BICONOMY: The extensive adoption of the abstraction of accounts through innovation and practice

source:B Chain Story

Account Abstraction (AA) is an important concept in blockchain technology, which aims to improve the flexibility and functionality of smart contract accounts.Traditionally, the accounts in the blockchain network are divided into external accounts (EOA) and Contract Account (EOA).EOA is directly controlled by users and traded through private key signatures; contract accounts are controlled by code and transactions through smart contract logic.The goal of account abstraction is to blur the boundaries between the two, give more functions to contract accounts, and at the same time make EOA have the flexibility of smart contracts.

By improving the flexibility and functionality of the account, we greatly enhance the user experience, security and innovation ability of Web3.With the continuous development of account abstraction technology, the web3 ecosystem will become richer and more diverse, attract more users and developers to participate, and promote the popularization and application of blockchain technology.

In 2016, V God proposed the concept of account abstraction for the first time in the Ethereum Foundation’s blog. It is recommended that smart contracts to enhance the function and flexibility of the account through smart contracts.In 2022, EIP-4337 proposed that the Layer 2 account-based account abstraction standards were proposed to achieve the function of account abstraction by not changing the Ethereum Layer 1 protocol.In 2023, the successful deployment and implementation of EIP-4337 on the main network of Ethereum marked that account abstraction has entered a new stage.With the realization of this proposal, more and more DAPPS has begun to use account abstraction technology to provide a more flexible and secure user experience.

The continuous development and evolution of account abstraction technology, it is expected that more blockchain platforms and applications will be adopted by this technology.New proposals and improvement measures will continue to emerge to further enhance the function and application scope of account abstraction.God V also publicly stated that account abstraction is the key to expanding users to a scale of 1 billion.

In 2024, as the BTC spot ETF was approved to be listed by the SEC, cryptocurrencies ushered in a bull market again.The characteristics of account abstraction and simple and convenient use of smart wallets can minimize user thresholds and promote the widespread use of Web3.Abstract infrastructure of accounts has been valued by developers and investment institutions, and Biconomy has once again entered people’s vision.

Account abstract infrastructure BICONOMY

BICONOMY is a development platform for basic tool packages SDK and chain expansion solutions for ERC 4337 abstract accounts.Provide a modular AA smart account function for DAPP, and promotes the popularity and large -scale applications of WEB3 by simplifying wallets and decentralized applications.In short, web3 application developers who need abstract accounts provide complete solutions.At present, Biconomy has more than 1.25 m created on all chains, providing about 50,000 transactions to as many as 70 DAPPs and blockchain applications per day, which has become an existence that cannot be ignored.

As the infrastructure of the AA wallet, BICONOMY provides a full stack account abstraction tool, including the ERC4337 modular smart account, Paymasters, as services (simplified transactions, receiving other tokens as GAS), hot -plugging API services, and binding programs for binding programsIn order to serve.In addition to supporting the Ethereum chain, Biconomy also supports multiple chains such as Arbitrum, Polygon, Base, Optimism, BNB Chain, Blast, and TON. Recently, it has also increased support for SCROLL, which basically covers most of the mainstream EVM chains on the market on the market.Essence

BICONOMY has recently moved frequently, and has received a lot of attention in the token 2049 event in Dubai, and has cooperated with Chappyz and Betswirl.The official will also release the BICONOMY SDK V4.2 version and achieve more features and tools.

Biconomy’s specific realization and contribution in account abstraction

GASLESS TRANSACTIONS

GAS is the first threshold for new users to perform chain operations.BICONOMY achieved no GAS transactions through Relay Protocol.Users do not need to hold ETH payment GAS fees when using DAPPS.By introducing the Relayers (Relayers), using Paymaster to provide GAS -free transactions, user transaction costs can be paid by DAPP developers or third parties, which greatly enhances the user experience.

Multiple signatures and multiple certification methods

BICONOMY supports multiple signatures and multiple authentication methods. Users can use social login, hardware wallets, biometrics and other methods for identity verification and transaction signatures.As a result, the user’s wallet management problem is simplified, and the security is increased, and the use of web2 users is more convenient, such as the login and use of Web3 DAPP through social accounts, mailboxes, biological fingerprints, etc., instead of worrying about the leakage of private keys, thereby reducing the problem of private key leakage, thereby reducingNovice users use the threshold of DAPP.

Smart contract wallet

BICONOMY has launched a smart contract wallet to support users to customize trading logic and security rules.Users can set specific functions such as transaction limit, time locking to further improve the security and flexibility of the account, and support all EVM chains, simplify the DAPP user experience, reduce the frequency of multiple approval, and achieve simple interaction.

Layer 2 solution integration

Biconomy integrated with multiple Layer 2 solutions (such as Polygon and Optimism) to use these expansion solutions to increase transaction speed and reduce transaction costs.At the same time, these integrations have also promoted the application of account abstraction on different blockchain platforms.

Developer’s friendly SDK

BICONOMY provides developers’ friendly software development toolkit (SDK), which simplifies the integration process of account abstraction function, facilitates developers to expand their DAPP applications, and deploy AA accounts in a very short time to shorten the development time.Under the premise of improving security, the complexity of user interaction and GAS costs are also reduced.

Biconomy’s application in traditional fields

BICONOMY cooperated with traditional institutions to simplify the payment process on the chain. For example, in November 2023, he used Paymaster to build a GAS payment plan with Paymaster to achieve convenient payment of any ERC20 token.

Paymaster is a chain contract launched by BICONOMY, which enables users to customize other token payment and use smart contracts instead of the GAS fee on the payment chain., Simplify the user operation process.In addition, in March this year, it cooperated with Mercedes -Benz to establish a data market solution with security and low costs.

Application of using BICONOMY

Web3 game Aniches

Aniches is a chess strategy game, which has received $ 1.8 million in financing. By using Biconomy to make Web2 users register and create smart accounts with mailboxes. At the same time, users can receive NFT without a GAS in the game.Need to help the seeds, etc., which facilitates the experience of Web2 users.

RAGE Trade

Rage Trade is a permanent contract agreement based on the Arbitrum ecosystem. In the previous DEX transactions, each session pops up a wallet requires the user to sign the signature.It is necessary to make tedious signature steps to simplify the convenience of placing an order operation. Compared with CEX, it can also self -keep assets.

Trust Wallet Swift

Trust Wallet is a cryptocurrency wallet invested by Binance. In addition to supporting our common EOA wallets, the SWIFT function is launched with BICONOMY.Remembering, only technologies such as Facei D and fingerprints are required, and 200 different tokens are also supported for transactions.

In addition, BICONOMY also cooperates with SUSHISWAP, Kwenta (one -click transaction of derivative AA accounts), FANTV, Dexodus, DYDX, Cypherock, AlfaFrens (signatures for functional integration) to promote the further of the smart accountapplication.

Project financing and tokens

BICONOMY received $ 1.5 million in financing in early 2021, then received $ 9 million in financing in July 2021, and launched CoinList in October to obtain a public fundraising of $ 11.5 million.In March of this year, Biconomy once again announced the completion of the unknown amount of financing, with a total financing amount of more than $ 22 million.

Investment institutions include Jump Capital, Consensys Ventures, Binance, MeChanism, Coinbase Ventures, Blockchain Founders Fund, Eden Blocks, etc.

$ Bico is Biconomy’s ecological token, with a total of 1 billion pieces. At present, the circulation volume is 780 million, accounting for nearly 80%. The market pressure is relatively small.Place.

BICONOMY partners include not only the web3 industry, but also widely used in Web2 and traditional industries. In addition to JP Morgan Chase, it also includes traditional giants such as Mercedes Benz, which provides a easier experience for traditional users.

BICO Staking

BICO pledge is an important part of the BICONOMY tokens economic activity, which is used to promote the growth of ecological user growth.BICONOMY conducted BICO token airdrops for users who participated in interaction in 2021 and received market recognition.In addition, BICONOMY announced a reward for pledged BICO users in April this year. Users who pledged BICO could get hundreds of ARB tokens and corresponding pledge income.

At present, Biconomy is undergoing the second stage of Blast Gold Campaign incentives. Users can get Blast Gold rewards by pledged $ Bico.In addition, according to the official description, there may be the third or even more stage airdrop activities in the back. At that time, the Stake $ BICO may also get more cooperative ecological token airdrops, such as $ DYM, etc., by pledged BICO into a pledge of BICO as a pledge of BICO into a pledgeGold shovel of airdrop.

Through cooperation with BLAST ecological EESee, it has further completed the integration and cooperation of token, NFT, and game liquidity on BLAST.

First go to the EEAEE website to buy a low -cost T 4 (NFT, token, etc.).

Then we need to pledge Bico on the official page of BICONOMY

Log in to use the Metamask wallet, enter the number of BICO (greater than 10u, the more quantity, the more airdrop rewards you get).

After waiting for the event, receive the reward as required.

At present, pledged BICO also has a good income. Compared with Alchemy AA, it has two times the rate of return.

BICONOMY recent dynamics and future planning

1. GAS fee subsidy for DAPP on the chain

BICONOMY has recently carried out onChain Summer activities with the Base Chain to subsidize up to $ 30,000 in the Base Ecological Project. Users can use GAS to use eligible DAPP applications, and it is also supporting the Base chain including SocialFi.

DAPP application application link: https://tally.so/r/wqagvl

2. Implementation of ERC-7559

ERC-7579 is a simplified modular intelligent account standard launched by BICONOMY and Zerodev, RhineStone, OKX.Customized functions and improvement experience, this solution is also applied in OKX wallets.

3. Application of ERC-7579

EIP-7702 can be regarded as an upgraded version of the EIP-4337. By proposing a new trading type that can accept Contract_code and signature sections at the same time, to achieve the temporary commission function of the EOA account on smart contracts, that is, an external account EOA can also be used as an account.Smart contract wallet, this compatibility design ensures long -term effectiveness and practicality.

4. Explore the authority management of the smart wallet to the authority of the web3 AI proxy application

The arrival of AI has allowed many web3 applications to start intelligent processing of users’ operations, but it still needs to be approved and signed. Choosing automation processing will also reduce security. BICONOMY is exploringSet the boundary for AI to ensure that AI can operate within the scope of authority.

5. Release Paymaster documentation

BICONOMY has recently released documents and rules for Paymaster, which includes wallet deployment, white list smart contract, expenditure restrictions, and Webhooks, which are convenient for developers to further add to their applications.

Summarize

Ethereum spot ETF is coming to the market this year, and Layer2 is now blooming everywhere. Ethereum ecological users are about to usher in rapid growth in this round of bull market. Wallets and DAP P user experience as infrastructure will directly affect users’ feelings and feelings of the blockchain andThe concept, users’ experience in basic wallet accounts and DAPP is crucial.

Intelligent wallets and account abstraction are the ways that cannot be bypassed during Ethereum growth. Biconomy is convenient for developers to integrate to decentralize developers through powerful infrastructure tool SDK and modular design to facilitate the integration of developers to DEX, Gamefi, DEPIN., NFT, RESTAKING and other reduction.In the application, it provides users with a more convenient and secure experience.

Biconomy not only innovates and practice in the field of account abstraction, but also brings new possibilities to the entire blockchain ecosystem.Through the implementation of functions such as GAS fees, multiple signature certifications, and smart contract wallets, BICONOMY effectively improved the user experience and security of Web 3.0.As Biconomy continuously promotes the application of account abstraction technology and is closely integrated with the Layer 2 solution.In the future, we are expected to witness the emergence of more innovative solutions to open up new paths for the further development and popularization of blockchain technology.

Biconomy’s efforts are not only the exploration of the abstract concept of accounts, but also the confidence display of the future potential of blockchain technology. It will continue to lead the blockchain industry in a more open, flexible and convenient direction.