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Biconomy leads breakthroughs in account abstraction technology to promote the widespread adoption of Web3.
The Development of Account Abstraction Technology and Biconomy's Innovative Practices
Account abstraction is an important concept in blockchain technology, aimed at enhancing the flexibility and functionality of smart contract accounts. It blurs the lines between externally owned accounts and contract accounts, granting contract accounts more capabilities while enabling external accounts to have the flexibility of smart contracts. This technology greatly enhances the user experience, security, and innovation capabilities of Web3.
In 2016, the concept of account abstraction was proposed for the first time. In 2022, EIP-4337 introduced a Layer 2-based account abstraction standard. In 2023, this proposal was successfully deployed on the Ethereum mainnet, marking a new phase for account abstraction. As technology continues to evolve, it is expected that more blockchain platforms and applications will adopt this technology.
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. In this context, Biconomy, as an account abstraction infrastructure provider, is once again in the spotlight.
Introduction to Biconomy
Biconomy is a development platform that provides a foundational toolkit and on-chain scaling solutions for ERC 4337 account abstraction. It offers modular AA smart account features for DApps, promoting the adoption of Web3 by simplifying the user experience of wallets and decentralized applications. Currently, Biconomy has created over 1.25 million wallets across multiple chains, facilitating approximately 50,000 transactions daily for more than 70 DApps.
Biconomy provides a full-stack account abstraction toolkit, including modular smart accounts compliant with ERC4337, Paymasters as a service, hot-pluggable API services, and more. In addition to Ethereum, it also supports multiple chains such as Arbitrum, Polygon, Base, Optimism, BNB Chain, Blast, and TON, with recent support added for Scroll.
Technical Implementation of Biconomy
Gas-free transactions: Through Relay Protocol and Paymaster, users can transact without holding ETH.
Multi-signature and multiple authentication methods: supports various identity verification methods such as social login, hardware wallets, and biometrics.
Smart Contract Wallet: Allows users to customize transaction logic and security rules.
Layer 2 solution integration: Integrate with scaling solutions such as Polygon and Optimism to enhance transaction speed and reduce costs.
Developer-friendly SDK: Simplifies the integration process of account abstraction features, making it easier for developers to expand DApp applications.
Application Cases of Biconomy
Web3 Game Anichess: Use Biconomy to allow users to register via email and create smart accounts to receive NFTs without Gas.
Rage Trade: A perpetual contract protocol based on Arbitrum, simplifying trading operations using session mode supported by Biconomy.
Trust Wallet SWIFT: Use Biconomy Paymaster to allow users to pay Gas with various tokens, creating a wallet without the need for a mnemonic.
In addition, Biconomy has partnered with projects such as Sushiswap, Kwenta, FanTV, Dexodus, DYDX, Cypherock, and AlfaFrens to promote the further application of smart accounts.
Project Financing and Tokens
Biconomy has raised over $22 million in funding since 2021, with investors including Jump Capital, Consensys Ventures, Binance, Mechanism, Coinbase Ventures, and others.
$BICO is the ecosystem token of Biconomy, with a total supply of 1 billion coins and a current circulation of about 780 million. This token has been listed on well-known exchanges such as Binance, Coinbase, Bitget, OKX, and THX.
BICO Staking Airdrop
Biconomy promotes user growth in its ecosystem by staking BICO tokens. The second phase of the airdrop, the Blast Gold Campaign, is currently underway, where staking $BICO can earn Blast Gold rewards. There may be more phases of airdrop activities in the future, and staking $BICO is expected to receive airdrops of more cooperative ecosystem tokens.
Biconomy Recent Developments and Future Plans
Summary
With the rapid growth of users in the Ethereum ecosystem, smart wallets and account abstraction will be key to enhancing user experience. Biconomy provides developers with convenient integration solutions through its robust infrastructure tools and modular design, which is expected to play an important role in the future development of blockchain.