In this week’s Wealth Mastery Coin Review, we’ll discuss the following topics about Biconomy Crypto.
- What is Biconomy?
- Hyphen
- Gasless
- Gasless NFT
- What is Biconomy built for?
- What is a BICO token?
- How to buy Biconomy token?
- Is BICO a good investment?
What is Biconomy?
Biconomy is a valuable development tool built using the Ethereum Blockchain. Biconomy assists by creating Software Development Kits (SDK) and Application Programming Interfaces (APIs) for practical blockchain applications. This doesn’t mean a whole lot to the average crypto user, but it means a great deal to those building the dApps you want to moon. By creating better tools for the builders and innovators of the industry, we get better products and it is easy to see the benefit of having a product like Biconomy develop these tools.
Biconomy helps to simplify the entire transaction process by designing an optimized infrastructure for better transaction management. Managing gas fees under the hood and cutting back costs to developers by 40%. Using a Meta Transaction, Biconomy can allow any third party to pay the transaction costs for accounts with a zero balance. Biconomy has already saved dYdX traders over $700,000 in gas fees. In 2022, Biconomy claims to have on-boarded more than 1.5 million unique users and helped develop over 100 dApps since its release. Biconomy has built support tools for Ethereum, Polygon, xDai, Binance Smart Chain, Moonriver, Optimism, Moonbeam, Arbitrum, Fantom, Avalanche, Edgeware, Celo, and Bobabeam Networks.
Hyphen
Hyphen is one of the main factors in the creation of Biconomy. Hyphen is the technology that allows near-instant and cheap token transfer across multiple blockchains, making it easier for users to transfer funds between Layer 1 & Layer 2 Blockchains. For those who don’t spend a lot of time transferring assets between multiple blockchains, this is the current pain point with multi-chains. There are a lot of different options for bridging assets between multiple blockchains, with the two most common being Ethereum and Polygon (look out for our upcoming “How to Bridge any token on Polygon” article or check out What are Bridges for more info).
With some exceptions, bridges can take one hour to one week to route a transaction from one blockchain to another. Hyphen makes this process simple and fast by providing liquidity pools on multiple blockchains. Instead of waiting for a transaction to clear, this allows funds to be instantly deposited into a receiver’s account. Hyphen also deducts any blockchain transfer fee from the original amount being sent. Hyphen uses a dynamic fee system that varies based on the pool’s available liquidity.
Hyphen Cross-Chain Smart Contract Transfers Courtesy of Biconomy
Hyphen Cross-Chain Asset Transfers Courtesy of Biconomy
Executor nodes monitor all smart contract activity on the network for deposits. This process is split into a watch tower listening for transactions and the executor, which initiates and verifies transfer. The pools holding these funds are constantly rebalanced through Biconomy’s incentivized pool system to help lower the risk of one-sided demand for assets. The great thing about Hyphen is that any developer can simply add a widget to their application to utilize the cross-chain benefits of…
Jesse is a passionate seeker of truth who enjoys educating others about Bitcoin.
As a free thinker and 2nd amendment advocate, Jesse believes each individual has the right to monetary freedom.
“The swarm is headed towards us” -Satoshi Nakamoto
