Biconomy aims to reduce the entry barrier for developers building on Web 3 by providing a plug-and-play relayer infrastructure to developers. The current products include a meta-transaction middleware through which dApp users can delegate gas fee payment to the service provider and a cross-chain bridge.
BICO is the native token of the project. The current use cases for BICO include:
Network fee: In order for users to add any information on the chain, they will need to pay a transaction fee in BICO.
Staking: Relayers need to stake BICO to become a relayer and they get rewards for relaying the transactions correctly. Users can delegate their tokens to relayers as well.
Governance: BICO holders can propose and vote for decisions such as changes to the network’s code, adding additional services, or decisions regarding the disbursement of its treasury funds.
The project consists of the following major components working in conjunction:
Relayer Network: Maintained by node operators that perform two main roles: validators and executors. The validator listens to relevant transactions on other chains and records them to the Biconomy chain. The executors see these transactions and act on them.
Hyphen: A cost-efficient cross-chain bridge, which offers instantaneous value transfers and contract calls between various EVM (or non-EVM) chains and L2s.
Gasless: Plug-and-play APIs and SDKs used to build dApps with superior user experience by leveraging meta-transactions where dApps subsidize gas fees to offer a gasless experience to end-users.
Forward: Offers flexible solutions to users for paying gas. Be it on Ethereum or other L2s, users can pay gas in a range of ERC20 tokens instead of the native token of that chain.
As at December 9th 2021, the maximum and total token supply of BICO are 1,000,000,000. The current circulating supply is 65,374,608 (~6.54% of the total token supply).
Learn more about the token distribution of BICO here.
A Plug-and-Play Relayer Infrastructure to Developers.
Dec 9th, 2021