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:
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.
CoinSwitch is one of India’s best platforms to trade BICO to INR. Now you can use the CoinSwitch app to trade BICO coins with hundreds of other cryptos. Visit our website to download the app and start trading today!
CoinSwitch, India’s largest crypto exchange, is a safe and reputed investment platform. In keeping with its mission to “Make Money Equal for All,” the company prioritizes quality in its product and the safety of all stakeholders.
Cryptocurrencies have emerged as an attractive investment option in recent years, capturing the imagination of investors despite their high volatility.
A simple explainer can be a pretty rare thing in a realm as complicated as the cryptosphere. That’s what we are here to change—one article at a time.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
We're here to help! Speak to our 24/7 customer support team anytime!Connect Now