Gas free transactions are coming to DeFi.
Biconomy launched their beta mainnet on Monday, providing tools for dapp developers to allow users to access and use their applications without interacting with crypto wallets or paying gas fees to perform transactions.
In other words, the service aims to eliminate much of the technical knowledge currently needed to interact with dapps, making it far easier for developers to onboard new users in their products.
Dapps with Biconomy integration will allow users to log in using a familiar username and password interface. Behind the scenes, Biconomy relayers collect transactions, buy necessary tokens, and can spend gas provided by developers on small transactions.
We want to thank all those who showed us great support yesterday during our beta launch!
Here is a glimpse summary of our beta launch https://t.co/qigzhM3ktl pic.twitter.com/irfZ85uzC7
— Biconomy (@biconomy) May 5, 2020
Many dapps, especially within decentralized finance (DeFi), require these types of transactions to enable token trading or to send messages. Biconomy allows developers to cover these costs and treat these small fees as customer acquisition costs, reducing friction and enabling faster user growth.
Developers can integrate Biconomy into their applications with just a few lines of code. They can also access a dashboard for managing gas consumption and user onboarding statistics.
"Much like Web 2’s success was reliant on open, reliable APIs like those of Stripe and Google Maps, Web 3.0 needs bridges that make it easier for developers to build without re-inventing the wheel every time,” Biconomy CEO Ahmed Al-Balaghi told Decrypt. “We are positioning ourselves as the de facto middleware platform that will help developers build on Web 3.0."
While Biconomy will be most useful for Ethereum developers in the near term, the protocol is blockchain agnostic and can work with other dapp platforms like TRON and EOS. The platform will also include a key recovery protocol, adding another layer of familiarity and security for users not accustomed to the sometimes harsh realities of controlling private keys.
Biconomy’s beta mainnet launches with the support of a variety of launch partners, including social blogging platform Sapien Network and Y Combinator backed neo bank Zefi. The idea is for partners to leverage Biconomy to provide a frictionless onboarding and user experience, with the goal of accelerating the adoption of distributed applications and the broader decentralized Web3 ecosystem.