Account Abstraction Technology: The Key to Driving Mass Adoption of Web3

Account abstraction is an important technological innovation in the field of blockchain, aimed at enhancing the flexibility and functionality of smart contract accounts. It blurs the lines between externally owned accounts (EOA) and contract accounts, endowing contract accounts with more features while allowing EOAs to possess the flexibility of smart contracts. This technology greatly enhances the user experience, security, and innovative capabilities of Web3.

In 2016, the founder of Ethereum first proposed the concept of account abstraction. In 2022, EIP-4337 proposed a Layer 2-based account abstraction standard. In 2023, the proposal was successfully deployed on the Ethereum mainnet, marking a new phase in account abstraction. With the development of technology, more and more DApps are beginning to adopt account abstraction, providing a more flexible and secure user experience.

In 2024, as the cryptocurrency market warms up, account abstraction and smart wallets, with their simplicity and convenience, are expected to become key factors driving the widespread adoption of Web3. Against this backdrop, Biconomy, as a development platform that provides foundational toolkits and on-chain scaling solutions specifically for ERC 4337 abstract accounts, has received widespread attention.

Biconomy: The Leader in Account Abstraction Infrastructure

Biconomy provides a complete account abstraction solution for Web3 application developers. Currently, Biconomy has created over 1.25 million wallets across multiple chains and provides approximately 50,000 transaction services daily for over 70 DApps.

As the infrastructure for AA wallets, Biconomy provides a full-stack account abstraction toolset, including modular smart accounts compliant with the ERC4337 standard, Paymasters as a service, API services, and more. In addition to Ethereum, Biconomy also supports multiple chains such as Arbitrum, Polygon, Base, Optimism, BNB Chain, Blast, and TON, and has recently added support for Scroll.

Biconomy has recently gained widespread attention in industry events and has reached cooperation with multiple projects. The official SDK v4.2 version will be released soon, introducing more features and tools updates.

Biconomy's Specific Implementation in Account Abstraction

1. Gas-free transactions: Achieve gas-free transactions through the Relay Protocol, lowering the entry barrier for new users.

2. Multi-signature and multiple authentication methods: Supports various identity verification methods such as social login, hardware wallets, and biometrics, simplifying wallet management and enhancing security.

3. Smart Contract Wallet: Allows users to customize transaction logic and security rules, enhancing account flexibility and security.

4. Layer 2 Solution Integration: Integrate with multiple Layer 2 solutions to enhance transaction speed and reduce costs.

5. Developer-friendly SDK: Simplifies the integration process of account abstraction features, shortening development time.

Biconomy's Applications in Traditional Sectors

Biconomy actively collaborates with traditional institutions to simplify on-chain payment processes. In November 2023, Biconomy partnered with a financial giant to construct a Gas payment solution using Paymaster, enabling seamless payments with any ERC20 token. In March 2024, it collaborated with a renowned automobile manufacturer to establish a secure and low-cost data marketplace solution.

Application Cases Built with Biconomy

1. Web3 game Anichess: allows users to register and create smart accounts via email, and claim NFTs without Gas.

2. Rage Trade: Simplified perpetual contract trading operations, reducing signature steps.

3. Trust Wallet SWIFT: Utilize Biconomy Paymaster to enable multi-token payment for Gas, simplifying the wallet creation and usage process.

In addition, Biconomy has partnered with multiple projects such as Sushiswap, Kwenta, and FanTV to promote the further application of smart accounts.

Project Financing and Tokens

Biconomy has raised funds multiple times since 2021, with a total amount exceeding 22 million USD. The investment institutions include Jump Capital, Consensys Ventures, Binance, and Coinbase Ventures.

$BICO is the ecosystem token of Biconomy, with a total supply of 1 billion pieces and a current circulation of 780 million. It has been listed on several well-known exchanges such as Binance, Coinbase, and OKX.

BICO Staking and Airdrop Event

Biconomy promotes ecosystem user growth through token staking activities. The second phase of the airdrop incentive activity is currently ongoing, where users staking $BICO can receive Blast Gold rewards. There may be more phases of airdrop activities in the future.

Recent Updates and Future Plans of Biconomy

1. Provide Gas fee subsidies for on-chain DApps

2. Implement the ERC-7559 standard

3. Exploring the applications of ERC-7579

4. Research on Permission Management of Intelligent Wallets for Web3 AI Agent Applications

5. Publish detailed documentation for Paymaster

Summary

With the rapid growth of Ethereum ecosystem users, the user experience of wallets and DApps as infrastructure will directly affect users' perceptions of blockchain. Biconomy provides convenience for developers through powerful infrastructure tools and modular design, while bringing users a more convenient and secure experience.

Biconomy is not only innovating and practicing in the field of account abstraction, but also bringing new possibilities to the entire blockchain ecosystem. Through features such as gasless transactions, multi-signature authentication, and smart contract wallets, Biconomy effectively enhances the user experience and security of Web3. As technology continues to evolve, we can expect to witness the emergence of more innovative solutions that will promote the further development and popularization of blockchain technology.