Biconomy X COINKO Interview
Welcome everyone! The time for the Biconomy X COINKO Interview has finally come!
Hello, I’m Jerome Kim, and I will conduct today’s interview!
Today Aniket Jindal, COO & co-founder at Biconomy will talk about the Multichain Relayer and the future of Web 3.
And before we begin, Aniket, please introduce yourself!
Sure. So, I am the COO & co-founder at Biconomy. I have been in crypto for kinda go long. It’s been over 5 years + for me in the space. Crypto journey started for me when i was studying in shanghai back in 2016. Since then I have been wearing multiple hats from marketing to investment etc.
Biconomy got started late in 2018 when i along with my cofounders were struggling to use dApps and realised there need to be a better way if we wanna make it mainstream.
We all agree here crypto is complicated and it was even more complicated back in 2018. We want to make it easy for dapps to bring simple experience to the mainstream audience
Your record is very interesting! Your crypto career so called ‘OG’ record is literally incredible. This is why many people have good anticipation of your project.
Could you please introduce Biconomy briefly for users who meet your project first?
Biconomy provides plug-n-play APIs to make web3.0 user-friendly & frictionless.
We are on a mission to make the decentralized web accessible to everyone. We are the missing piece to crypto adoption for onboarding the next billion. Our APIs & SDKs transform any dAapp to become usable for anyone regardless of their crypto knowledge and experience. Our multi-chain relayer infrastructure processes almost 50K daily transactions for 70+ DApps to ensure all the benefits of web3.0 come with the intuitiveness of web2.0.
We want to make the dapp experience similar to a normal web 2.0 app
Great! Yeah, normal users don’t need to know about the background technology. However, considering the recent Facebook down incident and TikTok data leakage incident, Data sovereignty is getting emphasized, and technological advances to Web 3 are inevitable.I hope Biconomy will be a project that catches all three rabbits of usability, technology, and UX.
Now, let me ask you a few questions from COINKO about the Multichain Relayer and the future of Web 3.
Agenda Q&A with COINKO
First of all, Currently, there are many unique mainnet projects in the blockchain ecosystem, and there are more Dapps on top of them. As industries develop, technology must go back and convenience of usability must be in front. Now, it is very difficult for users to link Dapp products as they use, the importance of interchain projects seems to be emphasized more.
Therefore, there are various cross-chain bridges & multi-chain products now. What are the advantages of Biconomy over them?
In terms of cross-chain bridges, we are the fastest bridge by a long margin. Users move between ETH & Polygon with average times of 60–120 seconds! We are also much cheaper. These advantages come due to how our product architecture is designed.
The other aspect is that we see it more as a seamless multi-chain experience than just a cross-chain bridge. So our other products and features such as gasless transactions, flexibility to pay gas in any token complement the cross-chain bridge Hyphen. The user has a simple experience across any chain & we improve the entire journey. This is also a very different approach than other players in the market.
Second, Dapp providers are currently thinking a lot about the fee structure, so fees that sometimes become too expensive come as a burden to them. In this situation, you have very interesting products such as ‘Gasless’, ‘Foward’, and ‘Hyphen’. If they can selectively adopt a chain with a low gas cost by combining “Foward” and “Hyphen” and pay the fee, the optimization of Web3 we dreamed of will not be a long way off. Could you explain this in detail?
Yes exactly! 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. We handle all blockchain headaches for the user, so they find web3.0 as easy and intuitive as web2.0.
Last, Please describe your strategy to grow the whole of your market adoption and describe your eagerness for the users who don’t know why they should select you.
We have 70+ dApp partner integrations already. We plan to grow this to 100 by the end of the year. Our strategy is to integrate more and more chains, support more tokens, and expand our outreach to all major Dapps. As dApps move to different layers 2s & roll-ups, our meta-transactions infra will grow in demand. We plan to aggressively capitalize on this trend and ensure we are a vital cog in the multichain web3.0.
Thank you for your detailed answers. Now, it’s time for the user Q&A session! All the winners will get 20 USDT each!
Thank you so much for your interest. I would like to express my gratitude to those who have not been selected for the question. Now, Let’s go!
What are the unique features in biconomy?
Biconomy exists to enable a superior experience though powerful features:
- Free gasless transactions
- Instant cross-chain transfers
- Flexible options to pay gas, so pay gas in USDT etc.
- Assured successful transaction, no failed transactions
- Simple instant onboarding to scaling solutions
- Automatically connect to any L2 & EVM compatible chains
- Cheap and instant cross-chain contract calls
And many more are coming soon!
aBico is the native token of the multichain relayer infrastructure biconomy, What are the various use cases of bico? Can bico holders take part in the governance system?
Yes, $BICO is the native work & governance token of our multi-chain relayer infrastructure. It plays a key role in decentralizing the network by acting as the network fees, incentivizing all stakeholders to secure and maintain the network, and participating in the network’s governance.
- Participants pay $BICO as transaction fee to interact with the Biconomy network
- Node operators (Validators and Executors) have to stake $BICO to start contributing to the network.
- Delegators can stake their $BICO tokens to secure the network further.
- Node operators, Delegators, & Liquidity Providers earn rewards in $BICO
- Token holders can participate in the governance
Can you talk of the future plan of Biconomy?
- We are actively doing business development to onboard more and more clients. We plan to reach 150 clients / Dapps & 100k+ daily transactions.
- We are actively adding support to more chains. So that we can facilitate better user experience on all major chains.
- For Hyphen, we are going to add more coins and more chains. So tranfer a long list of top tokens across all the major layer1s & layers 2s. Also integrating inside Dapps.
- In terms of global marketing, we are looking for ambassadors, content creators and community builders. Join our discord to know more: https://discord.gg/F7qez7XFrN
- Going forward there will launch staking programs and liquidity mining programs for token holders.
Many new projects are risky and subject to smart contracts bugs and vulnerability . Can you assure us What steps have been taken for safety of your platform and have you done any Audit?
All our products are audited. We are also non-custodial so we don’t handle user funds. We are on a long term contract with a top security company halborn. And we are gonna be having regular bug bounties.
Is any interoperability with Terra Ecosystem planned and if so, when?
Yes! We will definitely add Terra support very soon. Hopefully, you will see Biconomy on Dapps on Terra soon ;)
What is BICO’s mission?
Our main mission is to make web3.0 frictionless & seamless. This will play a major role in making web3.0 & crypto mainstream. We want to make the whole ecosystem more interoperable and usable.
That’s what we are passionate about.
One of the important things in the coin project is the partnership with VC, which invested in Biconomy, and the Biconomy team is more interested in it because there are many famous investors such as Coinbase, Binance, and Huobi Ventures. Please introduce more partnerships with VC invested in Biconomy!
We are very proud and humbled to have top investors and partners.
Some of our investors include Mechanism Capital, Eden Block, Binance, Huobi, Coinbase Ventures, Fenbushi among others. We also have 15+ top angles like Stani from Aave, Polygon Founders, and many more.
I have researched and learned that biconomy completely eliminates gas fees in transactions, so how will the required fees when transacting on current networks be compensated? Thanks !
Good question! Basically we allow the Dapps themselves to sponsor the fees for their users. So while the user doesn’t pay any fees, it is paid by the dapps. Then they can charge the users a subscription fee to cover it just like how web2 applications do. Or if the fees are low enough, most dapps don’t mind covering the gas as it makes the ux better.
Do I have the opportunity to participate?
Yes! You can be part of the community as ambassadors & content creators. Very soon you would be able to buy $BICO & stake it to earn rewards. You can also run nodes to earn $BICO. You can also provide liquidity in various tokens in different chains to earn APY & $BICO. As we progressively decentralize, anyone would be able to contribute and take part in the network.
Biconomy is trying to simplify transactions. How is this possible? Please explain it easily.
Biconomy provides a simple & quick way for Dapps to abstract away blockchain related complexities from their users. So it’s simpler for the user because we manage the difficult parts on behalf of the user.
Our magic sauce is multi-chain meta-transactions! Essentially, meta-transactions let our multi-chain relayer execute the transaction on behalf of the user. Thus, the user just needs to state what they want and then the decentralized protocol manages the transaction on their behalf on any required destination chain.
Thank you for your detailed replies! I’m sure that users were able to learn a lot from this interview. It was an interview with traces of very hard work to improve the importance of data sovereignty and web 3, and its usability. In particular, you explained the reasons that would be very interesting not only to users but also to Dapp operators. That’s why many Crypto OGs sympathize with your project. I look forward to the day when I use Web3 frictionless & Seamless. Well, Aniket, Is there anything more to say?
If you believe in a simpler, more seamless multi-chain web3, then come join us! You can also play a part in this. Stay tuned!
Please join. We will stay in touch there 😌😌
Great. Let’s wrap up the interview with Biconomy.
Next-Gen Multichain Relayer Protocol
Biconomy is a protocol that connects Web3’s creators and players, and is a project that simplifies transactions so that everyone can easily access the decentralized platform. Biconomy is still proving its effectiveness by receiving 8.2M transactions and 54.4M API requests even before its launch. Recently, Biconomy was selected for the Binance MVB III program and attracted great community attention with $9M investment from famous VCs in various industries, including Coinbase Ventures and Mechanism Capital. Biconomy had successful token sale on the coinlist on the 14th.