Biconomy (BICO): Making Web3.0 Gasless

Biconomy is one of the leading blockchain networks that are trying to resolve these problems to support the mass adoption of Web 3.0.

Most internet users are familiar with the Web 2.0 environment where they interact with friends on social media platforms and use the software as a service platform to perform certain activities. Web 3.0 is claimed to be the next generation of the internet that can take the user experience one step further.

With just a single account, the users can browse information, move between platforms/shops, browse entertainment, and more. The best thing about Web 3.0 is that it provides users with more control over the content and data. But the users need to switch between networks while performing a transaction. Similarly, they need to pay a significant amount of gas fees on these platforms.

What is Biconomy?

Biconomy is a plug-and-play relayer protocol that enables users to perform cross-chain transactions without having to switch between networks. Over the years, it has become evident that Web 3.0 will establish a multi-chain environment because Ethereum can’t handle all the applications due to congestion.

Therefore, a huge number of developers are using Binance Smart Chain, Polkadot, Solana, and Cardano to build applications. It clearly means that the users are going to need bridging solutions that may help with transferring funds from one chain to another.

Most people may not know that developers use application programming interfaces (APIs) and software development kits (SDKs) to fetch information from other applications while building their own applications. APIs help users with collecting information from a relevant application whereas the SDK provides a set of tools that may be required to build an application.

Biconomy is trying to solve the complexities of blockchain by integrating these two technologies. Thus, developers can establish seamless communication between users and decentralized applications (DApps). Biconomy is dedicated to simplifying the transaction experience so that users can easily transition from Web 2.0 to Web 3.0.

It will ultimately support the mass adoption of decentralized projects. With this protocol, the developers can provide a seamless experience to the users of products in gaming, NFTs, DeFi, and more.

Biconomy’s Benefits for Decentraland

Decentraland is one of the leading metaverses where purchase virtual land, play a game, and attend a concert. But the new users face problems with adopting its features. The platform asks users to purchase ETH after opening a crypto exchange account. They’re then required to convert their ETH tokens to MANA and transfer those tokens to their Metamask wallet.

The Decentraland’s developers integrated Biconomy into their network to skip the above-mentioned complexities while allowing users to perform cheaper and easier transactions. Thus, it helped users with saving $32,500 in gas fees. And the number of unique active users doubled within six months of adopting Biconomy.

Biconomy Brief History

Biconomy was introduced by Ahmed Al-Balaghi (seed founder in Polygon), Aniket Jindal (former Binance employee), and Sachin Tomar (former engineer at Samsung Electronics) in 2019. The team carried out private funding in collaboration with Mechanism Capital and DACM in July 2019 and raised around $9 million.

True Ventures, Coinbase Ventures, and Bain Capital are the leading names that participated in this funding. In October 2021, the team conducted a public sale and raised around $11.5 million.

Biconomy Important Features

Plug-and-Play APIs and SDKs – As discussed earlier, Biconomy enables developers to build DApps with superior user experience with the help of its plug-and-play APIs and SDKs.

Multi-currency Support – The users usually need ETH tokens to use different features of DApps built on Ethereum. But Biconomy enables them to pay for the products and services with the crypto tokens they have in their wallets.

Cross-chain Transactions – The users usually have to experience delays while transferring funds from one blockchain network to another. And it’s quite a daunting process. Even the layer 2 solutions can’t accommodate these problems properly. Biconomy provides a simple, secure, and affordable environment for transferring funds and data between different blockchain networks.

Reasonable Transaction Fees – The gas fee is a major problem why most people aren’t adopting Web 3.0. For example, if Netflix starts charging server fees every time a user watches a show, it will lose a huge audience. On the contrary, DApps charge gas fees whenever a user makes a transaction. Biconomy provides a completely gasless experience to the users with meta-transactions.

Easy-to-use User Interface – Normally, the users need to have some crypto knowledge and a little bit of technical experience to perform transactions on a DApp. Users need to be good at evaluating gas costs to avoid issues like underpaying and overpaying. Biconomy solves all these problems by providing an easy-to-use user interface.

How Does Biconomy Work?

Biconomy consists of two types of participants called validators and executors. The validators are responsible for verifying the transactions requested by executors whereas the executors handle meta transactions. Executors are supposed to add the transaction to the blockchain after clearing the gas fees.

The gas fee is returned to the executors in the form of the destination blockchain’s native currency along with the premium fee. Moreover, they receive BICO tokens as a reward once a transaction is finalized by validators.

Meta Transactions

Biconomy provides a gasless experience to the users by allowing developers to sponsor gas fees on behalf of the end users. The users no longer need to worry about setting up a crypto wallet, bridging, or estimating gas fees because everything will be done in the back end. It can ultimately improve the success rate of DApps.

Cross-chain Protocols

Biconomy’s cross-chain protocol enables developers to integrate network-agnostic APIs into their DApps. Thus, it eliminates the problems of remote procedure call and switching networks while allowing users to pay for the services with their desired ERC-20 tokens.

Biconomy Tokenomics

BICO is the native token of Biconomy that is used to pay transaction fees. With a circulating supply of 547 million tokens, BICO has a market cap of $154 million. It ranks among the 200 best cryptocurrencies in terms of market cap.

Conclusion

Biconomy is a groundbreaking protocol that simplifies blockchain interactions, enabling seamless communication between users and decentralized applications. With its gasless experience, multi-currency support, and cross-chain transactions, Biconomy paves the way for the mass adoption of Web 3.0.

By providing superior user experiences and eliminating complexities, Biconomy plays a crucial role in shaping the future of the internet. If you need more information about how Biconomy works, feel free to get in touch with us. We also invite you to subscribe to our weekly newsletter if you need regular updates about Bitcoin and the crypto market.