Biconomy: AMA Session

This is a text version of our AMA in a chat with the Biconomy project — the project offers plug&play APIs that will allow everyone to use the dApp, regardless of the level of crypto knowledge and experience.

Multi-chain relayer infrastructure handles almost 16′ transactions per day for 41+ web3.0, DeFi and NFT dApps.

Official resources of the project: Website | Twitter | Telegram

AMA with the Biconomy project

One of the members of our KURASH community helped with the translation [DOUBLE TOP].

Incrypted: Let’s start with a traditional short pitch for your project.

Biconomy: Biconomy is a Web3 infrastructure project that aims to make Web3 accessible to everyone. We are the missing piece of crypto adoption to adapt the next billion. Our APIs and SDKs make any dAapp accessible to everyone, regardless of their knowledge and experience in the field of cryptography. Our multi-chain relayer infrastructure handles almost 16 16 transactions per day for more than 50 DApp to provide all the benefits of web3.0 with the intuitiveness of web2.0.

Incrypted: Okay, what’s the value to people in this? How can users benefit from this?

• Biconomy: Many people use Biconomy repeaters today may not be aware that they are using our product. Projects built with our technology can achieve a better end-user UX.

  By using our products, you can get away from the complexities of blockchain for end users and prepare Web3 for mass adoption.

  The main benefits that end users receive when interacting with integrated Biconomy projects:

  Gasless TransactionsAll transactions within the dApp; no need to go to the DEX to buy gas tokens or go to the bridge to transfer funds

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  Incrypted: What is “multichain relayer” technology? Are there any decentralized applications that use Biconomy?

  • Biconomy: Multi-chain repeaters are a technology that allows us to manage transaction complexity on behalf of the user.

    Meta-transactions are transactions that we can “relay” on behalf of the user. So our relay infrastructure manages and executes transactions on the blockchain.

    The multi-chain part comes from 2 facts. Firstly, our features can be enabled on multiple blockchains such as ETH, Polygon, Avalanche, BSC, etc. Another factor is that we also provide instant cross-chain transfers. In this way, the relay protocol can offer seamless multi-network operation, pooling user funds across different blockchains in seconds.

    And yes, there are more than 95 DApps that use our multi-chain relays We have top projects like ZED RUN, Perpetual Protocol, Decentraland, dYdX, Aavegotchi , Dfyn, etc.

    Check out our Bicosystem with decentralized applications and a wide range of use cases.

    Incrypted: There are so many cross bridges… Why should we use yours?

    Biconomy: Yes, it seems like every week I stumble upon a new bridge! We are the fastest bridge by a wide margin. Users move between networks with an average time of 30–120 seconds. The last transfer I did took only 16 seconds!

    We are also cheaper thanks to economical smart contract. These advantages are achieved by the special architecture of our product.

    Also, you can use our Hyphen right now, because you might get lucky and win rewards in $BICO.

    Incrypted: How Biconomy helps the development of DeFi and GameFi projects ?

    Biconomy: That’s a good question and brings me to the trend we’re seeing in our discussions with projects, especially in GameFi.

    GameFi projects rely more on UX than DeFi. They also have a user base that is likely to be less cryptographic and therefore not very accustomed to using bridges and managing gas during transactions. Hence, GameFi projects are showing a lot of interest in integrating Gasless + Hyphen so that their users never have to leave the dApp for anything; bridging funds to a dApp simplifies user onboarding, and gas-free transactions provide UX gains resulting in impressive user retention.

    users. Projects can do everything without gas for the user if, for example, they stake 100 their tokens.

    Incrypted: Let’s learn more about your project as a business. Income is an important aspect for the survival and support of all projects. So, how does your project plan to make a profit?

    Biconomy: Biconomy is currently receiving income from subscription fees from projects using our Gasless repeaters (we don’t charge any rebroadcasting fees) as well as Hyphen’s commission income (fixed 0.1% of volume).

    With decentralization, these aspects will also be decentralized, and the BICO token will become the absolute centerpiece of the ecosystem. Our protocol economists are working on this (Biconomy network launches in the third quarter 100), and Biconomy will become a self-sustaining ecosystem.

    Incrypted: do you plan to increase the number of such projects?

    Biconomy: Of course, we are constantly in contact with new projects to explore new possible integrations!

    Incrypted: I read about metatransactions and gasless transactions. Can you share more details about this?

    Biconomy: So, a little higher I explained metatransactions, and it is they that allow us to abstract gas fees from the end user. So when we talk about gasless, for the end user it is gasless, but a transaction on the blockchain still requires someone to pay. This is done by the project whose dApp you use, so they effectively sponsor your gas fees. They have a pool with us which they top up with gas token (e.g. MATIC, BNB etc depending on the network) which we use to pay gas fees for users of their dApp.

    Incrypted: What is the use of $BICO? Can bico holders participate in the management system?