Account Abstraction Technology Promotes the Development of the Web3 Ecosystem

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

In 2016, the founder of Ethereum first proposed the concept of account abstraction. In 2022, EIP-4337 introduced 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 applications are beginning to adopt account abstraction, providing a more flexible and secure user experience.

In 2024, as the cryptocurrency market flourishes once again, account abstraction and smart wallets are expected to drive the widespread adoption of Web3 due to their simplicity and convenience. Against this backdrop, account abstraction infrastructure has attracted the attention of developers and investment institutions.

Biconomy: account abstraction infrastructure

Biconomy is a development platform that provides a foundational toolkit and on-chain scaling solutions for ERC 4337 account abstraction. It offers modular smart account features for decentralized applications, driving the adoption of Web3 by simplifying the user experience of wallets and applications. Currently, Biconomy has created over 1.25 million wallets across multiple chains, processing approximately 50,000 transactions daily for more than 70 applications.

Biconomy provides a full-stack account abstraction tool, including modular smart accounts that comply with the ERC4337 standard, payment services, API services, and more. In addition to Ethereum, it also supports multiple chains such as Arbitrum, Polygon, Base, Optimism, BNB Chain, Blast, and TON, and has recently added support for Scroll.

Biconomy's Implementation in Account Abstraction

1. Gas-free transactions: Achieve gas-free transactions through relay protocols, allowing users to use applications without holding ETH.

2. Multi-signature and multi-authentication: Supports various identity verification methods such as social login, hardware wallets, and biometrics.

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

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 easy for developers to quickly deploy applications.

The Application of Biconomy in Traditional Fields

Biconomy collaborates with traditional institutions to simplify on-chain payment processes. In November 2023, it partnered with JPMorgan to create a Gas payment solution using Paymaster, enabling convenient payments for any ERC20 token. In March 2024, Biconomy teamed up with Mercedes-Benz to establish a secure and low-cost data marketplace solution.

Applications built with Biconomy

1. Anichess: A Web3 chess game that uses Biconomy for email registration and gasless NFT claims.

2. Rage Trade: A perpetual contract protocol based on Arbitrum that simplifies trading operations using the session mode supported by Biconomy.

3. Trust Wallet SWIFT: Enables users to pay Gas with various tokens through Biconomy's Paymaster feature and supports biometric technology for wallet creation.

In addition, Biconomy has also collaborated with multiple projects such as Sushiswap, Kwenta, and FanTV to promote the further application of smart accounts.

Project Financing and Tokens

Biconomy has raised over $22 million since 2021, with investors including Jump Capital, Consensys Ventures, Binance, and others. Its ecosystem token $BICO has a total supply of 1 billion, with a circulating supply of approximately 780 million, and has been listed on several well-known exchanges.

BICO Staking Airdrop

Biconomy promotes ecosystem user growth through BICO staking. In April 2024, Biconomy announced rewards for users staking BICO, including ARB tokens and staking rewards. The second phase of the Blast Gold Campaign incentive activity is currently underway, and there may be more phases of airdrop activities in the future.

Recent Developments and Future Plans of Biconomy

1. Provide Gas fee subsidies for applications on the Base chain.

2. Implement ERC-7559 to simplify the modular smart account standard.

3. Explore EIP-7702, upgrade EIP-4337 to enable temporary delegation of EOA account to smart contracts.

4. Research on the permission management of smart wallets for Web3 AI agent applications.

5. Publish detailed documentation for Paymaster to facilitate developer integration.

With the rapid growth of Ethereum ecosystem users, smart wallets and account abstraction will become key to improving user experience. Biconomy provides convenient and secure experiences for various decentralized applications through robust infrastructure tools and modular design. In the future, Biconomy will continue to promote the application of account abstraction technology, paving the way for further development and popularization of blockchain technology.