products as intuitive and easy to use as legacy Web2 products. Biconomy hopes to simplify Web3 experiences and aid mass adoption of decentralized projects by solving key hotspots in the crypto transaction layer.
Numerous developers are leveraging Biconomy and the multi-chain stack to provide users with a seamless experience across decentralized finance (DeFi), NFTs, gaming and more. Biconomy provides them with:
- Plug and play APIs and SDKs: Biconomy’s core products are plug and play that developers can use to build DApps with superior user experience. Run includes APIs and SDKs.
- No-gas transaction fees: Web 3.0 users have to pay gas fees each time they use the DApp, which is a pretty big hurdle for bulk acceptance. Netflix doesn’t charge you a server fee every time you watch a TV show episode, so why would DApps charge users for gas for every action? Biconomy leverages meta-transactions to subsidize gas fees and offers DApp users a completely gas-free experience while keeping them safe from complex UX under the hood.
- Multi-currency support: most dApps are built on Ethereum, which means ETH is the only payment option available to users. Biconomy supports multiple tokens and allows users to pay transaction fees using what they have in their wallets.
- Uncomplicated, simplified user interface: Every interaction a user has with a DApp is a blockchain transaction that requires some technical experience and crypto knowledge. Users need to understand how to set up their crypto wallet, use gas, and accurately estimate gas costs so that they don’t overpay or underpay. Biconomy simplifies the process by offering an easy-to-use interface without all the bells and whistles.
- Cross-chain transfers: Transferring between different chains is often not seamless and potentially causes delays. Even with Tier 2 solutions, initial engagement can be expensive, slow and complex. Biconomy is multi-chain in nature and enables meta-transactions across a range of blockchains and L2, making communication and value flow from different chains secure, cost-effective and simple.
How Does Biconomy Work?
Biconomy uses “executors” and “validators” to manage migration infrastructure. Executors run transition nodes and perform meta-operations, while validators validate the executor’s operations, securing the network.
Executors transfer the transactions they receive and pay the necessary gas fees to add the transaction to the blockchain. Using the native currency of the target blockchain, the money they pay is refunded, and they also charge a premium on every transaction. After the transferred transaction is verified by validators, practitioners also receive a reward from Biconomy in BICO tokens.
What is BICO Coin?
BICO is the native token of the Biconomy infrastructure used for network fees, network governance and incentives for network participants. It is an ERC-20 token minted in Ethereum. The total supply of BICO is capped at 1 billion tokens.
What Do BICO Tokens Do?
BICO tokens can be used for:
- Network fees: Biconomy functions as a validation and settlement layer for all activities on the network and all supported blockchains sees. There are network fees paid in BICO by executors and validators to add information to the chain. Executors and validators earn BICO in proportion to the amount of work they do on Biconomy.
- Stakeholder incentives : All stakeholders of Biconomy, including executors, validators, grantors and liquidity providers, are compensated with BICO and earn stake rewards for their services to Biconomy.
- Governance : BICO token holders can propose and vote on issues that affect the future of the protocol and the governance of the network. The community evaluates all proposals and those who get enough votes are implemented.
BICO tokens have a release schedule (pictured above and detailed below) designed to align with the long-term vision of Biconomy’s investors and team.
Major BICO Projects
Mexa
Developers with Mexa, a custom process to allow gasless transactions for DApps application or the EIP-2771 standard application. With the custom app, Biconomy provides smart contracts that developers can use to inherit gasless transaction functionality. With the EIP-2771 implementation, instead of integrating Biconomy’s transaction verification logic directly into their contracts, developers can instead accept authenticated calls from a trusted forwarder compliant with EIP-2771.
To enable gasless transactions, developers must first deposit native tokens in what Biconomy calls a “dApp gas tank”. Each DApp features a gas tank module that ensures Biconomy transmitters have enough gas to pay their transaction fees and that transaction fees are transmitted seamlessly.
Forward
This system supports various tokens such as DAI, USDC and USDT, giving users flexibility when paying their gas fees. Forward is designed to work with any app on Ethereum, especially DeFi protocols where the fees teams have to pay for their users are either impractical or users don’t have the ETH funds to pay for gas.
Hyphen
This solution allows faster and cheaper token transfers between different blockchains. A potential solution to the problem of transferring funds from Ethereum and L2 blockchains like Polygon. The mainnet of the product was launched in August 2021. To begin with, Hyphen will support instant USDC and USDT transfers between Ethereum and Polygon.
According to the Biconomy team, the average transfer time between two chains using Hyphen is 30 to 40 seconds! It’s also a much cheaper option, costing up to 50% less than local bridge transfers.
Hyphen was launched with support for USDT and USDC, but the Biconomy team plans to add support for a few more tokens. They also plan to enable near-instant transfers between more L2 and sidechains in the coming months.
Biconomy (BICO) Coin Review and Future 2022
Half a million unique Web3 users used Biconomy’s services in 2021.
Biconomy is far from the only project to take advantage of the growing popularity of Web3 applications, but it has managed to capture its own corner of the market.
BICO was launched in Q4 2021 and its value hit an all-time high at $21.87 at the beginning of December. This has not maintained its bullish trajectory and its value has receded after the initial hype fell. But that doesn’t mean the Biconomy team isn’t busy announcing new partnerships and products.
BICO was originally on CoinList, but has since been listed on numerous major exchanges, including Coinbase. It is currently trading at bargain prices, so this is a great time to invest. Biconomy has a number of improvements planned for 2022, including multi-chain migration protocol launch, improved gasless features, and new chain integrations including Solana, Fantom, and NEON.
Web 3.0 applications are generating a lot of buzz and strong interest, especially on Ethereum. A wide variety of use cases have emerged in the space, but the increasing adoption of DeFi and NFT products has caused congestion on the Ethereum network.
Biconomy’s plug-and-play APIs have laid the groundwork for a simple, multi-chain experience, gasless transactions, and instant cross-chain transfers that hopefully alleviate existing blockchain headaches.
