By improving the flexibility and functionality of accounts, the user experience, security and innovation capabilities of Web3 are greatly enhanced. With the continuous development of account abstraction technology, the Web3 ecosystem will become more diverse, attracting more users and developers to participate, and promoting the popularization and application of blockchain technology.
In 2016, Vitalik Buterin first proposed the concept of account abstraction in the Ethereum Foundation's blog, suggesting that smart contracts be used to enhance the functionality and flexibility of accounts. In 2022, EIP-4337 proposed an account abstraction standard based on Layer 2, which implements the function of account abstraction by not changing the Ethereum Layer 1 protocol. In 2023, EIP-4337 was successfully deployed and implemented on the Ethereum mainnet, marking a new stage in account abstraction. With the implementation of this proposal, more and more DApps have begun to adopt account abstraction technology to provide a more flexible and secure user experience.
Account abstraction technology continues to develop and evolve, and it is expected that more blockchain platforms and applications will adopt this technology. New proposals and improvements will continue to emerge, further enhancing the functionality and scope of account abstraction. V God has also publicly stated that account abstraction is the key to Ethereum's expansion to 1 billion users.
Time has come to 2024, with the BTC spot ETF approved by the SEC, cryptocurrency has ushered in a bull market again. Account abstraction and smart wallets are simple and convenient to use, which can minimize the user threshold and promote the widespread adoption of Web3. Account abstraction infrastructure has been valued by developers and investment institutions, and Biconomy has once again entered people's field of vision.
Biconomy is a development platform that provides basic toolkit SDK and on-chain expansion solutions specifically for ERC 4337 abstract accounts. Provide modular AA smart account functions for DApps, and promote the popularization and large-scale application of Web3 by simplifying the user experience of wallets and decentralized applications. In short, it provides a complete solution for Web3 application developers who need abstract accounts. At present, Biconomy has created more than 1.25M wallets on all chains, providing about 50,000 transactions for more than 70 DApps and blockchain applications every day, becoming an existence that cannot be ignored.
As the infrastructure of AA wallet, Biconomy provides full-stack account abstraction tools, including ERC4337 modular smart accounts, Paymasters as a service (simplifying transactions and receiving other tokens as Gas), hot-swappable API services, and binding programs as a service. In addition to supporting the Ethereum public chain, Biconomy also supports Arbitrum, Polygon, Base, Optimism, BNB Chain, Blast, TON and other chains. Recently, it has also added support for Scroll, which basically covers most of the mainstream EVM chains on the market.
Biconomy has been active recently, gaining a lot of attention at the Token 2049 event in Dubai, and has cooperated with Chappyz, BetSwirl and others. The official will also release the Biconomy SDK v4.2 version and implement more function and tool updates.
Gasless Transactions
Gas is the first threshold for new users to perform on-chain operations. Biconomy implements gas-free transactions through the Relay Protocol. Users do not need to hold ETH to pay gas fees when using DApps. By introducing relayers and using Paymaster to provide gas-free transactions, users' transaction fees can be paid by DApp developers or third parties, greatly improving the user experience.
Multi-signature and multiple authentication methods
Biconomy supports multiple signatures and multiple authentication methods, allowing users to use social login, hardware wallets, biometrics and other methods for identity authentication and transaction signing. This simplifies user wallet management issues and increases security, while making it more convenient for Web2 users to use, such as logging in and using Web3 DApps through social accounts, emails, biometric fingerprints, etc., without worrying about private key leakage, thereby lowering the threshold for novice users to use DApps.
Smart Contract Wallet
Biconomy has launched a smart contract wallet that supports user-defined transaction logic and security rules. Users can set specific transaction limits, time locks and other functions, further improving the security and flexibility of the account, and supporting all EVM chains, simplifying the DApp user experience, reducing the frequency of multiple approvals, and achieving simple interaction.
Integration of Layer 2 Solutions
Biconomy integrates with multiple Layer 2 solutions (such as Polygon, Optimism), and uses these extension solutions to increase transaction speed and reduce transaction costs. At the same time, these integrations also promote the application of account abstraction on different blockchain platforms.
Developer-friendly SDK
Biconomy provides a developer-friendly software development kit (SDK) to simplify the integration process of account abstraction functions, making it easier for developers to expand their DApp applications and deploy application AA accounts in a very short time, shortening development time, and reducing the complexity of user interactions and Gas fees while improving security.
Biconomy's application in traditional fields
Biconomy cooperates with traditional institutions to simplify the on-chain payment process. For example, in November 2023, through cooperation with financial giant JPMorgan Chase, Paymaster was used to build a Gas payment solution to enable convenient payment of any ERC20 token.
Paymaster is an on-chain contract launched by Biconomy, which enables users to customize other token payments and use smart contracts instead of paying for Gas fees on the chain, which can reduce the user's usage cost without having to buy Gas tokens for each chain, simplifying the user's operation process. In addition, in March of this year, it cooperated with Mercedes-Benz to establish a secure and low-cost data market solution.
Web3 game Anichess
Anichess is a chess strategy game that has received $1.8 million in financing. By using Biconomy, Web2 users can register with their email and create smart accounts. At the same time, users can receive NFTs in the game without Gas, no wallet window pop-up, and no mnemonic seed is required, which facilitates the experience of Web2 users.
Rage Trade
Rage Trade is a perpetual contract protocol based on the Arbitrum ecosystem. In previous DEX transactions, a wallet popped up every time a session required the user to sign for approval. By using the session mode supported by Biconomy, users do not need to perform cumbersome signature steps when placing orders and other trading strategies, which simplifies the convenience of placing orders. Compared with CEX, it can also self-custody assets.
Trust Wallet SWIFT
Trust Wallet is a cryptocurrency wallet invested by Binance. In addition to supporting our common EOA wallet, it has launched the SWIFT function through cooperation with Biconomy, and uses Biconomy Paymaster to allow users to pay for Gas with various tokens. Creating a wallet does not require a mnemonic phrase, only FaceID and fingerprint technologies are required. In addition, it also supports 200 different tokens for trading.
In addition, Biconomy has also cooperated with project teams such as Sushiswap, Kwenta (one-click trading of derivatives AA accounts), FanTV, Dexodus, DYDX, Cypherock, and AlfaFrens (functional integration to achieve wallet-free pop-up signatures) to promote the further application of smart accounts.
Biconomy received US$1.5 million in financing in early 2021, followed by US$9 million in financing in July 2021, and went online on Coinlist in October, raising US$11.5 million in public fundraising. In March of this year, Biconomy announced that it had completed an unknown amount of financing, with a total financing amount of more than 22 million US dollars.
Investors include Jump Capital, Consensys Ventures, Binance, Mechanism, Coinbase Ventures, Blockchain Founders Fund, Eden Blocks, etc.
$BICO is the ecological token of Biconomy, with a total of 1 billion pieces. The current circulation is 780 million, accounting for nearly 80%. The market selling pressure is relatively small, and it has been listed on well-known exchanges such as Binance, Coinbase, Bitget, OKX, and THX.
Biconomy's partners include not only the Web3 industry, but also Web2 and traditional industries. In addition to JPMorgan Chase, it also includes traditional giants such as Mercedes-Benz, providing a simpler experience for traditional users.
BICO staking is an important part of Biconomy's token economic activities, used to promote the incentive of ecological user growth. Biconomy airdropped BICO tokens for users who participated in the interaction during the 2021 TGE and was recognized by the market. In addition, in April this year, Biconomy announced rewards for users who staked BICO. Users who staked BICO can get hundreds of ARB tokens as rewards and corresponding staking income.
Currently, Biconomy is carrying out the second phase of the Blast Gold Campaign airdrop incentive activity. Users can get Blast Gold rewards by staking $BICO. In addition, according to the official description, there may be a third or even more phases of airdrop activities in the future. At that time, Stake $BICO may also receive more airdrops of cooperative ecological tokens, such as $DYM, etc., by making BICO staking a golden shovel for airdrops.
Through cooperation with Blast ecosystem eesee, we have further completed the integration and cooperation of Token, NFT and game liquidity on Blast.
First, go to the eeaee website and buy a low-priced ticket (NFT, Token, etc.).
Then we need to stake BICO on the official page of Biconomy
Log in with Metamask wallet, enter the number of BICO (greater than 10u, the more the number, the more airdrop rewards you will get), Approve BICO first, then Stake
Wait for the end of the event to collect the rewards as required.
Currently, staking BICO also has good returns, with a 2x return rate compared to Alchemy AA.
1. Subsidize gas fees for DApps on the chain
Biconomy recently jointly held the ONCHAIN SUMMER event with the Base chain, providing up to US$30,000 in gas fee subsidies for Base ecosystem projects. Users can use eligible DApp applications without paying for gas, and it also supports Base chain including SocialFi.
DApp application link: https://tally.so/r/wQAgVl
2. Implementation of ERC-7559
ERC-7579 is a simplified modular smart account standard launched by Biconomy in cooperation with ZeroDev, Rhinestone, OKX, etc. Its main feature is to achieve the minimum interoperability of modular developers and applications, helping developers to more conveniently customize functions for users and improve the user experience. This solution has also been applied in the OKX wallet.
3. Application of ERC-7579
EIP-7702 can be regarded as an upgraded version of EIP-4337. It realizes the temporary delegation function of EOA accounts to smart contracts by proposing a new transaction type that can accept both Contract_code and signature fields. That is, externally owned accounts EOA can also be used as smart contract wallets. This compatibility design ensures long-term effectiveness and practicality.
4. Exploration of permission management of Web3 AI proxy applications by smart wallets
The arrival of AI has enabled many Web3 applications to implement intelligent processing of user operations, but approval and signing are still required. Choosing automated processing will also reduce security. Biconomy is exploring setting boundaries for AI by defining smart account permissions by users, so as to ensure that AI can operate within the scope of permissions.
5. Release Paymaster Documentation
Biconomy recently released further documents and rules for Paymaster, including wallet deployment, whitelist smart contracts, spending limits, and Webhooks, etc., to facilitate developers to further add to their own applications.
Ethereum spot ETF is about to be listed this year, Layer2 is now blooming everywhere, and Ethereum ecosystem users are about to usher in rapid growth in this round of bull market. As infrastructure, wallet and DApp user experience will directly affect users' feelings and concepts about blockchain. Users' experience with basic wallet accounts and DApps is crucial.
Smart wallets and account abstraction are the inevitable paths for Ethereum to grow. Biconomy facilitates developers to integrate into decentralized applications such as DEX, GameFi, DePIN., NFT, Restaking, etc. through powerful infrastructure tools SDK and modular design, thus providing users with a more convenient and secure experience.
Biconomy not only innovates and practices in the field of account abstraction, but also brings new possibilities to the entire blockchain ecosystem. Through the implementation of functions such as gas-free transactions, multi-signature authentication and smart contract wallets, Biconomy effectively improves the user experience and security of Web3.0. As Biconomy continues to promote the application of account abstraction technology and closely integrates with Layer 2 solutions. In the future, we are expected to witness the emergence of more innovative solutions, opening up new paths for the further development and popularization of blockchain technology.
Biconomy's efforts are not only an exploration of the concept of account abstraction, but also a display of confidence in the future potential of blockchain technology. It will continue to lead the blockchain industry towards a more open, flexible and convenient direction.
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