Biconomy is a relay infrastructure network and Web 3.0 transaction highway designed to reduce friction between blockchain applications and end users. As such, the startup is helping blockchain developers simplify the onboarding and trading experience for Web 3.0 projects. The Biconomy team is focused on improving the user experience of decentralized applications and making them easier to use with Web 3.0, which could lead to mass adoption of the product.
The Biconomy Relay Network consists of a Software Development Kit (SDK) and a dashboard. Its mission is to alleviate the difficulties associated with opening wallets, buying cryptocurrencies, storing private keys, and paying for gas.
On May 4, 2021, the core infrastructure beta went live. The platform provides gas-free interoperability with decentralized application protocols (DApps). It also removes technical barriers to the wider use of DApps and enables developers to efficiently manage application users. So far, Biconomy has focused on interacting with Ethereum-based projects, but it can be used with any blockchain.
The current Biconomy infrastructure is built on Ethereum (Ropsten, Kovan and Rinkeby as testnet), Matic Network (testnet and mainnet), Binance Smart Chain (testnet and mainnet), Xdai (mainnet), Arbitrum (mainnet), Moonbeam (mainnet) and Ava Labs (testnet).
In January 2021, Biconomy raised $1.5 million in a seed round led by Eden Block. In addition, eight investors participated in the round, including blockchain-focused venture capital firm Fenbushi Capital, cryptocurrency exchange Binance, and Digital Asset Capital Management (DACM).
Who is the founder of BICONOMY?
Biconomy's three co-founders (Ahmed Al-Balaghi, Sachin Tomar and Aniket Jindal) first got together in early 2019.
Ahmed Al-Balaghi assumes the role of Chief Executive Officer. Most importantly, he is the founder and co-host of The Crypto Podcast, the largest podcast in the Middle East and North Africa focusing on fintech, blockchain and crypto assets. Al-Balaghi graduated from Queen Mary University of London with degrees in Economics and Mathematics. Later, he received a scholarship to study Mandarin at Fudan University. Before joining Biconomy, Al-Balaghi worked at Viewfin, a leading blockchain company in China. He also has experience working with Citibank, Dow Jones and Ofgem.
Sachin Tomar is the company's CTO. He is a skilled blockchain developer leading Biconomy's technical architecture. Tomar studied at BR Ambedkar National Institute of Technology Jalandhar Ph.D. He has over eight years of experience in the IT field and has also worked with Samsung and Makemytrip.
Aditya Khanduri is Head of Marketing (formerly Head of Growth at Cryptio) and Divya Nailwal is a Full Stack Developer (formerly of TCS and Home Credit).
Last but not least, Aniket Jindal is the COO of Biconomy. Jindal is an angel investor in the Indian blockchain space. He is a true crypto expert with diverse backgrounds in marketing, investing and operations.
What makes BICONOMY (BICO) different?
Web 3.0 applications, also known as DApps, are built on decentralized peer-to-peer (P2P) networks like Ethereum. As you probably know, many DApps have complicated registration processes. This results in a slow onboarding process, which can be frustrating for users. There are also fee fluctuations and network congestion, factors that tend to fail DApps.
In response to this situation, the plug-and-play Biconomy platform was created. It allows users to bypass all the difficulties mentioned above. It simplifies user-facing processes and interacting with the blockchain by ensuring transactions are executed reliably. Since 2020, the company has successfully partnered with Matic Network, Curve Finance, Idle Finance, Perpetual Protocol and Decentral Games.
Biconomy seeks to remove the serious friction that exists at the crypto transaction level. This action has yielded fruitful results in expanding the market and increasing activity. All thanks to powerful APIs and SDKs that use the concept of meta-transactions to save developers time and effort.
