Biconomy was founded by an international team of blockchain entrepreneurs. Ahmed Al-Balaghi, one of the project’s co-founders and a Queen Mary University alumnus, has spent over three years in the blockchain industry in China, the UK, and the United Arab Emirates and previously worked for Viewfin, a leading Chinese blockchain company. The other two co-founders are Indian blockchain entrepreneurs Sachin Tomar, who has a background in software engineering, and Aniket Jindal, who previously worked for blockchain projects in the UAE.

Biconomy is also backed by several reputed blockchain venture capitalists such as Coinbase Ventures, Binance Launchpad, Mechanism Capital, Huobi Ventures and several others.

Biconomy offers a unique solution to a common problem in the blockchain space. For several reasons, interactions with decentralized applications are nowhere near as seamless as for web2 applications. For instance, web3 applications require gas fees, but there is no equivalent of paying a usage fee for web2 applications. Gas fees on the Ethereum network are always paid in ETH, although users may not want to spend their Ether. Moreover, onboarding new users can be complex due to the required proficiency in using web wallets, signing transactions, and understanding the intricacies of gas.

Biconomy solves this with its relayer infrastructure network that is already being used by several protocols:

• Curve Finance is using Biconomy to do meta transactions to do gasless BTC deposits. In this case, users can deploy their idle BTC to provide liquidity without paying gas to swap them for RENBTC.
• Perpetual Protocol offers gasless transactions to its traders on the xDAI chain thanks to Biconomy. Users also enjoy blockchain agnostic transactions because there is no need to change the RPC url in their web wallet.
• Decentral Games provides a seamless gaming experience to its users by removing gas fees with the help of Biconomy. Players just receive the in-game currency and do not need to hold MATIC for transactions on the Polygon blockchain that Decentral Games uses.
• Sapien Network is a social blogging platform and also enables gasless transactions. New bloggers can transact SPN for free on the platform.

BICO is the network’s native utility token with a total supply of 1 billion. Node operators on the network pay a transaction fee in BICO to add information to the blockchain. Token holders can earn rewards from staking and securing the network. BICO is also used to vote on governance proposals, such as changing the code, adding additional services, or use of treasury funds. The token allocation is as follows:

• Community (38.12%): 7.5% on TGE, 47 months linear release.
• Foundation (10%): 10% on TGE, 12 months lockup, 24 months linear release.
• Team and advisors (22%): 12 months cliff, 24 months linear release.
• Pre-seed round (6%): 9 months lockup, 27 months linear release.
• Seed round (6.38%): 9 months lockup, 24 months linear release.
• Private round (12%): 10% on TGE, 12 months lockup, 24 months linear release.
• Strategic investors (0.5%): 10% on TGE, 6 months lockup, 24 months linear release.
• Public sale (5%): 3 months linear release, or 10% on TGE, six months lockup, six months linear release.

Biconomy’s smart contracts have been audited by Quantstamp, MixBytes, Certik and Halborn.

Biconomy enables gasless transactions by providing a software development kit that developers can add to their DApp with a few lines of code. Biconomy is non-custodial and trustless, as users with their respective private keys sign all transitions. The signed data is relayed by Biconomy and cannot be changed by the network. Moreover, Biconomy plans to decentralize to ensure greater security in the future progressively.

Check out Algorand (ALGO) — a layer-one blockchain.

Check out Cosmos (ATOM) — a set of different layer-one blockchains.

Read our deep dive into Gitcoin.

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