The leading Bitcoin exchange Coinbase Pro is listing a new altcoin. The exchange announced that it has added Biconomy (BICO) to its platform. So what is the Biconomy (BICO) listed by the exchange? Cryptocoin. com, we have compiled the details for you, let’s examine the subject together…
Coinbase Pro listing: What is Biconomy (BICO)?
Popular Bitcoin exchange Coinbase Pro is listing a new altcoin. The exchange announced that it has opened Biconomy (BICO) for trading. So what is the Biconomy (BICO) listed by the exchange?
Biconomy (BICO) is an Ethereum token that powers Biconomy, a network that aims to seamlessly connect users to any decentralized application on multiple chains for relatively low fees. BICO can be used to pay network fees and vote for upgrades.
Biconomy (BICO) Utility
1- Network Fees
BICO is the native token of the Biconomy Blockchain. Biconomy Blockchain will act as a settlement and verification layer for all activities on the Biconomy Network on all supported chains. Node operators pay a transaction fee in BICO to add any information to the chain and earn BICO in proportion to the work they do on the network.
2- Stakeholder Incentives
Its Validators and Executors share BICO to start contributing to the network. They earn BICO in proportion to their contribution and BICO shares. The network can also reduce its stake in case of bad behavior. Validator listens for related transactions in other chains and saves them in Biconomy chain. Executors see these transactions and perform an operation (could be a dash operation or a gasless operation).
BICO token holders stake their tokens to further secure the network. They earn BICO in proportion to their BICO shares.
The protocol will require active liquidity in a wide variety of tokens on all supported chains. LPs provide this liquidity in various crypto assets to the liquidity pools of the protocol on different chains. When a user uses liquidity pools, a small fee will be charged, which will be distributed to liquidity providers. Apart from this fee, they will also earn BICO in proportion to their relative contribution to a particular Liquidity Pool.
BICO holders can propose and vote on decisions that affect Biconomy’s protocol and the overall network. Such decisions may include changes to the Network code, the addition of additional services, or decisions regarding the payment of treasury funds. Any BICO holder can submit a proposal for consideration by the wider Biconomy community. This is a big part of Biconomy’s plans for progressive decentralization as we move towards community-led growth and self-sustainability.
The supply has a total of 1 billion BICO tokens allocated as follows: