BICO meaning in Cryptocurrency ?

Answer:

To find out even more about this project, check out our deep dive of Biconomy.

What Is Biconomy (BICO)?

Biconomy is a multichain relayer protocol that aims to improve the user onboarding and transaction experience on decentralized applications (DApps). The project’s declared goal is to make web3 products as intuitive and easy to use as web2 products. Biconomy offers an infrastructure to solve several web3 bottlenecks:

Protocols can onboard users without paying gas fees.Users can pay gas in an ERC-20 token of their choice.Users avoid blockchain complexities like a change of network.Transactions are confirmed much faster.

In short, Biconomy focuses on transaction management and gas optimization and can reduce gas costs by up to 40%. To achieve that, the protocol utilizes meta transactions, allowing users to submit a transaction with zero gas and having a third party pay for the transaction fees for the user. By providing a non-custodial and gas-efficient relayer infrastructure network, Biconomy is able to do this at scale.

Who Are the Founders of Biconomy?

Biconomy was founded by an international team of blockchain entrepreneurs. Ahmed Al-Balaghi, one of the project’s co-founders and a Queen Mary University alumnus, has spent over three years in the blockchain industry in China, the UK, and the United Arab Emirates and previously worked for Viewfin, a leading Chinese blockchain company. The other two co-founders are Indian blockchain entrepreneurs Sachin Tomar, who has a background in software engineering, and Aniket Jindal, who previously worked for blockchain projects in the UAE.

Biconomy is also backed by several reputed blockchain venture capitalists such as Coinbase Ventures, Binance Launchpad, Mechanism Capital, Huobi Ventures and several others.

What Makes Biconomy Unique?

Biconomy offers a unique solution to a common problem in the blockchain space. For several reasons, interactions with decentralized applications are nowhere near as seamless as for web2 applications. For instance, web3 applications require gas fees, but there is no equivalent of paying a usage fee for web2 applications. Gas fees on the Ethereum network are always paid in ETH, although users may not want to spend their Ether. Moreover, onboarding new users can be complex due to the required proficiency in using web wallets, signing transactions, and understanding the intricacies of gas.

Biconomy solves this with its relayer infrastructure network that is already being used by several protocols:

Curve Finance is using Biconomy to do meta transactions to do gasless BTC deposits. In this case, users can deploy their idle BTC to provide liquidity without paying gas to swap them for RENBTC.Perpetual Protocol offers gasless transactions to its traders on the xDAI chain thanks to Biconomy. Users also enjoy blockchain agnostic transactions because there is no need to change the RPC url in their web wallet.Decentral Games provides a seamless gaming experience to its users by removing gas fees with the help of Biconomy. Players just receive the in-game currency and do not need to hold MATIC for transactions on the Polygon blockchain that Decentral Games uses.Sapien Network is a social blogging platform and also enables gasless transactions. New bloggers can transact SPN for free on the platform.Related Pages:

Check out Algorand (ALGO) — a layer-one blockchain.

Check out Cosmos (ATOM) — a set of different layer-one blockchains.

Read our deep dive into Gitcoin.

Get the latest crypto news and latest trading insights with the CoinMarketCap blog.

How Many Biconomy (BICO) Coins Are There in Circulation?

BICO is the network’s native utility token with a total supply of 1 billion. Node operators on the network pay a transaction fee in BICO to add information to the blockchain. Token holders can earn rewards from staking and securing the network. BICO is also used to vote on governance proposals, such as changing the code, adding additional services, or use of treasury funds. The token allocation is as follows:

Community (38.12%): 7.5% on TGE, 47 months linear release.Foundation (10%): 10% on TGE, 12 months lockup, 24 months linear release.Team and advisors (22%): 12 months cliff, 24 months linear release.Pre-seed round (6%): 9 months lockup, 27 months linear release.Seed round (6.38%): 9 months lockup, 24 months linear release.Private round (12%): 10% on TGE, 12 months lockup, 24 months linear release.Strategic investors (0.5%): 10% on TGE, 6 months lockup, 24 months linear release.Public sale (5%): 3 months linear release, or 10% on TGE, six months lockup, six months linear release.How Is the Biconomy Network Secured?

Biconomy’s smart contracts have been audited by Quantstamp, MixBytes, Certik and Halborn.

Biconomy enables gasless transactions by providing a software development kit that developers can add to their DApp with a few lines of code. Biconomy is non-custodial and trustless, as users with their respective private keys sign all transitions. The signed data is relayed by Biconomy and cannot be changed by the network. Moreover, Biconomy plans to decentralize to ensure greater security in the future progressively.

When Will Biconomy (BICO) Trading Begin?

BICO closed its public sale on Oct. 14, 2021.

reference

Full Form	Category
Biocontrol Technologies, Inc.	Business
Biconomy	Cryptocurrency
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