- Biconomy aims for Web3 solutions through smart contract wallets.
- No-gas transactions are supported as a new Web3 standard for seamless user experience.
- Biconomy offers specialized Account Abstraction SDK to all blockchains.
Biconomy is a hub for Web3 solutions, aiming to expand the technology of account abstraction. The toolset offers a new approach to wallets, where new Web3 players get onboarded without having to create a classic crypto wallet.
Recently, Biconomy partnered with Router Protocol, bringing its account abstraction toolset to the Router network. Router is a new Layer 1 blockchain built using the Cosmos protocol, and is already available to developers. Biconomy is also tokenized with its own BICO asset, calling for anyone to join and stake the tokens for added passive income.
The goal of Biconomy is to fit any type of app seamlessly and serve the Web3 developer community with a specific SDK. Biconomy has been working on account abstraction for a few years, though meeting demand after the rise of Web3 games. Biconomy has worked on account abstraction since 2019, when the new technology was proposed as a way to make Ethereum adoption more user-friendly.
Biconomy Works with All Networks for Account Abstraction
Account Abstraction also fits the model of wallet-as-a-service and various in-app wallets where the end user does not need to store the private keys. Account abstraction also offers a login user story similar to Web2, though with the possibility of Web3 ownership such as holding NFT.
The biggest benefit for end users is the possibility of using all Web3 apps with gas-free transactions. More and more apps are only adopted when there is no need to buy crypto for fees and no gas wars for games. Even low gas fees are avoided, not to cut into the P2E income.
Account abstraction also means players can choose any token to pay fees where they are needed, such as using decentralized exchanges.
Binomy has created gassless transactions and partial abstraction for users of The Sandbox metaverse game. Players of The Sandbox received a partial free transaction credit.
Binomy also offers tools to avoid signing malicious smart contracts. With account abstraction, users gain more information on exactly what they are signing, while regular wallets can give implicit consent, or be easily called in signing malicious links.
