Biconomy Overview

Date : 2021-04-05
Authors: @cuongvn08

Biconomy build an internal infrastructure from scratch, which requires doing a lot of tasks

The problem:

Until now, ERC20-based Web3 applications face many difficulties to user adoption due to terrible transaction experience and onboarding, which include:

1. Users must pay a gas fee whenever they use the application. Contrastly, in Web2 applications, for instance, Netflix does not charge AWS fees for every time users watch a video.

2. Users have a long complex onboarding process because they need to pass KYC, purchase ETH for gas fee, download a wallet, connect and fund their wallet, and they try with the wallet’s features that will take days.

3. Users need to be proficient in complex blockchain techniques such as using MetaMask, signing transactions, setting gas fees if any …

4. Users need to pay a volatile and high gas fee.

5. Users can face pending and stucking transactions.

The existing solutions:

To build an internal infrastructure from scratch, which requires doing the tasks below:

1. Monitor gas prices based on the congestion of the network

2. Keep track of nonces and manage the transaction queue

3. Manage long pending transactions and automate the process of low-fee transactions

4. Ensure the inside layers can scale up once transactions increase

The major features of Biconomy infrastructure:

1. Non-Custodial & Trustless: does not manage or save user’s private keys

2. Gas Optimization: reduce gas costs on Ethereum by up to 50%

3. No Stuck Transactions: make sure user transactions never get stuck

4. End-User Friendly: allow them to easily pay gas in ERC20 tokens

5. Platform Agnostic: integrate Biconomy using Javascript SDK

6. Developer Friendly: integrate Biconomy SDK with minimal code changes

7. Blockchain Agnostic: able to extend to multi-chains such as Ethereum, Matic, xDai, Binance Smart Chain, Avalanche, Tezos

8. Scalable Relayer Infrastructure: serve as a dynamic relayer architecture that easily scales up when transactions increase

The SDK of Biconomy is available, being trusted and used by many blockchains below:

1. Perpetual Protocol
2. Idle
3. Curve
4. Origin
5. Matic
6. Xend Finance
7. Sapien

Competitors:

N/A

Tokenomics:

1. Seed sale completed
2. Private/Public sale: N/A

TGE/Listing:

N/A

Team:

Advisors:

Investors:

Biconomy has completed the seed round of $1.5 million with the participation from the top blockchain organizations including

Fenbushi Capital, Binance, DACM, Outlier Ventures, Zee Prime Capital, Woodstock Capital, and MiH Ventures as well as the angle individual investors including

Meher Roy (Co-founder of Epicenter and Chorus One), James Simpson (CEO of mStable), Dr. Marwan Alzarouni (CEO of Dubai Blockchain Center), Charles Read (Rarestone Capital), Elias Simos (Bison Trails and Decentral Park Capital), Freddie Farmer, Etienne vantKruys (TRG Capital)

Reference:

1. Website
2. Twitter
3. Telegram
4. Medium
5. Github
6. Discord
7. Docs

BTA Ventures