Biconomy is a multi-chain relay protocol that simplifies the on-chain transaction process for end users. Any dApp can use Biconomy's plug-and-play API for a smoother user experience. The key problem with the current usability of cryptocurrencies is that blockchain transactions are complex. Users must be proficient in crypto wallets, handling gas fees, actively managing each transaction, transferring funds across chains, and more. Even if the above operations are completed, they still face a long wait and a bad experience of transaction failure.
For newcomers to crypto, they have a daunting learning task to begin with, which can easily be daunting. More importantly, dApp teams must invest time and effort in educating users about blockchain technology. Mainstream users don't want to deal with blockchain headaches.
This is where Biconomy comes in. Biconomy provides an easy and fast way for dApps, saving users from complicated processes. Biconomy does this through its own unique products, namely Gasless, Forward and Hyphen, which are easily accessible through Biconomy's API and SDK.
Biconomy main products
Hyphen (instant cross-chain protocol)
Hyphen provides developers with a set of simple APIs that allow cross-chain transfer operations. Currently, it supports the transfer of tokens such as ETH and USDC between Polygon and Ethereum, Avalaunch, and BSC networks. The implementation method is that Hyphen will maintain the liquidity of tokens on the two chains. After receiving the user’s tokens on one chain, it will transfer the tokens on the other chain. If there are too many one-way outputs, it will automatically balance fluidity.
Due to the need to maintain liquidity, and therefore, users need to pay fees to liquidity providers when transferring across chains. From the Hyphen cross-chain implementation method, it can be seen that the cross-chain transfer fee that users need to pay when transferring funds from one chain to the target chain includes the liquidity provider fee (0.1% of the transferred funds) and the user's payment to Biconomy to transfer funds from The transaction fee for receiving funds on the target chain (related to the gas cost of the target chain).
Gasless (No gas fee transaction)
Gasless enables DApp developers to pay Gas fees instead of users, thus bringing users a smoother experience. For example, The Sandbox cooperates with Gasless under Biconomy to help users migrate Tokens without gas fees.
Forward (flexible gas fee payment)
Forward provides an easy-to-use API that allows Dapp users to use ERC20 tokens to pay Gas fees. And ensure that the transaction will not fail, while optimizing the Gas fee. Proposing Forward mainly considers the following points: A common situation is that Dapp users have a bunch of ERC-20 tokens in their wallets, but no ETH. At this time, users can neither transfer nor use these tokens. Transactions in the wallet may cause Dapp users to wait for minutes or even hours before continuing to interact with the Dapp, and sometimes the transaction may even fail.
For new Ethereum users who want to experience the Dapp but do not have ETH, they may have to complete KYC, buy ETH from a centralized exchange, download and learn to use the wallet, and finally connect to the Dapp. It is undeniable that this is a long and unfriendly process. In addition, using ETH to pay gas fees is also expensive, and when the price of ETH increases, the gas fee price also increases.
Forward can use any ERC-20 token to pay the gas fee, and use these tokens without ETH, which will bring a good user experience. New users of DApp can use the token provided by Dapp to get started quickly, or use stable currency instead of ETH to pay Gas fees. The first use case of Forward is Forward Swap, which differs from Uniswap in that it provides a variety of stablecoins as a means of paying gas fees.
Biconomy Vision is a technology company dedicated to developing a multi-chain transaction infrastructure for the next generation of Web3 applications. Through Biconomy's powerful and easy-to-use API, developers can provide users with a simple and customized use process, which is more friendly to developers, end users will not feel difficult to get started due to the complexity of the blockchain, and solve the important pain points of encrypted transactions .