Biconomy DAN is launched: empowering AI agents to manage secure on-chain transactions

24-06-13 13:32
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Recently, Nvidia's market value has reached three trillion US dollars, making it one of the only three companies in the world with a market value of more than three trillion. AI has become the ceiling track of Wall Street and even the entire financial world.

The combination of blockchain and AI also shows great potential. As a new productivity, AI can automate simple tasks, optimize complex DeFi strategies, and enhance the overall on-chain experience of users. As a new production relationship, blockchain can change the distribution relationship between users, companies and capital markets, bringing revolutionary changes to the entire economic system. By combining these two technologies, efficiency can be improved while providing a safer and more convenient user experience.

But at present, there are not many innovative AI projects in the currency circle. Observe that at the beginning of this year, with the release of the Sora model by OpenAI, AI-related cryptocurrencies began to attract widespread attention. Many AI currencies such as WLD, LPT, ARKM and FET doubled in a week. However, due to the lack of "strength" support, after the market crash in April, the prices of most AI currencies have fallen by at least 50% from their historical highs. Many small-cap AI projects have even run away directly, and there are no new project dynamic updates.

Most of the AI projects in the currency circle are computing power leasing projects, lacking new innovations and practical applications. Web3 and the encryption field are also experiencing rapid development, but they still face major challenges in user experience and security. Although blockchain technology has significant advantages in decentralization and transparency, complex user operations and high-risk security issues are still the pain points of the industry. These problems limit the large-scale application and user popularity of AI tools in the blockchain industry.

The current market urgently needs new AI solutions with practical application value. Against this background, Biconomy launched DAN (Delegated Delegation Network), an innovative solution designed to promote the widespread application of AI in the encryption field through secure on-chain task delegation.

Biconomy DAN: Enabling AI Agent Transactions

On June 11, 2024, Biconomy officially launched Biconomy DAN (Delegated Authorisation Network). The launch of DAN marks a new milestone in the combination of Web3 and AI, enabling on-chain activities to be securely delegated to AI agents. Through DAN, AI agents can optimize and authorize transactions on behalf of users, filling the gap in AI adoption in Web3 while maintaining self-custody. Biconomy DAN works with EigenLayer to jointly improve the security of the solution.

DAN addresses two key challenges in the Web3 space, the lack of true autonomy for AI agents, and the security issues that come with granting AI full control of keys. By providing programmable authorization through user-defined permissions and leveraging EigenLayer AVS for security, DAN ensures that on-chain tasks are securely delegated to AI.

Biconomy co-founder Aniket Jindal said that Biconomy DAN represents a critical step in the evolution of Web3 and perfectly fits the industry's trend towards greater decentralization and accessibility. By simplifying the blockchain experience and promoting mass adoption, Biconomy DAN is expected to catalyze a new era of innovation, enabling AI agents to securely handle the complexity of on-chain tasks, unlocking endless possibilities for transformative AI applications in the crypto space.

The Combination of Account Abstraction and AI

Before the launch of DAN, Biconomy was already known for its account abstraction project. As a Web3 infrastructure project, Biconomy is committed to helping developers create seamless transaction experiences for users in decentralized applications (dApps), with the goal of introducing the next billion users to Web3. Since 2019, Biconomy has attracted more than 400 customers including JP Morgan, Mercedes-Benz, Decentraland, and Sandbox, and has integrated major Web3 projects such as Trust Wallet and dYdX, attracting more than 4 million users.

Through its SDK built around account abstraction, Biconomy users can achieve a keyless, gas-free, and chainless experience in dApps, providing a Web2-like user experience. This has enabled Biconomy to establish a strong influence in the industry.

We all know that Account Abstraction (AA) has always been one of the concepts publicly supported and promoted by Ethereum co-founder Vitalik Buterin, and it is also one of the recognized rigid demand tracks in the industry. In Vitalik's view, account abstraction is "very elegant" because it does not require changes to the underlying protocol like other previous upgrades, and it can improve the user experience by enhancing the flexibility and functionality of user accounts.

Traditionally, transactions on blockchain networks must meet specific validity conditions, such as having enough balance to pay Gas fees, correct Nonce, and valid digital signatures. Account abstraction allows developers to customize these conditions, making transactions more flexible and programmable.

Through account abstraction, Biconomy has achieved several key functions: dApps or smart contracts can pay gas fees for users' transactions, greatly reducing the entry barrier for new users; users can use ERC20 tokens to pay gas fees without having to hold native tokens; account abstraction allows multiple transactions to be packaged into a single transaction execution, improving efficiency; users can authenticate through social media accounts or emails without the need for cryptocurrency wallets.

Now, Biconomy will promote the further development of Web3 and the encryption field by combining account abstraction and DAN (Authorized Delegation Network). DAN makes the widespread application of AI in the encryption field possible through secure on-chain task delegation. This combination will not only improve efficiency, but also provide a safer and more convenient user experience. The combination of account abstraction and DAN will also bring about the following changes:

1. Improve transaction flexibility: Developers can set transaction conditions more flexibly to improve the security and efficiency of transactions.

2. Lower the threshold for users: Through gas fee sponsorship and ERC20 tokens to pay gas fees, the threshold for users to enter Web3 is lowered, attracting more users to use dApp.

3. Improve user experience: Wallet-free login and batch transaction functions make the user experience smoother and more seamless, thereby promoting the popularity and application of dApp.

What is Biconomy DAN?

Now we can get to the point and officially introduce what Biconomy's DAN is.

Biconomy's DAN (Delegated Delegation Network) is an innovative solution that allows users to securely delegate on-chain activities to AI agents. Through DAN, AI agents can analyze user intent and optimize transactions, and then verify and execute these transactions on the chain on behalf of users. The core functions and features of DAN include user-defined programmable authorization, strong security provided by EigenLayer AVS, autonomous operation, etc.

1. User-defined programmable authorization:

Users can define the operation permissions of AI agents to ensure that transactions are carried out within the rules set by users. Specifically, DAN allows users to set the scope of permissions of AI agents according to their needs to ensure that transactions are carried out under the control of users. Users can restrict access to specific assets, set maximum transaction amounts, limit transaction times, etc.

2 Strong security with EigenLayer AVS:

Traditional solutions usually require AI agents to have full control of the user's keys, which poses a serious security risk. DAN provides strong cryptographic security by using EigenLayer AVS (Active Verification Service) to store the user's keys and permissions. EigenLayer AVS uses decentralized key storage and strict permission management to ensure that AI agents do not exceed the scope of permissions set by users when performing tasks, thereby ensuring the security of on-chain tasks.

3. Autonomous operation:

Currently, AI agents usually require users to manually sign or approve transactions, making it difficult to operate completely autonomously. Through DAN's programmable authorization, AI agents can independently complete transaction operations on the premise of obtaining authorization. This not only improves overall efficiency and user experience, but also solves the problem of insufficient autonomy of AI agents, enabling them to complete tasks more efficiently. For example, users can authorize AI agents to automatically complete repetitive operations in specific situations, such as regular payments or automatic investments, thereby simplifying daily management.

Application scenarios and practical applications of DAN

So what are the application scenarios and practical applications of DAN?

Users can use DAN in some typical application scenarios: In decentralized finance (DeFi) products, DAN can help users automatically manage DeFi strategies and improve investment efficiency. For example, AI agents can automatically adjust users' portfolios according to market conditions to maximize returns. Secondly, in the field of NFT, DAN can automatically manage users' NFT assets, such as automatically participating in auctions or managing leasing matters. At the same time, in games and entertainment applications, DAN can automatically handle in-game transactions and reward distribution to improve user experience and stickiness.

Currently, Biconomy's DAN (authorized delegation network) has been put into practical use in multiple projects, demonstrating its strong practicality and security. Here are two specific application examples:

Polywrap is a project designed to simplify Web3 development. It uses Biconomy's DAN to implement dynamic calls to smart contracts. Through DAN, Polywrap is able to automatically handle complex on-chain operations without manual user intervention. The AI agent in Polywrap is responsible for analyzing user intent and optimizing the call process, and then verifying and executing these calls on the chain through DAN. This not only improves transaction efficiency, but also enhances the security and reliability of the system.

zkAutomate is a project focused on privacy protection and automated trading. By integrating DAN, zkAutomate enables autonomous operation of AI agents in a zero-knowledge proof environment. The use of DAN allows AI agents to safely perform various on-chain tasks based on predefined permissions without the need for frequent manual operations by users. This feature greatly improves the operational efficiency of zkAutomate and provides users with higher privacy protection.

Let's talk about the potential market space of DAN. It not only provides a more efficient and secure way of trading for existing Web3 users, but also attracts a large number of investors interested in cryptocurrency to enter this field. For many traditional financial investors, the volatility and high threshold of the cryptocurrency market are often daunting. However, Biconomy DAN is expected to become an important tool to promote the mass adoption of cryptocurrency by simplifying the user experience and improving security.

Through DAN, users can enjoy a more convenient and intuitive operation experience, reducing the requirements for technical knowledge. This makes it easier for investors who are interested in the cryptocurrency market but lack expertise to participate. In addition, the security measures provided by DAN, such as user-defined permissions and decentralized key storage using EigenLayer AVS, can effectively reduce investment risks and allow novice users to use it with confidence.

DAN's automation and optimization capabilities make it highly practical in multiple application scenarios such as decentralized finance (DeFi), NFT management, games and entertainment. By simplifying complex on-chain operations into automated processes without user intervention, DAN not only improves operational efficiency but also enhances user experience. These features enable DAN to attract a large number of investors from traditional financial markets to enter the cryptocurrency field, thereby significantly increasing the depth and breadth of the market.

In general, Biconomy DAN not only helps the trading experience of existing Web3 users, but also opens the door to the crypto world for more new users. By lowering the threshold, simplifying operations and improving security, DAN is expected to become an important driving force for the popularization of the cryptocurrency market.

What impact does the launch of DAN have on the price of the currency?

In terms of recent highlights and PR activities, Biconomy has recently made significant progress in many aspects, further enhancing its market position and influence: With the launch and continuous improvement of DAN, Biconomy's native token $BICO will also benefit from this technological innovation. Users holding $BICO will be able to participate in the governance of the Biconomy ecosystem and vote on important project directions and strategies. In addition, Biconomy plans to further promote the holding and use of $BICO through community rewards and incentive programs, such as participating in upcoming cryptocurrency project airdrops.

Biconomy has made significant progress in recent highlights and PR activities, further strengthening its market position and influence. Biconomy has established strategic partnerships with several well-known projects and companies, including Trust Wallet, dYdX and Sandbox. A new round of financing was successfully completed, introducing important strategic investors such as Jump Capital and Coinbase Ventures, which will be used to further develop and promote DAN. Biconomy has also achieved several important milestones, including processing more than 6 million user operations (UserOps) and deploying more than 1.2 million smart accounts.

In the future planning, Biconomy plans more features to enhance the flexibility and practicality of DAN. These features include:

1. Human-readable permissions: Enable users to set and manage permissions for AI agents in a more intuitive way.

2. Permissions based on external data sources: Allow AI agents to dynamically adjust operating strategies based on external data sources (such as market prices or news events).

3. Intent-based permissions: Enable AI agents to understand and execute users' high-level intentions, not just predefined tasks.

Looking to the future, the launch of Biconomy DAN will further promote the combination of Web3 and AI, and promote the innovative application and widespread popularization of blockchain technology. By providing a secure, flexible and efficient on-chain task delegation solution, DAN is expected to become an important part of the future Web3 infrastructure.

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