Biconomy was established by a global team of blockchain entrepreneurs. Ahmed Al-Balaghi, a co-founder of the project and a graduate of Queen Mary University, has accumulated over three years of experience in the blockchain sector across China, the UK, and the United Arab Emirates. He previously worked with Viewfin, a prominent Chinese blockchain enterprise. The other two co-founders are Sachin Tomar, an Indian blockchain entrepreneur with a background in software engineering, and Aniket Jindal, who has been involved in blockchain projects in the UAE. Biconomy also receives support from several well-regarded blockchain venture capitalists, including Coinbase Ventures, Binance Launchpad, Mechanism Capital, Huobi Ventures, among others.

Biconomy presents an innovative solution to a prevalent challenge in the blockchain arena. For various reasons, interactions with decentralized applications lack the fluidity associated with web2 applications. For example, while web3 applications require gas fees, there is no equivalent fee structure for web2 applications. On the Ethereum network, gas fees are invariably paid in ETH, though users might be reluctant to expend their Ether. Furthermore, the onboarding of new users can be intricate due to the necessary skills in utilizing web wallets, signing transactions, and deciphering the complexities of gas. Biconomy addresses this with its relayer infrastructure network, which is already in use by several protocols: - Curve Finance utilizes Biconomy to perform meta transactions, facilitating gasless BTC deposits. Users can deploy their idle BTC to provide liquidity without incurring gas fees to swap them for RENBTC. - Perpetual Protocol enables gasless transactions for its traders on the xDAI chain with the help of Biconomy. Users benefit from blockchain agnostic transactions, as there is no need to alter the RPC URL in their web wallet. - Decentral Games enhances user experience by eliminating gas fees with Biconomy’s assistance. Players receive the in-game currency directly and are not required to hold MATIC for transactions on the Polygon blockchain utilized by Decentral Games. - Sapien Network, a social blogging platform, also facilitates gasless transactions. New bloggers can freely transact SPN on the platform. For further information on Biconomy, refer to Eulerpool.

BICO serves as the native utility token for the network, with a total supply of 1 billion. Node operators are required to pay a transaction fee in BICO to add information to the blockchain. Token holders can earn rewards through staking and securing the network. Additionally, BICO is utilized for voting on governance proposals, which may include amendments to the code, the addition of new services, or the allocation of treasury funds. The allocation of the token is structured as follows: * Community (38.12%): 7.5% released at the Token Generation Event (TGE), followed by a linear release over 47 months. * Foundation (10%): 10% released at TGE, with a 12-month lockup and a subsequent 24-month linear release. * Team and Advisors (22%): Subject to a 12-month cliff, followed by a 24-month linear release. * Pre-seed Round (6%): 9-month lockup, followed by a 27-month linear release. * Seed Round (6.38%): 9-month lockup, followed by a 24-month linear release. * Private Round (12%): 10% released at TGE, with a 12-month lockup and a subsequent 24-month linear release. * Strategic Investors (0.5%): 10% released at TGE, with a 6-month lockup and a subsequent 24-month linear release. * Public Sale (5%): Subject to either a 3-month linear release or 10% released at TGE, followed by a 6-month lockup and a 6-month linear release. For more detailed information, please refer to Eulerpool.

Biconomy's smart contracts have undergone audits by Quantstamp, MixBytes, Certik, and Halborn. Biconomy facilitates gasless transactions by offering a software development kit that developers can integrate into their DApp with minimal code. Biconomy operates in a non-custodial and trustless manner, with users signing all transactions using their private keys. The signed data is then relayed by Biconomy without alteration by the network. Additionally, Biconomy aims to progressively decentralize to enhance security in the future.

Biconomy (BICO) successfully concluded its public sale on October 14, 2021. You can find more information about Biconomy on Eulerpool.