Biconomy Leads the Account Abstraction Revolution to Create a Seamless Web3 Experience

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, granting contract accounts more functionalities while allowing external accounts to possess the flexibility of smart contracts. This technology greatly 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 Ethereum co-founder in 2016. 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. 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 recovery of the cryptocurrency market, account abstraction and smart wallets have gained widespread attention due to their simplicity and convenience. These technologies are expected to significantly lower the user threshold and promote widespread adoption of Web3. Against this backdrop, account abstraction infrastructure has become the focus of attention for developers and investment institutions.

Biconomy is a development platform that specializes in providing a foundational toolkit SDK and on-chain scaling solutions for ERC 4337 account abstraction. It offers modular smart contract functionalities for decentralized applications, driving the adoption of Web3 by simplifying the user experience of wallets and applications. Currently, the number of wallets created by Biconomy on multiple Blockchains has exceeded 1.25 million, handling around 50,000 transactions daily for over 70 applications.

Biconomy provides a full-stack account abstraction tool, including modular smart accounts compliant with the ERC4337 standard, Paymasters as a service, plug-and-play API services, and binding programs as a service. In addition to Ethereum, Biconomy also supports multiple EVM-compatible chains such as Arbitrum, Polygon, Base, Optimism, BNB Chain, and others.

In terms of account abstraction, Biconomy's specific implementations and contributions include:

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

2. Multi-signature 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 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 also has applications in traditional fields, such as collaborating with JPMorgan to build a Gas payment solution for convenient payments of any ERC20 token. In addition, Biconomy has partnered with Mercedes to establish a secure 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 simplify user operations and enhance the user experience through Biconomy's technology.

In terms of financing, Biconomy has raised over $22 million since 2021, with investors including well-known institutions such as Jump Capital, Consensys Ventures, and Binance. Its ecosystem token $BICO has a total supply of 1 billion, with a circulating supply of approximately 780 million.

Recent developments of Biconomy include providing gas fee subsidies for on-chain DApps, participating in the implementation of ERC-7559, and exploring permission management for Web3 AI agent applications through smart wallets. In the future, with the rapid growth of Ethereum ecosystem users, Biconomy, as an infrastructure provider, is expected to play an important role in enhancing user experience and promoting the adoption of blockchain technology.