NOZZLE
BICO account abstraction this track. One of the topics Buterin talked about is that account abstraction AA is the key to whether Ethereum can expand the number of users to 1 billion. Account abstraction can make people use WEB3 as smooth and simple as WEB2. OK and many others are developing account abstraction wallets, but what does BICO do? It is the infrastructure for account abstraction. With a potential of 30-50 times, it is the future market and a hot spot in the future.
It's a bit troublesome to understand the account abstraction, so I'll make some metaphors. For example, if you normally buy something on WEB3, you have to pay the Ether GAS fee, but if you have never played in the currency circle, you are not familiar with it. So how can account abstraction be done? I buy a coin, but there is no GAS fee. I can ask other people's wallets (friends) to help pay the GAS fee, or some TuGou projects will open a pool. Everyone is welcome to buy TuGou. You can come. If you buy a Tugo, the GAS fee is released. When everyone buys this Tugo, the account abstraction can realize that the project party pays the GAS fee and the user does not spend GAS. Of course, this is only part of the function of account abstraction, and there is also social recovery. For example, if I forget the mnemonic phrase of my wallet, there is definitely nothing I can do. However, the account abstraction wallet has a social recovery function. You can also restore the wallet using your email or asking friends. . There are also merger deals. For example, I originally bought A currency, paid GAS after buying it, then bought B currency, and then paid GAS. I might as well buy A B at the same time and pay less GAS. For example, you bought pork and got change, and then you went to buy vegetables and got change again. If the pork and vegetables belong to the same family, they are counted together. Account abstraction also has many functions, such as placing orders or automatic trading. For example, if I set it in the wallet and the UNI is lower than 10, buy me $100. This was not possible with previous wallets. These are the general functions of account abstraction.
The functions of BICO, such as GAS-free transactions, are usually paid for by the project party. Even if you transfer across the chain (the account is abstracted so that you cannot feel the existence of the chain), you can flexibly choose the currency to pay GAS. For example, my wallet does not have ether, but If there is a Tugou, I will use Tugou to pay the gas fee, and then connect it to each chain and layer 2.
Core team: Ahmed Al-Balaghi (CEO), Aniket Jindal (COO), Sachin Tomar (CTO), Sachin has a software engineering background
Advisor: Sandeep Nailwal (Advisor and COO, Polygon)
In January 2021, it received US$1.5 million in financing led by Eden Block, with Fenbushi Capital, Binance and DACM also participating in the investment.
In July 2021, received US$9 million in financing
Biconomy has raised a total of US$10.5 million in financing from investors including Coinbase Ventures, Binance Labs, Fenbushi Capital and Huobi Ventures.
Binance, Huobi and COINBASE have all invested.
The project was established in 2019 and has been committed to developing a technical service platform for developers, providing convenient, efficient and low-cost SDK services to allow 1 billion people to enter blockchain dApps.
So far, it has launched a number of services and products, providing cross-chain bridge and cross-chain communication services, account abstraction SDK, etc.
There are two types of participants in the account abstraction market:
One type is a smart contract wallet with functions such as social login and recovery, gas abstraction, transaction batch processing, and integration and aggregation of third-party services (such as legal currency deposits and withdrawals and DeFi protocols). There are many start-up projects in this track and the solutions are rudimentary; this There are too many similar smart wallets, with many projects, it is difficult to choose, and not many people use them now.
The second category of modular providers, except biconomy and stackup, are mostly in their early stages. This type of infrastructure is account abstraction. BICO is an old project. It has been a small leader in this field for 4 years.
BICO Account Abstraction The number of monthly users of AA in each chain is increasing very quickly.
BICO’s official Twitter also said that every 17 seconds, someone opens an abstract AA account, and now there are almost 600,000, which is a very fast growth rate. After the Ethereum Cancun upgrade was completed in March, the speed and GAS dropped. Buterin will bring ether, upgrade and hype the account abstraction, and then BICO’s main wave will arrive.
BICO cooperates with TWT, the largest wallet. BICO is more like an account abstraction infrastructure, or underlying technology. Many DAPPs or wallets are running on it, and you can obtain account abstraction functions. This is a potential stock for the future. He is an important player in our hidden account abstract track. $bico
