Biconomy Founders- Sachin Tomar, Anikent Jindal, Ahmed Al- Balaghi
This blockchain platform wants to simplify the web3.0 experience for non-tech savvy blockchain users.
After the inception of Ethereum, the blockchain space has seen an accelerated growth with innovations like smart contracts, decentralized Applications (dApps), Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), etc.
While these innovations have made the blockchain space attractive and approachable, non-tech-savvy enthusiasts have often found themselves on the outskirts of this ecosystem. With the COVID-19 pandemic, the sector has seen accelerated growth, but people take time to understand new technologies.
Read more: En crypto: In conversation with an expert about DeFi Vs. CeFi and the emergence of CeDeFi
According to Dappros, a London-based blockchain consulting firm, India has a blockchain developer count of more than 19000, which is a small percentage of the robust 4.2 million developer ecosystem of India.
With the aim of encouraging the implementation and utilisation of the latest web3.0 wave, Biconomy, a blockchain startup, brings a multi-chain transaction infrastructure for next-generation web3.0 applications to simplify the web3.0 experience for its users. It aims to eliminate the blockchain complexities associated with dApps, so that everyday users can easily interact with them.
The Tech Panda spoke to Aniket Jindal, Co-Founder of Biconomy, who says their aim is to increase and facilitate the mass adoption of the web3 ecosystem.
Aniket Jindal
Web3 ecosystem consists of new innovations such as dApps, defi, tokenized assets, etc. The conversations around these have increased, but there is still an untapped potential user base that is unable to enter the web3 world as there is a lack of user-friendly applications. Our mission is to simplify this web3.0 user experience
“While we have seen a plethora of innovations and new products in the crypto space, they are still intimidating to access for newcomers. Web3 ecosystem consists of new innovations such as dApps, defi, tokenized assets, etc. The conversations around these have increased, but there is still an untapped potential user base that is unable to enter the web3 world as there is a lack of user-friendly applications. Our mission is to simplify this web3.0 user experience,” he says.
Additionally, with the technology still in its nascent stages, network congestions are common, which in turn, increases gas fees and discourages users from transacting actively on blockchain. In some cases, user transactions delay due to network congestions, while in others, some wallets may accept only ETH payments. These problems in tandem with a lack of knowledge about the complex technology cause roadblocks for easy entry into the web3 space.
“We achieve this by enabling gasless transactions, gas payment in ERC20 tokens, instant cross-chain transfers, and easy onboarding to scaling solutions. We handle much of the blockchain complexities on behalf of the user. Biconomy’s ultimate goal is to reduce the friction between blockchain-based applications and end-users,” he adds.
Founded by Sachin Tomar, Ahmed Al-Balaghi, and Jindal, Biconomy has built a mutli-chain relayer infrastructure and transaction platform. Their blockchain and platform-agnostic plug-and-play Application Programming Interfaces (APIs) and Software Development Kits (SDKs), facilitate easy integration of dApps and digital wallets.
“Developers can integrate our APIs and SDKs without much of a hassle,” says Jindal.
The platform is determined to make Web3 accessible and available for all those who choose to use it.
It acts as a middleman between the dApps and end-users with its array of SDKs and APIs dedicated to increasing access.
We handle much of the blockchain complexities on behalf of the user
Its APIs can be integrated with dApps, and it’s already compatible with major Web3 wallets as the network is both platform and blockchain agnostic. Its powerful plug and play solutions allow developers to customise the code smoothly and makes for a seamless developer experience.
Furthermore, by enabling use cases such as gasless transactions, gas payment in ERC20 tokens, and instant cross-chain transactions, Biconomy reduces the friction between blockchain-based applications and end-users.
One of their most popular products enables gasless transactions. Thus, the user has a one-click experience, while Biconomy ensures the transaction is successful and the gas is sponsored by the dApp itself.
“Biconomy is simply a bridge between the web3 world and the end-user. We make it simple for end users to use dApps and web3.0 without getting frustrated by current blockchain complexities,” explains Jindal.
Biconomy is simply a bridge between the web3 world and the end-user. We make it simple for end users to use dApps and web3.0 without getting frustrated by current blockchain complexities
Other products enable users to pay gas fees in stablecoins instead of say ETH. In addition, their newest product Hyphen enables instant cross-chain transfers to enable a seamless multi-chain experience.
“All our products are powered by our multi-chain relayer infrastructure that enables developers to simplify the user experience on their applications by integrating our simple yet powerful APIs and SDKs. Our products are dedicated to making blockchain-based applications accessible and understandable for any user with any level of blockchain experience,” he adds.
Their line of products includes the following:
Biconomy relayers pay the gas fees, which then are paid back by the Dapp developer at the end of the month. This introduces a new automated way for developers to remove the headache of transaction fees for their users.
Biconomy takes ERC20 tokens, such as stablecoins, from users as payment for meta transactions. They then use these tokens to replenish relayers with ETH.
Hyphen, their latest mainnet launch, provides cheaper and instant transfer of funds. Currently, they support Polygon and Ethereum but are rapidly adding all the popular chains and tokens.
With advancements in the technology sector, blockchain has witnessed rapid growth and improvements. The current web3 explosion, says Jindal, can be categorised by the demand for decentralisation.
“People are gaining awareness about the innovations that can happen in a community built by the community itself. With dApps, DeFi, tokenised assets, NFTs, etc., users not only get monetary returns but also have an opportunity to govern the system, use their voices, and have a stake in the protocols or platforms they use,” he says.
It will not be long before we see the ‘decentralized Internet’ or web3 become as common in our lives as traditional technologies that have singular authority
Currently, the decentralised space is garnering attention in India. Be it in the dApps space, DeFi, NFTs, yield farming, India is emerging as the hub of blockchain and web3 sector. Even globally, the latest news of Brazil adopting Bitcoin as legal tender indicates how the space is moving towards mainstream adoption steadily.
“It will not be long before we see the ‘decentralized Internet’ or web3 become as common in our lives as traditional technologies that have singular authority,” he adds.
Web3 has paved the way for users to become the owner of their own funds and data as well as providing them with the freedom to build a more secure and inclusive global digital structure.
“Biconomy sees itself at the core of this development by increasing accessibility, scalability, and entry into the web3 ecosystem,” he says proudly.
India is the emerging hub of blockchain technology today. India ranks second in terms of crypto adoption globally and is sixth globally in defi adoption, both in 2021 itself. Further, India became home to 24 unicorns in 2021 alone.
“Suffice to say that Indians are at the core of the technology industry and the Indian market is a very significant market for any tech player out there,” says Jindal, which is why India is crucial for Biconomy.
Indians are at the core of the technology industry and the Indian market is a very significant market for any tech player out there
“We see India as a sustainable community of blockchain users, developers, and enthusiasts that plan to enter and stay in the web3 space for a long time. Thus, the Indian market is highly significant and relevant to us and our offerings. It is a collection of immense developer potential given the present developer ecosystem and we aim to tap into the said potential,” he says.
“Our aim is to get developers to leverage our technology to create innovative and pertinent applications while focusing on their vision rather than the experience of the end-user. That is where we come in and encourage their development as well as their application’s adoption,” he adds.
So how does navigating the volatility of cryptocurrency affect the Biconomy ecosystem?
Read more: Blockchain & crypto this week
“Our business model depends more on the number of transactions we process for our clients. While indirectly the volatility of the crypto market may affect the number of transactions, there aren’t any major macro long-term effects to our ecosystem. As web3.0 adoption grows, our ecosystem will also grow,” replies Jindal.
Biconomy has recently secured funding of US$9 million, post which their latest achievement has been the Hyphen mainnet launch to enable instantaneous value transfers between EVM chains, various L2s and sidechains.
Next up, they are working on decentralising their entire infrastructure.
Our products are dedicated to making blockchain-based applications accessible and understandable for any user with any level of blockchain experience
“This will enable stakeholders to participate in operating and securing our network. To facilitate the incentives and governance for this multi-chain relayer protocol, we are also gearing up for our token launch,” explains Jindal.
Apart from these, the platform plans to keep working on improving their existing products, adding more chains, more token support, more partners and integrations. The aim is to provide simpler user experience on all chains across
Two major things on Biconomy’s roadmap are their token launch and decentralising their multichain infrastructure.
“Our intention has always been to become the foundation of multi-chain blockchain transactions and to simplify the web3 experience through ease and accessibility. We are working towards building a long-term, sustainable, interoperable, accessible, and scalable platform that can be decentralised in its entirety and can be run by the community itself,” Jindal explains.
We are working towards building a long-term, sustainable, interoperable, accessible, and scalable platform that can be decentralised in its entirety and can be run by the community itself
“We believe in a multi-chain, economical, and easily navigable technology-focused future, where assets can move across ecosystems easily, dApps are simple and reasonable to use, and interoperability and compatibility become ubiquitous to the blockchain ecosystem. All our future endeavours will be focused on achieving the same,” he adds.
With the constant upgrade in technology, the non-tech savvy among us need platforms like Biconomy to be simplifying all aspects of the web3.0 user experience in the near and far future.
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