Biconomy

Biconomy is a cross-chain relayer infrastructure and transaction network that enables users to access decentralized applications (dApp) with Web3 benefits. It aims to assist DApp users in avoiding blockchain complexities such as paying gas and switching networks each time they want to perform a transaction or value transfer, making it easier for people to transact in crypto.

Biconomy has set a cap on the total number of BICO tokens that can ever be issued, i.e., one billion BICO tokens. 

BICO tokens will be issued in phases over 48 months. The first token generation occurred on 23 November 2021, when 65.4 million BICO tokens were released. Refer to the number of tokens that will be in circulation at the end of each year:

• Year 1: 228.6 million
• Year 2: 597.4 million
• Year 3: 910 million
• Year 4: 1 billion

Here are some of the salient features of BICO coin.

Can become a node operator/validator: It helps all token holders to become a part of the network for transaction validation and governance and play a crucial role in the decentralization of the network. 

Payment of network fees: The Biconomy blockchain settles and verifies all transactions on the Biconomy network across all supported chains. Validators must pay a transaction fee in BICO to add any information to the chain. They are also paid in proportion to the amount of work they perform on the network.

Staking: Token holders can stake BICO tokens and earn staking rewards. 

Provides liquidity: BICO token is used to provide liquidity on Hyphen, a platform to make cross-chain transactions. Liquidity providers are rewarded with BICO tokens in accordance with their relative contribution.

Biconomy was established in 2019 by Ahmed Al-Balaghi (CEO), Aniket Jindal (COO), and Sachin Tomar (CTO). 

The advisers to the platform include Sandeep Nailwal (co-founder and COO of Polygon) and Yoav Weiss (Ethereum). 

Biconomy is supported by crypto enterprises like Binance Labs, Coinbase Ventures, and others. 

Pros of Biconomy 

• It helps streamline Layer 2 onboarding. Unlike other top Layer 2 platforms like the Lightning Network, which are known for technical complexities, Biconomy simplifies Web3 creations through plug-and-play coding. 
• Biconomy provides Web3 interconnectivity and enables instant cross-chain value transfers. 
• Its network bridges enable secure data and value transfers between public and private blockchains. 

Cons of Biconomy

• It is not a fully decentralized infrastructure yet and still relies on central servers for certain transactions.
• It is still a new blockchain platform yet to show the potential to handle large-scale transactions.
• Faces intense competition from other web3 platforms.

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