Biconomy (BICO), the multi-channel solution for Web 3.0 applications and decentralized Internet

This article is written in partnership with Biconomy (find out more)

The difficult use of decentralized applications (dApps)

Decentralized Web 3.0 applications are becoming more and more popular, gaining new users every day. If success is there, there are difficulties that these people face on a daily basis.

Among the difficulties encountered when using these protocols, those related to transactions are the first concerns. It is indeed necessary to pay gas costs for each use of the application (deposit, withdrawal, swap, etc.). Also, except with some decentralized applications (dApps) that are not on Ethereum, these fees can only be paid in Ethers (ETH) and are usually very high.

Finally, even today, even using a decentralized application is far from easy for novices and people who are not comfortable with these technologies. The Biconomy project (BICO) aims to resolve these difficulties to make dApps more intuitive and easy to use.

How does Biconomy’s solution materialize?

Biconomy’s goal is to simplify transactions by managing all the complexities associated with the blockchain instead of dApp developers and users.

Biconomy explains that its infrastructure allows many transactions to be carried out without having to pay gas costs. This is the main contribution of the solution offered by Biconomy: an experience of dApps without transaction costs, sometimes very significant, to be paid for each use.

However, there will always be transactions requiring payment of fees. For the latter, unlike today, users will then be able to choose any ERC-20 token and no longer just ETH.

The Biconomy’s team also promises a drop in fees of up to 40%, allowing developers to focus on their project.

Finally, transactions can be confirmed in seconds, the goal being that they are no longer pending or blocked, especially if the user chooses the lowest fees.

This solution is made possible by the concept of multi-chain meta-transactions, called MEXA. Biconomy’s infrastructure executes the transaction on behalf of the user. The latter only has to enter the desired transaction and Biconomy takes over.

Biconomy’s infrastructure is maintained by validators, who record transactions, and executors, who execute these same transactions.

In summary, MEXA, Biconomy’s multi-chain solution, which is fully decentralized, takes the place of the user in the management of expenses and bridges. He will then no longer have to worry about this cumbersome problem. Biconomy is thus presented as the hyphen between these multiple blockchains and users.

Multi-chain infrastructure is currently available on Ethereum, Binance Smart Chain, Avalanche, Moonriver, xDai, and Polygon.

For its project, Biconomy has received the support of many investors, including Binance, Coinbase, Huobi, Mechanism Capital, Eden Block and True Ventures. Via several private fundraisers, the startup raised $ 10.5 million for the development of its project.

What are the roles of the BICO token?

BICO is the native token and governance token of Biconomy’s multi-chain infrastructure. This ERC-20 token plays a key role in the operation of the protocol, in particular in the objective of decentralization of the network. A total of one billion BICO tokens are to be issued and put into circulation.

This token will have three main functions. In the first place, it will allow the network to function properly and all the costs foreseen will be paid in BICO. Then, the holders of BICO will have a right to vote and will be able to participate in the governance of Biconomy, for example by proposing wishes for improvement.

Finally, the BICO token will have an essential role for node operators. Validators and executors will be rewarded in BICO based on their contribution. Delegators will be able to deposit their BICOs in staking to generate passive income, the same for those providing liquidity for the benefit of the pools.

The first way to get hold of BICO is to participate in the ICO on the CoinList platform, where two options are offered. The first option offers 40 million tokens at $ 0.25 per unit, the second 10 million tokens at $ 0.15 per unit, for a maximum allocation of $ 1,000.

For the first option, the tokens will be distributed linearly for 3 months, starting at the end of November. As for those who acquired BICOs via the second option, the distribution is spread over 12 months. If you want to participate in the token ICO, everything happens on CoinList.

👉 For more information, visit the Biconomy website

Conclusion

Biconomy is therefore trying to find a solution to the thorny problem of gas costs and the lack of a gateway between blockchains. The MEXA infrastructure is innovative and is supported by serious partners. Likewise, it is already used on around thirty decentralized applications.

In the third quarter of 2021, more than 8 million mainnet transactions have already been carried out thanks to Biconomy’s infrastructure.

The project is ambitious and it will be necessary to follow its long-term evolution, especially when Ethereum 2.0 comes into being. Indeed, this version promises a strong reduction in the famous gas costs, the Achilles heel of Ethereum that Biconomy wants to solve.

👉 Join the Biconomy community on Telegram

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This is a sponsored and paid article. Cryptoast has made preliminary research on the products or services presented on this page but could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service put forward in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and invest only within the limits of their financial capacity. This article does not constitute investment advice.

About the author: Benjamin Allouch

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Formerly a lawyer specializing in personal data and digital law, I quickly became interested in Bitcoin, blockchain technology and their legal implications. I am now an independent consultant and writer in the field of cryptocurrencies and blockchain.
All articles by Benjamin Allouch.

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