Biconomy - Everything you need to know about BICO Token

In this article, we would like to introduce Biconomy known as a non-custodial, gas-efficient, scalable relayer architecture. We'll be covering the following topics:

• What is Biconomy? How does Biconomy work?
• BICO Tokenomics and How/Where to earn and store BICO tokens?
• Roadmap & Updates.
• Team members, Investors, and Strategic Partners.

Let's explore the potential of BICO!

What is Biconomy?

Biconomy is a non-custodial, gas-efficient, scalable relayer architecture that allows users to enjoy the simplicity of Web3 applications through a streamlined transaction procedure.

The vision of Biconomy is to make web3 products as intuitive and easy to use as legacy web2 products that will drive mass adoption.

How does Biconomy work?

Biconomy's solution integration projects enable users and projects to pay with ERC20 tokens or stable coins on a variety of blockchain platforms.

The three main products of Biconomy are Mexa, Forward, Hyphen. 

Mexa - Enable Gasless Transactions

Instead of forcing users to pay fees at every step, traditional applications absorb these as infrastructure costs. Gas fees will inevitably fall as Ethereum scaling solutions become more mainstream. Biconomy envisions a future in which Biconomy powers a gasless multi-chain web3.0 experience.

DApps developers must deposit chain native tokens in the dApp Gas Tank in order to enable gasless transactions. On each network, each dApp has its own gas tank, ensuring that Biconomy relayers have enough gas to cover transaction costs and that transactions are relayed smoothly.

Forward - Enable Paying Gas in ERC20

Biconomy created Forward to work for any Dapp on Ethereum, especially DeFi protocols and payments, where team fees are impossible to cover for their users and consumers have the funds to cover gas (just not in ETH).

On Ethereum or other blockchains, when you use dApps on any platform, you need to be paid with native tokens of that blockchain.

With Biconomy, this problem has been solved.

• On the user side, you can pay flexible transaction fees when using Dapps on layers 1, 2 with other ERC-20 standard tokens or stablecoins.
• On the project side, they can custom sponsor part of the product usage fee to attract users.

Hyphen - Instant Cross-Chain Transfers

Hyphen allows for faster and less expensive token transfers between different blockchains. It particularly alleviates the problem of transferring funds from Layer 2 to Layer 1 blockchains. For example, getting ERC20 tokens from Polygon Network to Ethereum via their native bridge takes about 40 - 50 minutes.

Hyphen enables instant and cheaper token transfers across different blockchains. Currently, users are able to bridge their assets across the Avalanche and Ethereum blockchains, as well as between Avalanche and Polygon less than a minute, using the Hyphen protocol.

Biconomy Ecosystem

DeFi: Nord Finance, Idle, MultiSafe, Curve, etc.

NFTs: Alethea, Mogul Productions, TRACE NETWORK, etc.

GameFi: Ethermon, Artvatars, Aavegotchi, etc.

What is the BICO token?

BICO is the native work and governance token of the Biconomy multi-chain relayer infrastructure. 

Detailed information about BICO Token

BICO Key Metrics

• Token Name: Biconomy.
• Ticker: BICO.
• Blockchain: Ethereum.
• Token Standard: ERC-20.
• Contract:  0xf17e65822b568b3903685a7c9f496cf7656cc6c2.
• Token Type: Governance, Utility.
• Total Supply: 1,000,000,000 BICO.
• Circulating Supply:  65,374,608 BICO (6.53% of the total token supply).

BICO Token Allocation

• Community: 38.62%.
• Team & Advisors: 22%.
• Token Sales: 23.38%.
• Treasury: 10%.
• Early Supporters: 6%.

BICO Token Release Schedule

BICO Token Sales

Private sale:

• Price: $0.125 per token.
• Raised: $15,000,000.
• Lock-up: 10% on TGE, 90% linearly per block over 12 months.

ICO on Coinlist - Option 1:

• Price: $0.25 per token.
• Raised: $10,000,000.
• Lockup & release: 3-month linear release, starting around November 23rd, 2021.

ICO on Coinlist - Option 2:

• Price: $0.15 per token.
• Raised: $1,500,000.
• Lockup & release: 10% unlock on or around November 23rd, 2021, followed by a 6-month cliff, and following that 6-month monthly release.

IEO on Huobi Primelist:

• Price: $0.3 per token.
• Raised: $600,000.
• Lockup & release: no lockup.

BICO Token Use Cases

• Network Fees: Node operators pay a transaction fee in BICO to add any information on the chain and they earn BICO proportional to the work they perform on the network.
• Stakeholder Incentives: BICO token holders stake their tokens to secure the network further. On the other hand, they earn BICO proportional to their BICO stake.
• Governance: BICO holders can propose and vote upon decisions affecting Biconomy’s protocol and overall Network. 

How to get BICO Token

You can get BICO tokens by becoming node operators or staking BICO tokens. BICO token holders stake their tokens to secure the network further. On the other hand, they earn BICO proportional to their BICO stake.

How to buy BICO Token 

You can buy BICO on listed exchanges such as: 

• DEX: Uniswap,... 
• CEX: Binance, OKEx, Gate.io,... 

Alternatively, you can use Coin98 Exchange to swap other tokens for BICO by clicking the Swap button at the end of the article.

Learn more: How to use Coin98 Exchange

How to store BICO Token

You can store BICO on Coin98 Wallet with these steps:

Step 1: Open Coin98 Wallet & click Search Icon on the home screen.

Step 2: Search BICO Token.

Step 3: Click on the correct result at Receive Tab, copy the wallet address and send BICO to this address.

BICO Roadmap

Q1 2022

Gasless

•     New chain integrations: Solana, Fantom, Neon, Arbitrum, Optimism.
•     Developer Dashboard and dApps Statistics Revamp.
•     Wallet address whitelisting feature for dApp partners.

Hyphen

•     New chain integrations: BSC, Moonbeam, Arbitrum, Optimism.
•     Dynamic fee model to reduce the time to support new chains & tokens.
•     Anyone can add Liquidity to Hyphen Liquidity Pools to earn LP fees.

Protocol

•     BICO staking V1: Stake BICO on our platform.
•     Whitepaper released.
•     Proof of Concept for trustless executors network V1.

Q2 2022

• More chains & token support for Gasless & Hyphen.
• Relayer protocol & Biconomy chain testnet launch.
• Executor & validator network goes live on testnet.
• Security Audits for the protocol & smart contracts.
• Support for decentralized Hyphen & Gasless on testnet.
• BICO staking V2 on Mainnet.
• Stake BICO as delegators with foundation nodes on the Biconomy chain.

Q3 2022

• Biconomy relayer protocol lives on mainnet.
• Biconomy blockchain launched.
• Anyone can become node operators (executors & validators) to run public nodes.
• Decentralised Gasless & Hyphen mainnet launch on the Relayer protocol.
• Executors can charge premium fees for relaying meta-transactions.
• Hyphen Liquidity providers can earn liquidity fees for cross-chain transfers.
• Validators & executors start earning newly minted BICO as block rewards.
• Cross-chain smart contract calls feature launch on mainnet.

Q4 2022

• Further decentralize & scale the protocol with a growing network of node operators, delegators & liquidity providers.
• Support for all major chains & tokens on Hyphen & Gasless.
• Actively grow the Biconomy ecosystem and partner integrations.

Team, Investors, and Partners

Team 

Investors

In July 2021, Biconomy raised $9 million from leading investors, including Mechanism Capital, DACM, Coinbase Ventures, CoinFund, Proof Group, Chorus One, Ledgerprime, Huobi Ventures Blockchain Fund, Primitive Ventures, Genblock Capital, etc.

Partners

Currently, 90+ DApps leverage the multi-chain stack of Biconomy to offer a seamless experience to thousands of users every day.

Is Biconomy (BICO) a good investment?

Biconomy completed over 3.6 million transactions, $83 million in cross-chain transfer volume generated. More than 90 Dapps integrated Gasless in 2021 in the areas of DeFi, NFTs, and Gaming.

Because there are numerous issues with layer 1 blockchain at the moment, such as transaction speed and fees, the development of layer 2 is critical in the future.

But generally, I recommend instead of “investing much in crypto,” invest your time in gaining knowledge in the domain to distinguish great tech from crap. This is the best investment, which I believe will make you rich and prosperous.

Similar Projects?

arbitrum: A layer 2 solution designed to improve the capabilities of Ethereum smart contracts boosting their speed and scalability while adding in additional privacy features to boot.

optimism: A Layer 2 scaling solution for Ethereum that can support all of Ethereum's Dapps.

Boba Network (BOBA): A Layer 2 Ethereum scaling & augmenting solution built by the Enya team as core contributors to the OMG Foundation.

celer Network (CELR): A layer-2 scaling platform that enables fast, easy, and secure off-chain transactions for payments and generalized off-chain smart contracts.

Conclusion

So I have provided you with the latest information from Biconomy and BICO Token. If you're interested in other projects besides Biconomy, please leave a comment below. Coin98 will research the projects and publish articles about them.

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