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Visa, the financial services company headquartered in San Francisco, CA, has published a blog post that talks about leveraging Ethereum and layer two (L2) scaling solution Starknet so that people with self-custodial wallets can pay their bills. The blog post notes that although Ethereum does not support account abstraction or delegable accounts, the financial services company has implemented a delegable account solution on Starknet, the L2 blockchain network.
Visa Expands Account Abstraction Using L2 Ethereum Scaling Solution Starknet, Payments Company Sees Future With Programmable Money
On December 19, 2022, the Visas Crypto Thought Leadership blog published an article by Andrew Beams, Catherine Gu, Srini Raghuraman, Mohsen Minaei, and Ranjit Kumaresan. Visa’s brief is about automatic payments for self-custodial wallets, and Visa shows that it’s possible to leverage Ethereum to execute automatic payments from a self-custodial wallet solution. However, the concept uses account abstraction, a feature that Ethereum core developers are currently debating.
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 function as smart contracts, Visa’s blog details.
Visa starknet account abstraction concept code.
In order to circumvent the issue that AA is currently not feasible using Ethereum’s Layer 1 (L1), Visa’s crypto researchers have summarized how they can make automatic payments for self-custodial wallets with AA via the L2 Starknet scaling solution. With the Starknets account model, we were able to implement our delegable account solution, enabling automatic payments for self-custodial wallets, Visa explained. The company’s blog post adds:
We see automatic payments as an essential feature that is missing from the existing blockchain infrastructure.
The Visa blog post on the subject originally stems from a research paper published in August 2022. The news follows Visa’s trademark filings in late October 2022 and the trademarks covered a wide range of crypto products, including including a wallet. As one of the largest payment networks in the world, Visa said the company wanted to help make money and payments programmable.
In addition to Visa, the world’s second-largest payment processor and competitor to Visa, Mastercard, is also working to make cryptocurrency solutions more accessible. During the first week of November 2022, Mastercard said: We are welcoming a new cohort of startups to facilitate access to digital assets, build communities for creators, and empower people to innovate for the future through to Web3 technologies.
Visa statements are akin to the same ideas and automatic payments from a self-service wallet solution could provide a myriad of concepts. We have shared a new solution that leverages the concept of account abstraction to provide self-custodial wallets with the capability for automatic recurring payments, concludes the Visas blog post. Using the approach we introduced, other real-world applications beyond recurring payments could be brought to blockchain.
Tags in this story account model, automatic payments, Blockchain Infrastructure, Crypto Visa, Cryptocurrency Solutions, Ethereum, Ethereum Payments, L2 Scaling Solution, MasterCard, Self-Custodian Wallet, Starknet, Starknet Solution, technology , VISA, crypto visa, Visa Crypto Concept , web3 technologies
What do you think of Visa’s concept of automatic payments for self-custodial wallets using Starknet? Let us know what you think about this topic in the comments section below.
Jamie Redman
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