Biconomy Leads Account Abstraction Innovation Empowering the Web3 Ecosystem

Account abstraction is an important concept in blockchain technology, aimed at enhancing the flexibility and functionality of smart contracts accounts. It blurs the lines between externally owned accounts and contract accounts, giving contract accounts more capabilities while allowing external accounts to possess the flexibility of smart contracts. This technology greatly enhances the user experience, security, and innovation capabilities of Web3, promoting the popularization and application of blockchain technology.

In 2016, the co-founder of Ethereum first proposed the concept of account abstraction. In 2022, EIP-4337 proposed a Layer 2-based account abstraction standard. In 2023, this proposal was successfully deployed and implemented on the Ethereum mainnet, marking a new phase for account abstraction. With the development of technology, it is expected that more blockchain platforms and applications will adopt this technology.

In 2024, as the cryptocurrency market warms up, account abstraction and smart wallets are gaining attention for their simplicity, believed to lower the entry barrier for users and promote the widespread adoption of Web3. Against this backdrop, Biconomy has attracted attention as an account abstraction infrastructure.

Biconomy is a development platform that provides a foundational toolkit SDK and on-chain expansion solutions specifically for ERC 4337 account abstraction. It offers modular AA smart account functionality for DApps, simplifying the user experience for wallets and decentralized applications. Currently, Biconomy has created over 1.25 million wallets across multiple chains, facilitating around 50,000 transactions daily for approximately 70 DApps and blockchain applications.

Biconomy provides a full-stack account abstraction tool, including modular smart accounts compliant with ERC4337, Paymasters as a service, hot-pluggable API services, and more. In addition to supporting Ethereum, it also supports multiple chains such as Arbitrum, Polygon, Base, Optimism, BNB Chain, Blast, and TON, with recent support added for Scroll.

In terms of account abstraction, Biconomy has implemented the following key features:

1. Gasless transactions: Achieved through Relay Protocol and Paymaster, users can transact without holding ETH.

2. Multi-signature and various authentication methods: supports social login, hardware wallets, biometric recognition, and other identity verification and transaction signing methods.

3. Smart contract wallet: Allows users to customize transaction logic and security rules, such as setting transaction limits, time locks, etc.

4. Integration of Layer 2 Solutions: Integrate with Layer 2 solutions such as Polygon and Optimism to enhance transaction speed and reduce costs.

5. Developer-friendly SDK: Simplifies the integration process of account abstraction functionality, making it easier for developers to expand DApp applications.

In the application of traditional fields, Biconomy collaborates with financial giants to simplify on-chain payment processes. For example, in November 2023, they partnered with a large financial institution to construct a Gas payment solution using Paymaster, enabling convenient payments with any ERC20 token. In March of this year, they also collaborated with an automobile manufacturer to establish a secure and low-cost data marketplace solution.

Multiple projects have built applications using Biconomy, such as the Web3 game Anichess, the perpetual contract protocol Rage Trade based on a certain Layer 2 ecosystem, and the SWIFT feature of a well-known cryptocurrency wallet, among others. These applications have achieved a more convenient user experience and more flexible functionalities through Biconomy.

Biconomy has completed multiple rounds of financing since 2021, with a total of over $22 million. Investors include several well-known venture capital firms and cryptocurrency exchanges. Its ecosystem token BICO has a total supply of 1 billion, with a current circulation of approximately 780 million, and has been listed on multiple mainstream exchanges.

Recent project updates include: providing Gas fee subsidies for a certain Layer 1 chain ecosystem project, advancing the implementation of new smart account standards, and exploring permission management for Web3 AI agent applications. In the future, Biconomy will continue to focus on promoting the application and development of account abstraction technology, bringing more possibilities to the blockchain ecosystem.

With the rapid growth of user expectations in the Ethereum ecosystem, smart wallets and account abstraction as infrastructure will directly impact user experience. Biconomy provides convenience for developers through powerful infrastructure tools and modular design, while offering users a more convenient and secure experience, and is expected to play an important role in the future popularization of Blockchain technology.