Biconomy is a blockchain agnostic relayer protocol that makes it easy for people to use decentralized applications. It allows users to execute fast transactions with low gas and send cross-chain messages in real time. BICO is the name and ticker symbol of Biconomy's native utility and governance token.
Biconomy has three core products:
1. Mexa, which enables gasless transactions
2. Forward, which allows users to pay gas fees in ERC-20 tokens
3. Hyphen, which powers instant cross-chain transfers
Its smart contracts are audited by QuantStamp, MixBytes, Certik and Halborn. Biconomy also streamlines the complex onboarding process of dApps by providing plug-and-play SDKs for developers.
Biconomy uses meta transactions that allow them to execute transactions on behalf of the user. First, a user needs to sign a message containing the details of the transaction. Once signed, Biconomy will execute the transaction on the requested blockchain.
The Biconomy multi-chain relayer network currently supports Ethereum, Matic, xDai and Moonriver, among other mainnets. In addition, over 75 dApps have integrated Biconomy's gasless feature, including prominent names like Curve Finance, dYdX, Aavegotchi, Decentral Games, Perpetual Protocol and Sapien Network.
BICO tokens are used to pay network fees on Biconomy and reward network stakeholders, including node operators, delegators and liquidity providers. BICO holders can also participate in the network's governance, such as voting on decisions like changing network code, adding new services and allocation of treasury funds.
BICO price and tokenomics
Biconomy has a total supply of 1 billion BICO tokens. 6% was allocated to their pre-seed round, 6.38% to their seed round and 12% to their private round. Strategic investors received 0.5% of the BICO supply, while 5% was reserved for the public sale.
Of the remaining supply, the Biconomy team and advisors kept 22%. In addition, 10% was reserved for the Foundation and 38.12% was saved for community rewards and incentives.
BICO follows a vesting schedule of up to four years. This will typically impact BICO's price as the tokens are unlocked. In the long run, the performance of BICO charts will depend on the number of dApps using Biconomy's services.
About the founders
Biconomy is co-founded by Ahmed Al-Balaghi (ex-ViewFin), Sachin Tomar (ex-Samsung) and Aniket Jindal (advisor to Matic). The project has 26 full-time staff from across the world.
Biconomy has raised over $20 million. They are backed by leading investors like Coinbase Ventures, Huobi Ventures, True Ventures, Eden Block, Fenbushi Capital and CoinFund, among many others.
