Crypto:
29856
Bitcoin:
$67.636
% 2.71
BTC Dominance:
%52.9
% 0.21
Market Cap:
$2.53 T
% 1.90
Fear & Greed:
76 / 100
Bitcoin:
$ 67.636
BTC Dominance:
% 52.9
Market Cap:
$2.53 T

What is Biconomy (BICO) ? Bico Technical Analysis

Biconomy (BICO)

Biconomy (BICO) functions as a relay protocol supporting multiple chains, aiming to enhance users registration and transaction experience within decentralized applications (DApps). The purpose of the project is to make web3 solutions as intuitive and user-friendly as web2 products.

Biconomy (BICO) offers the following solutions to overcome the difficulties in web3 infrastructures:

  • Protocols can carry out user transactions without any Gas fee.
  • Users can make Gas payments with any token they prefer in the ERC-20 standard.
  • Complex blockchain structures caused by changes in the network are not reflected to the users.
  • Transactions are confirmed much faster.

Biconomy can reduce transaction costs by up to 40% by focusing on transaction management and Gas fee optimization. To achieve this goal, the protocol enables users to make transactions without paying Gas by using meta transactions and does not need third-party service providers. Biconomy accomplishes these by a relay infrastructure that does not offer custody service and makes Gas usage more efficient.


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Who is the Founder of Biconomy?

Biconomy (BICO) is a blockchain initiative established by an international team. One of the founders of the project, Ahmed Al-Balaghi, is a graduate of Queen Mary University and has international experience in the blockchain sector, including China, the UK, and the United Arab Emirates. In the earlier stages of his career, he worked for the leading Chinese blockchain company Viewfin.

The other two founding partners are Sachin Tomar and Aniket Jindal, Indian blockchain entrepreneurs with a background in software engineering and who have previously worked on blockchain projects in the United Arab Emirates.

Big blockchain venture capital companies, such as Coinbase Ventures, Binance Launchpad, Mechanism Capital, and Huobi Ventures, actively support Biconomy.

Features That Make the Project Different

Biconomy (BICO) offers a unique solution to a problem frequently encountered in the blockchain space. Interaction with decentralized applications is generally more complex and costly compared to web2 applications, and there are several reasons for this. For example, while web3 applications may require Gas fees for transactions, web2 applications generally do not demand such a fee.

Users must pay gas fees on the Ethereum network with ETH, even if they do not wish to use Ether. Also, the use of web-based wallets may require some technical knowledge in matters such as transaction signing and spending Gas, which can make it difficult for new users to participate.

BICO is actively providing a relayer infrastructure network to address this problem, and various popular protocols are already utilizing this technology:

  • Curve Finance uses Biconomy to offer meta BTC deposit management transactions without a Gas fee. This allows participants to use their idle BTC accumulations without paying a Gas fee for the purpose of swapping with RENBTC.
  • Perpetual Protocol, thanks to Biconomy, carries out buying and selling transactions on the xDAI chain without a Gas fee. Users can also conduct secret blockchain transactions without needing to reconfigure their web-based wallets.
  • Decentral Games offers users a seamless gaming experience by removing Gas fees through Biconomy. Users only transact with the in-game currency, and MATIC tokens may not be required in transactions on the Polygon blockchain where Decentral Games is present.
  • Sapien Network serves as a social blog platform and makes it possible to transact without paying a Gas fee thanks to Biconomy. Blog writers can make SPN transactions on the platform for free.

Biconomy thus makes the web3 ecosystem more user-friendly by facilitating participation in decentralized applications.

Biconomy Technical Analysis

Biconomy (BICO)

 

When we take a close look at the Biconomy (BICO) chart, it currently shows an increase of 32%. If Bico can consider the current price region of $0.2670 as support, it may continue to rise towards the interim resistance level of $0.3150. This could be a positive development for investors.

However, if Bico cannot solidify the support level of $0.2670 and if this rise is only temporary, we may see a decline towards lower levels such as $0.2220 in the future. Therefore, it is important to closely follow how the price addresses these support levels.

Technical analysis can be a guide to predicting future price movements, but it may not always provide definite results. Therefore, it is important to consider other factors when making investment decisions.


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