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Leading Web3 infrastructure firm Biconomy is enhancing on-chain transactions by integrating AI agents to autonomously perform transactions on behalf of users. This development leverages the Delegated Authorization Network (DAN), which acts as an authorization layer facilitating these autonomous transactions. According to Biconomy co-founder Aniket Jindal, DAN is a relatively new development that allows users to delegate trading activities to AI agents.
What Will DAN Do?
The core concept behind DAN is the delegation of authority, allowing AI agents to manage trading accounts and perform transactions based on predefined user instructions. Once permissions are created with a decentralized application (DApp), AI agents can receive specific inputs from users regarding fund allocation and trading strategies.
In this context, AI agents are designed to perform specific tasks autonomously or semi-autonomously. These tasks can range from automating repetitive actions to making complex decisions in dynamic environments based on predefined criteria or accumulated learning.
This situation goes beyond traditional AI-powered trading bots, which are typically limited to automating asset buying and selling. In contrast, AI agents offer more sophisticated management for asset allocation and portfolio optimization.
Secure and Private Transactions
Biconomy’s DAN provides secure and private transactions using a sharding mechanism for key management. When a new authorization key is created for a user, this key is divided into multiple pieces. These pieces are then distributed across a decentralized node network, ensuring that no single node has full access to the key. This prevents any node from compromising the key, enhancing security.
To maintain the integrity and performance of each node within the DAN network, Biconomy uses EigenLayer, which is based on Ethereum’s economic security. Validators in the EigenLayer network must reclaim Ethereum assets that can be slashed if they engage in malicious activities. This mechanism ensures that AI can securely participate in on-chain transactions without compromising self-custody principles.
Growth Expected
The financial sector is expected to experience significant growth in the use of AI agents. According to a report by Grand View Research, the global market for autonomous AI and agents is projected to reach approximately $70.53 billion by 2030, growing at an annual rate of 42.8% from 2023 to 2030. Financial institutions are increasingly adopting AI agents to automate trading, manage risk, and detect fraud, among other applications.
Biconomy’s integration of AI agents into on-chain transactions represents a significant leap in automating and enhancing financial activities within the Web3 ecosystem. DAN not only improves transaction management by providing a secure, autonomous, and user-friendly authorization layer but also exemplifies the broader potential of AI in transforming financial operations.
