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Biconomy leads account abstraction technology to promote innovation in Web3 user experience.
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 externally owned accounts with the flexibility of smart contracts. This technology greatly enhances the user experience, security, and innovation of Web3, driving 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 approval of the BTC spot ETF, the cryptocurrency market is once again entering a bull market. The convenient features of account abstraction and smart wallets are expected to drive widespread adoption of Web3.
Biconomy is a development platform that provides a toolkit SDK and on-chain scaling solutions for ERC 4337 account abstraction. It offers complete account abstraction solutions for Web3 application developers. Currently, Biconomy has created over 1.25 million wallets across various chains and provides around 50,000 transaction services daily for more than 70 applications.
Biconomy provides a full-stack account abstraction tool, including modular smart contracts compliant with ERC4337, Paymasters as a Service, and hot-pluggable API services. 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 achieved the following innovations:
Gas-free transactions: Achieved through the Relay Protocol and Paymaster, allowing users to perform on-chain operations without holding ETH.
Multi-signature and multiple authentication methods: Supports various identity verification and transaction signing methods such as social login, hardware wallets, and biometrics.
Smart Contract Wallet: Allows users to customize transaction logic and security rules, enhancing account security and flexibility.
Layer 2 solution integration: Integrate with multiple Layer 2 platforms to enhance transaction speed and reduce costs.
Developer-friendly SDK: Simplifies the integration process of account abstraction features, making it easier for developers to extend applications.
Biconomy also collaborates with traditional institutions to simplify on-chain payment processes. For example, they partnered with JPMorgan to use Paymaster to build a Gas payment solution, enabling convenient payments with any ERC20 token. In March of this year, they also collaborated with Mercedes-Benz to establish a secure low-cost data marketplace solution.
Applications built using Biconomy include the Web3 game Anichess, the perpetual contract protocol Rage Trade based on Arbitrum, and the SWIFT feature of Trust Wallet, among others. These applications simplify user operations and enhance user experience through Biconomy's technology.
Biconomy has raised over $22 million in funding since 2021, with investors including Jump Capital, Consensys Ventures, Binance, and Mechanism. Its ecosystem token $BICO has a total supply of 1 billion, with a current circulating supply of approximately 780 million, and has been listed on several well-known exchanges.
Recent updates from Biconomy include:
With the rapid growth of Ethereum ecosystem users, smart wallets and account abstraction will play a key role in user experience. Biconomy, through its infrastructure tools and modular design, provides convenience for developers, helping to improve the user experience of various decentralized applications. In the future, Biconomy will continue to promote the application of account abstraction technology, paving new paths for the further development and popularization of blockchain technology.