About Biconomy (BICO)
Biconomy is a decentralized protocol that operates as a multichain relayer network. Biconomy aims to enhance the efficiency of transactions within the web3 environment. Biconomy was successfully launched in the fall/winter of 2021. The protocol was first released for use and implementation along the Ethereum blockchain network but is positioned to operate on multiple blockchain networks as a layer-2 solution atop existing blockchains.
Biconomy seeks to limit and even eliminate gas fees in some instances. The protocol likens the Web2 internet to Web3, and expresses that individuals should be able to navigate the Web3 environment more seamlessly, without the need to pay for gas or transactions. For this reason, the Biconomy protocol exists and helps provide gateways that are said to dramatically reduce or altogether eliminate fees associated with moving on any blockchain, primarily to use dApps made available to network participants. Biconomy reports being able to reduce gas fees by up to around 40%. Meta transactions are used to lessen the transaction fees paid by network users in one such process used in the protocol. Reportedly, Biconomy users can also pay for fees in any ERC-20 coin when interacting within the Ethereum network instead of needing to pay in ETHER, the native network coin used for gas typically on the ETH blockchain.
Biconomy was developed by a trio of co-founders in 2019 and is currently based in Gurugram, India. The technical and business experience behind the Biconomy development team could have played a part in the positive reception of Biconomy by early venture capitalists like Binance Launchpad, Coinbase Ventures, Mechanism Capital, and others who supported Biconomy early on.
Biconomy is an ERC-20 token fundamentally, making it compatible with other Ethereum network tokens. Since the Ethereum Merge, Biconomy utilizes a Proof-of-Stake consensus mechanism for block validation. Biconomy is known by its token ticker $BICO. The live Biconomy price is updated and available in real-time on Binance.