Let’s look into three exciting things about Biconomy: Web 3.0 genie, multichain relayer protocol, and gasless experience. Robust APIs to abstract away blockchain complexities so Dapps can delight everyday users? We’ve heard of similar blurbs from others, but let’s see how it’s possible.
What is Biconomy?
The Biconomy blockchain is an advanced implementation of the multi-chain scaling protocol to help solve blockchains’ usability and adoption issues. The multi-chain solution used on the Biconomy blockchain is the Multi-chain relayer protocol. It has remained an ideal way for third parties to relay transactions on behalf of other users, execution of cross-chain transactions across layer 2 blockchains and dApps. Finally, a unique feature of the Biconomy blockchain is the decentralized relayer Network that ensures nodes are adequately powered, and processes are perfectly managed on the system.
Platform features
- Usability – Biconomy provides a gas-less future where users don’t need to bother about blockchain nitty-gritty such as paying gas, choosing the right network or chain, performing black magic to ensure a quick successful transaction. Everything should just work seamlessly.
- Interoperability – Biconomy is building for a multi-chain future, but one where users don’t need to know it’s multi-chain. Everything is quick, affordable, and scalable but users don’t deal with added frustrations such as painfully slow cross-chain transfers & onboarding. Biconomy handles these under the hood so that the user has a smooth interoperable experience.
- Composability – Biconomy makes adding a better & simpler user experience to any dApp as simple as adding a lego piece. Their APIs & SDKs can be integrated onto any dApp, on all major chains, and for a huge variety of use cases.
$BICO roles
The native digital currency of the Biconomy blockchain is the $BICO token. $BICO plays a vital role in the network as a token utility, stakeholder incentive for network operators, liquidity providers, and delegators. Besides, the $BICO token is a settlement currency for transactions on the network and is how the Biconomy blockchain charges transaction fees. It is worth noting that holders of the token can take part in the governance of the blockchain protocol since the amount of $BICO one holds is proportional to their voting power in the decentralized network.
According to Coin Market Cap, $BICO tokens in circulation presently are 65,374,608.00 BICO. While the total supply stands at 1 billion. The distribution of the token is as shown on the chart below:
Development Roadmap
Source: Biconomy White Paper
Biconomy latest developments and announcements
Biconomy is stamping its stance in the blockchain world with many developments and partnerships lately. Recently, the blockchain protocol partnered with Metarun – the first blockchain-based P2E and P2W endless mobile runner game with NFT assets. According to Metarun, Biconomy will add ease and accessibility to its innovations.
Biconomy also has other strategic partnerships in place, and another that is important is with Chainswap. It is essential to know that this partnership would enable Biconomy to bring the fastest cross-chain transfers to the masses.
Biconomy token applications
The Biconomy token plays a crucial role in the DAO governance of the Biconomy ecosystem. From incentivizing stakeholders that are essential in maintaining the network’s security to rewarding participants who take part in the governance of the network. The following are the 3 roles of the Biconomy Token (or $BICO).
1 . Network fees
$ BICO’s plays a central part as the primary layer for transaction settlements and verification. Participants pay $BICO for any activity they process on the Biconomy network. When paying out rewards to node operators, the network does so in $BICO tokens. Additionally, node operators have to pay some Biconomy tokens when adding any information to the network.
2. Incentive for stakeholders
Three stakeholders drive the Biconomy ecosystem: node operators, delegators, and liquidity operators. The node operators earn Biconomy tokens directly proportional to the amount of work they contribute to the network and the amount of $BICO stake on the blockchain. Also, if a node operator is liable for a mistake, the network slashes its stake as punishment.
There are two types of node operators: validators and executors. A validator will take note of transactions taking place on the network and record them on the blockchain. When an executor sees the transactions, their role is to take action, such as deriving a hash for each marketing block.
Delegators have a role in securing the network by contributing some Biconomy tokens as their stake. The rewards they get are proportional to their stake.
Finally, the liquidity providers provide liquidity to a diverse range of coins on the network, just as the name suggests. A transaction fee is charged every time a network user utilizes any liquidity pools to conduct a transaction. Besides, the liquidity providers earn $BICO tokens worth their stake on the network.
3. Governance
Through the DAO form of governance, network participants can vote, make decisions and propose ideas affecting the Biconomy ecosystem. Most of the decisions mainly involve implementing new code, new service offerings, or legislation concerning the disbursement of funds across the network. Looking at the bigger picture, DAO governance means that Biconomy is looking forward to growing a community-led sustainable blockchain.
How do build on Biconomy’s infrastructure
- The first step is to register your dApp on our dashboard, add smart contracts and manage the right methods.
- Later, you can also view your dApp statistics on the dashboard.
- The next step is to integrate our Mexa SDK in your dApp code using the API Key you get from the dashboard.
- To start sending gasless transactions, read the guide on enabling gasless transactions.
- To enable your dApps to allow users to pay fee in ERC20 tokens, read the guide on enabling paying gas in ERC20.
- To send transactions without changing RPC, read the guide on network agnostic transactions
Biconomy technical analysis
The current price of Biconomy Bico right now is $2.05 with a 24-hour trading volume of $65,607,761, a market cap of $176,678,589.12, and a market dominance of 0.01%. The BICO price decreased by -27.21% in the last 24 hours.
According to its historical data, Biconomy reached its highest price on December 2, 2021, when it was trading at its all-time high of $ 21.45. Since its ATH, the lowest price is $2.05 (a cycle low). The highest BICO price since the last cycle low was $ 6.25 (cycle high). Biconomy price prediction sentiment is currently bearish.
The BICO/USD trading pair is slightly above the Bollinger Band and the 9-day Moving Average. According to the technical analysis, the bands are expanding, which signifies increasing volatility, suggesting the bears could take over. However, Biconomy is in a strong sell zone.
BICO price prediction 2022-2030 by PricePrediction
Our Biconomy price prediction chart since the token’s launch this year shows the coin has recorded a downtrend since its launch price of $23.9. At the moment, $BICO is trading for $2.05, but with a renewed hope of bullish strength this year. However, Price Prediction predicts that $Bico will end the year 2022 with a minimum price of $5.50 and a maximum price of $6.32. Price Prediction forecast that $BICO would reach the $39.64 price mark in the next five years.
Biconomy would reach $190.24 by the end of 2031, according to Price Prediction.
Biconomy price forecast by Digital Coin
Digital Coin predicts a good turnaround for $BICO. According to their analysis, $BICO will reach $2.88 by the end of the year 2022. Digital Coin also predicts that $BICO will reach $5.92 in the next five years (2027). Furthermore, their prediction also reveals that $BICO will reach $8.73 by 2029.
BICO price prediction by Trading Beast
Trading Beast projects $BICO to be a good investment. In 2022, they projected the token to reach $6.58041, with growth to $8.94877 by the end of 2023.
BICO price prediction by Cryptopolitan
BICO price prediction for 2022
With developments planned for 2022, $BICO is set to increase, and as a result, the minimum price is expected to be $3 by the end of the year 2022.
BICO price prediction for 2023
It is essential to know that with more proposed plans expected to be done, the BICO price will be affected positively. Nonetheless, we expect the price of BICO to be around $10 in 2023.
BICO price prediction for 2024
In 2024, we predict a slight increase in the future price of $BICO. However, we expect the coin to settle at $11 by the end of 2024.
BICO price prediction by 2025
In 2025, the price of the BICO coin will trade at an average price of $15. Also, it might likely have a maximum price of $30.
Conclusion
There is no doubt that Biconomy projections are somewhat contradictory. There is no universal consensus about positive or negative future BICO price movements. Indeed, partnerships and developments will be the two factors that spur the growth of $BICO. However, if more developments come into place, we might see a surge in its price in the coming years. From the looks of things, it could even hit $50 in the next 6 to 7 years. Nonetheless, let’s not forget that several factors, such as price fluctuations and unfavorable market conditions, might affect its price, but we expect the Biconomy ecosystem to overcome these. Overall, Biconomy is a profitable investment.
FAQs about Biconomy
Is Biconomy a good investment?
The Biconomy blockchain is set for massive traffic at the onset of the Metaverse-NFT hype. Stakeholders on the blockchain are betting on DeFi to drive the next wave of adoption of the $BICO token. With more adoption by developers across dApps, investors are guaranteed a bullish price movement in the coming years.
Is Biconomy safe?
Biconomy is non-custodial and trustless. Any transaction coming to our platform is Signed by the user with his private key. The User Signs the Data, this data has all the input params in encrypted form.
What if you change the Data of the transaction?
In case Biconomy changes it, on the contract level the Signed data and the data input params sent along with it gets matched, to check if the signed params and the actual params are the same. if not, the Signature verification fails, hence the transactions fail.
Where can I see a native meta-transaction and run on my local to see how it works?
- Meta Transaction using ethers.js: https://github.com/bcnmy/metatx-standard/tree/kovan-demo-ethers/example/react-ui
- EIP712 Signature + web3.js: https://github.com/bcnmy/metatx-standard/tree/mumbai-demo
- You can explore different branches in the repository for other examples like doing meta transactions using ethers.js at backend using private key or example where end user pays the gas fee in ERC20 tokens and more.
Will $BICO price surpass its ATH?
It is still unknown if $BICO will surpass its all-time high. The coin has not gotten near its all-time high yet, but there are signs it will soon, and who knows, 2022 might be the year it breaks into the all-time high again.
Will $BICO price reach $1?
BABB price has every tendency to reach $1, but we expect it will take a long time.
What will be $BICO price in 2025?
We expect BABB to trade at an average price of $0.001 in 2025.
What will be $BICO price in 2030?
We expect BABB price to be at an average of $0.004 in 2030.
This post first appeared on Cryptopolitan - Blockchain And Cryptocurrency News, please read the originial post: here
