Visa is a financial services company headquartered in San Francisco. is. The state of California has published a blog post talking about leveraging Ethereum and Layer 2 (L2) scaling solution Starknet to enable people with self-managed wallets to pay their bills. In the blog post, Ethereum does not support account abstraction or delegable accounts, but the financial services company has implemented his solution for delegable accounts on his L2 blockchain network, Starknet. says there is.
Visa develops account abstraction with L2 Ethereum scaling solution Starknet, payments firm envisions future with programmable money
December 2022 19 Today, Visa’s Crypto Thought Leadership Blog has posts written by Andrew Beams, Catherine Gu, Srini Raghuraman, Mohsen Minaei, and Ranjit Kumaresan. Visa’s subject is on “Automatic Payments for Self-Stored Wallets” and Visa shows that Ethereum can be leveraged to make automatic payments from a self-stored wallet solution. However, this concept makes use of the account abstraction, a feature currentlydiscussed by Ethereum core developers.
“Account Abstraction (AA) is a proposal that attempts to combine user accounts and smart contracts into a single Ethereum account type by making user accounts act like smart contracts,” said Visa. Details in blog post.
To circumvent the current inability to perform AA using Ethereum’s layer 1 (L1), Visa crypto researchers have proposed using AA over L2 to self We have summarized how to achieve automatic payments for custodial wallets. Scaling Solution Starknet. “Using Starknet’s account model, we were able to implement a delegable account solution and enable automatic payments for self-managed wallets,” explained Visa. The company’s blog post adds:
We believe automatic payments are a core feature missing from existing blockchain infrastructure.
Visa’s blog post on the subject was originally derived from his August 2022 research paper. The news follows Visa filing his trademark application at the end of October 2022, with the trademark covering a wide range of fields. Various crypto products including wallets. Visa, one of the world’s largest payment networks, says he wants to help the company “make money and payments programmable.”
In addition to Visa, the world’s second largest payment processor, Visa’s competitor Mastercard is also working to make cryptocurrency solutions more accessible. In the first week of November 2022, Mastercard said:
Visa’s statement resembles the same idea, and automatic payments from self-custodial wallet solutions could offer a myriad of concepts. “We have shared a new solution that leverages the concept of account abstraction to provide self-stored wallets with automated recurring payment functionality,” concludes Visa’s blog post. “The approach we have introduced can be used to bring other real-world applications beyond recurring payments to the blockchain.”
Image credit: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Tony Stock / Shutterstock.com