Biconomy and How It Works

The adoption of blockchain applications and digital assets by investors keeps increasing by the day. However, new investors do find the process too intimidating and long. The goal of Biconomy is to solve this problem.

What is Biconomy?

Biconomy is a platform that links users to a blockchain. In other words, it is a blockchain relayer infrastructure that does not require advanced technical knowledge for a user to be able to perform transactions. With a specific model to operate, Biconomy aims to address the friction between blockchain-based applications and users.

The relayer network is a collection of APIs and Software Development Kits (SDK). This collection is designed so that the blockchain is more understandable and accessible to users regardless of their experience or knowledge. Moreover, Biconomy can integrate with digital wallets and dApps.

Additionally, this platform does not require much oversight on the operator's part before it can seamlessly work with any blockchain-based application. It also has a sophisticated programming back-end and smart contract to help in making the setup possible. To assess the effectiveness of a platform, we can look at how easy it is for anyone to set up or use dApps.

Furthermore, with Biconomy, users do not need to buy cryptocurrencies from exchanges by themselves or even download digital wallets. The platform can handle the speed of transactions, and the whole process is automated for its users.

Moreover, transaction management and gas optimization are also handled by Biconomy’s infrastructure. The platform works with the parameter that makes sure of it that every transaction made on it is finalized as quickly as possible. They also factor in gas fluctuations, thus ensuring that users do not need to watch them by themselves all the time.

How Biconomy Works

One of the several reasons people choose not to invest in cryptocurrency is the whole process they need to follow before they can keep a single digital token. Biconomy understands this. For this reason, Biconomy makes every step easier for everyone. With the help of this platform, the goal of owning and managing digital assets is made more palatable to the public.

To help users perform tasks within the blockchain, Biconomy implements "meta transactions". Through this, users can carry out transactions without the requirement of having any single token in their account. Also, the fees of the transaction can be temporarily shouldered by third parties on behalf of the users. There are two ways to perform meta transactions and they are:

Native meta transaction: Meta transactions are not supported by all blockchain applications. However, those that implement it in their infrastructure can easily perform transactions without needing to open contract accounts. Transactions performed by users are directly passed onto dApps contracts for finalization through Biconomy Relayers.

Contract-based accounts: Users are given an upgradable contract wallet with the Contract-based accounts. This functions as their proxy contracts. With this wallet, all transactions performed by the user are routed to the blockchain. However, users are required to initially deposit funds and tokens to be able to open a contract wallet.

Conclusion

The difficulty of accessing blockchain-based technologies is among the barriers that dampen the adoption of cryptocurrencies. It is not easy overcoming that hurdle. This is where Biconomy is stepping up. This platform is anchoring solutions to ensure that the whole process of owning cryptocurrency is made easier.