Explanation of What is a Biconomy Token (BICO)
Rancakmedia.com – To get to know what the Biconomy (BICO) token is, Rancakmedia has explained it for you, loyal readers, in this article. The blockchain technology itself is complex, but Biconomy comes to the rescue with the BICO coin.
On blockchains such as Ethereum (ETH), Avalanche Crypto (AVAX), and others, Biconomy is building a cross-chain transaction architecture.
By simplifying the interface that connects users to the network, Biconomy has a new idea to let the benefits of blockchain technology reach common people. Since the inception of Bitcoin, no other blockchain has been able to do what Biconomy has. Ready-to-use DAPP SDK/API.
Given that blockchain technology is still in its early stages of adoption, and none of the other participants are solely focused on building a Gas-free efficient transaction network, the approach is somewhat unique.
What Is Biconomiy, and How Does It Work?
Launched in March 2019 by Aniket Jindal, Ahmed Al-Balaghi, and Sachin Tomar, three blockchain experts. Biconomy aims to simplify the transaction process for ordinary users.
Dengan pengalaman langsung sebelumnya di perusahaan crypto terkemuka seperti Binance, tim ini akrab dengan tantangan yang dihadapi pengguna jaringan saat mentransfer uang dari satu dompet ke dompet lainnya.
What is BICO's Biconomy Token?
The BICO coin will be launched at the end of 2021. It is expected to play the same role in the Polygon network as MATIC. Biconomy's native token is BICO.
BICO aims to improve network security while enabling system governance and rewarding stakeholders. Furthermore, it will become a valuable store of value in the not too distant future. We will keep an eye on this token for more information.
The Biconomy Project
There are several projects in Biconomy, see below:
Mexico
Mexa's main focus is to offer gasless transactions for smart contracts. It works on secure protocol EIP 2771 to execute smart contracts without any gas fees.
Proceed
Designed for Dapps built on the Ethereum network. Forward aims to solve vows of high gas payments and fees during peak hours by allowing users to pay in native ERC-20 tokens.
Currently, Forward supports payments using USDT, Dai & USDC . It plans to expand the integration of more ERC-20 tokens in the near future.
Hyphen
Dash is heaven for users involved in high volume transactions. The dash provides instant and cheaper transactions on the network, especially when transferring ERC20 tokens from layer 2 to layer 1.
For example, it takes 40 minutes to a week to transfer funds from the Polygon network to Ethereum, that too with gas fees on the higher side. Dash does it in an instant with much lower gas costs.