Biconomy is a relayer infrastructure network and a transaction superhighway for Web 3.0designed to reduce friction between blockchain applications and end-users. Thus, the startup is helping blockchain developers simplify the onboarding and transaction experience for Web 3.0 projects. The Biconomy team is focused on improving the user experience of decentralized applications to make it easier to work with Web 3.0, which will possibly lead to mass adoption of the product.
Biconomy Token Economy
Network Fees BICO is the native token of the Biconomy blockchain. The Biconomy blockchain will act as a settlement and verification layer for all the activity on the Biconomy Network across all supported chains. The node operators pay a transaction fee in BICO to add any information
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2. Stakeholder Incentives
Node Operators: Validators and Executors stake BICO to start contributing to the network. They earn BICO proportional to their contribution and their BICO stake. The network can also slash their stake in the case of bad behaviour. The Validator listens to relevant transactions on other chains and records them to the Biconomy chain. The Executors see these transactions and takes an action (be it a hyphen transaction or a gasless one).
Delegators: BICO token holders stake their tokens to secure the network further. They earn BICO proportional to their BICO stake.
Liquidity Providers: the protocol will require active liquidity in a vast range of tokens on all supported chains. LPs provide this liquidity in various crypto assets to the protocol’s liquidity pools on different chains. A small fee will be collected when a user uses the liquidity pools, which will be distributed to the liquidity providers. Apart from this fee, they will also earn BICO in proportion to their relative contribution to a given Liquidity Pool.
Governance: BICO holders can propose and vote upon decisions affecting Biconomy’s protocol and overall Network. Such decisions can include changes to the Network’s code, adding additional services, or decisions regarding the disbursement of its treasury funds. Any BICO holder can submit a proposal for consideration by the wider Biconomy community. This is a large part of Biconomy’s plans for progressive decentralization as they move towards community-led growth and self-sustainability.