Biconomy Price Prediction: Web 3.0 Genie for 2022-2030
A new coin on the block, Biconomy ($BICO), needs to concretize its claims. How is it different from all similar tokens out there? For one, through Biconomy’s plug & play APIs, decentralized apps (dApps) will become accessible to anyone regardless of their crypto knowledge and experience. Biconomy helps remove blockchain headaches through features such as gas-less transactions, instant cross-chain transfers and flexible gas payment options.
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.
- 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.
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:
Source: Biconomy White Paper
Biconomy price overview
The $BICO token is currently trading at a market capitalization of $213 million. Also, note that the token has an average market price of $3.26 and a fully diluted market cap of $3.2 billion. The token has been trading at a total trading volume of $24.3 million in the past 24-hours, following a negative change of 31.02 percent.
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.
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
BICO price prediction 2022-2030 by PricePrediction
Our Biconomy price prediction chart since the token’s launch this year shows the coin recorded a downtrend since its launch price of $23.9. The last couple of days has seen the coin drop further downwards, near the all-time low. Presently, $BICO is trading for $3.5 but with a renewed hope of bullish strength in the upcoming year.
The Biconomy rewards platform went live on December 1st this year, and as more people join the ecosystem, we hope that the price of Biconomy tokens will rise towards the $5 point come March 2022. The closing highest price for next year is predicted at $15. With more platform offerings and new updates, the target will be closer to home by the end of 2022.
With its multi-chain relayer infrastructure, Biconomy processes almost 50K daily transactions for 70+ dApps to ensure all the benefits of Web 3.0 come with the intuitiveness of Web 2.0. Users can connect their wallet to any dApp, instantly access their funds on any chain or L2/rollup, and enjoy a completely gas-less experience.
Biconomy price prediction 2025
The metaverse is getting hotter and more attractive. Biconomy promises to connect Defi users with the Metaverse and NFTs, making the blockchain a high-end asset for web 3.0. By 2025, the price of the Biconomy token could go from the current low to a boom approaching $100. Remember, Biconomy has been at the center of innovation, attracting giant investment bids from Coinbase and CoinFund. The blockchain managed to raise over $9 million after its launch from an investment by the blockchain above companies.
Fee-less transactions across decentralized applications, which Biconomy aims to provide, could also encourage more NFT participants and the crypto community to join the bandwagon, encouraging defi developers to take advantage of the Biconomy blockchain when creating decentralized products.
The multicurrency support features will go a long way in eliminating the need for Ether-only transactions. This enables traders and token holders to utilize ERC-20 tokens on any blockchain.
From the look of things, historical data, and the innovative project that is Biconomy, we anticipate a bullish target for Biconomy come 2025. By the close of that year, the price of Biconomy could hit an average price forecast of $100 plus. Hence why you should consider buying Biconomy tokens with the hot anticipation of a growing Biconomy community. However, you should first conduct your research or seek financial advice before investing in any financial asset.
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.
FAQs about Biconomy
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.