CoinMarketCap takes a deep dive into Biconomy (BICO), a next-gen multichain relayer protocol with a mission to take Web 3.0 to the mainstream technological world.
Biconomy (BICO) provides a non-custodial and gas-efficient scalable relayer infrastructure through which users can enjoy the simplicity of Web3 applications by experiencing a simplified transaction process. The BICO token was recently listed on the Binance cryptocurrency exchange and provides its holders the ability to stake tokens, offer liquidity to earn rewards and be a part of the governance protocol.
How Does Biconomy (BICO) Work?
Biconomy's architecture allows users to connect without paying gas via gasless transactions, and purchase gas in their preferred ERC20 or dApp token. It also prevents unnecessary blockchain complexity, like network switching, and gives the liberty to users to enjoy fast transfers.
Biconomy has transformed the complexities of blockchain transactions by introducing a non-custodial, gas-efficient relayer network and integrating the concept of meta transactions, which allows a user to conduct a transaction on the blockchain with a zero balance account and have any third party pay the transaction costs on the user's behalf.
The three main products of Biconomy are Mexa, Forward, Hyphen.
Through Mexa, you can use either EIP 2771 Standard Implementation or Custom Implementation, to allow gasless transactions in your decentralized applications. Forward allows users to pay transaction fees with their tokens, a feature not available on the Ethereum blockchain. Hyphen allows for faster and less expensive token transfers between different blockchains. It particularly alleviates the problem of transferring funds from Layer 2 to Layer 1 blockchains. The Hyphen product of Biconomy makes the transfer instant and cheaper while also maintaining the liquidity of the tokens on both ends of the chains.
To learn more about these products, see the official whitepaper of the Biconomy (BICO) token.
Unique Features of Biconomy (BICO)
Multiple Incentives for Stakeholders
For all stakeholders including node operators, delegators, and liquidity providers, the BICO token provides unique benefits. Node operators are compensated in $BICO in accordance with their donation and $BICO stake.
Delegators receive $BICO in accordance with their $BICO stake, and holders of the tokens can stake them to further protect the network.
Liquidity providers offer liquidity for a wide range of crypto assets on a variety of networks and when the liquidity pool is utilized, they get a nominal fee (as a reward), plus a share of BICO tokens based on their respective participation in a liquidity pool.
Governance Protocol
Holders of $BICO tokens can suggest and vote on issues that influence Biconomy's protocol and the entire network. Also, any BICO token holder can make a suggestion for the Biconomy community to evaluate and implement if it gets popular votes.
Biconomy (BICO) Tokenomics
According to its tokenomics, the total supply of the BICO token is 1,000,000,000 and the current circulating supply is 65,374,608.00 BICO.
Biconomy (BICO) Price
Binocomy (BICO) is now trading at around $5.81, as of Dec. 10, 2021. Its 24-hour trading volume on exchanges is around $105,256,020.
Biconomy (BICO) Price Prediction and Future Outlook
After the metaverse token trend, the next thing in the market appears to be Web 3.0. With tokens such as MATIC, DOT, and FIL, which are expected to lead the revolution of Web3 applications in the world of crypto, BICO is a token that may make its way to the moon along with all of them.
Any token that is listed on Binance has a certain reputation attached to it. This is because not every crypto project can get listed on the largest cryptocurrency platform in the world. Listing on Binance is difficult and comes with a lot of requirements; however, the tokens that are successful in their mission attract a lot of users and investors towards them. Banking on the reputation of Binance, a crypto token can skyrocket and that is exactly what the BICO token can take advantage of. Having already touched its all-time high of $21.45, the BICO token’s next target is $25.
Providing staking and governance protocols for its token is a unique element of the BICO token as described above. Users who want continued benefits will be tempted to stake their assets, earn rewards, and be a part of the decision-making process that will determine the direction of the BICO cryptocurrency project. The staking and governance features may also attract attention from major investors who will want to see this token as a safe haven for their Web 3.0 crypto portfolio.
Its gas-efficient scalable relayer infrastructure, which is far better than the Ethereum blockchain which charges a lot of gas fees, is a significant advantage to the entire protocol. Majorıty of users cannot afford the high fees of the Ethereum blockchain and are constantly in search of a platform that provides lower gas costs. If the Biconomy (BICO) platform manages to gain the trust of major investors and the cryptocurrency community, a huge chunk of ETH users can jump onto its platform, causing the BICO token’s price to skyrocket.
Currently hovering at the price of $5.81, the BICO token has dropped about 70% from its all-time high. However, this is completely normal as a major sell-off always happens after the token gets listed on an exchange as big as Binance. The good news for BICO token enthusiasts is that the project has a real use-case and the trend of Web 3.0 applications is expected to boom in the near future. This means that a $25 target for the BICO token, which is currently ranging below $10, is highly possible. However, seeing the Bitcoin (BTC) sudden drop in the past week and the volatility of the entire crypto market, we advise you to be careful before investing in any cryptocurrency token and do proper research.
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