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Biconomy’s mission to make Web3 mainstream and onboard a billion users

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The idea to startup in the crypto space hit Aniket Jindal back in 2017 soon after India launched the demonetisation drive.

A year later, after he returned from Fudan University, China, where he was pursuing his Masters, he found the Indian market hungry for a seamless, easy to use DeFi app.

Most crypto applications were complicated back then, and Aniket wished to “remove all these complexities”. Thus, he co-founded Biconomy, targeting developers to give a Web2-like experience to end-users of a Web3 application.

With Biconomy, users can easily use crypto applications without the bottlenecks like gas fees and transfer assets among chains.

Building a better experience for the end-user

Citing the example of ZED RUN to explain what Biconomy is trying to achieve as a business, Aniket says there is a lot of friction when non-crypto savvy users start using dApps. Most users have to run through a complicated set of five or six steps to get started using the application. This was a very bad experience for ZED RUN’s user base, eventually leading to customer churn.

“So the product we developed [for ZED RUN] has APIs and SDK that can be integrated into the application itself so ZED RUN can pay the gas fees [instead of their customers],” said Aniket.

Following Biconomy’s integration, ZED RUN saw a 30-40 percent increase in its user base. Thus, Aniket and his team started developing tools for Web3 developers to improve the end-user experience.

Biconomy’s plans

“Gas is the major one we are trying to solve”, revealed Aniket. “Moving forward, [we are also targeting] other problems, including how do you move assets from one chain to another? How do you change the RPC code?”

He observed that the current Web3 gaming and DeFi applications want to offer a slick user experience so that their customers do not have to hit the confirm button every single time. Biconomy majorly plans to work with these applications to deliver what they want.

Recently, the startup also launched its token called BICO to decentralise its infrastructure. According to Aniket, the idea is to “have different stakeholders to be a part of the infrastructure, and we can create a network of executors who can relay all these transactions and they can get some fees out of it.”

The Biconomy token acts as an incentive mechanism for multiple stakeholders and validators. 

The existing Web3 friction points from Biconomy’s vantage point

“Crypto, Web3 applications, and decentralised applications, [all] have been only targeting one of the niches — crypto savvy users,” he said, adding that it is a major friction point in the Web3 space.

With Biconomy, Aniket wishes to make these applications more mainstream so that users familiar with the Web2 applications can use the Web3 apps in similar ways. 

The movement of assets from one exchange to another is also a friction point that bothers Aniket. “If you have to move your asset from Ethereum to Polygon, it’s going to take you 30 minutes. Who’s going to wait for 30 minutes?” asks Aniket.

Biconomy is also trying to solve this problem, along with looking at the privacy side of things.

Lastly, Aniket shared that wallet is still a big problem, restricting the growth of Web3. He praised MetaMask for being the most secure wallet out there but is sceptical about how many people understand it. None of the wallets is user-focused, and new kinds of wallets need to emerge.

To know more, listen to the podcast here.

Note:

01:00 – Aniket’s journey from Binance to Biconomy

07:40 – Finding PMF as a Web3 startup

15:00 – Why and how of tokenomics at a Web3 startup

21:00 – How Biconomy built its community

23:00 – Unsolved problems in the Web3 space

25:00 – How Web3 startups differ from Web2 startups

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Identity in the metaverse: Creating a global identity system

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With the advent of the metaverse, the need for a global identity system has become apparent. There are many different ways to create an identity in the metaverse, but no single system is universally accepted. 

The challenge is usually two-fold: first, how to create an identity that is accepted by all the different platforms and services in the metaverse, and second, how to keep track of all the different identities a person may have.

There are many proposed solutions to these challenges, but no clear consensus has emerged. Some believe that a single, global identity system is the only way to ensure interoperability between different platforms and services. Others believe that multiple identities are necessary to allow people to maintain their privacy and security.

The debate is ongoing, but it is clear that the need for a global identity system is becoming more urgent as the metaverse continues to grow.

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In this article, we will explore the various options for creating a global identity system in the metaverse. We will discuss the pros and cons of each option, and try to identify the best solution for the future.

Option 1: A single global identity

The simplest solution to the problem of identity in the metaverse is to create a single, global identity system. This would be a centralized system that would be responsible for managing all identities in the metaverse. 

The advantages of this approach are obvious: It would be much easier to keep track of identities, and there would be no need to worry about different platforms and services accepting different identities. In addition, a centralized identity system would allow for better security and privacy controls, as well as the ability to track identity theft and fraud.

However, this approach also has several disadvantages. First, it would be very difficult to create a global identity system that is accepted by everyone. Also, a centralized system would be vulnerable to attack and could be used to track people’s movements and activities. Third, it would be difficult to protect the privacy of users in a centralized system.

Option 2: Multiple identities

Another solution to the problem of identity in the metaverse is to allow each person to have multiple identities. This would mean that each person could have one or more identities that they use for different purposes. 

One of the main advantages of this approach is that it would allow people to maintain their privacy and security. Each person could choose which identity to use for each situation, and they would not have to worry about their entire identity being exposed. In addition, this approach would be more resilient to attack, as it would be much harder to take down multiple identities than a single one.

The limitations of such an approach would be that it could be difficult to keep track of all the different identities, and there would be no guarantee that different platforms and services would accept all of them. In addition, multiple identities could lead to confusion and could make it more difficult for people to build trust with others.

Option 3: A decentralized identity system

A third solution to the problem of identity in the metaverse is to create a decentralized identity system. This would be an identity system that is not controlled by any one centralized authority but rather is distributed among many different nodes. 

This might seem like the ideal approach, since decentralization is a common theme in the metaverse. However, there are still some challenges that need to be overcome. For instance, it would need to be ensured that all the different nodes in the system are properly synchronized and that the system as a whole is secure. In addition, it might be difficult to get people to adopt such a system if they are used to the more traditional centralized approach.

One solution would be to get the nodes in the system to be run by different organizations. This would help to decentralize the system and make it more secure. Another advantage of this approach is that it would allow different organizations to offer their own identity services, which could be more tailored to their needs.

Another would be to incorporate an edge computing solution into the system. This would allow for more decentralized processing of data and could help to improve performance. It would also make the system more resilient to attack since there would be no centralized point of failure.

The best solution for the future of identity in the metaverse is likely to be a combination of these approaches. A centralized system might be necessary to provide a basic level of identity services, but it should be supplemented by a decentralized system that is more secure and resilient. Ultimately, the goal should be to create an identity system that is both easy to use and secure.

The ideal identity standards of the metaverse

Now that we have explored the various options for identity in the metaverse, we can start to identify the ideal standards that should be met by any future global identity system. 

It is no easy task to create a global identity system that meets all of the criteria, but it is important to strive for an ideal solution. After all, the metaverse is still in its early stages, and the decisions made now will have a lasting impact on its future. 

Current iterations of the metaverse have used very traditional approaches to identity, but it is time to start thinking outside the box. The ideal solution will be one that is secure, private, decentralized, and easy to use. It will be a solution that allows people to maintain their privacy while still being able to interact with others in the metaverse. 

Most importantly, it will be a solution that can be accepted and used by everyone. Only then can we hope to create a truly global identity system for the metaverse.

The bottom line on identity in the metaverse

The question of identity in the metaverse is a complex one, but it is an important issue that needs to be addressed. 

The challenges associated with creating an implementation that is secure, private and decentralized are significant, but they are not insurmountable. For one, it will be important to get buy-in from organizations that have a vested interest in the metaverse. These organizations can help to promote and support the adoption of identity standards. 

It is also important to keep in mind that the metaverse is still evolving, and the solution that is ideal today might not be ideal tomorrow. As such, it will be critical to have a flexible identity system that can adapt as the needs of the metaverse change. 

Ultimately, the goal should be to create an identity system that is both easy to use and secure. Only then can we hope to create a truly global identity system for the metaverse.

Daniel Saito is CEO and cofounder of StrongNode

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How to Eliminate Scheduling Inefficiencies in Your Business

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What do salons, consultancies, and home service providers all have in common? This question may seem like the prime setup for a joke, but there’s no punchline to look forward…

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Why You Should Start a Business Only While You Have a Job

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Opinions expressed by Entrepreneur contributors are their own.

Many people that I meet tell me that they dream of starting their own . I always ask them, “Then why don’t you?” They typically respond by saying that they have so many financial and personal responsibilities, that they can’t just quit their job to start a company, etc. Then I tell them my story …



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Related: How to Use Your Current Job to Start Your Next Business

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