What is Biconomy (BICO)? 

Biconomy stands out as a multichain relayer protocol designed to enhance the user experience and streamline transactions on decentralized applications (DApps). The primary objective of Biconomy is to transform web3 products into user-friendly and intuitive interfaces, comparable to the ease of use seen in web2 products. The protocol addresses several bottlenecks in the web3 space, offering infrastructure solutions to overcome challenges.

One key feature of Biconomy is its capability to enable protocols to onboard users without the burden of gas fees. Users, in turn, gain the flexibility to pay gas using an ERC-20 token of their preference. Biconomy simplifies the user experience by mitigating blockchain complexities such as network changes, and transactions are expedited for faster confirmation.

In essence, Biconomy specializes in transaction management and gas optimization, potentially reducing gas costs by up to 40%. The protocol achieves this through the implementation of meta transactions, allowing users to submit transactions with zero gas and having a third party cover the transaction fees. Operating as a non-custodial and gas-efficient relayer infrastructure network, Biconomy aims to bring about these improvements on a large scale, making decentralized applications more accessible and user-friendly in the web3 ecosystem.

Who are the founders of Biconomy?

Biconomy emerged from the collaborative efforts of an international team of blockchain entrepreneurs. Among the co-founders is Ahmed Al-Balaghi, an alumnus of Queen Mary University, bringing over three years of experience in the blockchain industry across China, the UK, and the United Arab Emirates. Ahmed has notably worked with Viewfin, a prominent Chinese blockchain company. The other co-founders are Sachin Tomar and Aniket Jindal, both esteemed blockchain entrepreneurs from India. Sachin Tomar brings a software engineering background, while Aniket Jindal has previously contributed to blockchain projects in the UAE.

Adding to its credibility, Biconomy has garnered support from renowned blockchain venture capitalists. Notable backers include Coinbase Ventures, Binance Launchpad, Mechanism Capital, Huobi Ventures, and several others. This backing signifies the confidence of the blockchain investment community in Biconomy's potential to revolutionize user experiences on decentralized applications (DApps) by addressing key challenges and bottlenecks. The diverse expertise and international background of the founding team, coupled with support from leading venture capitalists, position Biconomy as a promising player in the blockchain space, poised to make significant contributions to the advancement of decentralized technologies.

What Makes Biconomy Unique?

Biconomy presents a distinctive solution to a prevalent challenge in the blockchain sphere, aiming to address the inherent complexities associated with interactions on decentralized applications (DApps). The current landscape of web3 applications introduces hurdles such as gas fees, an aspect absent in the seamless user experience of web2 applications. Ethereum network transactions, for instance, necessitate the payment of gas fees exclusively in ETH, creating a potential disconnect for users who may prefer to preserve their Ether for other purposes. Furthermore, onboarding new users proves intricate, demanding proficiency in utilizing web wallets, signing transactions, and comprehending the nuances of gas dynamics.

Biconomy tackles these issues through its relayer infrastructure network, a technology already integrated by several protocols to enhance user experiences:

Curve Finance utilizes Biconomy for meta transactions, enabling gasless BTC deposits. Users can deploy idle BTC to provide liquidity without incurring gas fees to swap for RENBTC.

Perpetual Protocol facilitates gasless transactions for traders on the xDAI chain using Biconomy, offering blockchain-agnostic transactions without requiring users to alter the RPC URL in their web wallet.

Decentral Games optimizes the gaming experience by eliminating gas fees with Biconomy. Players seamlessly receive in-game currency without the need to hold MATIC for transactions on the Polygon blockchain used by Decentral Games.

Sapien Network, a social blogging platform, also leverages Biconomy to enable gasless transactions, allowing new bloggers to transact SPN for free on the platform. Through these implementations, Biconomy showcases its effectiveness in streamlining and enhancing the user experience across diverse blockchain applications.

How is the Biconomy Network Secured?

Biconomy's smart contracts have undergone thorough audits conducted by reputable firms including Quantstamp, MixBytes, Certik, and Halborn, demonstrating a commitment to robust security practices. Facilitating gasless transactions, Biconomy provides a user-friendly solution through a software development kit (SDK) that developers can seamlessly integrate into their decentralized applications (DApps) with just a few lines of code. Biconomy's approach is non-custodial and trustless, ensuring that users, armed with their private keys, personally sign all transactions. The signed data is then securely relayed by Biconomy, maintaining its integrity and preventing any alterations by the network. Looking ahead, Biconomy has strategic plans for decentralization, aiming to enhance security progressively and further fortify its infrastructure to meet the evolving needs of the blockchain ecosystem.

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