Biconomy or BICO (BICO/USDT – trade it here) is a platform that utilizes blockchain technology to provide decentralized applications (dApp) for users with Web3 benefits. Biconomy aims to construct a simple transaction infrastructure, so that even users who don’t know crypto very well can use it easily. By making the dApps developer-friendly, this solution increases user onboarding. As a result, the creators and participants in the decentralized Web 3.0 ecosystem profit easily. In this article, I will talk about everything you need to know about Biconomy, plus a guide on how to buy BICO token.
Biconomy Protocol Design
The platform provides a couple features to solve problems:
- Multi-chain Meta transaction. A gas-efficient relayer architecture enables any dApp to allow meta transactions over several chains. Executors and Validators are the two unique roles responsible for managing the Biconomy decentralized relayer architecture.
- Cross Chain Asset Transfer. The protocol offers cross-chain asset transfers by utilizing the Biconomy Network of Validators and Executors. Users will be able to instantly transfer money between other chains thanks to this.
- Decentralized Relayer Network. Multiple stakeholders contribute to function the Biconomy Network:
- Node operators.
- Liquidity providers.
- Delegators.
- Consumers.
What is $BICO token
BICO is the native token of the Biconomy Network. The following will walk you through with more detail:
Token Utility
By serving as the network fees, motivating all stakeholders to protect and maintain the network, and taking part in network governance, $BICO plays a crucial part in decentralizing the network.
Network Fees
All transactions on the Biconomy Network across all supported chains will be settled and verified by the Biconomy blockchain. To add any information to the chain, the node operators (executors and validators) must pay a transaction fee in BICO. They also receive BICO in proportion to the amount of network work they do.
Governance
What’s more, holders of BICO token can propose and vote to make decisions related to Biconomy protocol. These decisions include code changes, disbursement of treasury funds, and more.
Stakeholder Incentives
- In order to begin making contributions to the network, Node operators (Validators and Executors) must stake BICO. In accordance to their investment and contribution, they receive BICO. In the event of inappropriate activity, the network may reduce their ownership.
- Owners of BICO tokens who are delegators can stake their tokens to strengthen the network’s security. In proportion to their BICO ownership, they make BICO.
- The protocol’s liquidity pools on several chains can receive liquidity from liquidity providers in a variety of cryptoassets. When a user utilizes the liquidity pools, a modest charge is gathered and given to the liquidity providers. They will additionally receive BICO in accordance with their relative contribution to a particular Liquidity Pool in addition to this fee.
How to buy BICO token?
You can buy BICO token on MEXC by the following the steps:
- Log in to your MEXC account and click [Trade]. Click on [Spot].
- Search “BICO” using the search bar to see the available trading pairs. Take BICO/USDT as an example.
- Scroll down and go to the [Spot] box. Enter the amount of token you want to buy. You can choose from opening a Limit order, a Market order or a Stop-limit order. Take Market order as an example. Click [Buy BICO] to confirm your order. You will find the purchased tokens in your Spot Wallet.
History of Biconomy
In 2019, Biconomy was established. The eclectic staff of Biconomy is made up of programmers, cryptophiles, and designers. The CEO and cofounders of Biconomy are Aniket Jindal, Sachin Tomar, and Ahmed Al-Balaghi. The Biconomy platform is also supported by businesses like Binance, Coinbase Ventures, and others.
Stay Tuned in Crypto Trends
Check out all of the listings in the Innovation and Assessment zones as well as the major tokens in the Main Zone – we have more amazing projects to come! What’s more, MEXC lists moonshot and offers access to trade major cryptocurrencies. Visit the Hot Projects section as well to uncover more featured popular tokens. Lastly, feel free to visit MEXC Academy to learn more about cryptocurrency!
