In 2016, V God first proposed the concept of account abstraction, hoping to enhance the functionality and flexibility of wallet accounts through smart contracts. The full name of account abstraction is Account Abstraction, AA, which aims to enhance the flexibility and functionality of smart contract accounts.
In traditional concepts, accounts in blockchain networks are divided into Externally Owned Account (EOA) and Contract Account. EOA is directly controlled by users and transactions are signed through private keys, while Contract Account is controlled by code and transactions are processed through smart contract logic. The goal of Account Abstraction is to blur the boundary between the two, give Contract Account more functionality, and make EOA flexible like a smart contract.
In 2022, the first Layer 2-based account abstraction standard EIP-4337 was proposed, attempting to achieve account abstraction without changing the protocol of Ethereum Layer1. This goal was successfully implemented and deployed on the Ethereum mainnet in 2023. Since then, more and more DAPP developers have begun to adopt account abstraction technology, bringing users a more flexible and convenient operation experience.
On December 5, 2023, The First announced that it would launch the account abstraction infrastructure project Biconomy , a multi-chain, Plug and Play relay protocol established in 2019. It can greatly reduce users' concerns about network switching during the transaction process and promote a seamless and smooth User Experience. Therefore, it has been adopted by a large number of developers. Now, Biconomy has launched the ecological token $BICO and launched The First spot area at 16:00 (UTC + 8) on December 5. What surprises can it bring us and what value benefits can users get from this project?
What is Biconomy?
Today, Web3 applications face significant barriers in terms of user usage, namely extremely high user entry and poor transaction experience . Almost every interaction with dApps is a complex transaction for users. Compared with the intuitive web2 products that people are accustomed to, current dApps are still very inconvenient in terms of operational practicality.
Biconomy hopes to take responsibility for improving the user experience of blockchain and decentralized applications (dApps). By solving the usability issues of blockchain, it provides users with seamless cross-chain transaction solutions and simplifies the interface for developers to build and optimize the transaction experience of applications. Biconomy's signature feature is its integration of multi-chain support and smart contracts, which allows users to transact across multiple blockchain platforms, reducing complexity and improving transaction efficiency.
II. Biconomy operation mode
Biconomy provides an infrastructure designed to simplify User Experience, enhance interoperability, and lower the threshold for Web3 use. Its architecture consists of three main products: Meta-Transactions , Hyphen Transactions , and Modularization Smart Accounts . The core mission is to help developers simplify the development process of decentralized applications (dApps) by providing ready-to-use APIs and SDKs, so that users can enjoy a smoother and unobstructed on-chain experience.
Currently, the development direction of Biconomy mainly focuses on the following three areas:
Biconomy achieves true gas-free transactions through its Relay Protocol , providing users with a more user-friendly and seamless on-chain experience. Users do not need to have ETH as a gas fee when using DApps. Instead, Biconomy greatly simplifies the payment process with the following mechanisms.
By providing gas-free transactions and cross-chain interoperability, Biconomy solves user pain points in traditional blockchains, making dApp development and use more efficient and convenient. At the same time, the introduction of BICO tokens provides sustainable economic incentives for network participants, ensuring the long-term growth and prosperity of the ecosystem.
Biconomy team and financing information
Biconomy Network was created by an experienced team from the fields of encryption and technology. The founders of the team include Ahmed Al-Balaghi and Nitin Gaur, who are committed to providing easy-to-use and powerful infrastructure tools for decentralized application developers. Biconomy attracted support from multiple investors and partners in its early days, laying the foundation for the platform's rapid development.
Biconomy raised $1.50 million in early 2021, followed by $9 million in July 2021 and a $11.50 million public offering on Coinlist in October.
Biconomy completed another round of strategic financing in March 2024. Although the financing amount was not disclosed publicly, its investor lineup is strong, including top institutions such as Jump Capital, Borderless Capital, Consensys Ventures, Taisu Ventures, Manifold Trading, Side Door Ventures, and Blockchain Founders Fund. This financing provides Biconomy with the motivation to further expand its cross-chain trading infrastructure and gas-free trading solutions, and also indicates that its key position in the Web3 ecosystem is increasingly consolidated
BICO holders can submit improvement proposals to promote technical upgrades or operational adjustments to the protocol. They participate in key decisions through voting mechanisms, such as protocol parameter adjustments or new feature launches.
In traditional concepts, accounts in blockchain networks are divided into Externally Owned Account (EOA) and Contract Account. EOA is directly controlled by users and transactions are signed through private keys, while Contract Account is controlled by code and transactions are processed through smart contract logic. The goal of Account Abstraction is to blur the boundary between the two, give Contract Account more functionality, and make EOA flexible like a smart contract.
In 2022, the first Layer 2-based account abstraction standard EIP-4337 was proposed, attempting to achieve account abstraction without changing the protocol of Ethereum Layer1. This goal was successfully implemented and deployed on the Ethereum mainnet in 2023. Since then, more and more DAPP developers have begun to adopt account abstraction technology, bringing users a more flexible and convenient operation experience.
On December 5, 2023, The First announced that it would launch the account abstraction infrastructure project Biconomy , a multi-chain, Plug and Play relay protocol established in 2019. It can greatly reduce users' concerns about network switching during the transaction process and promote a seamless and smooth User Experience. Therefore, it has been adopted by a large number of developers. Now, Biconomy has launched the ecological token $BICO and launched The First spot area at 16:00 (UTC + 8) on December 5. What surprises can it bring us and what value benefits can users get from this project?
What is Biconomy?
Today, Web3 applications face significant barriers in terms of user usage, namely extremely high user entry and poor transaction experience . Almost every interaction with dApps is a complex transaction for users. Compared with the intuitive web2 products that people are accustomed to, current dApps are still very inconvenient in terms of operational practicality.
Biconomy hopes to take responsibility for improving the user experience of blockchain and decentralized applications (dApps). By solving the usability issues of blockchain, it provides users with seamless cross-chain transaction solutions and simplifies the interface for developers to build and optimize the transaction experience of applications. Biconomy's signature feature is its integration of multi-chain support and smart contracts, which allows users to transact across multiple blockchain platforms, reducing complexity and improving transaction efficiency.
II. Biconomy operation mode
Biconomy provides an infrastructure designed to simplify User Experience, enhance interoperability, and lower the threshold for Web3 use. Its architecture consists of three main products: Meta-Transactions , Hyphen Transactions , and Modularization Smart Accounts . The core mission is to help developers simplify the development process of decentralized applications (dApps) by providing ready-to-use APIs and SDKs, so that users can enjoy a smoother and unobstructed on-chain experience.
- Meta Transactions : Achieving a Gas-Free User Experience
- User Experience : Simple front-end operation, users do not need to understand or deal with complex gas mechanisms.
- Developer Advantage : dApp developers enhance User Experience, retention and engagement by paying Gas fees.
- Hyphen: Enhancing cross-chain interoperability
- ERC-20 tokens pay gas fees : Users can pay gas with any ERC-20 token, instead of the native tokens of a specific chain (such as ETH or BNB), greatly simplifying cross-chain interaction.
- Automatic Liquidity Balancing : Hyphen maintains token liquidity on different chains and automatically balances excess liquidity for one-way output, ensuring smooth execution of cross-chain transactions.
- The role and value of BICO tokens
- Network Incentives : BICO incentivizes ecosystem participants such as node operators and liquidity providers to support the network.
- Governance function : BICO holders can participate in network governance, proposing or voting on key issues regarding protocol upgrades or other network developments.
- Staking and Returns : Users can stake BICO to receive network benefits while supporting the security and decentralization of the Biconomy network.
Currently, the development direction of Biconomy mainly focuses on the following three areas:
- Cross-chain application : Support fast and seamless asset transfer between different public chains.
- ERC-20 Token Gas Payment : Allows users to pay gas fees with any ERC-20 token, enhancing User Experience.
- Enhanced User Retention Rate : Gas-free experiences reduce User Churn rates, especially for novice users.
- Flexible business models : Developers can attract more users by subsidizing gas fees or partnering with third parties to inject more vitality into the ecosystem.
- Zero Gas Transfer Application : Provide users with a truly zero-fee on-chain transaction experience.
Biconomy achieves true gas-free transactions through its Relay Protocol , providing users with a more user-friendly and seamless on-chain experience. Users do not need to have ETH as a gas fee when using DApps. Instead, Biconomy greatly simplifies the payment process with the following mechanisms.
By providing gas-free transactions and cross-chain interoperability, Biconomy solves user pain points in traditional blockchains, making dApp development and use more efficient and convenient. At the same time, the introduction of BICO tokens provides sustainable economic incentives for network participants, ensuring the long-term growth and prosperity of the ecosystem.
Biconomy team and financing information
Biconomy Network was created by an experienced team from the fields of encryption and technology. The founders of the team include Ahmed Al-Balaghi and Nitin Gaur, who are committed to providing easy-to-use and powerful infrastructure tools for decentralized application developers. Biconomy attracted support from multiple investors and partners in its early days, laying the foundation for the platform's rapid development.
Biconomy raised $1.50 million in early 2021, followed by $9 million in July 2021 and a $11.50 million public offering on Coinlist in October.
Biconomy completed another round of strategic financing in March 2024. Although the financing amount was not disclosed publicly, its investor lineup is strong, including top institutions such as Jump Capital, Borderless Capital, Consensys Ventures, Taisu Ventures, Manifold Trading, Side Door Ventures, and Blockchain Founders Fund. This financing provides Biconomy with the motivation to further expand its cross-chain trading infrastructure and gas-free trading solutions, and also indicates that its key position in the Web3 ecosystem is increasingly consolidated
BICO holders can submit improvement proposals to promote technical upgrades or operational adjustments to the protocol. They participate in key decisions through voting mechanisms, such as protocol parameter adjustments or new feature launches.
