biconomy logo
Biconomy
BICO
$0.49

Sector

Interoperability

Exchange Debut

2021-12-01

Market Cap

393,342,195

Maxim Supply

1,000,000,000

Circulating Supply

806,610,178

Circ. Supply(%)

80.66%
biconomy logo

Biconomy

BICO

Price

$0.49

Market Cap

Sector

Exchange Debut

393,342,195
2021-12-01

Volume 24h

High 24h

Low 24h

5488036
0.510344666301
0.484758619118

Change 24h

Change 7d

Change 30d

-3.2581
-19.6178
-6.5941

Maxim supply

Circulating supply

Circulating supply(%)

1,000,000,000
806,610,178
80.66%

The opinion of artificial intelligence (AI), based on the fundamental analysis of the Biconomy-BICO cryptocurrency:

 

Biconomy (BICO) emerges as a multichain relayer protocol, aimed at revolutionizing user interaction with decentralized applications by simplifying transactions and reducing gas costs. With a focus on transaction management and gas optimization, it promises a more seamless web3 experience, akin to web2 ease. However, its overall performance in a fundamental analysis of the Biconomy – BICO cryptocurrency reveals a mixed bag. The project scores a moderate 6.13 out of 10, reflecting strengths in certain areas but notable weaknesses in others.

SOCIAL & MASS MEDIA: Score 6.7 out of 10

The social and media presence of Biconomy shows a balanced, albeit not outstanding performance. With a reasonable ability to attract followers and active community engagement, the project demonstrates a solid presence in the media. However, the size of communities in chat groups and activities of social media administrators require improvement for greater impact.

AUDIT & SECURITY: Score 4.2 out of 10

Audit and security present a significant concern for Biconomy. The low scores in audit results highlight vulnerabilities, although transparency and liquidity on exchanges fare better. This area demands urgent attention to build trust and ensure long-term sustainability.

TOKENOMICS: Score 6.5 out of 10

The token economy of Biconomy is moderately well-designed. The project benefits from a controlled inflation rate, but the centralization of the monetary mass raises questions about its long-term economic resilience and fairness.

ECOSYSTEM DEVELOPMENT: Score 5.84 out of 10

Ecosystem development is progressing at a steady pace, but there’s room for improvement in achieving objectives and introducing new developments. The score reflects a need for more aggressive innovation and implementation strategies.

TEAM & DEVELOPERS: Score 6 out of 10

The team behind Biconomy is competent, with a decent level of experience. However, the limited number of software developers is a bottleneck, potentially slowing down development and innovation processes.

PRODUCT & UTILITY: Score 6.44 out of 10

The utility of Biconomy’s product is one of its stronger points, indicating a clear understanding of market needs. However, the utility of tokens within the ecosystem needs enhancement to ensure more significant value and usage.

PARTNERS & INVESTORS: Score 6.75 out of 10

In terms of partners and investors, Biconomy has a respectable score. A robust number and quality of investors and partners indicate a solid foundation and trust in the project’s potential. However, there’s always room for expansion in this area.

Fundamental analysis of the Biconomy-BICO cryptocurrency – The final conclusion

In the final analysis, the fundamental analysis of the Biconomy – BICO cryptocurrency presents a nuanced picture. While the project shows promise in its innovative approach to transaction management and user experience in the blockchain space, it faces challenges in areas like security, ecosystem development, and token utility. The moderate overall score of 6.13/10 suggests that while Biconomy holds potential, it also carries risks. Investors and users should weigh these factors carefully, considering both the project’s current achievements and its areas for improvement. The success of Biconomy will largely depend on its ability to address these challenges and continue evolving in the dynamic and competitive landscape of cryptocurrency and blockchain technology.

What is Biconomy?

 

Biconomy is a multichain relayer protocol designed to enhance user experience in decentralized applications (DApps). Its main objective is to streamline web3 products, making them as user-friendly as web2 products. The protocol addresses several web3 issues: allowing protocols to onboard users without gas fees, enabling users to pay gas in their preferred ERC-20 token, simplifying blockchain complexities, and accelerating transaction confirmations. This focus on transaction management and gas optimization lets Biconomy cut gas costs by up to 40%.

Founding and Backing

Founded by a team of international blockchain entrepreneurs, Biconomy’s co-founders include Ahmed Al-Balaghi, Sachin Tomar, and Aniket Jindal. Al-Balaghi brings experience from China, the UK, and the UAE, Tomar contributes his software engineering background, and Jindal offers insights from his work in the UAE’s blockchain sector. Biconomy has gained support from prominent blockchain venture capitalists like Coinbase Ventures, Binance Launchpad, and others.

Unique Features

Biconomy distinguishes itself by addressing the gap between seamless web2 application interaction and the often cumbersome experience with web3 applications. It resolves issues like mandatory ETH gas fees and the complexity of onboarding new users. The protocol’s relayer infrastructure is already aiding various protocols, such as Curve Finance, Perpetual Protocol, Decentral Games, and Sapien Network, by enabling gasless transactions and enhancing user experience.

Security and Functionality

Security of the Biconomy network is reinforced through audits by Quantstamp, MixBytes, Certik, and Halborn. Biconomy facilitates gasless transactions through a software development kit, easy to integrate into DApps. It maintains a non-custodial and trustless nature, with plans for progressive decentralization to bolster security.

In summary, the fundamental analysis of the Biconomy – BICO cryptocurrency reveals its innovative approach to improving the web3 experience, its robust backing and leadership, unique problem-solving features, and a strong commitment to security.

Fundamental analysis of the Biconomy-BICO cryptocurrency

Biconomy - BICO performance

GENERAL CRITERIA:

Score

SOCIAL & MASS MEDIA
0
AUDIT & SECURITY
0
TOKENOMICS
0
ECOSYSTEM DEVELOPMENT
0
TEAM & DEVELOPERS
0
PRODUCT & UTILITY
0
PARTNERS & INVESTORS
0
Content description – Go to Metholodogy

Social & Mass Media In this section was taken into consideration the intensity of the activity of the social media page of the administrators , the speed of the community growth, the user interaction with the pages and as well the number of media appearances in the most important trade publications.

Audit & Security In particular, the team looks if the project is audited, how extensive the audit is,  at the bug bounty program, if it had incidents or not, at the liquidity on the exchanges and at the transparency of the information provided.

Tokenomics Under this criterion it is analyzed whether the project is inflationary or not, whether it has maximum supply, the percentage of supply released into the market at the time of the analysis, the rate of inflation per year, the distribution of supply in the portfolios as well as the vesting plan.

Ecosistem Development In this section is checked if the project has delivered on time what it proposed in the roadmap, the degree of participation in the project governance of the community, the activity and intensity of the developments published on github and what products or applications the team proposes to develop in the future.

Team & Developers It checks if the team is public, the quality of the team behind the project, the number of members on different domains, the experience in IT, finance and cryptography, the traceability of published information about team members and as well the number of developers in the project.

Product & Utility It checks if there are functional products, the number of users and the revenues generated by these products, the sustainability of the project and the usefulness offered in the cryptographic space and as well as in other fields of activity.

Partners & Investors It analyzes the partners and the degree of their involvement in the project, the capacity of investors and investment funds that can contribute substantially to the development of the ecosystem.

Go to Methodology

Content description

Social & Mass Media In this section was taken into consideration the intensity of the activity of the social media page of the administrators , the speed of the community growth, the user interaction with the pages and as well the number of media appearances in the most important trade publications.

Audit & Security In particular, the team looks if the project is audited, how extensive the audit is,  at the bug bounty program, if it had incidents or not, at the liquidity on the exchanges and at the transparency of the information provided.

Tokenomics Under this criterion it is analyzed whether the project is inflationary or not, whether it has maximum supply, the percentage of supply released into the market at the time of the analysis, the rate of inflation per year, the distribution of supply in the portfolios as well as the vesting plan.

Ecosistem Development In this section is checked if the project has delivered on time what it proposed in the roadmap, the degree of participation in the project governance of the community, the activity and intensity of the developments published on github and what products or applications the team proposes to develop in the future.

Team & Developers It checks if the team is public, the quality of the team behind the project, the number of members on different domains, the experience in IT, finance and cryptography, the traceability of published information about team members and as well the number of developers in the project.

Product & Utility It checks if there are functional products, the number of users and the revenues generated by these products, the sustainability of the project and the usefulness offered in the cryptographic space and as well as in other fields of activity.

Partners & Investors It analyzes the partners and the degree of their involvement in the project, the capacity of investors and investment funds that can contribute substantially to the development of the ecosystem.

Related projects

logo celestia
SCORE: 6.56
RATING: Good
neutron logo
SCORE: 5.39
RATING: Average
loom network
SCORE: 5.56
RATING: Average
DIMO logo
SCORE: 4.86
RATING: Average
quant logo
SCORE: 8.05
RATING: Excellent
Omega Network - logo
SCORE: 5.02
RATING: Average
Cosmos- logo
SCORE: 7.86
RATING: Good
SCORE: 6.85
RATING: Good
fundamental analysis of the Multichain cryptocurrency
SCORE: 5.38
RATING: Average