DApps (Decentralized Apps) look good but are quite complex. These can prove to be quite difficult in the case of doing blockchain transactions. Transactions through these often require users to pay gas fees (a fee for energy costs incurred in the process of crypto mining) at each step of the transaction, and it takes a long time for users to move their funds across multiple chains. .
Apart from all this, the biggest thing is that there is still a large group of customers in the world of crypto who are intimidated by the complexities associated with blockchain. Web3 requires Web2’s easy-to-use framework. So that users can get the necessary facilities and a large number of people can take advantage of it.
Keeping all these challenges in mind, Biconomy (a crypto platform) is working as a Web3 based platform for one user. This protocol handles the gas as well as manages their transactions on behalf of the users and allows users to access their funds instantly on any chain without any gas fees. This gasless facility allows the decentralized app to pay the gas fee on behalf of the users. Which encourages the use of crypto platforms. Apart from this, it becomes very easy and comfortable to add new users with the crypto platform.
Simplifying interaction through dApps, let’s know how it works
Biconomy is a multi-chain scalable relay infrastructure. Which is based on Bykocoin. Biko Coin is Biconomy’s own token. BICO enable end-to-end system governance which ensures the security of the network. In this, the Plug and Play SKD/API for the dApp facilitates easy integration in any use case. Which is supported by efficient transaction network. When an end user sends a transaction request, bieconomy’s decentralized network relayer handles the request on behalf of the user. In such a situation, Biko swung into action by providing the details in a secure manner to the providers.
BICO is a bit different from mainstream crypto adoption. There is more emphasis on usability and interoperability. In general, a blockchain allows a user to transact only in the currency of the network. Whereas in biconomy there is no such restriction. It facilitates multicurrency payments in the form of ERC-20 tokens. Due to this feature, the drop off rates are reduced. The conversion rate is accelerated and the user gets top-notch convenience.
The team behind Biconomy
Biconomy is the brainchild of three people interested in cryptocurrencies. Aniket Jindal, Ahmed Al Balakhi and Sachin Tomar, the trio have tried to build a platform based on the experience of various blockchain platforms, which can perform crypto transactions in an easy and effortless manner with a high level of commitment and efficiency. To provide the facility of decentralisation. Keeping this vision in mind, they have focused on making all bieconomy components interoperable, composable and usable with frictionless transaction protocols.
Byconomy is backed by Binance, Coinbase Ventures, Ledger Prime, Mechanism Capital and several crypto platforms. The present and future of Bieconomy looks very promising, with an average of 50,000 transactions per day and a total of more than 15 million transactions so far. Biconomy harnesses the power of Web3 to simplify the use of dApps for end users.
How and for whom does bieconomy work?
Byconomy is built for developers with ease for users in mind. This protocol works on a trust based secure framework. The user’s private keys are never saved on this, nor does this platform manage them in any way. Apart from this, bieconomy also ensures that reasonable gas price is recovered without any extravagant expenditure. Along with this, it also facilitates the payment of gas price through ECR20 token.
Byconomy allows the user to quickly connect at Layer 2. Because it does not require knowledge of any specific blockchain topic like Metamask, Transactions, Gas Price Understanding. However, it has been made keeping Ethereum in mind. But users can do instant cross chain transactions through it. In general, users have to wait for a long time to interact through the dApp. Bikeo ensures that the transactions do not get stuck and are confirmed immediately.
Also, there is no need to manually change the network to connect or move to layer 2 in bieconomy. This makes cross chain transactions very easy. Meta transaction can happen through biconomy. Through this, a user with zero account balance can do the transaction through any third party app by paying the transaction cost on his behalf. Along with this, the Mexa SDK is also used in the bike through non-custodial and gas efficient relay infrastructure.
How to trade biconomy on wazirex
Bikonomy (Biko) is listed on the Wazirex. Through Wazirex, an end user can trade in bico through the rupee or USDT market. Its trade price is $1.90 (in last 24 hours). The total supply of Biko is 1,000,000,000 coins. Wazirex allows an end user to deposit Biko from any other Wallet into Wazirex Wallet and withdraw Biko from Wazirex Wallet. For a host of exciting activities, Bikonomy has partnered with Wazirex. Click here for detailed information on this.
Seamless Experience for Newcomers
For a better experience in blockchain technology and web3 internet, biconomy is one of the best options. This is the best and easiest platform to try your hand in this field. Given the growing popularity of the Metverse token in the market, Baiko could prove to be the leader of the Web3 world revolution. Wazirex is committed to provide the end user with the best convenience to trade in bikes.