Biconomy (BICO) is an Ethereum token that empowers the Biconomy protocol, enabling users to connect without paying gas fees through optional gasless transactions for cross-chain purposes. BICO is classified as Shariah-compliant, as there are no issues with its features in relation to Islamic law.
| Category | Details | Status |
|---|---|---|
| Legitimacy | Not regulated by any countries or regulatory bodies. The project has a clear roadmap and genuine product on blockchain, while the token/coin has a fundamental underlying value that allows it to be categorized as "Mal". | Passed |
| Project | Biconomy is a multichain relayer protocol that aims to improve the user experience on decentralized applications (DApps) by solving web3 bottlenecks such as high gas fees and blockchain complexities. It focuses on transaction management and gas optimization, utilizing meta transactions to reduce gas costs by up to 40%. Biconomy offers a non-custodial SDK that provides solutions for onboarding and user engagement, including a Smart Contract Wallet (SCW) for new users. While the project does not appear to involve any explicit activities that would violate Shariah principles. | Passed |
| Financials | The tokens are not backed by any equity, thus there is no financial screening on this token. | Passed |
| Token | BICO is a native utility token used on the Biconomy network. Node operators pay transaction fees in BICO to add information to the blockchain, while token holders can earn rewards from staking and securing the network. BICO is also used for voting on governance proposals and can be used to pay for network fees and vote on protocol upgrades on Biconomy, a protocol that aims to connect users to decentralized applications across multiple chains with low fees. | Passed |
| Staking Method | The node operators on the network who perform credible work will be rewarded with $BICO rewards. However, if a node operator engages in bad behavior, a portion of their staked $BICO will be slashed as punishment. | Passed |
Read the source document and verify project fundamentals.