🕖AMA Timing : 28th April 12:30 PM UTC | 7:30 PM (GMT +7)
🏚Venue For AMA: @EPID_Community_VN
💰Reward Pool : 100$
➡️Part 1: Project Introduction.
Q1. What was the main problem you set out to solve?
Every crypto interaction — whether it’s simple tasks like buying, selling, sending, receiving or complex interactions with a variety of Defi contracts/apps or other DApps like games — relies on complicated on-chain transactions. We still see difficulties in what is supposed to be quick and easy transactions using blockchains and its unfamiliarity is a huge barrier to the adoption of DeFi, gaming and other Web3.0 trends that we predict will scale in the next couple of years.
Biconomy is the inter-chain transaction layer for next-generation Web3.0 applications that ensures a simpler user experience. Through Biconomy’s APIs, developers can enable a simple and customized transaction journey so that their end users don’t get frustrated by blockchain complexities. That’s the future we want to enable — A simple gasless Web3.0 experience that will drive crypto mass adoption
think of use as mainly stripe for crypto! We are here to make you life easy to use crypto applications
Q2. What are some user experience friction points that current Dapps have? // What barriers to entry did early blockchain users complain of most?
As we know there’s a lot of friction during user-onboarding for non-crypto savvy users. New Users have a long complicated onboarding process. They need to pass KYC, purchase ETH from an exchange, download a wallet, then connect their wallet before they can go any further, which can take days! Then, they need to understand crypto wallets, using MetaMask, signing transactions, paying gas, changing RPC etc.
The Need to pay a gas fee every time the user uses your application is another big headache. Users can only pay in ETH, which they may not have at that moment. Or the user may not want to spend their ETH investment. And if this was not all, so many times a transaction just fails. I have wasted 100s of $ in failed transactions! For a newbie, you can understand how frustrated they would get if this happens.
Q3. How do you enable gasless transactions? How do you enable free transactions?
we do it through meta-transactions.
Essentially, meta-transactions are like delegating the complexities of blockchain interactions to someone else. They ensure a smoother UX for their end-users where the end-user only needs to sign a transaction, and then our relayers manage the gas, take care of other headaches, and submit the transaction on-chain.
It can enable interesting use cases such as gasless transactions, network agnostic transactions (so the user won’t need to change RPC to change their network), as well as the ability to pay gas fees in ERC20 tokens, and more. As the usage of L2 increases and ETH 2.0 gets closer, we will see gas prices drop drastically. Thus, over the next few years we will see multiple projects enable meta-transactions to sponsor all the gas fees for their users.
And Developers will have no problem in sponsoring this gas fee on L2 as it is very cheap. Thus, the user just needs to sign the transaction & then our relayer pays the gas fees on behalf of the user! Going forward, we believe projects on L2 will sponsor gas fees themselves by default.
Q4. Are you only on Ethereum or do you plan to be on multiple chains? // [You mention being a multi-chain transaction stack,] What is your multi-chain strategy?
Our base infra is EVM compatible that allows the dapps to provide our support on any EVM chain. We believe in a multi-chain world. Apart from Ethereum, we are live on Polygon (Matic), xDai, Binance Smart Chain, Avalanche, Moonbeam & Arbitrum. More chains are also being added as well going forward.. We can take recommendations from the community regarding chain integrations!!
Q5. Apart from meta-transactions, what other products are you working on?
We recently launched Biconomy Forward. That enables any Dapp to allow users to pay gas in ERC20 tokens such as stablecoins. That way, users can save their ETH! The community loved the product & concept. Few top projects are already integrating it as I type! That way you could pay your gas in any token you like & save your ETH 🙂
And the next product that is almost launched is Hyphen. Currently, the ecosystem has various L2 solutions but they are fragmented. It is a nightmare to move from Polygon to Ethereum to Loopring etc. So it creates a lot of friction. Our solution will enable you to move your funds from Ethereum to any L2 & back instantly! So you can enjoy a dapp on any chain or any layer seamlessly. For this too, we will have multiple launch partners.
Finally the biconomy token will glue all these products together, and future ones too, through our relayer network!
Q6. Can you tell our community about your upcoming plans to launch a Biconomy token?
It is something we are looking into. But we are adamant to not launch a token for token sake. We are working hard on our economic models to make sure all stakeholder’s interests are aligned. And that we can capture maximum value from our entire suite of products as well as share these profits with our community in an efficient manner.
Tentatively, there are few ways you can support us. As we start looking into progressive dencentralization, we will invite node operators to run some of our infrastructure. Token holders can also stake with them to earn rewards. On the other hand, we are also looking into cross-chain bridges. These, along with our other products, require liquidity on multiple chains. That would be another way community members can benefit from our success by providing liquidity to earn rewards.
However, as I said there’s a lot to be finetuned. We are confident what we are building will be a major factor in making Web3.0 mainstream. Thus, while we are all eager to share token launch details with our community, we are also patient enough to bring our products and token economics closer to perfection before we launch.
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➡️Part 2: Question From Twitter (5 best questions).
Community support is one of the biggest aspects of a project’s success. Most projects have programs that interact with their users. Does you have any special plans to attract and expand the community and improve the user experience?
Biconomy always strive for building a robust and sustainable community, we want to have a fun and long lasting community group that can contribute in the network. As we are ramping our communitu efforts, we will have having special campaigns for our community ranging from grants to competions etc. Also, we frequently host hackathons to aencourage more activity on our network
I want to learn more about Biconomy but very little information, the community is relatively empty and little information is shared. What strategy does the Biconomy team have to develop the community and retain users for the long term?
we are very active on discord and telegram all the time so feel free to reach out to us in case of any queries. Moreover, we have a detailed dev docs https://docs.biconomy.io that will give you a good idea on our architecture.
Do you have any plans to attract non-crypto investors to cryption who are still not in the crypto world specially as a new project entering to crypto. What are the plans to increase awareness about cryption around in non-crypto space?
we are to have more educational campaigns whether they are meetups or ama’s etc to spread the word out. We are also hiring ambassadors in different geographies that can help to spread awareness about biconomy. Our marketing team will be releasing a bountry cmapaign soon that will definetely help to get us more eye balls and reach
Could you expand our knowledge about your Roadmap this year? is there any updates on your Research and development progress?
yeah, we do have an action packed year ahead of us. We have two products pending to release called forward and insta exit that will be live by end of q2 mostly. Q3- q4 will be mainly focused on token generation event and public launch, we do plan to release out test new by end of q4.
Could you list some of your most advanced features that we have not seen on the market before? What kind of additional input does Your project have to already-existing solutions on the market?
That’s a good question, forward is a product that is very unique in it’s own way as it allows you to pay fees in stable coins, here we make sure that all the transactions processed go through the blockchain and there is no stuck transactions. We help you save gas and also provide you more convenience in the gas fees payment. Like forward we do have another product release very soon that i can’t talk much about
➡️Part 3: Free asking (5 best questions)
Q1: Are there any ambassadorial roles I can apply for on Biconomy?
A: Biconomy Pros:
- Dashboard for developers to more granular control on meta transaction usage.
- Quick 2 step integration with no extra smart contract deployments.
- No need to worry about protocol changes or new trends on blockchain. Biconomy makes sure the system is upto date with market trends.
- Less gas per transaction as no extra hops on-chain and payments are processed off-chain.
- Gas fee can be paid in stable tokens, ERC20 tokens or Fiat.
Q2: How many partners rely on Biconomy technology now and what benefits do these partners bring to Biconomy?
we are currently live on around 15 apps and another 150 in the pipelines. we help them increase in user adoptiion
Q3: As you know, Uniswap is also working on UNI V3 to reduce the gasfees with a lot more interesting stuff. So how will you cope up with the same things in there?
A: lower the gas fees, better it is for us. Most of our clients are on l2 where gas fees are bare minimum so yeah we are also eagarly waiting for the v3
Q4: You mentioned it’s kind of like Amazon web services where Netflix doesn’t charge the users for that service. So will your partners effectively be paying the gas fees on the background or be paying biconomy a subscription for the service you provide?
A: yeas, they already are paying and are happy to do so moving forward
Q5: I wanna ask. With Building a Trust in business, especially on crypto side, they are the key of success but it’s very difficult, so what will Biconomy do to attract more users while there are not too much successful projects in crypto industry? And how will you get the trust of many users that have negative thoughts about Blockchain and DeFi instead?
we are a b2b play the partners will the all kind of dapps in the industry, our infra is trustless and we can’t tamper with any data on chain so users don’t have to trust us. We are big believers of trustless economy