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.