Account Abstraction Technology Empowers Web3 Development

Account abstraction is an important concept in blockchain technology, aimed at enhancing the flexibility and functionality of smart contract accounts. It blurs the boundaries between externally owned accounts and contract accounts, granting contract accounts more capabilities while endowing external accounts with the flexibility of smart contracts. This technology greatly enhances the user experience, security, and innovation capacity of Web3.

In 2016, the founder of Ethereum first proposed the concept of account abstraction. 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, it is expected that more blockchain platforms and applications will adopt this technology.

In 2024, as the cryptocurrency market warms up, account abstraction and smart wallets are gaining attention for their simplicity, which is expected to drive widespread adoption of Web3. Against this backdrop, account abstraction infrastructures such as Biconomy are drawing attention.

Biconomy is a development platform providing a toolkit and on-chain solutions for ERC 4337 account abstraction. It offers modular AA smart account features for DApps, simplifying the user experience. Currently, Biconomy has created over 1.25 million wallets, processing about 50,000 transactions daily for more than 70 applications.

Biconomy supports multiple public chains, including Ethereum, Arbitrum, Polygon, and more. It has been very active recently, gaining attention in industry events and collaborating with multiple projects. A new version of the SDK is about to be released, which will implement more feature updates.

The specific implementation of Biconomy in account abstraction includes:

1. Gas-free transactions: Achieved through relayers and Paymasters, users can use DApps without holding ETH.

2. Multi-signature and multiple 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.

4. Layer 2 solution integration: Integrate with Polygon, Optimism, etc., to enhance transaction speed and reduce costs.

5. Developer-friendly SDK: Simplifies the integration process of account abstraction features.

Biconomy has also collaborated with traditional institutions, such as working with JPMorgan to build a Gas payment solution and partnering with Mercedes-Benz to establish a data marketplace solution.

Multiple applications have been built using Biconomy, such as the Web3 game Anichess, the perpetual contract protocol Rage Trade, and the SWIFT feature of Trust Wallet. These applications simplify user operations through Biconomy, enhancing the overall experience.

Biconomy has completed multiple rounds of financing, with a total amount exceeding $22 million. Its token $BICO has a total supply of 1 billion, with a circulating supply of approximately 780 million. Biconomy has also launched a staking program to provide additional rewards for staking users.

In the future, Biconomy plans to continue promoting the development of account abstraction technology, including the implementation of new ERC standards and exploring access management for Web3 AI applications. As the number of users in the Ethereum ecosystem grows, Biconomy is expected to play an important role in improving user experience and promoting the popularization and application of blockchain technology.