An overview of our multi-cain relayer protocol, how $BICO fits in, various network roles, and how you can contribute!
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We’re excited to announce that registrations for the Biconomy ($BICO) token sale on CoinList are now open!
The registration deadline is October 11, 2021 at 23:59 UTC. The sale begins on October 14, 17:00 UTC.
With Biconomy, users will get a simple multi-chain experience where they connect their wallet to any dApp, instantly access their funds on any chain or L2/rollup, and enjoy a completely gasless experience!
Currently, our multi-chain relayer infrastructure has processed 8M+ mainnet transactions & 120M+ API calls for 70+ dApp partners such as Zed Run, Perpetual Protocol, Showtime, Curve Finance, and many more to ensure all the benefits of web3.0 with the intuitiveness of web2.0.
So what’s our secret sauce? Instead of making the user deal with blockchain headaches such as gas and bridges, we manage that on behalf of the user!
We do this via multi-chain meta-transactions! Essentially, meta-transactions let our multi-chain relayer execute the transaction on behalf of the user. Thus, the user just needs to state what they want and then our relayer network will manage the transaction for them on any required destination chain.
As we move ahead and scale to millions of daily transactions, we will make the entire multi-chain relayer infrastructure decentralized. A decentralized network of stakeholders will be incentivized to run and manage the network.
There are multiple ways to contribute to Biconomy’s multi-chain relayer network
The relayer network is maintained by node operators that perform two main roles: validators & executors. The Validator listens to relevant transactions on other chains and records them to the Biconomy chain. The Executors see these transactions and act on them.
All BICO token holders who want to contribute to the network's security can stake their tokens as delegators. Delegators contribute to the protocol by delegating their tokens to node operators, and earn BICO proportional to their stake.
The relayer protocol needs to maintain liquidity pools for all supported tokens on every supported chain to complete the transaction on the user’s behalf. Anyone can provide liquidity for all these tokens to earn rewards.
All token holders can participate in the protocol’s governance. They can propose new improvements and vote on key decisions.
$BICO is the native work & governance token of our multi-chain relayer protocol.
It will be an ERC-20 token that will play a key role in decentralizing the network. It will act as the network fees, incentivize all stakeholders to secure and maintain the network, and participate in the network’s governance. There are in total 1 billion $BICO tokens in supply. More information about token distribution will be released in the future.
We want to extract tons of utility for $BICO, so that the ecosystem gets stronger as the network grows. The token enables three key utilities:
BICO is the native token of the Biconomy blockchain. The Biconomy blockchain will act as a settlement and verification layer for all the activity on the Biconomy Network across all supported chains. The node operators pay a transaction fee in BICO to add any information on the chain and they earn BICO proportional to the work they perform on the network .
(Validators and Executors) have to stake $BICO to start contributing to the network. They earn $BICO proportional to their contribution and their $BICO stake. The network can also slash their stake in the case of bad behaviour.
Delegators are $BICO token holders who can stake their tokens to secure the network further. They earn $BICO proportional to their $BICO stake.
Liquidity Providers can provide liquidity in a variety of crypto assets on different chains. They will earn a small fee when the liquidity pool is used. They will also earn $BICO in proportion to their relative contribution to a given Liquidity Pool.
$BICO token holders can propose and vote upon decisions affecting Biconomy’s protocol and overall Network. Any $BICO holder can submit a proposal for consideration by the wider Biconomy community. We want to move towards community-led growth and self-sustainability.
1,000,000,000 tokens (1B)