Biconomy offers plug-n-play APIs designed to help make web3.0 experiences more approachable-fast, user-friendly, and low-friction. 

Biconomy’s mission is to bring the decentralized web within reach of everyone. They position themselves as a missing link in crypto adoption, aiming to onboard the next billion users. With their APIs and SDKs, any dAapp can be made usable for people regardless of their crypto background. Their multi-chain relayer infrastructure supports nearly 50K daily transactions across 40+ DApps, helping ensure web3.0 benefits still feel as intuitive as web2.0.

The problem

Each time someone interacts with a dApp, it triggers a blockchain transaction-and that process is difficult for many. To participate, users often need to understand crypto wallets, handle gas, manage every transaction actively, transfer funds across multiple chains, and more. On top of that, they may still run into poor performance, long waiting periods, and transaction failures. For newcomers, the hurdles are even greater, since getting started requires learning a steep set of concepts.

Most mainstream users don’t want to wrestle with blockchain-related complications. Instead, they expect the Dapp to take care of gas, transaction handling, bridges, and the rest behind the scenes.

That’s where Biconomy fits in. Biconomy provides a straightforward and efficient approach for Dapps to hide these complexities from end users.

The solution

With Biconomy, users get a streamlined multi-chain experience: they connect their wallet to any dApp, quickly access funds across any chain or L2/rollup, and benefit from a fully gasless flow.

Biconomy delivers this enhanced experience using powerful capabilities:

Free gasless transactions

Instant cross-chain transfers

Flexible options to pay gas

Transaction outcomes are ensured

Quick, simple onboarding to scaling solutions

Automatically connects to any L2 & EVM compatible chains

Low-cost and fast cross-chain contract calls

The internet’s future is decentralized, and Biconomy is positioned as essential infrastructure for that shift. They work to make web3.0 more usable, interoperable & composable.

Multi-chain Relayer Protocol

Biconomy’s key innovation is multi-chain meta-transactions. In practice, meta-transactions allow the multi-chain relayer to carry out the transaction on the user’s behalf. As a result, the user simply states what they want, and the decentralized protocol takes care of processing the transaction on the appropriate destination chain.

Transactions are handled and executed by a decentralized multi-chain relayer network. Settlement and verification are performed on Biconomy’s own blockchain. The network rewards (and penalizes) node operators depending on their contribution to the network. Within the relayer network, node operators take on two primary responsibilities:

Validators: Validators receive and validate the user’s transaction request. After a decentralized set of validators reaches consensus, the details are recorded in the next block on the Biconomy chain.

Executors: Executors watch the Biconomy chain for new requests and then execute the transactions on the required destination chain. They coordinate execution to fulfill the user’s request.

The relayer protocol also maintains liquidity pools for all supported tokens on each supported chain to provide funding for transactions (including cross-chain transfers) on the user’s behalf. Executors use a threshold signature approach to split control of the key that can access the funds in the Liquidity Pool, enabling them to complete transactions (such as cross-chain transfers). Liquidity may be supplied by multiple liquidity providers.

Introducing $BICO token

$BICO is the native work & governance token powering Biconomy’s multi-chain relayer infrastructure. It supports decentralization by serving as network fees, incentivizing stakeholders to secure and maintain the network, and enabling participation in governance. The total supply is 1 billion $BICO tokens.

Network fees: $BICO acts as the shared medium of exchange within the network. Node operators earn $BICO based on the amount of work they perform. Applications using the protocol pay the network for service, and these fees can be automatically exchanged into $BICO before rewards are distributed to Biconomy node operators.

Stakeholder incentives: 

Node operators (Validators and Executors) must stake $BICO to begin contributing to the network. They receive $BICO proportional to their contribution and their $BICO stake. The network may slash their stake if they behave improperly.

Delegators are $BICO holders who can stake tokens to further secure the network. They earn $BICO in proportion to their $BICO stake.

Liquidity providers can supply liquidity with a range of crypto assets to the protocol’s liquidity pools across different chains. When a user uses the liquidity pools, a small fee is charged and distributed to liquidity providers. In addition to this fee, they also earn $BICO based on their relative contribution to a particular Liquidity Pool.

Governance:

$BICO holders can propose and vote on decisions that shape Biconomy’s protocol and the Network overall. Such decisions can cover changes to the Network’s code, introducing additional services, or determining how its treasury funds are disbursed. Any $BICO holder can submit a proposal for review by the broader Biconomy community. The goal is community-led growth and self-sustainability. 

Biconomy Network Roles

There are several ways to contribute to the Biconomy network:

Node Operators: This group includes validators & executors, as outlined above. They stake $BICO to deliver their services and earn $BICO for their work.

Liquidity Providers: They can contribute liquidity to the protocol and receive fees as well as $BICO.

Delegators: They can delegate their tokens to node operators. Those node operators stake the delegated tokens and pass along part of their $BICO rewards to the delegators.

Consumers: Consumers are web3.0 projects that rely on Biconomy’s services. They pay the network based on the amount of work they request.