Account abstraction simplifies complex on-chain interactions into simple operations like Web2. It is an important infrastructure and window for the transition from Web2 to Web3!
This issue of [Web3 Roundtable] will give you a deeper understanding@Biconomy
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In 2016, Vitalik Buterin first proposed the concept of account abstraction in the Ethereum Foundation’s blog, suggesting that smart contracts be used to enhance the functionality and flexibility of accounts.
In 2022, EIP-4337 proposed an account abstraction standard based on Layer 2, which realizes the account abstraction function without changing the Ethereum Layer 1 protocol.
In 2023, EIP-4337 was successfully deployed and implemented on the Ethereum mainnet, marking a new stage in account abstraction.
With the implementation of this proposal, more and more DApps are beginning to adopt account abstraction technology to provide a more flexible and secure user experience.
Now it is 2024, and with the BTC spot ETF approved for listing by the SEC, cryptocurrency has once again ushered in a bull market.
Features such as account abstraction and smart wallets that are simple and convenient to use can minimize user barriers and promote the widespread adoption of Web3.
Account abstraction infrastructure has attracted attention from developers and investment institutions, and Biconomy has once again entered people's field of vision.
Biconomy is a development platform that provides a basic toolkit SDK and on-chain expansion solutions specifically for ERC 4337 abstract accounts. It provides modular AA smart account functions for DApps and promotes the popularization and large-scale application of Web3 by simplifying the user experience of wallets and decentralized applications.
Today, we invited Aditya Khanduri, Marketing Manager of Biconomy, to share with you the application of Biconomy in abstract accounts and what kind of innovation it will bring to the web3 industry!
⭐Q1: Please introduce Biconomy
A: Biconomy is an infrastructure provider dedicated to making it easy for anyone to use decentralized applications.
To get the next 500 million people using web3, Biconomy will play an important role in ensuring that web3 applications are simple to use for all new users.
With Biconomy, even the most complex web3 applications, DeFi, or games can be as simple and easy to use as regular web2 applications.
Our solutions include:
a. Log in with your email ID or fingerprint and create a wallet on the dApp
b. Gas-free experience without paying any gas fees
c. Complete 4-5 steps of complex process with one click
d, No need to constantly sign wallet popups
Many well-known projects are using our services:
1.Sandbox Games and Animoca
2. DEXs such as Kwenta and dYdX
3.Trust Wallet and other wallets
4. JP Morgan and Mercedes Benz
We have been online for more than 4 years and more than 5,000 partners have used our services.
We process millions of transactions per month and are one of the most actively used services in the cryptocurrency space.
⭐Q2: Biconomy has many innovations and breakthroughs in abstract accounts. Can you introduce its core features and advantages to us in detail?
A: Account Abstraction is an innovative technology that can fundamentally improve the user experience of web3.
If you’ve used centralized applications in the past, you know they are complex. Web3 UX has many issues, such as:
Creating a wallet and saving your seed phrase
Each step requires gas. Get tokens to pay for gas.
Bridge the token to the chain where the dApp resides.
Lots of wallets popping up to sign transactions
Biconomy provides an account abstraction solution that removes all of this complexity!
Abstraction through accounts
Users simply create a wallet using email or biometrics and can join any dApp in seconds.
Users do not need to understand or pay gas fees, dApp can pay gas fees on their behalf.
Users don’t need to bridge, they just need to click what they want to do, and Biconomy will automatically handle the bridging and other matters.
Users don’t need to sign so many wallet popups, they can do what they want with just a few clicks, without wallet popups.
Fundamentally, with these abstractions in place, Web3 applications can be as simple to use as any Web2 application.
So, with Biconomy, even your grandmother can now do DeFi and play web3 games.
⭐Q3: What needs does Biconomy solve? What changes will these solutions bring to blockchain?
A: As mentioned above, Biconomy solves the problem of complex usage of web3 applications.
If someone who doesn’t understand cryptocurrency wants to try a new dApp, it will take them hours to figure out the dApp.
They need to understand what a wallet is, what gas is, what a chain is. They need to learn to create and manage wallets, pay gas fees, understand wallet popups, do multiple steps and transactions.
If we want web3 and cryptocurrencies to go mainstream, it has to be easy to use. That’s where Biconomy comes in!
For over 4 years, our mission has been to simplify the web3 user experience. With Biconomy, users don’t need to be intimidated by the blockchain, but can use any dApp like any other app on their phone.
⭐️4: What fields is Biconomy mainly applicable to? Do ordinary users have the opportunity to participate?
A: The advantage of Biconomy is that all fields require Biconomy’s solutions.
DeFi projects use us, RWA projects use us, games, SocialFi, and artificial intelligence projects all need Biconomy’s services.
If people believe that Biconomy will play an important role in making web3 mainstream, they can participate by investing in $BICO.
This means you are contributing to making web3 and cryptocurrencies more seamless and easier to use.
⭐️Q5: What are Biconomy’s future plans? How to expand its influence?
A: We have been established for a long time - more than 4 years and have more than 200 clients using our services.
We have a 50% market share in account abstraction and process millions of transactions per month, but we are constantly exploring the next direction.
We recently launched DAN - Delegated Authorization Network.
Through Biconomy DAN, we will be working closely with AI projects to bring AI x cryptocurrency to reality, which is one of our biggest focuses going forward.
Artificial intelligence has great potential, and DAN can solve important problems and ensure that the promise becomes reality.
We will also bring a new token economy to ensure $BICO backers get rewards from all our activities. We will bring new models for people to contribute to Biconomy's services.
In terms of marketing and community, we have a well-known brand, but we will continue to conduct activities like this AMA in all different communities to let all cryptocurrency practitioners understand the importance of Biconomy and support us in fulfilling our mission.
Because for web3 to go mainstream, Biconomy and our community of Biconauts must play a big role!
