Biconomy (BICO)

Biconomy (BICO) was founded in 2019 by Aniket Jindal, Ahmed Al-Balaghi, and Sachin Tomar. The project emerged from the need to improve the user-friendliness of decentralized applications (dApps) and reduce the complexity surrounding transaction fees. They aimed to make the interaction with dApps easier for users by enabling gasless transactions. This is achieved through a meta-transaction infrastructure where transaction fees are paid by designated relayers. As a result, users can execute transactions without needing to possess Ethereum (ETH) or other cryptocurrencies to cover the gas fees. What sets Biconomy apart is its focus on delivering a seamless user experience. By eliminating the need for users to deal with complex transaction fees and providing developer tools and APIs, the barrier to using dApps has been lowered, enabling more people to leverage blockchain technology. The BICO token is used as a utility token within the Biconomy ecosystem, granting users access to specific functionalities and services on the platform. It also serves as a reward mechanism for relayers facilitating gasless transactions. The aim of the BICO token is to drive the adoption of the Biconomy solution and support the value and functionality of the platform.