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Aug 6 โ€ข 9 tweets โ€ข 3 min read
๐Ÿ‘‹Hello Biconauts,

This weekโ€™s glossary covers EIP-4337, a proposal meant to handle a top preoccupation of the #Ethereum community: ๐€๐œ๐œ๐จ๐ฎ๐ง๐ญ ๐€๐›๐ฌ๐ญ๐ซ๐š๐œ๐ญ๐ข๐จ๐ง.

Weโ€™ll go over why the proposal was necessary and what solution it offers.๐Ÿงต๐Ÿ‘‡
2/

First, a quick note: #accountabstraction allows a contract to become the top-level account that handles fees and starts the execution of the transaction.
3/

Ethereum developers have been preoccupied with account abstraction for a while.

The goal is to use #EVM code not just for implementing the logic of applications but also for the verification logic of individual wallets โ€“ nonces, signatures, etc.
4/

How does the proposal work?

By replicating the functionality of the transaction #mempool on a higher level, users get to send UserOperation objects into a separate mempool, relying on pre-vetting these calls for safety.
5/

This makes it easy to verify outcomes that are otherwise hard to do for transactions from contract accounts.

This mechanism allows account abstraction to be implemented on the blockchain without any changes to the core protocol.
6/

Bundlers are a special class of actors who are miners or users who can send transactions to miners through a bundle marketplace.

They pack up UserOperation objects into one โ€˜bundle transactionsโ€™ and include them into an #Ethereum block.
7/

๐๐ซ๐จ๐ฉ๐จ๐ฌ๐š๐ฅ ๐ ๐จ๐š๐ฅ๐ฌ:

โœ“ Account abstraction
โœ“ Decentralization
โœ“ Avoidance of consensus changes
โœ“ Allowing developers to pay transaction fees for their users
8/

Pros&Cons

Pros: flexibility in verification logic, quantum-safe execution layer, wallets that could upgrade their entire code, & flexibility in execution logic

Cons: slightly increased DoS vulnerability, gas overhead, & the account can only send one transaction at a time
9/

At @Biconomy weโ€™re convinced that Account abstraction is where the future of #crypto is headed.

As quoted by our Co-Founder @schin_tomar, we're working with EIP 4337 for better UX, security, and flexibility!

Working on a AA/EIP-4337 deep dive. Stay tuned!

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More from @biconomy

Aug 5
Bull or bear, the Biconomy juggernaut has been growing leaps & bounds every month!

July was no different! So let's look at our July metrics!๐Ÿ‘‡
Gasless โ›ฝ๏ธ

Gasless saw continued growth thanks to a number of new integrations with even higher gas savings for dApps!

Total Transactions: 1,172,799 (+32% MoM)

Gas savings $$ for dApps: $19,434.71 (+5% MoM)

Unique users: 209,196 (+18% MoM)
200K new unique users used Biconomy just in the last month ๐Ÿคฏ

Also, we officially surpassed 20 MILLION transactions and 2 million NEW web3 users!
Read 6 tweets
Aug 5
Whatโ€™s a Relayer Network?

1/9

Make a guess... Who are the unsung heroes of #Web3?

Not your micro-cap gaming tokens or๐Ÿ’ฉcoins for sure.

We'd like to think that Relayer Networks are the invisible MVPs of Web3 ๐Ÿ’ช๐Ÿผ

What are Relayer Networks exactly?

Let's dig in!

A ๐Ÿงต๐Ÿ‘‡๐Ÿผ
2/9

A Relayer takes individual orders and organizes them into an order book.

It's similar to what exchange does.

Except, a Relayer is NOT an exchange.

A Relayer helps users create, sign, or find orders to fill without holding any tokens.

Yes๐Ÿ˜ฏ, just WOW.
3/9

2 key definitions๐Ÿ‘‡๐Ÿผ

A 'Relayer Network' is a way to send meta-transactions to an EVM-compatible chain using a third party's infrastructure.

A 'Meta Transaction' has data created and signed off-chain by one person and executed by another person who pays the gas fees.
Read 9 tweets
Aug 4
๐Ÿ“™ ๐–๐ž๐ž๐ค #๐Ÿ ๐จ๐Ÿ ๐๐ข๐œ๐จ๐ง๐จ๐ฆ๐ฒ ๐…๐€๐๐ฌ

Each week, we answer a frequently asked question around Biconomyโ€™s ecosystem.

Cool new projects are integrating Gasless to onboard users.

So whatโ€™s the best way to leverage Gasless?

๐™๐™ค๐™ก๐™ก๐™ค๐™ฌ ๐™–๐™ก๐™ค๐™ฃ๐™œ๐Ÿงต๐Ÿ‘‡
/2

There are 3 ways to make your #dAppโ€™s contract meta-transaction compatible with #Gasless:

โœ… via Standard EIP 2771
โœ… via Custom Implementation
โœ… via smart Contract Wallet
/3

Choosing an approach depends on application drivers, including time optimization, smart contract compatibility, & dev resources:

โ˜‘๏ธChoose 1) EIP2771 approach if you are looking for:

- a standardized implementation
- the ability to register specific methods to make gasless
Read 6 tweets
Jul 27
1/

The ultimate goal for Web3 developers is mass adoption of blockchain technology.

As they say, the best process is no process.

We think Smart Contract Wallets will play a massive role in simplifying adoption.

Here's why SCWs matter๐Ÿ‘‡๐Ÿผ

A ๐Ÿงต
2/

The two types of wallets we're familiar with:

๐Ÿ—‚ 'Hot' wallets โ€” Browser-based, like MetaMask and Coinbase Wallet Mobile App. Always connected to the web.

๐Ÿ—‚ 'Cold' wallets โ€” Connected only when in use, like Ledger and Trezor. These are less user-friendly.
3/

A 3rd option โ€” Smart Contract Wallets (SCWs)

These are Ethereum wallets managed by smart contracts instead of private keys.

Some of the advanced security benefits of SCWs?

โœ… Whitelisting
โœ… Multi-sig transactions
โœ… Daily transfer limits
โœ… Emergency account freezing
Read 6 tweets
Jul 26
/1 @metapassHQ is now Gasless! ๐Ÿ’ฐโ›ฝ๏ธ

And they have an innovative NFT use case already seeing adoption๐Ÿ‘‡
2/

With MetaPass users can create events and sell NFT tickets complete with token gating for proof of attendance ๐Ÿคฏ
/3 The best part?

Attendees are spared from gas fees with our relayers!

So that even non-web3 folks can easily enjoy the perks.

Join your first event and see for yourself app.metapasshq.xyz
Read 4 tweets
Jul 26
Are you missing out on the Biconomy Rewards Program?

Big time, anon!

๐Ÿ”ฅ1500 Biconauts have started attempting the quests and 268 have already completed at least one!

This could be you too because leveling up is ultra easy!

๐Ÿ‘‰ rewards.biconomy.io

๐‡๐จ๐ฐ?
๐Ÿงต๐Ÿ‘‡
Earn XP by doing tasks such as:

Stake at least 2K BICO at staking.biconomy.io for 30 days

or

Provide at least 1K BICO as liquidity on Ethereum at hyphen.biconomy.io/pools for 30 days

There are even more ways to level up. Discover all
Quests here๐Ÿ‘‡
rewards.biconomy.io/quest
Here are 5 additional reasons you should join a BICO quest if you haven't already:

#1 - Every level will unlock different types of reward.

๐ŸŒŸBiconaut NFTs
๐ŸŒŸ$BICO rewards
and more coming soon such as Biconomy swag, discord roles..!
Read 6 tweets

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