Account Abstraction Technology Leads a New Era of Web3

Account abstraction is an important innovation in the blockchain field, aimed at enhancing the flexibility and functionality of smart contract accounts. It blurs the lines between externally owned accounts and contract accounts, endowing contract accounts with more features while giving external accounts the flexibility of smart contracts. This technology greatly enhances the user experience, security, and innovation capabilities of Web3.

Since the concept was first introduced in 2016, account abstraction technology has undergone multiple developments. 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 for account abstraction. As the technology matures, an increasing number of decentralized applications are beginning to adopt account abstraction, offering a more flexible and secure user experience.

In 2024, with the recovery of the cryptocurrency market, account abstraction and smart wallets are expected to drive the widespread adoption of Web3 due to their simplicity and convenience. Against this backdrop, Biconomy, as the infrastructure for account abstraction, has once again attracted industry attention.

Biconomy: Infrastructure for Account Abstraction

Biconomy is a development platform that provides a foundational toolkit SDK and on-chain extension solutions specifically for ERC 4337 account abstraction. It offers modular smart account functionalities for decentralized applications, promoting the adoption of Web3 by simplifying the user experience of wallets and applications. Currently, Biconomy has created over 1.25 million wallets across various chains, processing about 50,000 transactions daily for more than 70 applications.

Biconomy provides a full-stack account abstraction tool, including modular smart accounts compliant with the ERC4337 standard, Paymasters as a service, hot-pluggable API services, and binding programs as a service. In addition to supporting the Ethereum public chain, Biconomy is also compatible with multiple chains such as Arbitrum, Polygon, Base, Optimism, BNB Chain, Blast, and TON, and has recently added support for Scroll.

Biconomy's Implementation and Contribution in Account Abstraction

1. Gas-free transactions: Achieved through the Relay Protocol, users can perform on-chain operations without holding ETH.

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

3. Smart Contract Wallet: Allows users to customize transaction logic and security rules.

4. Layer 2 solution integration: Integrate with multiple Layer 2 platforms to enhance transaction speed and reduce costs.

5. Developer-friendly SDK: Simplifies the integration process of account abstraction features.

Applications of Biconomy in Traditional Sectors

Biconomy collaborates with traditional institutions to simplify on-chain payment processes. For example, in November 2023, it partnered with JPMorgan to build a Gas payment solution using Paymaster, enabling convenient payments with any ERC20 token. In March of this year, Biconomy also collaborated with Mercedes to establish a secure, low-cost data marketplace solution.

Applications built using Biconomy

1. Anichess: An international chess strategy game that uses Biconomy to allow Web2 users to register with their email and claim NFTs without Gas.

2. Rage Trade: A perpetual contract protocol based on Arbitrum that simplifies trading operations using session mode supported by Biconomy.

3. Trust Wallet SWIFT: Launched a feature supporting multi-token Gas payments through collaboration with Biconomy.

In addition, Biconomy has also collaborated with projects such as Sushiswap, Kwenta, FanTV, Dexodus, DYDX, Cypherock, and AlfaFrens to further promote the application of smart accounts.

Project Financing and Tokens

Biconomy has raised over $22 million in total funding, with investors including Jump Capital, Consensys Ventures, Binance, Mechanism, and Coinbase Ventures. Its ecosystem token $BICO has a total supply of 1 billion, with a circulating supply of 780 million, and is listed on multiple well-known exchanges.

BICO Staking Airdrop

Biconomy promotes ecosystem user growth through the BICO staking campaign. The second phase airdrop, the Blast Gold Campaign incentive activity, is currently underway, and 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. Promote the implementation of ERC-7559
3. Explore the application of ERC-7579
4. Research on Permission Management of Smart Wallets for Web3 AI Agent Applications
5. Publish Paymaster documentation

With the rapid growth of users in the Ethereum ecosystem, smart wallets and account abstraction will become key to user experience. Biconomy provides convenience for developers through powerful infrastructure tools SDK and modular design, helping various decentralized applications offer a more convenient and secure user experience. In the future, Biconomy is expected to continue leading the blockchain industry towards a more open, flexible, and convenient direction.