What is Biconomy? Learn about the Biconomy and the BICO token

What is Biconomy? Known as a multi-chain infrastructure platform, rovides SDK and API tools to optimize Web3 user experience. With the goal of simplifying complex transactions and improving the experience for dApp developers, Biconomy supports many different blockchains.

Let’s learn more about Biconomy and BICO Token with AZCoin in this article.

What is Biconomy?

Biconomy is a blockchain infrastructure platform offering a suite of tools designed to improve user interaction within the Web3 ecosystem. At its core, Biconomy provides solutions to simplify complex blockchain transactions, making them as user-friendly as possible. With support for Ethereum Virtual Machine (EVM) compatible blockchains such as Ethereum, Polygon, BNB Chain and Arbitrum, Biconomy enables developers to build and integrate dApps across multiple networks.

The primary objective of Biconomy is to provide a comprehensive Account Abstraction solution. This approach aims to improve user experience by making blockchain transactions simpler and more intuitive, similar to Web2 experiences.

Products of Biconomy

Biconomy Smart Account

A type of smart contract-based wallet designed according to the ERC-4337 standard. This represents a significant improvement over traditional Externally Owned Accounts (EOA), simplifying complex transaction operations. Some key features of Biconomy Smart Account include:

• Compatibility with paymaster and bundler: Allows users to choose tokens for paying gas fees, reducing transaction costs.
• Session key: Provides temporary access to the wallet, functioning similarly to an OTP (One-Time Password), aiding in user authentication and enabling actions within a specific timeframe.
• Biometric authentication and wallet recovery solutions: Integrates advanced login methods and wallet recovery capabilities.

Paymaster service

The Paymaster Service allows users to pay gas fees with any ERC-20 token supported by the platform, rather than just using the network’s native token. This feature provides flexibility and enhances the transaction experience, allowing transactions with 0% fees on dApps integrated with this service.

Bundler Service

The Bundler service helps process transactions to speed up the transaction process and reduce gas fees for users. The service operates as follows:

• Bundler: Gathers UserOperations (UserOps) from the mempool and combines them into a transaction bundle. UserOps contain detailed transaction information such as sender address, smart contract, parameters and signature.
• On-chain Submission: Once bundled, the transaction is sent on-chain to the Entry Point Contract for further processing.

Decentralized Authorization Network (DAN)

The DAN is a network specifically designed for AI Agents in the cryptocurrency space. DAN allows AI Agents to perform tasks on behalf of users without the need to sign transactions, ensuring safety and security.

UMA project team, investors and partners

Project team

Biconomy development team consists of experienced members in the blockchain and crypto industry:

• Ahmed Al-Balaghi: CEO and co-founder of Bico. Ahmed has over 4 years of experience in the crypto and investment industry and is also the founder of the popular fintech and blockchain podcast Encrypted. Prior to that, he worked at Dow Jones, Citibank and Jabbar Internet Group.
• Aniket Jindal: COO and co-founder of Bico. Aniket has 4 years of experience in the crypto and community development industry in India, having worked for Binance in its early stages.
• Sachin Tomar: CTO and co-founder of Biconomy. Sachin has over 8 years of experience in software engineering, having worked at Samsung and Make My Trip.

Investors

From 2021 to 2024, Biconomy has made 4 funding rounds with a total of $11,125,000 raised. Investors include Mechanism Capital, Coinbase Ventures, Houbi Ventures and Binance Labs. The most recent funding round on March 28, 2024 saw participation from Balaji Srinivasan, co-founder of Counsyl, along with projects such as Consensys, Jump Capital and Borderless Capital.

Partners

Biconomy has established partnerships with over 400 projects, including ONYX – J.P Morgan’s blockchain, The Sandbox – a metaverse project and Acentrik – a product of Mercedes Benz.

Biconomy highlights

Biconomy offers several highlights that enhance user experience and simplify transaction processes:

• Multi-Chain interoperability: Biconomy envisions a multi-chain future, facilitating seamless transactions across various blockchains.
• User-Friendly experience: It eliminates complexities such as gas fees, network selection and transaction management, ensuring a smooth experience akin to Web2 applications.
• Integrative capabilities: Biconomy APIs and SDKs can be integrated into any dApp across major chains, enhancing user experience and simplifying blockchain interactions.

Overview of BICO token

What is BICO token?

BICO Token is the main currency of the Biconomy platform, used for governance and utility purposes within the Biconomy ecosystem.

Specifications of BICO token

• Token name: Biconomy
• Symbol: BICO
• Blockchain: Ethereum
• Token Contract: 0xf17e65822b568b3903685a7c9f496cf7656cc6c2
• Token Standard: ERC-20
• Token Type: Utility and Governance
• Total Supply: 1,000,000,000 BICO
• Circulating Supply: 701,391,763 BICO
• Market cap: $178,547,056

Allocation BICO token

The total supply of BICO token is 1,000,000,000 BICO, distributed as follows:

• Community: 37.9%
• Team & Advisors: 22%
• Private Round: 12%
• Fund: 10%
• Seed: 6.38%
• Pre-Seed: 6%
• Main Sale: 5%
• Strategic Round: 0.5%
• Public Round: 0.2%

BICO Token Sale

Bico token has held two ICO rounds and one IEO to sell BICO tokens:

• IEO: Held on 1/12/2021 on the HTX Primelist platform at $0.30, raising $600,000.
• ICO: Held from 14/10/2021 to 20/10/2021 on Coinlist at $0.25, raising a total of $10 million.
• ICO: Also on Coinlist from 14/10/2021 to 20/10/2021 at $0.15, raising a total of $1.5 million.

Where to buy a BICO token?

To purchase BICO tokens, consider using the best cryptocurrency exchanges like Binance, Coinbase Pro, Huobi Global, KuCoin, OKX, MEXC,… These platforms offer secure trading environments and various trading pairs for BICO.

Secure BICO token storage wallet

To keep BICO tokens safe, users can use ERC-20 supported wallets such as MetaMask, Trust Wallet or Ledger. These wallets provide high security features, protecting users’ assets from risks.

Conclusion

Above is basic information about Biconomy and BICO token. Biconomy with its gas-free trading platform and DeFi integration, along with BICO token, is gradually asserting its important role in the blockchain ecosystem.