Founded by Aniket Jindal, Ahmed Al-Balaghi, and Sachin Tomar in March 2019, Biconomy aims to make the adoption of dApps as simple as that of conventional apps.
Biconomy follows a ‘meta transaction’ system. Simply put, the gas fee (think transaction fee) of a dApp is not paid for by a user. Rather, it is paid for by the developer of the dApp. Where does Biconomy come in? It pays the gas fee on behalf of the developer through its transaction relayers, which enable contracts to be paid for by cryptocurrency Ethereum. The dApp developer, in turn, pays Biconomy via Ethereum or other payment modes, for the app being used by their users.
Aniket, CEO and Co-founder, Biconomy, says, “For a developer, the setup is really simple and involves integrating our SDK with a few lines of code. This eliminates the need for the dApp user to download an external wallet, do KYC, and purchase Ethereum from an exchange just to interact with his dApp. The UX is drastically improved by giving an experience similar to conventional apps.”
“We will be focusing actively on the Middle East and Chinese market in the coming months. The team has easy access to the markets in America, Asia, and EMEA region, which is an advantage in terms of both user acquisition and talent acquisition,” Aniket says.