Hidden Gem(4/25)

29 May 2022

the fourth hidden Gem in the list is Biconomy (BICO) , a metaverse projects.

BICO is a multichain relayer protocol that aims to improve the user onboarding and transaction experience on decentralized applications. The project’s declared goal is to make web3 products as intuitive and easy to use as web2 products. Biconomy offers an infrastructure to solve several web3 bottlenecks:
Protocols can onboard users without paying gas fees.
Users can pay gas in an ERC-20 token of their choice.
Users avoid blockchain complexities like a change of network.
Transactions are confirmed much faster.

Biconomy was founded by an international team of blockchain entrepreneurs. Ahmed Al-Balaghi, one of the project’s co-founders and a Queen Mary University alumnus, has spent over three years in the blockchain industry in China, the UK, and the United Arab Emirates and previously worked for Viewfin, a leading Chinese blockchain company. The other two co-founders are Indian blockchain entrepreneurs Sachin Tomar, who has a background in software engineering, and Aniket Jindal, who previously worked for blockchain projects in the UAE.

Biconomy offers a unique solution to a common problem in the blockchain space. For several reasons, interactions with decentralized applications are nowhere near as seamless as for web2 applications. For instance, web3 applications require gas fees, but there is no equivalent of paying a usage fee for web2 applications. Gas fees on the Ethereum network are always paid in ETH, although users may not want to spend their Ether. Moreover, onboarding new users can be complex due to the required proficiency in using web wallets, signing transactions, and understanding the intricacies of gas.

It is tradeble in most of the exchanges ,and current price is around $0.6 and ATH is $21.87 with total supply of 1,000,000,000.

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