Buy Biconomy

Biconomy (BICO) is a blockchain platform that simplifies and enhances user interactions within the Web3 ecosystem. It offers scalable and non-custodial infrastructure, making transactions more efficient by introducing fee-less transactions. As a result, users of decentralized applications (dApps) no longer need to navigate complex blockchain processes, such as paying transaction fees in native tokens like Ether (ETH).

A notable feature of Biconomy is the use of meta-transactions. This technique allows users to initiate transactions without needing a balance in their wallet. Instead, a third party can cover the gas fee (transaction costs), making it easier for users to engage with blockchain technology without technical barriers.

Biconomy offers various products that enhance the blockchain experience:

• Mexa: Supports gasless transactions via the EIP 2771 standard or custom implementations, making it easier and cost-free to use dApps.
• Forward: Allows users to pay transaction fees with alternative tokens, such as Dai or USDC, instead of the native token. This provides more flexibility, especially in DeFi applications.
• Hyphen: Provides fast and cost-effective token transfers between different blockchains, which is particularly useful for moving assets between layer 1 and layer 2 networks.

Biconomy acts as a bridge between complex blockchain infrastructure and the user-friendly interfaces that end users are accustomed to from traditional web applications. It lowers the entry barrier to decentralized technologies and speeds up the adoption of blockchain. For developers, Biconomy offers a range of Software Development Kits (SDKs) and Application Programming Interfaces (APIs) to easily integrate gasless transactions into their applications.

The native token of Biconomy, BICO, plays an important role within the platform. It is used for staking, governance (participating in network development decisions), and as a reward for network participants, such as node operators and liquidity providers.

Who founded Biconomy?

Biconomy was established in 2019 by Ahmed Al-Balaghi, Sachin Tomar, and Aniket Jindal, three experts with experience in the blockchain sector. Ahmed Al-Balaghi has led various companies and projects in blockchain. Sachin Tomar is an experienced software engineer with deep knowledge of decentralized technologies, while Aniket Jindal specializes in blockchain consultancy and strategy, especially in the United Arab Emirates. Since its foundation, the Biconomy team has grown into a diverse group of professionals with both technical and business backgrounds.

Biconomy offers numerous features and applications for both end-users and developers designed to simplify the blockchain user experience and reduce costs. Key applications include:

• Gasless transactions: Users can execute transactions without gas fees, making dApp usage much simpler and more accessible.
• Paying transaction fees with other tokens: With Biconomy’s Forward, users can pay transaction fees with alternative tokens like Dai or USDC, providing more flexibility.
• Fast cross-chain transfers: Hyphen enables quick and cost-effective token transfers between different blockchains, ideal for moving assets between layer 1 and layer 2 networks.
• Enhanced gaming experience: Biconomy optimizes in-game transactions by speeding them up and eliminating gas-related issues, ensuring a smoother gaming experience.
• Simplified NFT marketplaces: By eliminating gas issues, Biconomy improves the user experience on NFT marketplaces, allowing buyers and sellers to conduct transactions more quickly and easily.

Biconomy simplifies the complex aspects of blockchain transactions through a powerful relayer infrastructure. This infrastructure consists of three main components: Mexa, Forward, and Hyphen.

Mexa: Gasless Transactions

Mexa uses meta-transactions, where a third party covers the transaction fees on behalf of the user. This allows users to interact with dApps without having to manage gas fees themselves. Mexa supports both the EIP-2771 standard and custom implementations, depending on the developer's needs.

Users conduct their transactions through a user-friendly interface, while Biconomy's relayer network handles the technical complexity in the background. This provides a user-friendly experience similar to traditional Web2 applications, while retaining the benefits of blockchain.

Forward: Paying with alternative tokens

Forward offers users the flexibility to pay transaction fees with alternative tokens, such as Dai, USDC, or USDT, instead of the network's native token (e.g., ETH on Ethereum). This is especially useful for DeFi users, who often have multiple tokens in their wallet.

This flexibility allows users to continue executing transactions, even during network congestion. Biconomy's relayers ensure efficient management of gas fees, enabling users to trade seamlessly.

Hyphen: Fast Cross-Chain Transfers

Hyphen provides a solution for the slow and costly token transfers between layer 1 and layer 2 networks. Thanks to cross-chain interoperability, users can quickly and affordably move assets between various blockchains, without the usual delays and high fees.

Hyphen optimizes liquidity on both chains, preventing failed transactions and high gas fees. This is ideal for users active in a multi-chain environment, where speed and efficiency are crucial.

The BICO token is central to the Biconomy ecosystem, serving several critical functions. Firstly, BICO is used to pay network transaction fees within the Biconomy network. Node operators, such as validators and executors, receive rewards in BICO for processing transactions and securing the network.

Additionally, BICO holders have voting rights within the platform, allowing them to participate in governance decisions, such as protocol changes and the allocation of funds from the treasury.

BICO can also be staked to secure the network, with stakers receiving rewards in the form of additional BICO tokens. Node operators and liquidity providers must stake BICO to participate in the network. The total supply is capped at 1 billion tokens.

To stake BICO, you will need to transfer your BICO tokens to a wallet that supports staking. You can then stake your tokens via a validator in the Biconomy network, which is responsible for verifying transactions and securing the network.

By staking your tokens, you can earn rewards in the form of additional BICO tokens. The rewards depend on the amount of staked tokens and the duration of the staking period. This makes staking attractive for users who want to earn money with their BICO tokens while supporting the network.

Biconomy stands out thanks to its innovative approach which reduces the complexity of blockchain interactions and enhances accessibility. The platform offers a range of unique features that not only improve the user experience but also open up new opportunities for the development of decentralized applications.

• Free transactions: With the integration of meta-transactions, users can execute transactions without gas fees, even without cryptocurrency in their wallet. This lowers the entry barrier for users unfamiliar with the technical aspects of blockchain or those with a smaller budget.
• Pay transaction fees with any token: With Forward, users can pay transaction fees in any ERC-20 token, such as Dai or USDC, instead of the network's native token, like ETH. This provides more flexibility and makes it easier for developers to tailor their DApps to the preferences of their users.
• Fast Cross-Chain Liquidity: Hyphen enables fast token transfers between different blockchains while maintaining liquidity on both sides. This ensures instant transfers without long waiting times, which is crucial for users in a multi-chain environment.
• Account Abstraction Toolkit: Biconomy offers a comprehensive solution for account abstraction, allowing developers to create smart contracts and wallets that completely hide the complexity of gas management from the end user.
• Paymasters and Bundlers as a Service: With Paymasters, developers can sponsor gas payments, while Bundlers efficiently handle large transactions, resulting in lower gas fees and faster processing for users.

If you're looking to purchase Biconomy (BICO), simply head to Bitvavo, a platform suitable for both beginner and advanced traders. Follow these steps to buy BICO tokens via our website or mobile app:

1. Create an account or log in to your existing Bitvavo account.
2. Add funds by clicking "Deposit".
3. Visit the Biconomy (BICO) purchase page.
4. Enter the amount in euros you wish to invest, or choose the number of BICO tokens you want to buy, and click "Buy".

The cost of BICO tokens is determined by the current market value at the time of purchase. After the transaction, the tokens are immediately added to your Bitvavo account, where you can manage or trade them, allowing you to quickly respond to price fluctuations.

Want to securely store your BICO tokens? At Bitvavo, the majority of customer funds are securely stored in offline cold storage, ensuring optimal protection of your assets. Although Bitvavo offers a high level of security, we also recommend enabling two-factor authentication (2FA) for additional security. This requires a verification code in addition to your password when logging in.

You can also store BICO tokens in most software and hardware wallets. If you want to transfer your BICO tokens to an external wallet, you must first verify the wallet address in your Bitvavo account. After this, you can securely and easily move the tokens to your personal wallet.