Mass Adoption Plan aka M.A.P. of KardiaChain
Mass Adoption Plan aka M.A.P. of KardiaChain
KardiaChain’s SEA Project Highlight #7: Introducing Biconomy
DISCLAIMER: THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NOT A RECOMMENDATION TO PURCHASE ANY ASSETS. ANY PURCHASES MADE IN THE PROJECT MENTIONED ABOVE ARE DONE SO AT YOUR OWN RISK. THIS IS NOT FINANCIAL ADVICE.
Overview: Biconomy
- Biconomy (BICO) operates as a cross-chain relayer. It provides plug-and-play APIs for 75+ dApps to simplify their user experience.
- The protocol provides plug-and-play options and infrastructure solutions to help integrate Web 3.0 networks into the market.
- The goal of the project is to help drive adoption by enabling developers to create more helpful and immersive multi-chain dApps.
Project Team
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Ahmed Al-Balaghi (CEO, Co-Founder): Having spent over 3 years in the blockchain industry in China, the U.K., and the UAE.
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Aniket Jindal (COO, Co-Founder): Advisor to Matic Network, Marketing in Binance and over 3+ years of overall Marketing and Management experience in the blockchain industry.
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Sachin Tomar (CTO, Co-Founder): More than 5+ years of development background and worked at Samsung Electronics and MakeMyTrip.
Product Offerings
Social Login
- Combining traditional social sign-in and Web3 login.
- It works in collaboration with Web3Auth to bring you social login via the Biconomy SDK.
- On-custodial social login flow contributes to much-improved user experience and onboarding.
- A user can log in to a dApp either via social login or by connecting his external wallet. In social login, he may sign in via Google, Facebook or email. A unique private key is generated for each user via Web3Auth.
Gasless Transactions
- This unique protocol enables developers to introduce fee passing into their dApps. Fee passing is a term that refers to the ability to pass the gas fee for an operation to another party.
- The Biconomy Gasless feature enables developers to choose to pay their users gas fees when operating their dapps.
- This option is a powerful tool that empowers developers to create more advanced applications without the worry that users will not want to cover the cost of the transactions.
Hyphen
- With Biconomy, users get a simple multi-chain experience where they connect their wallet to any dApp, instantly access their funds on any chain or L2/rollup, and enjoy a completely gasless experience!
- Biconomy aggregates the leading protocols such as Wormhole, Axelar and more to save development time.
- This system enables users to pay gas fees with more options. Specifically, you can pay for smart contract executions using any ERC-20 token or a variety of stablecoins.
$BICO: Token Utility
- Network fee: In order for users to add any information to the chain, they will need to pay a transaction fee in BICO.
- Staking: Relayers need to stake BICO to become a relayer, and they get rewards for relaying the transactions correctly. Users can delegate their tokens to relayers as well.
- Governance: BICO holders can propose and vote for decisions such as changes to the network’s code, adding additional services, or decisions regarding the disbursement of its treasury funds.
Summary
Biconomy aims to reduce the entry barrier for developers building on Web 3 by providing a plug-and-play relayer infrastructure to developers. The current products include a meta-transaction middleware through which dApp users can delegate gas fee payments to the service provider and a cross-chain bridge.
DISCLAIMER: THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NOT A RECOMMENDATION TO PURCHASE ANY ASSETS. ANY PURCHASES MADE IN THE PROJECT MENTIONED ABOVE ARE DONE SO AT YOUR OWN RISK. THIS IS NOT FINANCIAL ADVICE.
Researched by: Abhinav | KardiaChain
