Biconomy leads the wave of account abstraction, promoting the popularization of Web3.

Account abstraction is an important concept in blockchain technology, aimed at enhancing the flexibility and functionality of smart contracts accounts. It blurs the lines between externally owned accounts and contract accounts, granting contract accounts more capabilities while enabling external accounts to possess the flexibility of smart contracts. This technology significantly enhances the user experience, security, and innovation capabilities of Web3, promoting the adoption and application of blockchain technology.

In 2016, the founder of Ethereum first proposed the concept of account abstraction. In 2022, EIP-4337 proposed an account abstraction standard based on Layer 2. In 2023, this proposal was successfully deployed on the Ethereum mainnet, marking a new phase for account abstraction. With the development of technology, more and more DApps are beginning to adopt account abstraction, offering a more flexible and secure user experience.

In 2024, as the cryptocurrency market recovers, account abstraction and smart wallets are expected to drive the widespread adoption of Web3 due to their simplicity and convenience. In this context, account abstraction infrastructure has attracted the attention of developers and investment institutions, with Biconomy becoming a highly regarded project.

Biconomy is a development platform that provides a foundational toolkit SDK and on-chain scaling solutions for ERC 4337 account abstraction. It offers modular AA smart contract functionality for DApps, simplifying the user experience of wallets and decentralized applications. Currently, Biconomy has created over 1.25 million wallets across multiple chains, facilitating around 50,000 transactions daily for more than 70 DApps.

Biconomy offers a full-stack account abstraction tool, including modular smart accounts compliant with ERC4337, Paymasters as a Service, hot-pluggable API services, and binding programs as a Service. 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's specific implementation includes:

1. Gasless transactions: Achieved through the Relay Protocol, users can perform on-chain operations without holding ETH.

2. Multi-signature and various authentication methods: Supports social login, hardware wallets, biometric recognition, and other identity verification methods.

3. smart contracts wallet: allows users to customize transaction logic and security rules.

4. Integration of Layer 2 solutions: Integrate with multiple Layer 2 solutions to enhance transaction speed and reduce costs.

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

In terms of applications in traditional fields, Biconomy has collaborated with JPMorgan to build a Gas payment solution, enabling convenient payments for any ERC20 token. Additionally, it has partnered with Mercedes to establish a secure and low-cost data market solution.

Multiple projects have built applications using Biconomy, such as the Web3 game Anichess, the perpetual contract protocol Rage Trade, and the SWIFT feature of Trust Wallet. These applications simplify the user operation process through Biconomy's technology, enhancing convenience and security.

Biconomy has completed multiple rounds of financing, with a total amount exceeding $22 million. The investment institutions include Jump Capital, Consensys Ventures, Binance, Mechanism, and others. Its ecosystem token $BICO has a total supply of 1 billion, with a current circulation of approximately 780 million.

Biconomy recent updates include:

1. Jointly conduct the ONCHAIN SUMMER event with the Base chain, providing gas fee subsidies for Base ecosystem projects.

2. Participate in the launch of the ERC-7579 standard to simplify modular smart contracts account development.

3. Explore EIP-7702 to implement the temporary delegation function of EOA accounts to smart contracts.

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

5. Release Paymaster documentation to facilitate developer integration into applications.

With the rapid growth of user expectations in the Ethereum ecosystem, smart wallets and account abstraction have become critical infrastructure. Biconomy, through its powerful tools and modular design, provides convenience for developers and is expected to drive the emergence of more innovative solutions, paving new paths for the further development and popularization of Blockchain technology.