Biconomy Leads the Account Abstraction Revolution to Promote the Popularization of Web3

Account abstraction technology is an important innovation in the blockchain field, aimed at enhancing the flexibility and functionality of smart contract accounts. It blurs the boundaries between externally owned accounts and contract accounts, endowing contract accounts with more functions while allowing external accounts to possess the flexibility of smart contracts. This technology significantly enhances the user experience, security, and innovation capabilities of Web3, and is expected to promote the popularization and application of blockchain technology.

The concept of account abstraction was first proposed by the founder of Ethereum in 2016. In 2022, the EIP-4337 proposal 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. With the development of technology, more and more decentralized applications are beginning to adopt account abstraction technology, providing a more flexible and secure user experience.

In 2024, with the prosperity of the cryptocurrency market, account abstraction and smart wallets are expected to lower the user threshold and promote the widespread adoption of Web3 due to their simplicity and convenience. Against this backdrop, account abstraction infrastructure has gained the attention of developers and investment institutions.

Biconomy, as a development platform specializing in providing foundational toolkits SDK and on-chain expansion solutions for ERC 4337 account abstraction, offers modular AA smart contract functionalities for decentralized applications, aiming to simplify the user experience of wallets and applications. Currently, Biconomy has created over 1.25 million wallets across multiple chains, providing around 50,000 transaction services 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-swappable API services, and binding programs as a service. In addition to supporting Ethereum, Biconomy 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's specific implementation and contributions include:

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

2. Multisignature and Multiple Authentication Methods: Supports various identity verification and transaction signing methods such as social login, hardware wallets, and biometrics.

3. Smart contract wallet: Allows users to customize transaction logic and security rules, enhancing the security and flexibility of the account.

4. Layer 2 solution integration: Integrate with multiple Layer 2 platforms (such as Polygon, Optimism) to enhance transaction speed and reduce costs.

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

Biconomy has also partnered with traditional institutions to simplify on-chain payment processes. For example, in collaboration with JPMorgan, they are using Paymaster to build a Gas payment solution that enables convenient payments with any ERC20 token. Additionally, Biconomy has partnered with Mercedes to establish a secure and low-cost data marketplace solution.

Multiple applications have adopted Biconomy's technology, such as the Web3 game Anichess, the perpetual contract protocol Rage Trade, and the SWIFT feature of Trust Wallet. These applications have achieved simpler user registration, trading, and asset management processes through Biconomy.

In terms of financing, Biconomy has completed multiple rounds of funding since 2021, totaling over $22 million. Investors include well-known institutions such as Jump Capital, Consensys Ventures, Binance, and Coinbase Ventures.

The total supply of Biconomy's ecosystem token $BICO is 1 billion, with a current circulation of approximately 780 million, and it has been listed on multiple well-known exchanges. Biconomy has also launched a staking program to provide participants with token rewards and staking yields.

Recently, Biconomy announced several new plans and development directions:

1. Collaborate with the Base chain to provide Gas fee subsidies for ecological projects.
2. Promote the implementation of the ERC-7559 standard to simplify the development of modular smart contracts.
3. Explore the application of ERC-7579 and upgrade EIP-4337.
4. Study the permission management of smart wallets for Web3 AI agent applications.
5. Release detailed documentation for Paymaster to facilitate developer integration.

With the rapid growth of users in the Ethereum ecosystem, smart wallets and account abstraction technology will play a key role in enhancing user experience. Biconomy is providing a more convenient and secure user experience for various decentralized applications through its powerful infrastructure tools and modular design, which is expected to promote the further development and popularization of Blockchain technology.