What is Biconomy (BICO)?
Biconomy (BICO) is the native token of the Biconomy platform. It’s a work and governance token that allows the holders to vote on any changes to the Biconomy protocol. It’s an ERC-20 token.
Biconomy is a multichain relayer protocol. It offers DeFi services for dApp developers to simplify the process of onboarding and transaction integrations. Biconomy’s APIs aim to be the stepping stone toward Web 3.0 technologies.
The Biconomy crypto solution is available on a number of blockchains, including Ethereum, the Binance Smart Chain, and Tezos, and aims to expand. The gas optimization allows users to cover transaction fees using their preferred ERC-20 token. The current Biconomy price can be seen in the chart above.
Who Developed Biconomy?
Biconomy was founded by Ahmed Al-Balaghi, Sachin Tomar, and Aniket Jindal. Al-Balaghi is an entrepreneur who has worked on various blockchain projects around the world. Tomar is a software engineer whose focus is blockchain development. Jindal is the head of operations with years of experience in marketing.
The company was founded in 2019. According to Al-Balaghi, the Biconomy crypto services were developed to simplify the dApp onboarding for users, particularly newcomers, and provide a multichain solution for managing gas fees.
In December 2021, the native token was officially launched. The initial Biconomy price was around 14 USD. In comparison to other cryptocurrencies, the token was more volatile at launch.
However, the value has fluctuated within the range of $0.5-$3 for the majority of its existence. Within the first six months since its launch, the BICO price stabilized at around $0.60. Given its relatively short span in the market compared to major cryptocurrencies, it may be difficult to determine what the future trends for the asset could be.
What Are the Main Features of Biconomy?
The total supply of the BICO token is capped at 1 billion. Of this amount, 38.12% is allocated as community rewards. 12% of the tokens were available during the private sale, and 5% were distributed during the public sale. Given the limited supply, the asset is considered deflationary. The BICO price is expected to increase as its supplies grow scarce.
The primary utility of the token is for governance. BICO token holders are DAO members and vote on any protocol changes to ensure network decentralization. The token is also rewarded to stakeholders, liquidity providers, and node operators. They earn BICO as an incentive to continue their contributions to the network.
