Biconomy focuses on improving the User Experience of DApps (Decentralized Applications) on web 3.0 by driving mass adoption of blockchain across the world.
DApps today face one major inhibition to user adoption i.e., terrible user onboarding experience.
For most of the DApps today, user needs to follow below steps just to use the DApp
Download a Wallet ( Metamask, Trust etc )
Get some ether/crypto from an exchange
Create an account on exchange
Upload documents for KYC verification
Wait for some days for your account to get verified
Buy the ether/crypto and transfer it to your wallet
Now use the Dapp
Most of the users drop out at this point of time only due to such lengthy process.
At Biconomy, we solve the above problem by allowing end users to use the DApp without downloading any external wallets or buying any crypto currency from an exchange. We handle all the blockchain related stuff under the hood.
This is possible using the concept of meta transactions where user is able to do a transaction on blockchain with zero balance account and any third party can pay for the transaction fees for the user.
In this case DApp developer/owner pays the transaction fee on behalf of its users as a part of user acquisition cost.
Below is the transaction flow diagram showcasing how user is able to do a transaction with zero balance account.